/biz/ - Business & Finance

6000 gwei gas prices incoming.

Exchanges won't halt trades and deposits but for some reason still allow withdrawals your theory is stupid

Why was tether allowed on exchanges in the first place with these rumors?

>>25768562
For one people can sell tether on dexs. Worst case senario btc and alts get pumped as people sell their tether...this is fud?

>>25768562
They will dump it all into xmr

>>25769808
btc is actually just one big iq test
the fud posters are on twinkle twins payroll they’re accumulating
expect market manipulation similar to scamcoins

>>25769755
because nearly all the exchanges are ponzis liable to exitscam, why wouldn't they allow tether? The sole purpose of tether is to pump bitcoin, CC and bitfinez said as much in a leaked email correspondence, stating that bitcoin would collapse without newly minted tethers

>>25769755
You're asking the real question now.
Now think a little bit more, why?

>>25769755
CHINA

Also, pic related happens 9:30 AM EST this Monday

>>25768562
Exchanges will halt the withdrawal of Shitcoin in the upcoming collapse of Tether. There is an incoming bank run as people realize that Tether was a big Ponzi scheme where Bitfinex made magic Tethers to manipulate the price of shitcoin without actually being able to back up these magic Tethers. When people realize it's a fucking scam they are going to try and trade their Tether for shitcoin, or shitty altcoins, overwhelming the reserves of smaller exchanges (and larger ones too) and noobs are going to be left ripped off and it will be hilarious as we all get to laugh at Butters.

This is going to be 2017 on steroids; get your popcorn ready.

>>25770075
>This is going to be 2017 on steroids; get your popcorn ready.
The poomp or the doomp?

>>25770126
We are seeing the poomp right now. The doomp will be funny (sad). Any dumbcunts holding Tether should get out now

>>25770159
Nah I'm not in tether or BTC, all alt/shitcoins. Honestly unsure what to do, there's so much going on.

>>25770035
This man understands. Talk about printing and what it will or won’t do to the price, but this whole tether fiasco is very much about China. Whichever country controls crypto will be the champ going forward. Flippening will be great anyways.

>>25770075
>Butters
seething redditor detected

>>25768562
Not sure if trolling but Tether is 100% on the erc-20 Etherium network. Tether is the #1 crypto by daily volume (even the volume shown is fabricates, as washtrading goes on).
When tether disappears, exchanges run out of liquidity and halt trading and withdrawals. They won't let users withdraw and the assets will get seized by the Feds and the CCP. For that to happen, you assume the average JoeBlow knows how Etherium works outside exchanges and how to swap it on uniswap with a dex wallet plugin.

>>25770258
So what do you suggest?

>>25770195
Don't put any money that you can't afford to lose (I wouldn't put any more money in at all if I were you). If you don't know about Tether, you should look into it.

The price might go up for a bit longer while the Tether printer keeps going brrrr but once that printer stops, BTC will be in trouble. Like 9/11 trouble.
>>25770249
SFYL

Mods should sticky the suicide hotline to the top of /biz/

>>25770335
I do know about Tether, and this whole thing. I'm just wondering what the implication is for alts, or having anything on exchanges at all. Cash out into other stablecoins?

>>25768562
If tether drops below significantly below a dollar, tether will buyback USDT to give themselves a 100% dollar backing.
Give me one (1) reason why they wouldn't.

What if all this talk about Teather is just like the "Kracken" lawsuit?

>>25770075
Do you understand that the tether "fud" (in which i actually believe) i indeed super bullish for btc in the short term. Usdt was russians, chinese and irans people's only chance to get dollar exposure. They will try to buy whatever they can get when tether is about to go down, there are no legal options to buy btc in these countries. No i give you a second layer to my theory: This has happened already. The "golden bull run" was mainly huge amounts of chink money transferred into usdt as long as it was still possible and frantically buying btc at each price. If tether will be prohibited (which basically no serious cryptofags argue), the buying pressure will evaporate. That also explains why normie ramp up is still medium, but the chinks buy at any price because everything is better than a massively devalued yuan with no foreign buying power.

>>25769755
because the exchanges get a piece of the scam you brainlet. tether and bitfinex are one and the same. its all pajeet scamcoin except done at the jew level. so get out before the NYAG heems them

>>25770300
Do anything you want, there's no right or wrong way. The safest option is to everything off exchanges to private wallets and sell most of it for fiat, buy back in during a bear market. The riskier option is to keep half your holdings on an exchange that could go down and short at the right signals. There's going to be a massive cleansing of unbacked stablecoins, privacycoins, bitfinex, coins without kyc blockchains, exchanges without KYC requirements, and possibly even unlicensed exchanges. Even crypto normies are waking up to it:

https://www.youtube.com/watch?v=uYZpss5VgNM

>>25770335
seethe more
will you pin the suicide hotline to the top of /buttcoin when tether fud turns out to be a nothingburger?

>>25770392
because they dont have the money to buy back anything you retard. they are turbo printing USDT and exchanging for stablecoins and cashing out as fast as they can so when they open the books to the new york shecklesteins they can claim everything is fine

Reminder that tether is only 3% the mcap of bitcoin and that over 70% of their holdings have been successfully audited and that anyone shilling tether fud is just salty that they missed the bull

>>25770195
Monero I think is a safe haven for the dump

>>25770392
>tether will buyback USDT to give themselves a 100% dollar backing
Good luck buying $28B of unbacked fakedollars you printed in 1 year when you're not the fucking Federal Reserve. They caught a lot of flack when they were just 5% of the liquidity pool back during the 2017 bull run, now they're over 70% and going all out on the printing scam. Hence a suspected exitscam by Bitfinex, their parent company associated with many scams.

https://en.wikipedia.org/wiki/Bitfinex

>>25770483
I did consider that.

>>25770406
>Usdt was russians, chinese and irans people's only chance to get dollar exposure
Very nice cope, Vladimir Putin and Xi don't have bricks of trillions of dollars and they buy from a fake Hong Kong based scammer virtual usd company LMAO. That's unironically what you're implying.

