/biz/ - Business & Finance

political posturing. red herring. 1/10

Nothingburger. We're going to $100k and fudders will get fucked.

>>14926377
> please pump my bags

>>14926387
I can smell your fear

Here’s the thing: bitfinex is right, this is total bullshit.

But they will be prosecuted all the same

>>14926335
>What you think is going to happen?
If the attorney general knew it would be a waste of time filing this, she wouldn't have filed. Use your common sense. It's over. BTC is already dead.

>>14926424
that would be good as the market can crash to 2017 pre-tether levels

>>14926394
between the leaked finex discussion from last year the official 850M backing lost and my previous pic there's tons of proof this shit is a scam, please provide me with one proof this is legit
tether has NEVER been audited

>>14926464
I just can’t believe the market has had a run on tether. As of rn is I can’t even fucking redeem your tether for usd. It’s insane

>>14926464
Who has been in crypto for years knows well that tether is used as market maker to create fake demand.

What everyone expects is that the adoption will come soon and tether will no longer be necessary.

I hope you all have a well-designed exit plan.

Lol look at this crock of bullshit

>>14926614

It doesn't matter because there are 50 different dollar shitcoins that will print like mad if tether fails.

>>14926698
None of them can pretend to be backed by “billions” anymore though

>>14926685
Yep they’re screwed. I’ll open a huge short this Sunday

>>14926698
You’re absolutely delusional. The bull hope is that the case gets thrown out.

There is absolutely NO bull case if tether implodes. Run for your ducking lives in that scenario because everything dies including link

>>14926698
and you're gonna trust them and sell your btc for it ?
the hardest part of the tether scam wasn't to print coins it was to make peoples trust them

>>14926710
Not sure if you are sarcastic, but they just admitted they are using the IEO funds to pay back the Tether hole to buy themselves time and look innocent.

>>14926726
Quick question: is there ANY WAY a tether holder can redeem his/her tethers for dollars rn?

>>14926741
You can go on Kraken and sell them to another sucker, or directly from Tether if you are a megawhale (100million and above threshold)

>>14926731
Not sarcastic at all. I’m already short. It’s clear they’re desperately trying to panic bid the 10k support so they’re btc holdings

>>14926752
Don’t collapse

>>14926744
So I can redeem my tethers for dollars only if I’m a megawhale? Why the fuck is anyone still using this shit over usdc?

>>14926685
> it only took us 2 moths to back 2.5 of this 4B scam
> see we're legit
> just trust us you dum fucks

>>14926741
I honestly don't know I have no finex account but most info are from 2017 and you can find that most peoples just use coinbase or karken in the recent posts

>>14926780
2.5%

>>14926780
I’m trying to wrap my mind around how the fuck people can still be using this shit over other stable coins

>>14926808
because it's the only available option on binance and other exchanges with no fiat on ramps
most peoples holding tether hope to buy some crypto lower than they bought it, if tether explode you're gonna see btc go up to 100K in the usdt pair
the sad part is that those peoples should have other stable coin to get into but there's just not enough volume since those are probably 1-1 backed ironically

>>14926858
I always just bite the bullet and use the other stable coins even if the liquidity is shit. I literally don’t give myself the option of even touching tether on binance. I don’t understand how the fk you can take that risk

>>14926685
Bitfinex created this new bullrun because as you can red in leaked messages, the exchange have liquidity problems at the end of 2018.

This is not a guess, you can search between October - December 2018 in Reddit. They had +$2b in pending FIAT withdrawals.

To continue in business, they lauched new services, as the LEO token, futures margin trading, IEOs to prevent collapse the ponzi.

I honestly don't think it will explode
finex is going to be forced to burn billions of their USDT and btc will collapse just like it did in 2018 when they burned 1B coins

>>14926886
I mean realistically what can the NYAG do ?

>>14926912
All the major banks in the world are based in New York. Go ahead and think about that for a few min and get back to us

>>14926924
but finex is based in Hong Kong
beside exposing the scam which would be bad I'm not sure they can actually force them to do anything

>>14926950
Banks can block FIAT gateways from and to Bitfinex.

