/biz/ - Business & Finance

>>25200833
Does it only affect BTC or all alts?

>>25200948
Tether is printing BTC with worthless money. There will be a time when everyone starts trying to cash out and it plunges and everything goes to shit

>>25200976
So should I sell all my crypto now? Is crypto unironically doomed?

>>25201015
Switch to USDC or DAI instead

>>25201034
>>25200976
But anon said everything goes to shit, so that means ETH and all alts

>>25200948
All will be fucked

>>25201015
Don't invest more than you can lose, and DYOR.

>>25201034
Could probably go to shit too
Do you guys expect exchanges to fuck us too?, especially chink Binance?

>>25200833
Tether printed 17 billion Monopoly money this year. Good luck to anyone thinking they actually have 20.5 billion USD to back it up at 1:1 ratio as they claim.

>>25201159
I get nightmares thinking about what will happen when it happens

>>25200833

This is more important than your shitty coins /biz/, needs a decent discussion
bump

>>25200976
Tether is not printing BTC. They are printing Tether. A tether collapse would have next to no effect on BTC, it would just fuck everybody holding tether and cause a short term drop across the markets. Everybody who sold BTC for tether had faith that it was equal to a dollar. There may be short term liquidity crisis on USDT exchanges but that will cause everyone to just move and operate with Bitcoin. Bitcoin will be insulated and could actually go UP.

>>25201159
Why are you so certain? You never give any reasons except "it's obvious". How many dollars did the government print this year? Why is it so inconceivable that like 0.1% of all that printed money was used to buy tether?

>>25201963
Not the same person but I suggest you do your own research to avoid getting bumfucked

>>25201737
exchanges go insolvent if tether collapses, its mtgox 2.0

>>25202013
Say something or fuck off you absolutely braindead piece of shit. Why even post?
I already did my own research, it says tether is a popular stablecoin that golems like you rant about constantly without ever saying anything. You retards are making claims so back them up.

>>25202114
Tether themselves are making claims that it's backed by the US dollar WITHOUT backing it up with any evidence

Also you absolute retard look up the BitFinex/Tether lawsuit, it's literally a ticking time bomb waiting to happen, we gain NOTHING from complaining about it, we're just trying to make it

>disregard all the above if you're a tether shill, in that case, go fuck yourself

Would be based if there was actual intelligent discussion going on, rather than people trying to assert their viewpoint.

Personally I think Tether being insolvent does not *actually* matter as much as people believe, this is because as long as the process of converting USDT to USD is possible this gives it enough legitimacy (even though the process is kinda shady and you require to be KYC'd and deemed an official customer of Tether) to be used as a stablecoin.

I am not too sure about others like DAI, BUSD, USDC etc. Does anyone have any comparisons and contrasts between them? BUSD seems pretty trustworthy seeing as Binance is a pretty trustworthy platform, anyone know anything about DAI?

>>25202169
These claims are actually legit as far as the latest audit was (2018 I believe?) so technically their claim isn't a lie, whether or not they are still 1:1 is up for debait (probably not true at this point as they'd be losing millions yearly due to inflation as cash is a horrible asset).

What do you suggest is the safest stablecoin?

>>25201737
>will cause everyone to just move and operate with Bitcoin
Nobody is going to operate with something as volatile as Bitcoin. If anything they will switch to something backed by the Yuan or some other stablecoin.

Can someone knowledgeable explain to a brainlet like me whether other stable coins like DAI, BUSD, USDC, etc will be safe if tether collapses?

>>25202271
Funds with them are safu anon.

>>25202169
Random idiots are making lawsuits based on speculation about things they know nothing about. That's really the reason for your "nightmares" and braindead posts?
>The plaintiffs are five crypto traders who allege that they bought cryptocurrencies at inflated prices and, therefore, incurred monetary losses.
Most of the crypto exchanges have USDT pairs. The volume in those pairs alone demands a lot of tether. 19 billion in a year is not some huge number and none of the accusations are based on anything. You are a fucking retard.

