/biz/ - Business & Finance

>>25791116
Next: the DeFi implosion.
Next: institutional level dumping.
Oh shittttt

>>25791116
How is this new information?

I wonder how much drug money they've laundered through their Cayman Islands bank.

>>25791116
Explain for a brainlet plz

>strong KYC/AML


Get fucked

>>25791254
they explained their money printing shenanigans by saying all the banks actually use their tiny shady little bahamas bank. If this is true its even worse than just admiting they printed it out of nothing. Deltec is owned by bitfinex which owns tether, the whole thing is a massive conspiracy if his tweet is true, if its not true they are printing with 0 backing on the weekend

>>25791116
switched my tether to usdc
am I gonna make it, bros?

hope it dumps to 5k so i can buy

why do mentally ill bobos always think the world is about to end? literally nothing will happen on the 15 but that won't stop you people from shutting the fuck up, you'll just invent another meme date for things to be over at. it never ends

>>25791254
The supposed institutional investors (grayscale, MassMutual, etc) that are rumored to buy all that freshly minted USDT don't use this shady bank.
So Tether lied. Once again.

>>25791447
Can you imagine what goes on in the mind of a tether conspiracy bobo?

>>25791116
What did Deltec mean by this

>>25791254
tether supposedly has 22bil in assets, deltec bank only has 5b, by admitting everyone uses deltec he's admitting it's backed by only 5bil

What did Deltec mean by this
https://www.dfid.org/news/deltec-bank-rumoured-to-be-connected-with-odebrecht-money-laundering

THEY ONLY HAD TO KEEP THEIR MOUTHS SHUT!!

>>25791329
So tether uses a bitfinex owned irrelevant obscure bank to hold the capital to print tether? On top of that this bank is not only not overseen by regulated entities, but it is also not audited by third parties? And then we are expected to trust bitfinex, who issues tether, backed by funds in their very own deltec bank, which isnt audited to hold the 1 to 1 ratio of funds, we are supposed to trust them to be acting in good faith out of the cayman islands? A place well known for hosting scams and ponzies? Sounds legit.

>>25791683
They said nothing we haven't known for years.

If anything, they would've said very different things if they wanted to bamboozle people.

>>25791166
Of course it's old you dumbo. It's been around since 2014 and no one, not even Paolo and co. can prove that they're legit.

>>25791501
Of course institutions don’t use usdt, that’s for asian crypto whales.

You goys do realise that almost every Jewish bank in the world does not have enough money to be able to give to all its clients? The allowed ratio is 9:1. For ever 1 dollar you put into the bank, they dole out $9 in loans.

This is literally chump change

>>25791623
>tether supposedly has 22bil in assets, deltec bank only has 5b, by admitting everyone uses deltec he's admitting it's backed by only 5bil
Oh I see. This is the level of insight by a tether fudder. It’s over all right, just not for btc.

>>25791392
Checked

kek
their tweets are embarrassing. what kind of bank attacks people on twitter. they deserve the fud because they could never back all the tether to usd

>>25791741
couldnt have put it better myself, pretty much this

>>25791929
The 2018 NY AG case showed Tether mostly did have the USD, and is about "Crypto Capital", not Deltec.

>>25791839

Reminder that the new China investing laws go into place tomorrow morning. It’s not a coincidence the US stablecoin news came out, and then the China news came out. Guess what happens next.

Bahamian permanent resident billionaires are pumping billions of their money into Tether!

>>25791635
This looks shady as shit

It's over.

>>25791116
Just went all in on usdc. This market is going down. Im buying back in when the dust is settled.

>>25792340
If this is real, then what it exactly says?

That their bank account hasn't received any incoming money and indeed have printed Tether out of thin air?

>>25792021
cope

>>25791623
5/22 = over 20% in reserves
If this is even true then they're just operating like a normal fractional reserve bank, and an extremely responsible one by today's standards

>>25792506
Variance of ~300 million USD between those months.
Tether printed 6 billion tether from June to end of September.
Deltec is a Bahamas bank so they must be included in the reporting.
That possibly means, no money was received (fraud, tether is unbacked).

But it does say non-resident deposits, so it's possible some sort of Tether subsidiary in the Bahamas is acting as an intermediary between the other branches in Hong Kong, Virgin Islands etc.

>>25792021
this, and also there are hundreds of markets propped by shady backdealings and money laundering

thinking this is a silver bullet for crypto is retarded

>>25792775
Got it

>>25792770

the *actual* fractional reserve banks have backing by the USA government and the federal reserve. just because the USD is also a ponzi scheme doesn't mean that the big fish aren't going to eat the small frys

>>25792021
shh bro just let the weak sell to the strong
capitulation wicks are where you look for a big leverage long entry

>>25791116
>deltec
oh they are fucked and might even bring deltec with them lmao

depends on how big they are and what their ledger looks like of course

>>25792062
>fudder
ok im sorry wtf does fud and fudder mean in this context. Dont call me a new fag i drop in every so often during "big events" and can't keep up with you kids and your damn lofi hip hop

>>25792021
thats the point. If theres a run on a bank theyre fuck and it goes under and your assets go poof.