>>14926950
They will send Interpol after them, shut down all their bank accounts world wide, completely and utterly screw then in every regard. Trust me they have the power to take down anyone. Ffs they even arrested the huawei ceo and she’s protected by China

There is no defying the US inperial power rn

>>14926963
>>14926964
we'll see I guess

seven days left

>>14926981
The $850 million they lost was seized because it was money laundering proceeds.
The original dirty money belonged to some ultra shady characters that you don't want to owe money to.
Bitfinex now owes them $850million dollars.
If the NYAG moves ahead and forces more revelations and USDT collapses, the entire Bitfinex/Tether management have a very real chance of having their dicks chopped off in the middle of the night.
It's not about law enforcement, it's about what is exposed by the case.

>>14926744
no you can't. you can't redeem usdt for usd on kraken stop spreading lies.

>>14926963
They can use the money from their drug cartels to create a demand for the tokens without any gateway.

>>14926335
My personal thought is they are going to get fucked one way or another. They have now opened a second investigation into how many people from the US traded and how often. It's the end of Tether.

>>14927124
This is the scariest part of the whole thing. These guys are in deep with drug cartels/international crime organizations/etc... they need the money stat

>>14927125
there's a USDTUSD treading pair tho
as a matter of fact it look like pretty much every every exchange except coinbase is holding some USDT at this point

>>14927239
I think the exchanges will survive they’ll just have to eat the loss

>>14927254
>4billion dollars wiped from exchanges
>market tanks and everyone flees
>"SURE WE CAN SURVIVE THIS! MAYBE SELL SOME T-SHIRTS OR START A GO FUND ME!"

>>14927254
https://wallet.tether.to/richlist
there's almost 500M on binance ...

>>14927278
1. Most of it will be wiped from bitfinex which is dead anyways

2. Exchanges make money off fees not on their customers holdings pajeet. If exchanges die due to volume death it won’t be immediate. You won’t lose your coins overnight

>>14927254
Holders also will eat big loses. If tether crash, Bitcoin can go under $1000

>>14927239
>Some
Binance has millions in USDT alone.

>>14927295
Yeah but the *customers* own the tether. Binance makes money off fees you retards.

Let’s do another thought experiment to demonstrate your lack of thinking: let’s say tomorrow btc goes to $250. Would binance shut down?

>>14927295
Thanks anon I couldn't find it, but I knew it was a lot.

>>14927278
100% this right fucking here!

>>14927306
so fund are safu ?
right ... ?

>>14927321
The point is you won’t “lose” your coins overnight. Yes it will be very bad for the exchanges in the mid term but what makes you think CZ would exit scam? They’ll just have to pick up the pieces from the wreckage which they’ll do

If you actively hold tether however, or have coins on bitfinex, then you’ll be fucked

>>14927301
binance is not solvent, why do you think they defend their bnb price so much.

Lmao it's a literal drop in the ocean

Boomer fudders get fucked 100k eoy

Serious question. What stable coin will you use to save your gains?

Im thinking in USDC and TUSD

>>14927356
If Tether get shut down overnight, which is an actual possibility there will be no fucking liquidity on any of the exchanges that use it. Without liquidity, trades slow/stop, without trades the exchanges can't collect fees and are forced to close down.
Maybe, and this is a big fucking maybe, Binance could back a new stable coin with enough liquidity for their exchange, but now they are fucked by regulations since they chose to take the fucking road to regulation/compliance.

>>14926377
>>14926352
>>14926394
Can’t wait til tether is #1 markecap.. what a fucking joke this entire market is
Tether is +2.7 BILLION $USD from the ATH of bitcoin LESS than 2 years ago. Explain this BTC bulls, how is tether up almost 3 billion in a bear market?
Tether is the ONLY thing propping BTC up

>>14927412
The point is you won’t lose your coins on binance.