If USDT collapsing will be big and it's only $20 billion

Imagine what the collapse of the actual USD and the $28 trillion debt mountain will unleash

>>25200833
should I invest in this? new to crypto but it looks cheap rn

>>25202230
>These claims are actually legit as far as the latest audit was (2018 I believe?) so technically their claim isn't a lie, whether or not they are still 1:1 is up for debait (probably not true at this point as they'd be losing millions yearly due to inflation as cash is a horrible asset).
They don't hold it in cash, they already admitted that. As to where its invested no one knows.

>>25202765
I recall reading the audit paper and them having the amount as a cash balance in a certain US bank account. I guess they've changed this then, I wonder if its true whether the claims of them buying BTC which is the underlying asset of Tether, so they can print more Tether to buy more BTC ad infinitum is true. Surely if it was this would have collapsed already seeing as the giant fluctuation BTC has been through so I don't really see this as feasible (besides the amount of USDT they'd have to print to have any significant impact on BTC's spot price would be too ridiculous).

>print tether
>buy btc
>we are backed by btc goys
based crypto cartel

>>25203071
The problem I have with this is mentioned in the post above, the actual purchasing power of USDT decreases with every buy to BTC with backed Tether, which is why I don't think it's true.

>>25202114
Each Tether is only backed by 0.74 USD. If you want to trade a dollar for 74 cents go ahead

>>25202020
Some will for sure.

>>25202244
USDT exchanges will have no other option

>>25202230
USDC is centralised but is more transparent than tether and generally better.
DAI is probably the safest, decentralised and algorithmic. Though holding anything pegged to the US dollar isn't a good idea

>>25202271
Yes, they'd be safe if tether collapsed. I mean they might dip slightly due to a fall in the levels of trust people have in stablecoins in general but it'd be temporary and nothing would implode like tether

>>25203125
just print more
2b during 2017 bullrun
17b during 2020

>>25203149
It's irrelevant to me since exchanges accept them as the equivalent of a dollar. They're taking on the risk. As the first and dominant stablecoin tether has no reason not to just provide the service they say they do and collect fees. There's no reason to think they don't except random memes spread by idiots. It's XRP tier retardation.

>>25203334
I agree on most points, one question I do have though is whether everyone is able to audit the amount of USDT circulating, how much gets minted etc, is it possible to tell looking at the ethereum contract address for Tether? Or can they print it without people knowing?

>>25203334
If there's a run on usdt the government isn't going to bail it out with usd. The real problem is you can't actually buy all the shit you need with usdt, so its primary value is its exchange value with usd

>>25203554
I dont think thats the point or ever was the point, no one really cared about Tether being secured or backed because it is, and always will be, "Tethered" to USD.

Its simply an intermediary link to USD. No one holds Tether long term.

stale ass fud is stale. give it up anon, no one is falling for this shit anymore

>>25203789
Soon there will be. There are no clarification as of yet since the last lawsuit against Tether.

>>25203910
>the sky is falling the sky is falling, soon (tm)

i personally cant wait. the longer things carry on as normal the bigger the fallout will be. i live for this stuff.

>>25204099
it's clear this is the case for all you tether fudders- you want so badly for it to be true that you can't see clearly, oh well.
have fun staying poor

>>25200833
am I missing something? there are like 10 stable coins out now with supposedly iron clad financial backing and oversight. There is no reason to use tether anymore.

>>25202271
Kinda, but not really.
Check October 2018 chart and news, we almost had critical tether printer failure. It dipped to $0,95 irrc

Stablecoins will pump against their fiat counter-parts and pump very hard against USDT. Honestly I don't know about stabilization mechanisms, but I believe it will be something like 10 USDT = 4 USDC = $1 before all the centralized exchanges shut down with (((engine crashes))) and DEXes become unusable because of network clogging within minutes of tehter rugpull

>>25204151
>There is no reason to use tether anymore.
what is liquidity ?