>>25770482
>Reminder that tether is only 3% the mcap of bitcoin and that over 70% of their holdings
This shill again. Pic related tether is Numba One (cz owns coinmarketcap, the volume is higher).

>>25770258
Fuck that's a good pic.
>>25770377
Alts are tied to the price of BTC. When BTC dives from Tether being revealed as a huge scam it will crash alts also. I wouldn't trust any cryptos.

>>25770594
>I wouldn't trust any cryptos.
Even Coinbase backed one?

>>25769672
see xrp

Got into bitcoin in April and I kept all on Coinbase. I want to dump during this rally, what is the best way to store my BTC in the meantime? I know exchanges are bad now, what should I do?

>>25770650
I just moved all my BTC off coinbase to a exodus wallet.

just get ready to switch your stack into USDC when the time comes bros

>>25770626
No. You only need to look at Tether to see why I wouldn't. When Tether collapses people are going to lose faith in crypto, including the "stablecoins" meaning that they won't be trading 1:1 anymore

>>25770650
sell now lad.

>>25770767
Better that than losing 80pc and necking myself. Problem is that if I go fiat I have to go tax as well. Shit's fucked.

>>25770803
You are far better off going fiat than a "stablecoin"

>>25770650
Idiot, cash out in fiat. All else is super risky at this price level with the information you have. You don't want to have your stack on an exchange when shtf.

>>25770258
>>25770442
Thanks for the info, I'll have to do more research. This is a bit spooky.

>>25770650
Ledger, trezor, and other hardware wallets.

>>25770594
>Fuck that's a good pic.
Have another one about how Bitfinex is manipulating the whole market.

It's actually an insider trade signal, when they start unloading their shitcoins that particular shitcoin crabs because they initially pump it among the exchanges they collaborate with.

>>25770535
You are not the brightest candle. First nowhere did i say that their governments are buying, their people do so. And second it's almost common knowledge that tether is used by chinks to get usds. Google it, there are eg thousands of small illegal offices in russia, where chinks bring their fiat (mostly in cash) and pay for tether being transferred. It's the number one chinkmoney laundering system, there are literally billions moved everyday across the border. That's also why tether's market cap is so small but it's volume is insane.

>>25770945
Hope these cunts go to prison, but I have the feeling they will avoid it somehow (flee to some shit hole country without extradition laws)

>>25770833
ill take your advice under consideration

>>25770945
Big if true. So the bloodbath is going to happen any day now?

>>25771199
They are in court on January 15

There are so many new people in crypto in the last month lets suppose they don't know what this news means and they just hold.

>>25768562
Reminder that the jews are behind this fud, chdck the plaintiffs against tether. It’s a nothingburger . Not getting my coins goldshtein

>>25771288
holy shit those echos

>>25770159
if everyone holding USDT moves it into bitcoin, what is the problem?

>>25770406
you mostly get it. USDT is about laundering money and moving capital across borders. most of the trade is foreigners using it as a way to get into USD or Americans using it as a way to dodge taxes. This is why the government is going after them. The FUD is that USDT is not actually backed by real money but that ignores the fact that someone is buying USDT.

>>25770442
would you buy a used car from the guy in this vid? lmfao.

https://en.wikipedia.org/wiki/Chinese_New_Year

>>25770577
you do realize that most of the exchanges in the world can't operate in USD because of American tax/financial policies, right? USDT is a way for them to end-run that.

>>25771349
It's happening right now smoothbrain.

>>25770406
Except the “devaluing yuan” you talk about it is actually stronger against the usd over the last 12 months, so again while trying to sound smart you’re indeed wrong

>>25771349
Essentially, you will see a bank run when everyone loses confidence in Tether. Everyone will move from Tether to bitcoin exchanges overwhelming exchanges reserves. Those exchanges will then have to halt trading which will cause a crash

>>25771490
yes, so WHAT IS THE PROBLEM?

>>25771349
>>25771517
To continue, the price will rise for a bit, but then the crash will come. Hard.

>>25768562
again, flippening wont ever happen as the gas fees are unsustainable you braindead monkey cunt

>>25770213
What does the flippening mean exactly? What's being flipped, and to where?

>>25771517
>halt trading
There will be no volume in the order book for USDT pairs. You'll just have to send it to another exchange that provides access to USD pairs

>>25771517
>trading halted
>crash
hard for retail to rush for the exits if trading is halted...

But more seriously - the implication again is that USDT is all fake money, which is not the case. The question is why are people around the world buying USDT and then what are they doing with ti? In order to justify your alarmism you need to demonstrate through real transactions what the problem is.

Consider this: Greyscale is buying enormous quantities of BTC daily. In order to actually accomplish that in a disciplined manner how would they go about it? You can only buy so much off-exchange. If they allocate $100 million USD for purchasing of BTC on a schedule why wouldn't they put that money on an exchange and convert it into USDT, so they can trade into BTC as needed?

You have to understand that many exchanges cannot operate directly in USD. If you are a USD customer and want to trade on them, USDT is how you do that. There are dozens of good reasons for someone with USD fiat to want to trade on non-USA regulated exchanges.

If you eliminate USDT, you impact some liquidity but mostly you just push people back into the regulatory system. People use USDT because it exists an it saves them money. If it doesn't exist, they'll just do things the old way.

>>25771517
But if there is a supply-side liquidity crisis like you are projecting, those holding bitcoins should be able to sell, right?

>>25771615
in simplest terms: ETH and BTC swap places and dominance, ETH being the true king

chinese exchanges can't and will not exist scam, tether is backed 1:1 to the US Dollar and if not I am going to take the whole ride down and then kill myself.
fuck you

You all act like tether is backed by literally nothing, what if let’s say 70% of usdt IS backed. Would that still be a huge problem?