Who’s really fucked:

1. Bulls longing the market with no hedge
2. Tether holders
3. Anyone using bitfinex

>>14927405
I wouldn't be in a stable coin at all honestly. I would either cash out, which I have honestly thought about doing for the short term, or I would pick a few good coins and move them to a ledger or wallet that you control the keys to.

>>14927455
How could you not trust usdc tho? Kikebase is the one exchange that won’t get screwed

>>14927444
checked
but I'm still gonna bring all my coins back to coinbase

Here's the problem with tether and any other stable coin, and this is really where the entire scam forms around...

Stablecoins count in the crypto market cap.

When you sell for USD, it's actually money exiting the market. With Tether, the money technically never leaves the crypto market cap.

This entire market is bullshit.

>>14927478
What do I do with my harmony shitcoins ffs

>>14927404
>just a coincidence
when tether dies, and it will the investigation of fraud is just starting, BTC dies with it and so do you, when your investment drops 99% and you rope yourself

>>14927444
Anyone that has any money on any exchange and not locked in a wallet that they control the keys to. That's who will be fucked. Bottom line is, if this all goes down, exchanges may lock all transactions in and out, and who knows for how long. They could Mt.Gox that shit and bail the fuck out, you couldn't do a damn thing about it honestly.

>>14927471
I don't use kikebase except to move money in and out.

>>14927455
If the big blackout happens, it is better send the money to stablecoins outside of exchanges.

>>14927512
other exchanges survived the gox shit
I expect jewbase to be fine as they are the only exchange making real money with fees

>>14927561
This is like Mt.Gox X100 maybe more. I think coinbase would be fine in the end, and could even benefit from it, but anything outside the US regulations...probably be completely fucked.

>>14926335
>What you think is going to happen?
the whole market will pump

>>14927606
Kraken survived Mtgox.

I have a plan that is to place buy orders in the Kraken BTC / EUR pair that has lower liquidity and see if I can buy BTC below $ 1000 (already happens a few weeks ago in CAD pair)

>>14927664
Kraken, bitstamp, bitfinex all survived it. I’m pretty sure coinbase also did

Binance will survive. It’s just that all the prices for everything will plummet

Does Tether being unbacked really matter if there isn't a bank run? What conditions would cause all tethers to be redeemed for USD?

>>14927485
Look at this post carefully and notice the thought process it implies. This is how dumb the average Tether fudder is.

if the 34th ranked exchange caused a mini bull run imagine the top 10 or any major players

>>14927792
“Who cares if there is nothing backing these four billion tokens claiming to be worth 1 usd each, as long as suckers are willing to pay a dollar each it becomes a dollar’s worth!”

>thinks anything can stop BTC
sure, it can cause a short term crash, but the bull continues. nothing can stop BTC. i'm not even a btc maximalist and this is obvious.

>>14927854
He is right. Tether does not burn supply if is converted to USD.

$ 850m that Bitfinex has taken from Tether has never been reflected in circulating supply until we saw the leaked messages.

>>14926335

>>14927920
You’re right, but you’re underestimating just how brutally they can slow it down

how many usd need to be taken out from usdt in order to make it collapse?
how much money would you need to withdraw from your bank in order to make it collapse?

The crash its coming will kill 99% alts.

>>14927485
realized capitalization is more accurate.
https://coinmetrics.io/charts/#assets=btc,bch,bsv,doge,ltc_log=false_left=CapRealUSD_zoom=1497730564374.7046,1562544000000

>>14926394
>>14926387
>>14927424
okay i'm going to stop lurking for a minute and ask since i don't understand:
who cares if a stablecoin has a high market cap? isn't it a 1:0.9 ratio? how do you make money off of that?

>>14927974
Nobody know it. Tether do not have any audit.

>>14927951
the tether FUD is getting old
even in the worst case scenario it would only cause a short bear market

doomers predicting sub 1k are absolutely delusional. it would be bought up too quickly long before it ever reached any of their delusional predictions. we wouldn't even see 3k again.

so are you guys suggesting someone is trying to hide the true price of btc and alts (which would be higher) using tether?