>>25202230
when push came to shove they actually admitted tether wasn't backed 1:1 by usd, and instead requalified it by "backed by a basket of assets" without specifying which assets
which means tether could be backed by btc
the process of converting usdt to usd is NOT possible. find one person who has done so. just one
the reason tether discussions turn into "people trying to assert their viewpoint" is simple. the fraud has gotten so brazen it is obvious to anyone who cares to look into it. so amongst the informed, on one side you've got people who rationally know there is a fraud (although they may or may not make irrational predictions regarding how and when it will blow up), and on the other side you've got legit retards or people who are so blinded with greed and hope their bags will go up they want to believe everything is alright (shoot-the-messenger type thing)
we've got morons ITT arguing institutions have exchanged 17 BILLION DOLLARS into fake dollars this year, to a shady east asian based exchange who cannot even get legitimate banking
go ask microstrategy or any of the other big names who have to make their purchases public if they deal with usdt. if an institution wants to buy into crypto, they interact directly with US based market makers firm. the intermediary step of buying fake dollars makes no sense whatsoever
this is the problem in a nutshell. tether defenders do their best to find circumvoluted explanations to avoid staring at occam's razor: there is no reason to use tether
anyone who would want a centralized stablecoin would go with USDC. even the binance stablecoin is less ridiculous than tether. and if you want decentralization, DAI is your main option
final blow is the near perfect correlation of tether printing with bitcoin pumps in 2020. not every tether print results in a bitcoin pump, but every bitcoin pump sees a tether print. all the while organic search interest for bitcoin is at a shadow of 2017

>>25204594
>microstrategy
I wonder what microstrategy's analysts think about tether.
I also wonder where are their stop losses are with 70k btc @ $22k average :^)

>>25204594
isn't the backing mostly related to their derivatives casino
by controlling both the orderbook and the tether printer short term price fluctuation are possible to blow out both the longs and shorts and their ill gotten gains are stored in ethereal tethers

but even so there is no need to use tethers as a legitimate user and i have doubt about the tales that a tether collapse would send btc price below a 1000, some exchanges might get fucked and short term volatility might go up but as long as you hold your own coins a tether collapse should increase demand for real coins as there would be scramble to quality

>>25204121
>have fun staying poor

the richer i get the more often people here tell me this lmao

>>25200948
Have you ever known something in crypto space to affect "only btc"?

>>25204594
I converted Tether to USD in 2018, AMA

>>25202493
$100 EOY

Even if it collapses it won't move the cryptomarketcap more than 10% and correction will only last a month or two.

>>25204594
>all the while organic search interest for bitcoin is at a shadow of 2017
oh you're THAT anon. you don't even know how google trends results are calculated, kek. gtfo

>>25203554
Did I mention the government you subhuman filth? Did I not say the exchanges accepting the tether are taking on the risk?
>The real problem is you can't actually buy all the shit you need with usdt, so its primary value is its exchange value with usd
The real problem is you faggots can't construct even a single coherent thought where a premise leads to a conclusion.
>>25204594
Again not a single coherent thought.
>17 billion is big number
Sure.
>why use tether
All the exchanges had constant issues with access to banks to exchange to and from fiat, some simply only allowed crypto pairs to avoid the issue. Tether solved that and replaced BTC as the biggest trading pair on most exchanges since normies liked it better. As the primary trading pair it's the token with the most demand, more trade volume in any paired crypto will increase demand for tether.
>why not switch
Because that costs money and there's no reason to. Nobody takes the ramblings of the dumbest people in crypto seriously. I prefer to use USDC because of the FUD but even going that far is incredibly retarded. Now that I think about it the coinbase guys are more shady than the bitfinex guys if you want to play this game of stablecoin paranoia. The biggest banks are shadier than both of them and get caught laundering billions regularly.