>>25771770
Consider that only 10% of US Bank holdings are backed by USD

CXXVh7Gf hi Paolo nice to see you pay /biz/ a visit to shitpost with us. Can you deposit 100M usdt between our addresses?

>>25768562
>ETH becomes completely unusable and this causes alternative ecosystems to be adopted

>>25771722
Got it. So, this would be due to a BTC crash, or an ETH moon, or both?

>>25771722
and is this "dominance" determined by what? usage? # of wallets holding? or just simply market cap?

>>25771658
The crisis will be so bad that many of the exchanges won't be able to cope. You forget just how influential Tether is. It now accounts for roughly the same volume as the next 3 Crypto's combined. If everyone starts trying to cash out their BTC at the same time no single exchange will be able to handle that, not even Coinbase.
>>25771702
>the implication again is that USDT is all fake money, which is not the case.
No, just billions and billions of dollars. Enough to overwhelm essentially every exchange that offers a BTC/USD pairing. Good luck cashing out.
>>25771715
As I said in my post, exchanges will run out of reserves as they will be overwhelmed with people trading Tether for Bitcoin. People that hold Bitcoin will be able to sell it.

>>25771862
sucks to suck so long as my shitcoins stay stinky

>>25771914
What if I don't actually have USD as fiat?

>>25771932
You're still screwed?

Bitcoin trades into every thing

>>25771702
>Greyscale is buying enormous quantities of BTC daily. In order to actually accomplish that in a disciplined manner how would they go about it? You can only buy so much off-exchange. If they allocate $100 million USD for purchasing of BTC on a schedule why wouldn't they put that money on an exchange and convert it into USDT, so they can trade into BTC as needed?
Massive lie by Paolo right here. Grayscale bought up all their BTC before November and the year before in the hard bear market when BTC was trading sub $10K< for years. Michael Saylor also did the same.

BTC was entirely pumped by the $5B a week fake usdt brick deliveries between Bitfinex and conspiring Chinese exchanges like Binance inflating their price.

Satoshi wrote in the first Genesis block warning people against centralized money printing. Then this unbacked printer Chinese BRR scheme comes and ruins crypto forever. Enjoy the vans and the warm jail cell.

>>25771518
That Tether the company can't buy enough USDT to pay back in bitcoin.
But anon is wrong because exchanges buy the tether not Tether the company. I honestly think it's probably shit and is a ponzi, but barring a huge leak it won't matter for years.

>>25770482
This, a lot of Bitcoin OGs are pissed their old methods of scamwicks, 40% corrections and other manipulation bullshit aren’t working. Banks and institutions are taking over and pricing out retail, they sold out the crypto revolution for personal greed. But hey I got on the life boat and will use my future NWO Jew funds to buy a home and land with a fresh water supply.

>>25771958
based

>>25772023
>40% corrections
jfc that's just a crash lmao

>>25769672
yes what happened to XRP?

>>25772012
>But anon is wrong because exchanges buy the tether not Tether the company.
Chinese exchanges in on the scam. Coinbase and European exchanges don't get USDT deliveries from the "Tether Treasury" directly deposited in their wallets.

Tether FUD worked 4 years ago guys it doesn't have the same effect the 2nd time. Fags.

>>25771958
>seven assumptions
back one up. my Greyscale example was just a hypothetical to show you a normal use case for USDT. We're going for Occam's Razor here - the simplest explanation for USDT volume is that it's a great way to evade onerous American financial laws introduced in recent years. The entire slush fund of sketchy international money that the USA has been trying to clamp down on for a decade is the market for USDT. This is also why the US Govt. does not like Tether and wants to go after it.

None of this materially impacts the value of BTC. Further, if people can't trade USDT into USD and have to get out of USDT, they'll move into Bitcoin. If the exchanges lack reserves to unload BTC, the price will skyrocket on the demand/supply imbalance.

The only people who should give the slightest shit about the Tether court proceeding are people who have money in USDT.

>eth is the store of value
jfc

>>25771958
>Enjoy the vans and the warm jail cell.
P-Please don't jail me.

>>25772012
>can't buy enough USDT to pay back in bitcoin
so what? Is Tether guaranteed to be convertible into BTC?

Dogecoin will take the place of Tether as people try to preserve their gains

>>25771232
you're either going to save me a lot of money, or fuck me in the ass. let's find out

>>25772073
So if usdt is all BS why should I not go take a loan out on AAVE right now for Tether and buy Btc with it? Literally free money.

>>25772091
Yes. That's their whole meme. That you can exchange your crypto to a notional USD amount of tether. That is it in a nutshell.

>>25770945
i reported this to the court thanks anon this ponzi has to end.

>>25772143
>listening to an admitted r/buttcoin redditor and nocoiner
ngmi

>>25771288
It's the NY AG who is prosecuting Tether
Finding a non Jewish lawyer in NY is about as hard as finding a chink who doesn't eat dogs

>>25772151
Want to know how I know you're like 19?

>>25772148
The people who loan you the money will have terms requiring you to pay it back. Crazy, right?

>>25772193
I am 29 but sure go ahead anon tell me.

>>25772143
It is your call, however many people believe that this recent "bull run" is entirely caused by Tether and not "institutional investors".

If you don't know about Tether and the bullshit they are doing, I urge you to look it up, they have been in trouble before for manipulating the price of BTC, and also there is so much circumstantial evidence it's not funny
>>25770159
>>25770577

>>25772213 see: >>25772151

If I have 1 Bitcoin I can exchange it for $40k USDT. The guarantee is that I can exchange the USDT for an equal amount of USD. The guarantee is not that I can exchange USDT for Bitcoin.

You argument is that if there is a run on USDT, Tether will not be able to maintain its fixed exchange rate with USD. Now prove it.

>>25772073

How can people “move into btc” when no one wants their usdt?

