/biz/ - Business & Finance

>>15124946
Thats how all crypto works.

>>15124946
free market you dumb fuck. people trade/hedge their bitcoin for usdt because they believe in it. you can do whatever the fuck you wanna do. adapt or stay poor

>>15124963
that's how real money works too
tether has higher reserve ratio than the money in your bank account and there's nothing you can do about it

70% backed by USD
30% backed by Bitcoin

how much reserves do real banks hold by the way? 3% ?? 10% ??

>>15124946
every investigation of Tether has concluded that it is (in all likelihood) backer 1:1.

they issued an 800M loan to bitfinex to cover the money frozen by their bank.

bitfinex then raises 1B in 10 days from insiders, who probably know more than the average /biz/tard.

so I’m not sure why you spergs keep trying to push this. please find a new, better FUD. quantum attacks or something at least.

>>15124990
cool I'm going to create a new coin and pinky swear I have $1 for all 1 billion coins I created and then use it to buy $1 billion worth of bitcoin

>>15124997
They are obviously lying about the 74% backing since they won't even agree to an audit

>>15124946
Its because its the clostest to how real money works.

>>15125044
What? So when the IRS wants to check what you're doing you can just say 'nah' and they just go home? Awesome.

>>15125044
audits are an easy way to get your banking revoked.

>>15125003
This. /biz/ has no idea how money works.

>>15124946
>can literally print a magic coin out of thin air and claim it's worth $1
>and everyone is just okay with that?

Anon, I...

You lose money in a scam.

>>15125143
yeah I get it, that's what the fed does with fiat currency. And no one here is okay with that. But it's okay now because it's a cryptocoin?

>>15125169
Noone is suggesting Tether is safe or real, only that it pumps money into the ecosystem and is a decent tool. Fiat is shit, Tether is shit, most crypto is shit.

>>15125116
It's different because Tether doesn't operate in the US and thinks they can dodge our laws. Interpol will be raiding their offices eventually and they're going to get locked up for some big boy financial crimes.
>>15125119
Hence their fraudulent letter from some pajeet at Deltec Bank. No one is buying it.

>>15125214
Pic very much related. You think this shit coming from an anonymous employee at sketchy money laundering bank in the Bahamas is sufficient evidence that they have any reserves?

>>15125285
ok so open a massive short and wait?

>>15125214
counterfeiting money is the highest financial crime one can commit according to US laws
for such ridiculous amount it's 20 years guaranteed

>>15125003
'real' banks are backed by Government, shitloads of legislation. deposit guarantees and consensus reality. And even then, they still fail. Tether is backed by none of these. Go ask them for a deposit guarantee. Tether, 1:1 Backed by Bullshit

>>15125003
Less imo. And this is the thing that pisses me off when people like op talk shite about tether 'only' being 70% backed.

>>15125323
Shorting based on Tether is a terrible idea since people have been calling out this scam since 2016 and it's still going on. The market can remain irrational longer than you can remain solvent

>>15125386
ok so why are you crying about it?

either it’s legit (most likely) with some slight shadiness. no real trade to be made off that information.

or it’s a scam, which will be busted soon, so you should open a short.

or it’s a scam, which will not be busted anytime soon, in which case you should probably open a hefty long.

there is no benefit to crying about it on a Mongolian basket weaving forum. especially if you’re not willing to have a rational open minded discussion.

is there any news about the next hearing ?
since 90 days was the maximum period

>>15125443
> implying there's anything better to talk about here
99% of /biz/ threads are shitcoin shilling and shitty pastas

>>15125443
>being realistic and honest about this scam is crying about it
Go fuck yourself paid shill

>>15125484
sure, but at least pretend to not have an agenda. I just see the same spurious FUD everyday.

>>15125505
I wish it was fud, at this point tether going down could kill crypto altogether

>>15125495
my position is very straightforward. I have 5% of my net worth in BTC. I’d like that to gain in value, so I do some basic research on this Tether FUD.

Odds-wise, it seems a lot more likely that it’s completely overblown. I’m sure they do shady shit, but I’m pretty sure this isn’t some massive Madoff level scheme.

so if you don’t have a short open, I really don’t get why you come here and post this shit.

>2019
>hasn't taken the USDC pill yet

>>15125505
>I just see the same spurious FUD everyday.
and the same shill threads too, this place is dead

>>15125548
I'm posting about this because OP asked about it and some anons here are genuinely curious. I have quite a bit of money in crypto and hopefully we get a megabull before all of this falls apart so I can quit wagecucking for good. There's no point in trying to downplay the reality of the situation with Tether here. This is a huge money laundering scheme that likely involves major exchanges, drug cartels and terrorist organizations and it's going to end very badly.