>>14928046
>no more tether pumps propping the price up
>miners keep selling
>BULL RUN!!!

>>14928080

>>14928046
Screen capped

>>14928085
you don't see the bigger picture
any crash which sends us on a downward trajectory towards 3k would be massively bought up. especially by institutions who are looking to enter. we would recover quite quickly, especially if this occured near halving. miners wouldn't be selling, they would start hodling.

>>14928046
Look what happens when there are not fake tether pumps, Bitcoin starts to crab and get slow as fuck and then massives dumps.
We are going to sub 1k.

>>14928111
yup, i literally don't know so i figured i'd ask.
thanks for wasting a trips

>>14928142
>2019 and still falling for the institutions meme
>2019 and falling for the halving meme

>>14928142
It happened before you dumb fuck. People buy all the way down, thinking each dump is the bottom. That’s why they resumed usdt printing in april.

>>14926335
@bitfinexed on twitter will give you a good idea

>>14928142
I had to read this several times to realize you weren’t joking

Holy shit the fucking delusion on this board

>>14928142
Yeah same institutions that dont buyed at $3000 last year will buy now.

> This time is different.

>>14928167
>>14928168
>>14928183
>>14928191
lmao delusional bear cope

screen capping all of this cringe for when BTC hits $100k in 2 years

maybe bulls will be nice enough to invite you onto their yachts and have a laugh about the tether FUD days

>>14928191
you... you know it pumped to 13k, don't you?

>>14928145
How long will it keep crabbin' in your opinion?

>>14927412
Binance isnt fucked by regulators, they are fucked by their exposure to Tether. Nobody forced CZ to take on all that risk.

>>14928212
With no real money in the market. What are thinking your small brain now? That Tether will print another 4b to push up to 20k?

>>14928211
It might in 2 years, but it will almost certainly hit 1k before it does

>>14928211
Sure go ahead and screencap it. When it finally all comes crashing down, please livestream the video of yourself sobbing into a used tissue

>>14926377
>>14926394
Its not going to 100k before it goes to $1400.
>mfw its never going to 100k
Have fun with those heavy bags, big boy.

>>14928211
Sorry anon, I already made good gains in 2017. Im here to enjoy the crash.

>>14928312
my small brain? you don't even words right, pajeet

>>14928031
Do you not understand marketcap?
Yes its stable but they keep creating more out of nothing, and it’s admittedly no 1:1 USD backed. Its unironically backed by BTC, which at the same time BTC is backed by tether, they poof unbacked tethers into existence to buy BTC

If Tether is so obviously fucked, how come it's not being shorted down to like 30 cents? How can it still be valued at a dollar? Efficient markets and all that, right?

>>14928441
so they're inflating the cost of BTC with tether?
how do we take advantage of this?

>>14928031
Its not 1:0.9 backed its admittedly 0.7 backed by “cash and cash equivalents”. Cash equivalents = BTC.
The ponzi is buying btc with tether and selling said btc at pumps to get back to a 1:1 backing

>>14926335
I read the document and it doesn’t look that bad for tether. I feel more confident in BTC after reading it

>>14928487
That’s great. Now convert all your life savings into usdt.

>>14926335
Never payed attention to tether, someone tell me what's going on here?

>>14927405
DAI.
I'm lending it right now on compound for 15.11% APR. Feels comfy.
That's after 3 months of lending on Dharma at 14% APR.
Why more people don't do this is beyond me.

I don't understand crypto I just come here for sad meme man pictures

>>14928462
Its a widespread exchange ponzi scheme, binance and others are working with bitfinex to keep everything afloat. You can’t short tether.
>>14928469
>so they're inflating the cost of BTC with tether?
Precisely, they create more unbacked tether with a mere keystroke, buy BTC with said tether and then re sell at the top, all the while turning on bots to wash trade creating fake volume which leads to retail investor buys, thus pumping to a predetermined top and selling that top. BTC then drops after the tether bots stop buying with their created tether. Rinse and repeat by creating more tether to buy more btc at the new fake bottom.
>how do we take advantage of this?
Literally just open up leveraged shorts/longs on MEX mirroring tethers mcap. You might get caught off a few times but overall youll be in profit
(((Market Makers))) know this so they just follow tether, where tether goes, BTC follows.
Long term bitfinex will be in big shit for this, once tether dies btc will drop off a cliff, most likely around 1k