>>25769889
Are you literally retarded? Tether fud sucks but would only give max 20% liquidity decrease. Pools will rebalance to any other stablecoin based on USD

>>25772073
The issue with USDT is that if the printer is going BRRR, they may be artificially increasing demand when they trade in their fake money for crypto. In other words, the REAL demand for crypto is much less than what we're seeing now and the market will collapse if they stop artificially increasing demand.

It's something like quantitative easing done by governments.

>>25772193
No shit, take out $100k worth of tether, tether crashes to sub-pennies, boom, easy payoff loan. The loan is for a set number of tethers, not the dollar value of the coin.

>>25772271
Are you retarded, you are just mincing concepts to seem smart.
Both of those are the same fucking thing.
If you sell your coin for tether, you are buying a promise to have that tether track USDT.
If tether cannot back USDT to exchanges at a rate of 1 USD it amounts to the same fucking problem.

>>25772306
there are still stablecoins like USDC

>>25768562
Reminder: Tether collapse will ironically cause the flippening Anonymous (ID: VAsWwSLM) 01/10/21(Sun)00:51:30 No.25768562 [Reply]▶
Screencap this before jannies delete

>Exchanges Halt trading of USDT
>No one will be able to dump their USDT
>only allowed to withdraw
>Exchanges disable deposits
>41% are withdrawn to Omni Bitcoin wallets and instantly rekt with nowhere to dump
>Other 61% are withdrawn as ERC-20 tokens and dumped on Uniswap,Balancer, dYdX,Kyber Swap for ETH (Largest Liquidity)
>ETH moons to $5000
+105 replies and 19 images omitted. Click here to view.
>>
Anonymous (ID: RmkmquFs) 01/10/21(Sun)03:31:37 No.25772306▶
>>25772073

How can people “move into btc” when no one wants their usdt? Anonymous (ID: BNEF2Glc) 01/10/21(Sun)02:50:05 No.25771425 [Reply]▶>>25772287 >>25772320
Gold id determines Bitcoin price in 7 days
I'll begin

20k
+44 replies and 5 images omitted. Click here to view.
>>
Anonymous (ID: AaR95VoD) 01/10/21(Sun)03:24:07 No.25772172▶
66,6666>>25772246
keep on accumulating, straight to zero
>>25772237
DI neerg egassem taeper
>>
Anonymous (ID: AH2VKfAg) 01/10/21(Sun)03:32:08 No.25772319▶
>>25771122 (OP)
> no updates
>no smart cities
>no defi
>andre mentions every shitcoin except this

sage goes in all field

>>25772227
This picture is outdated from 2018, it's basically all USDT (fake usd) these days.

>>25772073
>Further, if people can't trade USDT into USD and have to get out of USDT, they'll move into Bitcoin
Wrong. They'll move into Bitcoin to unload Bitcoin for fiat, then you get a Biblican crypto collapse and suicide hotlines start becoming stickers on crypto community forums.

>>25772380

Why would they unload btc for fiat? If you had no faith in btc why wouldn’t you cash out now at ATH?

>>25772324
It's a rather important distinction, friend. We are establishing exactly what Tether claims to be - stop thinking of it as a coin and it'll get easier. Imagine Tether is a mexican peso, and the peso is pegged to the US Dollar. how does Mexico maintain that peg? What financial machinations do they engage in to ensure they can always acquire 1 dollar for every 1 peso as needed? USDT is doing the same thing. Now explain the part where they need to acquire Bitcoin to honor their USD peg?

>>25772306
If USDT is convertible to $1, exchanges will keep taking it, like they do today.

Here's why you FUDDERS are so confused - you don't get that a complex exit scam for a USDT ponzi requiring multiple big-name exchanges to participate is entirely unnecessary. Tether itself, in its legit form as advertised, is already extremely profitable for the exchanges. The "scam" is that they are using a new loophole to launder money, and skim fees off the top. This is a fucking gold mine and the exchanges are loving it. If the US wants to shut down that loophole the exchanges will comply but in the meantime it's making them all rich. There is no need to use fake money to get rich here.

>>25772091
Actual Insider here, nothing bad will happen to tether on the 15th because it will be 'backed'. If anything, BTC will pump more after all the short liqs. Take it from someone who has been in the space for 8 years, everyone who fuds tether is either new or got rekt shorting btc. It's a precursor to uber pumps. Only true OGs will understand

Never been comfier with my 33c centralised kike shitcoin scam

>>25772314
>Tether crashes to sub-pennies
OK, now explain to me how that happens. Tether is currently maintaining a USD peg - what is Tether doing to assure that peg? If you can't answer that, you have no business spreading your FUD.

>>25768562
>Cash out of crypto for USD infinity money printer bucks goys

>I know the entire western world is collapsing but trust me - buy into the tether fud and cash out while you still can

>>25772143
Unless you got into crypto last week, why would you be fucked if you just cash out right now? You've likely already 2-5x your money

Notice these paid tether shills. They know it's a ponzi. They know it's the only reason BTC inflated past $20K. They know it's going to collapse in a hard way. They know all their exchanges are in on the crypto inflation scam and will steal your funds. Yet they don't care and shill you on false lies of institutional investors and governments buying USDT.

They're scum of the earth. Remember when Mtgox collapsed and 1M BTC was stolen? Hundreds of people suicided back then and the rest haven't seen a cent. This is bigger than Mtgox because it involves multiple exchanges.

>>25772459
Well how is it backed? Where did they get $20 billion from?

Also how do you explain that chart where BTC pumps every time tether is printed?

I've also been in crypto for a long time and this tether thing has been discussed a lot before, but the marketcap of crypto is far larger than ever and tether has never printed as much money as the last year or so.

>>25772380
>This picture is outdated from 2018
Nah, granted Tether now equates for a few hundred million more

https://coinlib.io/coin/BTC/Bitcoin

>>25772380
>bitcoin for fiat
They would, if they could. But if they could, why would they be in USDT in the first place?