If there was ever a reason everyone would be pulling out, its something like this

Bitcoin would be a lot healthier and easier to push on normies if scams like tether and bitconnect were eliminated from the start.

Got of bunch of jews here who don't care about maintaining integrity in the space and only about current price and profits. Even if there's a tether dip you'll come out better in the long run.

Bitcoin is trust.
How the fuck are we supposed to trust bitcoin with this shady bank printing money out of thin air like it's the fed?

>>25791116
lmao is this faggot really bragging about banking with a bank that was targeted in a federal money laundering case like a year and a half ago
http://www.tribune242.com/news/2018/nov/05/bahamas-bank-accounts-targeted-for-us-seizure/

>>25791179
>you now understand what Tether means when they say they are "backed"

>>25791392
this is the correct thing to do. everyone who holds Tether should do this, now.

tether's bank account at deltec is somehow 5 times larger than every other bank account there combined

>>25792021
Why the fuck would they lie about it then? You're a coping retard and you will lose everything.

i did what I could- i told my friends over the last week to get out of BTC and into USDC or XRP XLM and ALGO...

https://cointelegraph.com/news/brazil-tethers-new-banking-partner-deltec-suspected-of-accepting-laundered-funds

>>25794436
This is a pretty empty argument when most of the biggest bank have paid fines for laundering billions in the last few years.

Source of this Bahamas central bank table info? link?

>>25794506
perhaps it has to do with the fact that Deltec is owned by Bitfinex which is Tether's partner

so, the funny part about all this is that as Tether prints billions out of thin air, that liquidity has been used by exchanges (Bitfinex, Binance, Huobi, Poloniex) to inject liquidity into the markets at key points, manipulating the price for many different cryptos but mainly BTC and ETH, and then those exchanges sell their holdings when the price has 2x-3x'd. All of this is laundered through shady banks, most recently Deltec, which is owned by Bitfinex. All of this is in this lawsuit,
https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.154.0.pdf

Bitfinex and Tether are getting hit with RICO charges and will crash completely. Because Tether makes up a huge amount of the volume in crypto (not just BTC) the market will take a dive, probably beginning this week. The current dip is not going to stop and 30-50% decreases in BTC, ETH and other digital assets would be a conservative estimate. Switch your investments to USDC or XRP XLM and ALGO (which have not been pumped with Tether and which will be the backbone of the coming CBDC-based digital economy) if you want to survive.

>>25792775
Could they be sending treasuries or similar securities rather than cash? Could they be depositing into subsidiaries?

>>25794739
true- the difference being that banks like Wells Fargo, Deutsche and HSBC are decidedly "in the club" and Bitfinex/Deltec/Tether is not. In order for institutions to adopt crypto at a high level, they need to make it look like it's on the up-and-up. The lawsuit against XRP and the Tether implosion will be the way this is accomplished.

If tether tanks btc, what then?
All of crypto dies along with it?

>>25795035
you know the story of the phoenix, friend?

>>25791116
HE DELETED THE TWEET

HE DELETED THE TWEET

HE DELETED THE TWEET

HE DELETED THE TWEET

HE DELETED THE TWEET

>>25794982
Where have you read that Deltec is owned by Tether/Bitfinex?

>>25791116
As Paolo says “I maka de Tether, and you doa de pumpa! Mama mia, dats a bigga pumpa!”

>>25795093
Srsly?

>>25795093
Fml its true

>>25792770
>Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities
basically they are fucked when loaners cant pay them back, lol

>>25792021
Anyone with more than two brain cells should know this. Even the public education system taught us this; hence why they're only legally required to guarantee a small amount of money should shit hit the fan. Banks have never been a method of wealth security. More so, they're a convenient tool of wealth transportation. This is the whole appeal of shiny rocks. They're a better guarantee of wealth. That and land.

Just looked at his tweeter history
75% of his posts are USDT IS BACKED USDT IS BACKED USDT IS BACKED USDT IS BACKED USDT IS BACKED
He is really annoyed that some people might think the opposite. Makes one think .

>>25795132
Insider here. It's true. It's also true that Tether can redeem every USDT and BTC is undervalued. All they're doing is a classic money laundering scheme like every other bank.

>>25795093
we are so fucked

>Dear Sirs
>Squiggly line

>>25791683
this

>>25795824
>Tether makes no representations or warranties about whether Tether Tokens that may be traded on the Site may be traded on the Site at any point in the future, if at all.
kek

>>25795510
Your words are music for my ears, Anon. God bless you.

>>25795732
Might as well have photocopied Paolo’s ass cheeks and signed that.

Real question is, what do I short?

>>25792228
Hey there fren, I follow what you are saying. But could you explain it for all the retards in this thread who doesn’t? I’m really bad at explaining stuff to people.