/biz/ - Business & Finance

>>25762353
Explain to me how printing tether causes the price of BTC to increase. Go.

>>25762372
https://twitter.com/JacobOracle/status/1346133062204198917

>>25762372
>tether ltd prints tether
>uses it to buy bitcoin through their partner bitfenix
>price go up

>>25762353
>>25762413
T. Assmad nocoiner.
You are just mad tether is going to buy every buttcorn in circulation and sell it back to you at a 100% markup.

>>25762481
Yep, you're an idiot alright.

>>25762409
>>25762413
This is really stupid. As long as there's a buyer on the other side, and that buyer can redeem tether for fiat (or some other asset) there's literally no foul play here. This is basic shit guys come on.

>>25762665
Educate yourself, idiot.

https://twitter.com/JacobOracle/status/1346133062204198917

>>25762712
Sir, you're the retard here. No amount of fancy, conspiracy theory infographics are going to change that. Keep living in your delusional reality.

>>25762353
>3% of the market cap of Bitcoin
>cause of most of the pump
bobo you're drunk

>>25762796
Yep, you're an idiot alright. Too stupid to do even the most basic research that's been spoonfed to you.

No refunds tho. If they buy the btc i guess they stole the btc... so the price goes even higher since... well they stole the btc.

>>25762911
I'll play along. So your theory is that there are a bunch of USDT bag holders out there huh? Has there been a single credible report of someone having trouble exchanging their USDT? Checkmate bitch

>>25763004
>didn't read the twitter thread
Like the idiot you are.

>>25762881
nice gura

>>25762911
Oh. And just so you know. I was the lead eng of GDAX. So this is my turf you fuck face.

>>25762712
Schizo

>>25763032
That thread is literally garbage. Just like you

>>25762712
stfu already, what a load of LARP

>>25763118
>i-it's literally garbage! d-don't expect a counterargument from me!

>>25763140
I gave you a counter argument. You pointed to a twitter thread because you're not capable of your own thoughts

You guys are giving yourselves away with how obvious this fud is. I'd actually be more likely to belive you if you had kept it kind of low key and natural but you just had to spam the catalog with this shit and out yourselves.

>>25762665
Only because they think tether is backed by USD. Once they find out it isn't....

>>25763463
It doesn't have to be back 100% by USD to be effective. Ever heard of fractional reserve banking? It's standard practice for banks.

>>25763534
>The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.
does Tether have a system similar to this?

>>25763534
Then Bitcoin is worth a fraction of what it is because the tether is worth a fraction of what it actually is. Tether’s real value is at most 0.74 USD which means Bitcoin is valued 33% higher than it should at minimum

BTC will crash but ETH is not nearly as exposed. ETH will have a slight correction but recover in a day or two.

>>25763611
ok but the word "should" is completely irrelevant to bitcoin, it would be an equally strong argument to say the 33% deflation has already been priced in. you're trying to add a bunch of faggot logic to something that's completely based on public perception.

I mean it's quite clear...

So you believe tether is 100% backed?

They've "minted" 1.4bn USDT in 48hrs, that's cool yeah?

Who benefits from anons panic selling their BTC right now?

1. If BTC really was going to crash on the 15th, wouldn't there be a SHIT ton of more money to make by letting the pump run its course and then selling on the 14th? Warning anons beforehand would potentially just cause the price to drop

2. No one on /biz/ is truly altruistic, there might be one or two golden nuggets to find here but these Tether FUD are numerous. It's not just one anon with insider information posting about it. Clearly there is a vested movement behind this "warning". Who benefits?

Remember anons. Ask yourselves "who benefits"?

>>25763236
>I gave you a counter argument
No you didn't, idiot. You didn't read a single thing, you're a worthless moron.

>>25762353
>crypto is pumping
>load ze tether fud
Kek you fags have been saying this non stop since early 2017 don’t you get sick of being wrong

Based tether

>>25763745
You keep crying that "y-you've been saying this since-", yet perpetually fail to realize that just because something hasn't happened yet, doesn't mean it won't happen.