Consider I'm a foreigner from a shitty country with a collapsing exchange rate to USD 0 take your pick. I buy USDT with my local currency, which in effect transfer my money (in value terms) into USD. Why don't I just go directly into USD? Because I can't, by law. So if I have to get rid of USDT tomorrow, I'm still constrained by the inability to enter into USD. Next best thing will be to move into BTC. I won't withdraw back into my national currency because it's worthless and fading and probably won't end up back in my pocket if I try that.

Now let's say I am American and can work in USD. Why did I buy USDT? To evade American financials and get money off the books. I have to get out of USDT tomorrow - if I move back into USD, I can, but I have to pay the piper to big IRS. Or, I can just leave it in BTC.

None of these scenarios crash BTC value.

>>25772532

Did the tether printing cause the pump or did the bitcoin pump lead to more tether to be printed?

>>25770258
Let me get this straight, it's like opposite xrp fud? I don't know what tether is but they're minting their own coins and exchanging them for btc to push the price up of btc, only to sell btc to themselves at a higher price cause idiots keep buying it
Pay back or replace the original print
Then put the profits into xrp and ethereum and a couple of others?

>>25772444
>Why would they unload btc for fiat? If you had no faith in btc why wouldn’t you cash out now at ATH
Because it would be impossible to buy and sell that much btc without the exchanges halting trading

>>25772482
shit, even if you DID get into crypto last week you are up if you cash out today.

>>25772532
It's not coming out of thin air. There is massive demand for tether from exchanges. All the people you see aping on margin exchanges are driving up the demand. Believe it or not, there is actually a tether shortage if anything, you might see a few more 400m mints in the next 48 hrs.

>>25772610

Yes but why are they not cashing out now?

>>25772590
MIND = BLOWN

>TETHER WILL CAUSE MUH FLIPPENING
>WE ARE ALL DOOMED SELL ME YOUR CEAP BAGS
YOU WILL NOT GET MY BAGS JEWS

>>25772613
I was going to say. lol

>>25772590
Lets assume for the sake of argument that it is the latter. What backs up the price of tether and why does tether/bitfinex have such a shady history surrounding verifying their collateral?

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

>>25772610
What happens if two million orders for BTC come in and the exchanges only have 400 BTC in reserve to sell? The price goes up. A lot.

So where do you switch your stack biz? BUSD? TUSD? USDC? Directly into Fiat?

>>25772618
this anon gets it, USDT has been trading at a premium for weeks and looks like it's having trouble staying 1:1 (for the idiots - USDT is trading at more than $1).
It's now close enough to the deadline that this would already be slipping if the plan was to rug USDT

>>25772679
USDC in metamask

>>25772618
well what guarantees that 1 USDT = $1 USD?

the controversy is that they don't have the bank funds to back up USDT

>>25772663
>why does tether/bitfinex have such a shady history surrounding verifying their collateral?
nigga they are a MONEY LAUNDERING business. who do you think set it up? not the kind of people who want you snooping around.

>>25772694
so what's going to happen on the 15th when they're asked to provide evidence of collateral and they either can't or won't provide it?

>>25772683
Sure, and to believe that requires you to accept that all exchanges that trade into USDT have not verified this with Tether, or they have and are "in on the scam." The incentives for being "in on the scam" are a non-existent.

>>25772694

>>25772464
I’m not spreading any fud, I don’t know if tethers are backed or not. Just pointing out though if you do worry the price will collapse, you could make a fortune borrowing them right now and buying hard assets with it because by the time you go to pay the token back it will be practically worthless. The smart contract only knows you borrowed 100k tether tokens, not 100k worth of fiat.

can some anon explain to this newfag what the difference is from usdc and usdt?

>>25772710
Well if its chink collusion and btc is mined mainly by them, it's been a means to suck up the US stimulus as people increasingly see btc as a store of value and Chinks are using it to fund all their military ventures. The eo from Trump taking place Monday would put a stop to this as its CCP affiliated. Don't take my word for it, just my take

>>25772710
They have evidence of collateral, they just don't want to say WHERE it came from. The USA knows they have the collateral, and they want to know WHERE it came from. Everything else is bullshit lawyering to get courts to force their hand. I'm sure the Tether people have been working diligently to obfuscate their real initial funding during this entire court process.

A large percentage of USDT trade is evading laws in some nation or another. Understand that and understand the entire game. The idea that USDT itself is fake money is not necessary to explain anything, in fact it defies logic because there is so much real demand for a USDT stablecoin.

Tether is a brilliant scam that has a short window of time. Competitors are made that USDT got there first and is reaping the whirlwind. USA is mad that a new money laundering scheme is running smoothly and they haven't found a way to shut it down yet because they're five years behind the crypto market.

I'm done explaining things on /biz/. Some things cannot be taught with logic. I guess most people learn by experience/fucking up.
For the wise ones, know that the tether fud is a NOTHINGBURGER

>>25772631
They are though.
>>25772674
I never said it didn't. The price of BTC will go up, temporarily. And as people flee Shitcoin for a more stable investment it will absolutely dive.

>>25772748
you're right, but that's objectively an idiotic trade. you are shorting the entire concept of a stablecoin. i think swing-trading BTC at 100x is exponentially less risky.

>>25772482
this bullrun can last quite awhile longer, possibly btc might never half like it has always done statistically. mission out on potential gains, but ive been waiting for a goddamn halving for 3 months and im growing really impatient

>>25769462
fuuuuuck

>>25772767
USDC is a stablecoin that American wants you to use. USDT is a stablecoin that America does not want you to use, because they have no visibility into it. That is the only substantial difference.

>>25772777
If I use my USD stimulus to buy BTC, and I buy a BTC from a chink, I have a BTC. The chink has fiat, most of which goes to paying the cost of mining that BTC. The rest is the profit for his work. what's the scam here?

>>25772778
Okay, according to you, what happens to the market afterwards? Nothing?

Couldn't the U.S. ban exchanges that use USDT?