>>14928551
>In 2017, a Bitfinex employee accidentally told the truth about Tether.
>In 2018, the "Deltec" letter does not say "cash deposits". It says "portfolio cash value".
The portfolio is cryptocurrencies, not dollars. >That's why they have to engage in constant market manipulation.
>bitfinex bitcoin premium vanishes after binance shuts down withdrawals
>“As of the date I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers.”
>74%
>cash equivalents
>shadow banking crypto exchanges money laundering
https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services
>tether missing $850 million
https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
>At the very minimum at least 188,000 Bitcoins on Binance that won’t be able to be sold for real money for the next week. I sure hope there’s not a big unexplained crash in prices before Binance allows withdrawals. You know who will be able to withdraw from Binance? Insiders. They get to sell their coins, while you're stuck on Binance. They get to capture the liquidity that does exist. Good luck out there. We can't have outsiders dumping their bags, now can we? Binance has two cold wallets, that add up to 188,311 BTC, or a full 46% less than nearly 350,000 they should have, if we are to believe that they only lost 2% of their Bitcoins.
>tether using bots to damage control
>Tether 2017: We promise all Tethers are 100% backed by fiat
>Tether 2018: We promise all Tethers are 100% backed by assets
>Tether 2019: We promise all Tethers are 74% backed by ______.
>Tether 2020: Tethers exist, WE PROMISE NOTHING

>>14928551

>>14928650
Call me stupid for saying this because I dont look too far into crypto at all honesty but my understanding of this situation is there were essentially bitcoins that had no real value and alot of people are about to get screwed over and the rest get to take essentially "fake money"? Or am I wrong here?

>>14928487
t. Bitfinex bot

>>14928599
>>14928650
>>14928680
Good summary anon, I'll save it for when they say this is just FUD.

>>14928650
Holy shit

>>14928732
it is just FUD though
even worst case tether doesn't just straight up "collapse". doesn't matter what you think of them, they will be saved/propped up by other exchanges/big players, in one form or another. they will be fined and punished but the majority of tether is still backed by assets, that's all that matters. the 25-30% or so that's not (worst case) hardly matter, it would cause a crash but not sub 1k like these delusional bears claim

>>14928722
If you look at the charts, tether mcap surges before btc pumps. Btc determines overall market trends and tether determines where BTC goes, the tether ponzi is ingenious actually, and tether admits its backed up by BTC and not a 1:1 backing.
>bitfinex “creates” tether out of nothing, literally a keystroke
>tether bots buy up BTC
>BTC price goes up
>bots slowly put the brakes on buys
>bot buys completely stop/stay at 1% power
>btc price stops climbing because the tether buys have stopped
>tether sells the new pump top
>btc market price drops
>rinse and repeat
The entire crypto market as a whole is a illusionary sham and the entire markst can be knocked out in a moment by dropping EMP bombs on miners or tether collapsing.
>my understanding of this situation is there were essentially bitcoins that had no real value
The bitcoins have real value, but that value is far less than it is currently. Tether “acts” as a $USD pairing (hilarious in itself because tether is banned in the USA), that tether created buys up BTC thus raising the price of BTC
>and alot of people are about to get screwed over and the rest get to take essentially "fake money"? Or am I wrong here?
Entire crypto market will fall of a ledge when tether dies, as tether superficially raised BTC’s price, and BTC still determines overall market trends. In essence, tether is the coin that controls all other coins pricepoints.
BTC is only still valuable for its trading pairing for other coins, once thats no longer, BTC drops even more.
Once tether dies people will wake up to the entire crypto market -80% or even -90%. Tether holders will be the most destroyed, tether will be worth $0.

>>14928775
Sorry for you but Im in crypto since Dec 16 and without Tether you will not have another bull run.