By all means, continue being the ignorant idiot you are, not doing any of your own research, or even reading what's been presented here: https://twitter.com/JacobOracle/status/1346133062204198917

You're just a worthless sheep.

>>25762372
Look at tether’s site and ask yourself honestly would you trust they are backed

>>25762372
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066

A couple of years ago it was decided that about half the price of btc was due to tether being printed to buy the dip. To some that is concerning but I don't give a damn. Saudi oil lords give dollars to bitfinex to create tether and create floors for bitcoin.

They lay the foundation for the rocket pad for all of us to go to the moon. It lays the foundation for all crypto. Now these godless heretics are going to go to hell but that doesn't mean I can't have these fags pump my bags.

Reminder that the jews are behind the 1.5T civil Rico case against tether and Bitfinex, here’s one of them. Don’t fall for the fud campaign
https://www.brooklynpaper.com/for-this-alleged-drug-kingpin-silence-was-the-prescription-for-success/
Check the plaintiffs , you cunts will never get my crypto fuckoff

Wasn't the Tether FUD already used in 2017? Why is this old FUD being recycled? At least come up with something more creative. It's like you filthy swingies are mad that you sold too early.

>>25763867
yes actually

2017

>>25763867

>>25763867

>>25762353
It is because demand has heated up in the bull market... Cope retarded faggot. No one thinks you're trying to help or inform anyone.

>>25764334
>January 15, 2020

>>25762372
>everyone "trusts" that usdt:usd is 1:1
>more usdt means that the btc:usdt ratio is higher (simple supply/demand)
>which also increases the perceived btc:usd ratio
>repeat

>>25762712
>Tether is not backed at 1:1 rate
Oh shit!
>It's 74% backed by cash, and the rest backed by other forms of collateral.
Nvm, nothingburger.

>Tether is being used to pump BTC
Oh shit!
>Look, there's a high correlation between when tether is printed and when BTC goes up. Don't look at the fact that tether is 3% of the market cap and it makes infinitely more sense that tether is printed as money goes into the market.
Nvm, nothingburger.

>>25762353

>>25763605
Hey retard, they only insure to 250k. Alright, now I know this tether spam is fake.

>>25763611
It doesn't work that way.

>>25763534
So bitcoin was supposed to relieve us from the banking system and now we're supposed to accept that bitcoin is backed by fractional reserves and is just prone to free money printing ?

Related
http://www.tr0lly.com/bitcoin/the-tether-press-and-bitcoins-speculative-mania/

>>25763605
What does insurance have to do with this?

>>25763611
That's not how this works at all

>>25763728
Except I did, and you couldn't deal with it

>>25763806
It doesn't matter if I trust them or not. Tether markets exist and the reality is the markets trust it.

>>25763823
Time for your meds grandpa

>>25765109
Yes. And it wouldn't be valued at 1:1 in they couldn't pony up. Didn't you all take basic econ?

>>25766416
Who said anything about bitcoin? I'm saying that Tether would be stupid to be holding 100% fiat as backing.

>>25766615
>Except I did
No you didn't, retard. Show me your post responding to the twitter link's logic.

>>25762353
>a correction is coming after a huge pump
WOW are you some kind of genius?
retard. of course dump is coming.

>>25766650
Scroll up you dumbfuck

ALL THIS BUTTHURT OVER A STABLECOIN LMAO

>>25762353
This is good for BoringDAO. Wait for the Azn cycle.

chomp.

>>25762353
Just think this is another fed and everything will be fine.

Can you fucking idiots stop redpilling people about tether? Yes, tether is a bubble but maybe just keep it to yourself and try to profit?
No wonder this place is filled with poorfags

>>25766615
>I'm saying that Tether would be stupid to be holding 100% fiat as backing
but that's literally what the token is made for

When this shit crashes I’m going to post 100 threads on here laughing at you retards. Oh man I can’t wait. It’s going to be glorious. And then I will buy

>>25766615
>It doesn't matter if I trust them or not. Tether markets exist and the reality is the markets trust it.
Ponzi had a way of making people think he was trustworthy too.