>>25772778
It’s really a sign of the differences between East and West. It’s not uncommon to walk into a shady bank with a briefcase of money in the East and open up an account. But just because AML/KYC laws are weaker doesn’t mean money isn’t in the vaults either. The tether reserves are most likely scattered all around the place and don’t fit the profile of proper Western accounting practices.

>>25772790
I've been trying to help walk people through the reasoning to deconstruct this FUD. Most of them get away with it by waving buzzy terms around and making it sound too complicated, so the reader trusts the superior-mind finance wizard giving them this hot tip. Once you break it down to the rather simple matter that it is, the entire FUD falls apart.

>>25772794
>Shitcoin goes 100x and supply shock
>People flee for a more stable investment

kek

>>25772852
No btc isn't the scam, just the artifical pump by tether. Again I'm. Not claiming this as fact, just trying to get my head around the fud, coin go up or down after tether lawsuit? I don't know what tether is or what it does kek

>>25772882
>Once you break it down to the rather simple matter that it is, the entire FUD falls apart
Why do you capitalize "fud" and support this scam when you just admitted 5 posts ago it's a money laundering scheme? Are you insane?

>>25772860
>ban exchanges
Most exchanges that use USDT are already not using USD, which is why they have USDT. American exchanges with USD pairs can be told to simply stop using USDT - that's what will happen. USDC exists for this reason, and eventually a national digital currency in USA will take this position.

The crypto market developed stablecoins before the national treasuries even had a clue about the implications. They'll catch up, but in the meantime Tether and exchanges doing Tether trades are cleaning up in fees.

>>25772878
USA government is perfectly fine with shady briefcases full of cash - some might say it's one of our favorite methods. We are NOT fine with you depositing that suitcase without giving us our cut.

>>25772968
FUD is an acronym, so it should be capitalized.

I called it a scam in the slang way - scheme might be abetter term. It's a scam in that it's facilitating money laundering. That scam does not risk the rest of the BTC market, it just risks profits and control of those who oppose the movement of this money (I don't care). It is not a scam in that USDT is all fake money propping up the value of BTC with false demand.

Two scams with entirely different impacts.

>>25773023
>That scam does not risk the rest of the BTC market
Except that it artificially inflated the price of BTC to obscene heights and baited millions of clueless people who will get rekt as a consequence of it's impending collapse.

How can you call that fud unless you're directly paid by Tether and Bitfinex?

>>25772948
>I don't know what tether is or what it does kek
That's exactly what the tether FUD people are banking on and exactly why I'm walking you through it. Once you understand what a "peg" for a currency exchange rate is, Tether becomes easy to understand. The other thing you need to know is that USA has onerous financial rules and anyone who wants to work in USD has to abide by them, no matter which country they are located in. For this reason, many companies in other countries won't deal in USD. USDT is an end-run that lets them more or less operate in the USD financial realm without abiding by those American rules.

There's no artificial pump. If USDT disappeared tomorrow much of the money entering the BTC market would still enter it, just through another means. Most people using USDT don't need to use it, they just know a good deal when they see one. If that good deal disappears, they'll just use the slightly less good deal.

The FUD claims that USDT-funded purchases of BTC are invented out of thin air, ie that someone is buying BTC using counterfeit money. They're probably not, for a few reasons that are easy to discern.

>>25773070
>artificially inflated
you have yet to demonstrate that the purchases of BTC via USDT are artificial.

>>25773070
60% of all bitcoin transactions are tethers lol

>>25773102
>There's no artificial pump
How much is Tether paying you to shill? $1M usdT a day?

>>25773070
>call that fud
you realize the FUD doesn't mean you think it's untrue... right? It literally means what it says 'fear uncertainty and doubt' that's it.

>>25773070

Well obviously tether or any stablecoin will be higher in volume than regular fiat because why would you cash out to fiat to trade in the markets? It will only mean extra tax liability and not all exchanges use fiat. Most people are in crypto for the long run and are either holding or trading daily (using tether). But then again I could be wrong because the Tether themselves are very shady. And yes the huge amounts of tether printed the past few months is concerning but it could also be because of increased demand for usdt?

>>25773147
>invent excellent way to evade American financial regulations using world reserve currency in crypto purchasing
>see massive uptake in business because offering killer product
what's the issue here? if USDT disappears tomorrow, the demand does not disappear.

Think of USDT as a placeholder until the United States Treasury can launch its digital currency. Do you understand now why the USA might look at USDT with scorn and want to chase them out of business?

>>25772380
>Further, if people can't trade USDT into USD and have to get out of USDT, they'll move into Bitcoin
>Wrong. They'll move into Bitcoin to unload Bitcoin for fiat
>Wrong. They won’t move because Tether will be worth 0 by then.

>>25773167
You are correct. The missing element is that a lot of the money going into USDT is ill-gotten, a tax dodge, or evading capital controls in some way. That's why Tether is "shady" - the business was set up to facilitate exactly this. The money is real, but there are also a lot of powerful people who would like to prevent it from getting access to the laundering that USDT enables.

>>25773185
>>Wrong. They won’t move because Tether will be worth 0 by then.
True. And every shitcoiner will an hero.

>>25773070
For clueless people who don't realize what this chart implies:

Tether invokes a printing function to print $400M-500M a day. Then they send that fake money to conspiring exchanges who use it to buy BTC with it. The price of BTC goes up. Then those same exchanges sell the BTC back for tether and legitimize the scam.

The real money flow in BTC is the red "US dollar" which is just a tiny, miniscule percentage of the fake money flow shuffled between Chinese exchanges. They're trying to convince you that that red USD chart is actually pumping the price of BTC with "institutional investors". Look at the Bitfinex wikipedia: https://en.wikipedia.org/wiki/Bitfinex

They've scammed billions in the past 8 years and have lawsuit after lawsuit, Federal agency after Federal agency prosecuting after them. They're banking out of banana republics in the Caribbean. No investor would give them a single cent, let alone billions of real cash every week. Only exception: Chinese exchanges who collaborate with them on the scheme. That's why they fired their auditors and hired paid shills on twitter and business community forums to create the catchphrase "Tether fud".