>>2520493
>open cmc
>open btc -> market pairs
>compare the volume of USDT trading pairs against fiat and other stablecoins.
>feel neuron activation

>>25204777
What size did you convert?
Did you do it as an individual or were you acting on behalf of a fund or corporate entity?
How did they pay you?
Where did you acquire the usdt from?
Could you convert more today if you wanted to?

>>25200833
USDT is literally too big to fail now

>>25200833
tether doesn't care about you lmao

>>25205156
> tfw bitcoin is too big to fail now

>>25200833
If tether is all fake, explain how usdc which is audited and USA based has had faster growth since it’s inception and is on track to replace usdt by market cap by the end of 2021?

>>25205002
>exchanges run out of usd
>now you can't get usd from usdt at 1:1

>>25204972
typical schizo poster assuming a single person is behind everything they dislike. "that" anon, lmfao. while you're in full cope, tell me more about who i supposedly am

>>25205002
>All the exchanges had constant issues with access to banks to exchange to and from fiat, some simply only allowed crypto pairs to avoid the issue
are you high, dumb, or both? coinbase has banking, kraken has banking, bitstamp has banking, even bittrex which used to be a garage operation ran by 2 wankers has banking
it's only no name asian exchanges struggling with this, and most of their volume is washtrading

>17 billion is big number
strawman. maybe you don't see the thoughts as coherent because you can't even read for shit, chang

>>25205236
tether added 15B+ in 2020 alone, USDC total marketcap is 3.5B. wtf does "faster growth" mean to you, %? percent doesn't mean shit here, you are not comparing startups acquiring an userbase but supposed institutions pouring money into stablecoins
USDC has also seen massive demand from defi, while tether is relatively absent from these protocols in comparison

>>25204715
this is pretty likely
i don't see bitcorn below $1k anytime soon either. tether discussions get so tedious because we have permabull retards and permabear retards shitting it up on both sides. scams like these can take a long time to unwind, for all anyone knows we could have tether and bitfinex still kicking by 2023
scramble to quality makes sense, but at the same time few people realise how thinly traded crypto markets are. uniswap is roughly on par with all cex put together if you remove washtrading (look at the 2018 washtrading studies, remove the washtraded volume, compare with uniswap volume and the numbers are in the same order of magnitude). so many alts are blatant scams (xrp, link, eos, tron, btc forks...). the only "saving grace" comes down to the real economy being artificially propped up as well and the dollar losing value fast, so what are you going to do

>>25202423

>>25206141
Because u said link is a scam, I now have to disregard everything you say

>>25206141
>for all anyone knows we could have tether and bitfinex still kicking by 2023
as long as this market refuse to cash out there will be no tether collapse
all ponzi fail because peoples end up wanting to cash out while not enough new money is coming in, but if you tell the suckers that they are buying the future of money which they'll be using directly for everyday use, so they are never looking to cash out, and you have created the perfect ponzi, just like paper money did to gold

>>25202201
DAI is decentralized so they can’t hide reserves or anything the way Tether does It is backed by ETH

>>25200833
this shit again? you got plenty of other options if you don't trust tether now please stfu with this bs

>>25203334
Exchanges don't accept them as equivalent to a dollar they're floated on market value, that's why the price dips below a dollar sometimes. When you buy tether the exchange has no obligation to exchange your one tether for one USD. And one day neither will tether

WHERE CAN I SEE how much tether they print and how often??

I just use busd when I can because it's got gold backing.

>>25206141
newfag detected, as satoshi said, i don’t have the time to explain it to you. Satoshi dreaded the midwit, as do I now be gone

>>25207840
You can't ignore tether because it fucks up the entire crypto economy.
That's what people complain about.

>>25208027
gecko-tether-mcap
or follow some printing bots on twatter

>>25204594

>>25200948
Only BTC maxi retards will get fucked and their amazing, golden bull run of 2.5X after an entire fucking year of waiting will crash and burn.