>>25766891
Is what they’ve said since 2k

>>25766847
The sooner the bubble bursts, the better, for so many reasons. Your confidence game be damned.

>>25766852
>>25766898
Okay listen up because I'm only going to say this once. If I went to my local bank today and tried to cash out my entire balance, they would shit their pants because they don't have that kind of cash on hand. This is how big boy money works.

Banks take your money and only keep a fraction of that available. They then invest the money into stocks, bonds, real estate, fucking corn, you name it. They only keep a fraction of the fiat available at any moment.

This works because we're not all going to the bank at the same time to pull out our money. This is the same shit Tether is doing. Does that mean it's going to collapse? No you dimwits

If tether crashes why would that effect BTC that's already been bought. If anything... Tether crashing down would cause everyone to move that money somewhere else..like BTC

>>25767038
>this much coping
Listen to what you are saying. You are now defending banks in order to defend Tether/bitcoin.

>they would shit their pants
Not at all, they have an account at the Fed and will gladly give you all your money, and if needed borrow a little more from the Fed @ 0.5%.

>This works because we're not all going to the bank at the same time to pull out our money. This is the same shit Tether is doing
There is no proof that Tether has ever redeemed USDT for USD.

>>25762353
stay poor no coin tether fudder

USDT is a cash cow for bitfinex they aren't going to fuck it up for themselves.

>>25767038
>This works because we're not all going to the bank at the same time to pull out our money.

sure, but what if news hits that USDT is worth only a fraction of what it is and normies try to sell their BTC and USDT for real usd dollar, the government isn't going to bail them out like they did the banks

>>25767038
Thanks for explaining me how banking works you retard, tether has no banking license and is issuing tokens that follow exactly the dollar without having dollars to back those up, do you think uncle sam is okay with that dumbass ? They are literally printing dollars on foreign territory.

>>25767149
I'm not defending banks you moron. I'm saying that is standard practice and shows why it's not necessary to have 100% fiat on hand.

How the fuck can you guys not understand this? It doesn't matter what people are exchanging to mint and redeem their USDT. I could send Tether 50 cows and they could print me 50 cows worth of USDT. If I then wanted to redeem my Tether for 2000 hamburgers I could. USD never needs to exchange hands.

>>25762353
let the brr, brr retard
based and redpilled tether making us all financially independant

>>25767345
Do you hear yourself? That holds true for any fiat currency too. Let that sink in for a minute.

>>25767376
Except they aren't printing dollars at all. I can't pay my taxes with USDT, can you?

>>25767377
>>25767455
No it doesn't because the CB is just gonna print off money and give it to banks as reserve money printing is designed to ""solve"" this very ""problem"" of banks going bust because they don't have reserves. This used to be very common, you do realse that right?

>>25767345
>tfw you realize you're the normie
>>25767376
The scale of banking and bank-like activities without
>KYC
>AML
>audits
>capitalization requirements
>all required by law to operate a bank
just mind boggling
>tfw you realize exchanges hold USDT because if they held USD they would have to have banking relationships
>>25767377
Sure but if you want to redeem your USDT for, uh, dollars, don't go to Tether because they will say no.

>>25767455
>Except they aren't printing dollars at all. I can't pay my taxes with USDT, can you?
You can exchange USDT for bitcoin and sell those for real dollars, doing this you get a 1:1 conversion from USDT to dollar and they can do this without having to put any real dollar to create those tokens and without being liable to anyone legally.

>>25767328
>USDT is a cash cow for bitfinex they aren't going to fuck it up for themselves
they could literally be the Ponzi in all of this.