>>15125548

man shut the fuck up you dont know what u talkin about. Youre delusional.

This guy >>15125628 knows how.

He has a point and i understand it. And i believe in it. This is total madness.

>This is a huge money laundering scheme that likely involves major exchanges, drug cartels and terrorist organizations and it's going to end very badly.

fucking screencap this shit.

>>15126263
doesn't mean it cannot last for years, justice system is slow especially with international cases

You guys, for all of your wisdom, have no idea how deep the rabbit hole goes..

>>15126322

totally agree with you my friend

Start by looking into the connection between crypto capital, Trilliant AG and the Gladius network.

>>15126392
tell me more fren

>>15126626
Do you actually care?

>>15126746
well it's good to know what space you're actually invested in, and what is really happening behind the scene

>>15124946
Imagine you work for a central bank's plunge protection team. What nefarious method would you use to direct capital flight from xyz fiat currency away from bitcoin?

>>15126392
tell me more ive got 10k kcals of popcorn ready
FFS TELL ME!!!

>>15126794
Screen cap this shit;

https://blog.zerononcense.com/2019/08/02/sec-incompetence-allows-crypto-capital-co-to-defraud-investors-out-of-20m-pt-1/


Share it with everyone you know before the site gets shut down.

>>15126851
>https://blog.zerononcense.com/2019/08/02/sec-incompetence-allows-crypto-capital-co-to-defraud-investors-out-of-20m-pt-1/

CLIFFS?

>>15125039
Go for it!

>>15126851
thanks fren

>>15124946
You have 10 seconds to explain to me how the fuck this shit is not an obvious scam. Is everyone retarded except me? I'm living in fucking clown world? Jesus

>a single bank can literally print a magic currency out of thin air and claim it's worth $1 and then use it to buy public debt
>and everyone is just okay with that

HELLO?

>>15126897
Do your due diligence here. This group is unironically putting their lives at risk with some very powerful people by releasing their findings.

>>15124946
You have no fucking clue...the irony in your post.

>>15126976
you sound like a bullshitter now

>>15126950
at the end of the day tether can run this scam because traders going from btc to tether are just hoping to buy back in at one point the ones who want to cash out go directly to fiat pairs.
so can it all goes down ? yes but only if with outside intervention, this space is way to deluded for tether to crash on it's own, essentially bitfinex and tether need to be shutdown by authorities for the scam to end, there's no other way at this point

>>15126851
>This report will start by outlining the Gladius Network ICO and its ties to Crypto Capital Co., Global Trade Solutions and a series of prolific money launderers and criminals, based primarily in Israel.
>Israel
>Israel

Imagine my shock.

>>15127064
Authorities need tether to allow fiat contagion to spread into crypto. How else will they be able to move their useless toilet paper into bitcoin?

>>15124946
What's stopping them from just printing $1 million and giving it to the judge?

>>15127092
So simple huh? Why can't some of these other guys figure it out? it ain't fuckin' rocket science.

>>15127092
> How else will they be able to move their useless toilet paper into bitcoin?
tether isn't backed by fiat
authorities don't care about crypto beside getting taxes from traders
fiat has direct onramp to crypto

>>15127066
>>15127159

Oh wait.. it's cause they're the crypto shitters and non believers. Pardon my ignorance. Didn't think that completely through.

>>15127138
The same thing that's stopping then to print 1000 trillion USDT to pump BTC, a single button click.

>>15125039
if you can convince people that one unit of your coin is worth $1, then one unit of your coin is worth $1.

tether has a lot more going for it than someone pinkie swearing it's legit. bitfinex was making 6bn volumes ($80m+ daily profit) in 2017 for example.

>>15127170

https://en.m.wikipedia.org/wiki/Tether_(cryptocurrency)

It's backed by fiat.

>>15125285
this is fine

>>15127191
I'm surprised that crypto exchanges haven't voluntarily delisted it to protect themselves.

>>15127227
>https://en.m.wikipedia.org/wiki/Tether_(cryptocurrency)
> wikipedia

>>15125285

>>15127252
> delisting 70% of btc trading volume would instantly crash the price
all exchanges using tether are in on the scam

>>15127265

https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf

>>15127324
>https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf
> sept. 2017
there is no 3rd party audit, as long as there isn't one they cannot be trusted period

>>15125039
>a single company can literally print a magic coin out of thin air and claim it's worth $1 and then use it to by bitcoin
Try it and see how it works out. When you stop redeeming for fiat the price falls.

Its fine, just peint 5 billions on a downtrend and then clain it was a mistake and burn them. Theres nothing wrong on any level, just ilusions.

>>15125594
Whats the difference

>>15127038
Don’t just write this shot off, man. Read the article and draw your own conclusions.