/biz/ - Business & Finance

>>14710016
It's absolutely bizarre how most of the crypto world is just ignoring all of this unfolding Bitfinex/Tether drama as if it's not happening, or brushing it off as "the same FUD as always."

Doesn't concern them in the least that the moment BTC started going apeshit just HAPPENED to correlate with Bitfinex getting into trouble, and proceeding to start printing literally over a BILLION tethers? No? No problem there? Just FUD?

>mumbles something about the halvening and Fidelity and how countries are hedging against economic collapse

>>14710659
the only people who should care are Tether holders

>>14710659
It’s amazing how blind a man can be if his profits depends on him not seeing something.

>>14710786
You do understand what it means right, if the reason that BTC has been mooning is because of massive Tether-injections, and not organic demand?

What do you think will happen to the price of BTC when/if this is proven indisputably in front of everyone, and/or the Tether-injections stop?

>>14711018
Nothing, tether will collapse and finex will get fucked. BTC will cary on as usual, unless finex decides to massively exitscam and massively sell btc which is unlikely

>>14711018
The real question is: What happens to alts when dumb scared money tries to pull out of bitcoin?

>>14711121
They pump and then when btc price retraces they flow back to btc to buy the dip

>>14710786
ding ding ding
fudders will never understand this.

>>14710016
this seems like massive overreach over a policy that is bullshit to begin with and has nothing to do with the financial viability or solvency of bitfinex, who gives a shit really if that's all they're alleging. does new york state have global jurisdiction? not a lawyer but I'm more concerned about whether tether is backed moreso than whether new york is able to pin them with some bs procedural overreach

>>14711240
The concern is:
a) they might prove it isnt backed
b) hey hey hey most of the big money behind finex is actually new york financial sharks

Oh no bitfinex used shells to circumvent NY kike communism. Delaware must be literally shaking righ now.

>>14710016
BTC is finished, whales are moving into Chainlink

I feel certain the answer to all of these questions will be:
PRINT . MORE . TETHER
these cunts need to die, and soon

>>14710786
>>14710659
and when those holders exit, they have to exit into crypto

I think that's part of this rise

>>14711263
if b is the case, why are big financial firms there anyway? the state capital gains tax is the highest in the country. do they pay that or does the government look the other way on the offshore loophole they set up? if they do pay it why the fuck are they still there? does rudy giuliani have naked pictures of all of them or something?

>>14711392
Because the benefit of being next to every other big player and the biggest stock market far, far outweighs the cost. Time is money, friend. Do you think they gain more or less than 8% advantage relative to being diffuse?

>>14711350
I lol'd
20k eow

>>14711018
whoever sold their BTC for Tether will be very upset
whoever holds BTC won't care because they have BTC and not Tether
whoever wants to buy BTC will be pleased if it falls

>>14711490
Most Tethers are held by exchanges. And when they get upset, they tend to spread it around among their customers.

>>14711085
>Nothing, tether will collapse and finex will get fucked. BTC will cary on as usual, unless finex decides to massively exitscam and massively sell btc which is unlikely

the absolute state of /biz/. by and large, the crypto market is 100% reflexive, ran on emotion and the assumption of, and reaction to, perceived emotions. it's the reason that soros bought bitcoin. if bitfinex goes down and tether goes with it then bitcoin will dump hard too.

what happens when traders see the number 1 volume coin disappear in an instant? what happens when there's a panic and rush for the exit to sell their coins and tokens at the highest (tether inflated) price possible but people realise they can't withdraw because binance is probably running on fractional reserves? what happens when the bitcoin mempool gets bottlenecked instantly with withdrawal tx's? what happens to all the USDT pairs on ALL exchanges? who takes the L and carries the loss?

also, it takes less dollar value (in btc) to dump bitcoin than it costs in dollars to push the price up. there's a reason why it's nicknamed 'ponzi'. mark my words, because of fucking tether, the collapse of bitfinex *will* be worse than mt gox.

>>14711839
no u

>>14710786
Finally someone saying it how it is.
You on twatter?

>>14711018
USDT value goes to 0.1$ and people swingtrade it between 0.03 and 0.017.
BTC price halves. Then goes up a few months later.

>>14711018
>What do you think will happen to the price of BTC when/if this is proven indisputably in front of everyone, and/or the Tether-injections stop?
As if it isn't already known.

https://twitter.com/KadaneZod/status/1149085897234628608?s=20

>>14712328
>DAI still irrelevant
Oh thats where you are wrong bucko

>>14711839
> BTC is pricey because of genZ traders

KEK

>>14712352
"MAKER DAO is a slow bitmex where you suddenly realize can't leave unless you swindle someone else in."

>>14712352
DAI has been done before, it's called NUBucks, look it up and look at it's 1:1 peg chart. Will prevent you from heartburn later.

>>14712376
>>14712493
I thought Maker and DAI were the future of finance bros

>>14711085
lol, you realize how insolvent that will make exchanges like Binance? It would cause market wide sell offs of everything.

>>14711839
>what happens when traders see the number 1 volume coin disappear in an instant?

the flippening

>>14712508
https://medium.com/reserve-currency/the-end-of-a-stablecoin-the-case-of-nubits-dd1f0fb427a9

>>14712542
based

This is so bullish
Imagine they crack down on tether, people will rush to buy BTC
BTC spikes, you sell, BTC goes to 1k
You buy 1000 BTCs
Simple as that

>>14711085
>unless finex decides to massively exitscam and massively sell btc which is unlikely
Anon, I... I'm not sure you're connecting all the dots on this one.

this is what every stable coin will end up looking like, especially DAI

>>14711240
Federal Reserve, SEC and Wall Street are all in NYC. The NY Courts have a lot of persuasive authority on financial matters.

>>14712582
we already saw this, yes it spikes, temporarily. then it plummets. Go back to october 2018 for preview.

>>14712582
>people will rush to buy btc IN USDT
The price on fiat exchanges will uncouple from usdt exchanges pretty quickly, and the arbitrage bots will be shut off

>>14712620
And thank me later

https://imgur.com/53fIb6l

>>14712603
USDC should be alright. They actually publish regular audit reports.

>>14712582
Also
>you buy 1000btc
>wasnt the bottom
>pink wojaks and suicide prevention hotline

>>14711457
yes I suppose I thought about it wrong. the taxes came after they were already there getting the benefits

>>14711839

kek

what did you expect from a community full of underachieving millennials and zoomers

>random bank or company says something positive about bitcoin

HOLY SHIT BOYS ITS HAPPENING, MOON INCOMING, LAMBOS WHEN?

>major bitcoin exchange under threat of shutdown

nocoiner FUD it means nothing bro, MOON INCOMING, LAMBOS WHEN?