>>25767516
>>25767554
You're both way off base here. We're not debating the ethics of their operation. I wouldn't jump in bed with them. You're both fucktards for thinking a "crash is imminent" because of this.

And yeah. I'm cool with being a normie. 9 figure wealth is pretty dope.

>>25767688
>We're not debating the ethics of their operation.
how are we debating ethics. The point is that USDT can't redeem USDT for USD dollar and so a run can happen any time. Sure, it might not happen now, but it might (see NYAG lawsuit spooking normies)

>>25767872
1. Prove it
2. It doesn't even have to to remain functional

>>25767623
Yes, but the problem remains in the system because now SOMEBODY ELSE IS HOLDING THE TETHERS YOU EXCHANGED FOR BTC.

>>25762881
>there's only 3 trillion paper USD but the stock market is worth 30 trillion, so how could printing more USD possibly pump the stock market?

i dont see how printing more tether is wrong. The price of Bitcoin and all other alts is skyrocketing, there needs to be enough tether in circulation to keep the price at $1, otherwise it isnt a stable coin. Tether isn't making buy orders for bitcoin, they are making sell orders for people that are trying to swing trade

>>25767377
so tether is not only backing up their usdt with bitcoin but a bunch of shitty altcoins as well? You are agreeing with what that bitfinex employee said in the reddit screenshot, sounds like this thing has the potential to bring the entire market to zero

HOT POTATO HOT POTATO

>>25767377
^
This is a true point and I'll explain why. Tokened assets. Lots of peeps aren't thinking long game.

>>25767910
>Prove it
Tether themselves admit they can't I don't see why I need to prove anything, and since they weren't properly audited in some time, who knows what the real number is

>It doesn't even have to remain functional
huh? So where will Tether get the money once everyone sells their USDT? Will exchanges give it to them? Or will they try to sell their crypto to get the money?

>>25768179
Tether runs on Algo. People will probably just dump into Algo and then whatever new stable coin emerges. Probably one that can pass an audit. Tether might be a stable coin but it is backed by the values of its assets.

>>25768179
USDT isn't the only way to convert to fiat. It is a convenient way but i am sure the crypto community will rebuild relatively quickly

>inflating bitcoin

What the fuck am I reading? 1 BTC = 1 BTC

ABSOLUTE NIGGER!

>>25768282
were not there yet, were still simping for

F I A T
I
A
T

>>25768241
Sure, that's true, but it would cause a crash, and at least some people would lose their money, that would create a crisis of confidence in crypto for some time at least.

I'm not saying this would dump every crypto to 0

>>25768234
>backed by the value of its assets
Well, I sure hope so

>>25767911
that's my point, i'm not defending it

>>25768060
>printing more tether is wrong
There's nothing wrong with issuing more usdt, but they're supposed to consume usd at the same time. Otherwise it is the same as printing usd, which they are not authorized to do.

its frightening reading some of the replies of people defending tether. desu i dont even care if people that stupid lose their money

>>25768558
peak bubble delusions my friend, people were talking like this in 2017 too

>>25767688
you are debating the long term viability of their operation. which anon has made some good points against. you have simply deflected by saying banks perform the same activities in the parallel usd economy

>>25768558
Its just speculation on when the next catastrophe will happen. Totally normal.

>>25768550
why wouldnt they just cash out the bitcoin they received for the tether they just printed?

To bad btc is mined, just like eth.

>>25763065
>>25767688
Patrick Lorio is that you over there with >$100,000,000

>>25762881
>Tether has more volume than Shitcoin, Ether and Litecoin combined.
Bank run incoming when people try and cash out their Tether monopoly money for Shitcoin

I come from the future

>>25762353
priced in

>>25762353
40k is high enough for me, dumped all my btc bags. Sitting on USD waiting for the eventual drop. Depending on how high this goes new floor probably 8-12k. I'll reload up and triple my stack.

>>25770261
Post proof

>>25771000
>>25770261
yeah let's see a timestamp

>>25762353

>>25763111