>>25773183
>the demand does not disappear.
this is the entire point dude, does real demand exist or are they just printing USDT then pumping it into the market, creating fake demand essentially

>>25773226

So the issue is Tether might be backed with real fiat (maybe not 100%) but they are unwilling to open up the books because its dirty money?

>>25771812
But Tether isn't the Fed just like Zimbabwe wasn't

>>25773245
Why are exchanges not using USDT but instead starting their own version of USDT?

>>25772307
truth.

So basically just ignore all this tether fud bullshit?

>>25773241
>gets btfo so he just replies to himself repeating the same tired fallacies that are already addressed repeatedly in an attempt to cope with his nocoiner status
ask yourself why all these concern trolls have shown up recently, or even at all. If they will take such glee in the crypto market crashing (>>25773227) why warn us at all? who are they really trying to convince and why?

>>25773267
They're unwilling to open their books in part because foreigners asking you to open your books is out of line - NY State has no business harassing a foreign company. The issue is that the USA likes to impose financial regulations on the entire world and dislikes things operating out of its purview. They went through a lot of trouble to shutdown international money laundering and tax havens and USDT evades all of that hard work.

Tether was almost certainly funded by someone who saw the potential. They basically invented a way for them to evade money laundering regulations. They created a good product, as all of the copy cats attest, but they don't want anyone asking too many questions. The threat is that if they open to outside inspection eventually someone will demand to know who their customers are.

>>25773102
Thankyou for the reply. So the most likely scenario is of course the covid smokescreen causing the pending economic collapse while the US finds a CBDC to replace it? And of course with the weakening dollar and worthless canadabucks, coupled with the price explosion, a lot of people are buying btc with their stimulus?

>>25773344
correct. at best you might get a dip after newfags and FUD finance reporting scare a few people away around jan 15th.

This shit even though it's bullshit, doesn't even matter when you can just use paypal to buy shit with crypto soon

>>25773241
>Then those same exchanges sell the BTC back for tether and legitimize the scam.
People forget that Bitfinex owns Tether.
>>25773353
>why warn us at all
Oh sorry anon, feel free to an hero whenever and however you like, don't let me stop you :^)

>>25773367
people are buying BTC because they see a lot of good evidence that the Fed reserve currency regime is in its last days and have also figured out that BTC is the superior future reserve currency and is massively undervalued compared to that future role.

>>25773436
and Coinbase owns USDC. What's the difference?

>>25773436
I genuinely want to hear your reasons. why do you spent multiple hours each day posting about tether when you don't even own crypto?

So what's wrong with the DAI stablecoin?
If not DAI then it's either USDC or BUSD, frankly I'd rather use the decentralized DAI not owned by any exchange.

>>25773445
Thats what I thought was causing it initially with the pending XRP lawsuit which seemed to hit the media but the Tether one is much larger but went largely unheard of

sadly I am very very poor with no money for food I can't buy eth :(
can't even exgange my 3 linkies..


help meee
gimme 2.5 linkie tendies plx

0xBE2Fc05960fbDb0269fD8c67898e0097C288de46

>>25773353
>why warn us at all? who are they really trying to convince and why?
Where do paid Tether shills come from too? If there is no reason to be concerned about the "fud", why do you have to come here and shill Tether?

>>25773540
The only thing you need to know is that BTC's known and limited supply, which no one can alter, is the most important thing in the world.

>>25772502
This

>>25768562
Tether is a huge nothingburger.

>>25773698
we're not shilling tether. i've never used it and never will because there are other stablecoins that are more convenient. we just dislike your retarded bullshit being spammed every time newfags show up.

>>25773698
I asked you first faggot. I'm involved in crypto so everything related is of interest to me.
you tourists come here pretending to have concern, despite not owning or caring for crypto at all.
the only logical conclusion is massive bags of cope for missing yet another bullrun, but maybe I'm missing something. if so, please let me know

>>25771288
https://www.brooklynpaper.com/for-this-alleged-drug-kingpin-silence-was-the-prescription-for-success/
kek

>>25773841
>t. assblasted tetherino

>>25773730
Exactly this. Again, thankyou

>>25770392
you’re right of course. this tether fud is probably from burgers hoping bitcoin dumps one more time before they get their biden checks.

>le tether fud
Imagine being this retarded
Are you all just assblasted nocoiners? This has been around since 2017 and literally nothing has happened

>>25772532
>Well how is it backed? Where did they get $20 billion from?
maybe from the $20 billion of funny money they sold? listen it’s simple. i give you 100 usdt in exchange for you giving me 100 usd. the usdt you now hold is backed by the usd i now hold.

f i put the money into crypto then i will have even more, although i wont want to be audited as long as i am in crypto. once normies and institutions fomo in, i can stop minting tether, cash out my initial and walla, tether is 100% backed plus i made a ridiculous amount of crypto money which i can put in cold storage.

both usd and usdt are being printed like mad now so the elite can grab as much of the crypto market share as possible before adoption. in the short term they will make neets like us hilariously wealthy, but in the long term they are preventing the "greatest wealth transfer in history" from affecting them too much, because 99% of people will sell their bitcoin for the right price. I’LL NEVER SELL isn’t just a meme.

>>25773241
Take your meds

>>25773841
>missing yet another bullrun
Don't worry anon, I'll just wait for that 80% crash like in 2017.

Except I expect more like a 800% crash

I mean Correction* Afterall, this is good for bitcoin

>>25773753
hey CX pink ID guy I like the way think regarding tether so I'm going to ask you this:
I plan on buying a coin on Uniswap on the 16th. On that day I will convert all my USDT to ETH and then send it to Metamask in order to purchase the coin. I was slightly considering trading my USDT for USDC because of this Jan 15 FUD, but I think it's a nothingburger and would just cost me the ~1% difference in the spread and fees of trading USDT to USDC. Anyway, I should just skip the USDT to USDC part because USDT would still exist after the 15th... right?