You can minimize the situation but any oldfag know that tether is the market maker of BTC. If you dont create fake demand, BTC will tank again.

>>14928821
>>14928853
imagine being schizo enough to type this out
this retard would have you believe that tether have 0 assets

>>14928868
You are blind and do not listen. Good luck.

>>14928868
Pretty sure you are just larping as an idiot at this point

>>14928775
What if coinbase or binance said tomorrow that they only had 75% of the BTC they said they did. Entire market exits.
Tether being partially backed is the same exact thing, even worse though because tether MCAP determines BTC which then determines the entire market.
Finex trade on MEX to maximize profits. No non KYC or unregulated exchanges will be safe. Its a massive exchange ponzi that they cant stop because they’re all tether bagholders. Only KYC, regulated and insured exchanges will make it through this. None of these scam exchanges will be around for much longer and NONE of them will be bailed out or saved.

>>14928928
>Entire market exits.
no lol. the entire market would not just panic sell.

>Only KYC, regulated and insured exchanges will make it through this.
I agree but you're way overestimating what tether getting in trouble with the law will do to the market. I am not defending tether or saying things are totally fine, merely that any incoming crash would only be a minor setback and not sub 1k.

>>14928821
Now this sounds like a mass fucking fiasco I want to see play out. Thank you for the information.

>>14928599
t. bitfinexed

>https://www.tetherreport.com/
the 4channel thread

>>14928821
Wait one more question. Is there a predicted date of all of this happening?

>>14929092
December 2018.

>>14929092
T U E S D A Y
U
E
S
D
A
Y

>>14929109
based

>>14927854
what's it like to be a poor ass tether shill?

BTC sold for tether on Binance is never converted to USD. The market cap never experiences the effect of selling BTC. It just gets converted to USDT market cap.

It's bullshit, and you know it. Why don't we just count the USD circulating supply in the marketcap as well?

>>14929092
We are out of time. Currently I do not expect more tether printed and they should start to burn soon.

>>14929191
wont burning increase price?

>>14929198
If you burn tether decreases the marketcap and if they dont print new tether to buy BTC will create a new downtrend like in 2018.

>>14927512
coinbase too?

>>14929256
no, coinbase is the one safe bet at this point. but having your own keys is always the best option.

>>14929158
>BTC sold for tether on Binance is never converted to USD
Why would anyone ever think it would be? What significance do you think this combined market cap of all crypto including stablecoins has?
>It's bullshit, and you know it. Why don't we just count the USD circulating supply in the marketcap as well?
You can count whatever you want if you think it's significant. Here's some counting.
https://www.visualcapitalist.com/worlds-money-markets-one-visualization-2017/
Note the derivative contracts which are the essence of what you incoherent faggots are complaining about but it's at least 10.000 times worse in fiat.
>but fiat is regulated
No it's not it's just efficiently monopolized. Real regulation can only be achieved if you can enforce them and you have no power over the capital holders. Only code enforces rules reliably and only code can sit above the most powerful people in the world.

>>14926335
The AG is a
> black
> democrat
> woman
the level of bullshit coming from that office is therefore very high.

>>14929601
This changes everything

>>14929601
Bitfinex on monday: “we move to have this case thrown out because the ag is a BLACK FEMALE DEMOCRAT.”
Judge: “this changes everything!”

@inversebrah

>>14926335
Nothing because it's illegal to manipulate markets on such a scale whether it be by Bitfinex or whoever is fudding tether. Both are as guilty. In other words, markets are illegal.

>>14928821
What is your guesstimate on when that will happen?

>>14928650
Interesting.
How many USDT does binance own as of today?

>>14930010
500million usdt, 12.5% of the circulating supply

>>14929092
Within 2 years guaranteed, cant say specifically, MM’s would suicide me >>14929158
They have paid shills dont even try to reason with them
>>14929435
bought btc with tether is then sold on coinbase for USD, when u see +1000 coinbase ITS OVER
>>14930010
Near a billion last time i talked with my guy