>>25773753
>we're not shilling tether.
>38 posts by this id

>>25769672

if tether propping the ecosystem up will not even eth be safe?

>>25774529
>800% crash

>>25774557
you can send USDT to metamask without converting it to anything you retard

>>25771615
It's a fever dream from salty people who missed Bitcoin.

>>25774611
Read the thread. I was getting nervous about tether fud but now I'm fairly convinced that tether is reasonably legit, in the sense that the pump isn't artificial, just the us gov doesn't like them enabling tax avoidance.
Also: I believe tether will have to stop printing while the lawsuit goes through, which explains the mass printing of tether going on, although that may be me misunderstanding

>>25774732
>wtf anon, you weren't supposed to low ball these numbers
Remember anon, people care about you, so don't do it. It's not worth it.

https://en.wikipedia.org/wiki/List_of_suicide_crisis_lines

>>25772191
Plaintiffs doesn’t mean their legal rep you mongaloid, and the Nyag have never accused tether of market manipulation thats simply about the loan from tether
>>25773887
lol yeh, con artists sue tether, going nowhere

>>25774855
>I'm fairly convinced that tether is reasonably legit
sfyl

>>25770258
>They won't let users withdraw and the assets will get seized by the Feds and the CCP.
Peoples assests on an exchange arent going to be seized because some other company not related to the exchange had issues.
Most of the tether fud comes from people who arent even into crypto but want to act smug while missing out. A good point is how you spelled ethereum wrong. Youd know that if you were here before last month.

>>25774895
Please (you) me when BTC hits $0.000000000001

>>25773360
NOOOOOO YOU MUST BEND THE KNEE FOR NY NO MATTER WHAT COUNTRY YOURE IN, KEK
big issue with the fudders is how could Bitfinex raise 1b in _10 days_ for Leo token during peak tether fud if they were dirty? That 1b clearly was used to pay back tether , so the issue is tether loaned them $ for a few months

>>25774751
that's not the concern you dumbass
i was saying IF the FUD is real then if maybe i don't know tether ceases to exist after the 15th (highly unlikely) or binance suspends withdrawal of usdt (also unlikely) then i won't be able to buy the coin and i will lose my usdt, which is why i was considering converting my usdt to usdc, because of the fud
learn how to read next time

>>25773344
Most of it started after that XRP lawsuit and many xrpee army shilled it on twitter. Its their way of delegitimizing BTC gains and justifying their losses.
>you think xrp is bad? wait until tether blows up
>feds go after tether, every coin crashes
>feds give clarity to xrp, everyone buys xrp, xrp 2k
Thats literally what theyve been shilling nonstop since Christmas.

>>25772502
Honestly, tether fud seems shill like, while tether defense squad seems organic from my peepeepoopoospective

>>25773360
High iq take, if tether open their books a big piece of the appeal for its customer base would be removed , remember if chinks are using it to get money in tether then evade ccp they could even be killed Locally desu, it’s that serious over there . They fund tether, then once they have usdt they can move the funds wherever they want privately no kyc

>>25775027
That was in jest and wishful thinking, you dunce. XRP schitzos didn't invent the tether fud, the fud was started because ITS BEING FUCKING SUED AND INVESTIGATED AND THERE IS LEGITIMATE REASON FOR CONCERN

>>25775027
buy my bags please

>>25772459
Haha ya tether did is a right of passage, I def lost some of my antshare gains to it back in the day

>>25769672
Friendly reminder: There is one crypto that CANNOT be censored. Its AMPL.

We will see 5$+ per AMPL when the tether collapse happened.

Mark my words.

>>25774855
i have and it seems your senses failed you. tether is dirty somehow, just trying to figure out how soapy crypto's gonna get

>>25768562
reminder that these fud threads are from priced out poor fags and none of this shit is real. happens every bull run.

>>25772605
>idk what Tether is
What they’re not saying is how some Tether is “burned” or destroyed. It’s supposed to inflate and deflate, in theory at least, to stay at a 1:1 ratio to the USD. But I do believe that people are abusing Tether and just printing money for themselves to buy crypto, inflate it, and cash out.
This was a blown up story years ago. It’s the Tether FUD, it’s been used a lot to scare people in the past but there is some fishy truth about it.

>>25776557
This, listening to eternally priced out, wrong since 2016, poor Angry people sounds like a good strategy

>>25770650
if you want to dump, dump for fucking fiat.

No one has ever regreted having cash in his pocket. That "but if I didn't sell I would have 300 gazzillions" is a fucking meme.

>>25771753
>exist scam
>1:1

I keked

>>25775458
>That was in jest and wishful thinking, you dunce. XRP schitzos didn't invent the tether fud
They didnt invent it but they brought it all back up again over the next few days. All starting reshilling it as if it mattered ever. The lawsuit means nothing and will do nothing.

>>25773241
nobody has ever explained where all the tether is ending up then
this scheme requires and unending supply of real btc's who are willing to fork them over for tethers and then hold those tethers
that first sentence of yours holds a real and very large usd deficit on the account of the exchange customers, so where is this coming from

at this point the giant nature of tether is actually in its favor, its to big to be mostly fake
back in 2016/17 its MC was small enough to believe it fake now not anymore
probability points to most tethers being used by the part of the world banned from the swift system

disclaimer i do 100% believe tethers are being used to manipulated the market short term so they can harvest the leveraged longs and shorts on their asian casinos, it still baffles me why anyone would gamble there

>>25768562
102% of tether? Fuck bros it’s over.

>>25769821
no stop my cock can only get so hard

>>25769462
IT's alright, I'm not going to try and sell my rsr until it gets listed on coinbase anyway.

>>25768562
>ETH moons to $5000
Yeah 5000 USDT
Meanwhile USDT collapses to <0.1

>>25772502
lol you are literally a paid shill