/biz/ - Business & Finance

*backed by used women's tampons*

>>25964984
There's institutions with billions invested in BTC and crypto-assets. If there was any way tomorrow could crash the economy, they would have left the market, causing a crash with no survivors.

>>25964984
it's backed by god himself

>>25964984
nothing will happen

>>25964984
22% of /biz/ says there will not be any issue tho.
15% thinks btc will dump.
Only 5% thinks entirety of crypto will collapse.

https://strawpoll.com/6byzs99wj
(n = 350)

>>25964984
let there be light

It’s literally too big to fail.

>>25964984
>today

>>25965052
Institutions have dumped several times now, in any case, there will be no correction tomorrow. Paolo is going to "operate as normal", then longs will be squeeze some time later when shit actually goes down.

>>25964984
today my friend said "UNN, have you heard of that?" I was like, are you fkn kidding me? He was like, nah I mean the crypto. I was like, yeh I know this is pretty lit

One would think all the insiders and big players would flee today and prior days, not wait until literally "the moment" if they expected, suspected or feared this shit imploding tomorrow.

>>25965052
institutions are dumping already lmao

>>25964984
Nothing will happen you moron. They will come up with the documents. It's all trash of course but it doesn't matter, it's a delaying tactic and it will work.

Tether will be uncovered for the scam it is, but it'll probably be closer to the end of the year -- which, incidentally is when this bull run will end before we go on another bear cycle

>>25965052
Will be a black swan to them.

>>25964984
>backed by based department

>>25966082
That's exactly what is happening anon.
What do you think caused the massive dip a few days ago? Why do you think Tether is being printed in record amounts this week?

>>25967497
Has anybody unsuccessfully tried to cash out USDT from Tether's bank? I feel like we would have heard about this by now. Running a ponzi is really hard and wouldn't have lasted this long. They are dodging the audits because they are probably laundering money for people in countries with tight financial controls like China.

>>25967642
>Has anybody unsuccessfully tried to cash out USDT from Tether's bank?
According to big players in crypto like Alameda and 3 arrows, tether is totally legit and they regularly redeem their tether. Only schizos think otherwise.

>>25967773
They don't say that tether is totally legit, because they don't know which assets back it. The fact that so far tether has been able to pay out doesn't prove backing.
Bernie Madoff also paid out his investors until he couldn't anymore.

>>25967889

Can anyone explain to me how tether isn't an issue? Not >durr if it was an issue institutions would leave.

I don't see how injecting basically fake $ into bitcoin is good.

>>25967972
tether defendants should take the medicine

>>25965131
always do the opposite of what /biz says

>>25967994
It's not fake. Major crypto institutions use tether every day, either by paying USD 1:1 to print tether or to get access to USD by redeeming tether 1:1. You can ask any of them on twitter, they can all vouch for this. Meanwhile tether truthers are trading like $5000 accounts KEK.

>>25964984

No matter what the news is.
It won't put more BTC on exchanges to buy or change it's inflation schedule.

/tvn7xbkq
/zgdw28mh
COMP and XLM for u faggots on goybase

>>25968158
I guess fake is relative, but its not backed by USD 1:1 really, correct?

>>25967773
>>25967889
Ah holy shit why didn't I think to look him up:
https://www.trustnodes.com/2021/01/05/alameda-research-reveals-tether-records

I remember in an interview a few years ago he said that when tether went to $0.90 he loaded up. I wish I wasn't such a simpleton. I've been in crypto since 2015 and tether fud still gets me every time

>>25968264
tether is backed by bitcoin and other crypto assets. It is literally a ponzi and it will work propping up the price of bitcoin as long as people don't sell and try to take their money in USD or other FIAT.

>>25968264
No one knows for sure. There is a non-zero chance that it is not 100% USD. But in any case, the rest of the backing is probably denominated in Bitcoin. Ignore the schizo poorfags in here who don't understand how tether functions. They are mostly newfags anyway, as most tether truthers fucked off after 2017.

>>25968454
>Mint USDT to buy bitcoin
>Said it's backed by said bitcoin
Genius move

>>25968454
>>25968394
Anons what do you think about this article?
https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

Tether seems like its propping up the market for sure.

>>25967008
>Will be a black swan to them.
would it really be a black swan if faggots on biz could predict it ?

>>25968940
Article written by a jannie? Is that the qanon of crypto

>>25967994
Who is selling their Bitcoin for fake money is the real question? Who is getting fucked here? It would just be exchanges fucking themselves over, they are the biggest Tether holders and selling you Bitcoin for Tether. It's just a shit conspiracy because the idea that the exchanges conspire to fuck themselves in the ass is fucking retarded

>>25968454
>There is a non-zero chance that it is not 100% USD.
>But in any case, the rest of the backing is probably denominated in Bitcoin.

This is literally the problem. If Tether would be backed by BTC and BTC has its current price because of Tether, you literally have to believe in a financial perpetuum mobile with no money inside whatsoever. If you think this would be logical to retain value forever, you have no other option than to believe a ponzi is able to go on forever.

>They are mostly newfags anyway, as most tether truthers fucked off after 2017.
Imagine people watching the shitshow for fun for years already. I am around since 2016, watched 4chan fall for Kidscoin, Digibyte, BCH, lightning network and many other scams.

"Tether is fine" is the new "wait for the conference". Except no one can time the crash, because no one knows how far Bitfinex is able to get the show going.

>>25965052
do you really think an institution buying some anon's BTC bags for $100k that he originally got for free from some tap is smart

>>25969139
How is lightning network a scam?

>>25969123
I guess that is the correct question. Who would readily hand over BTC for USDT?

>>25969065
This article seems to support findings:
https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903

>>25967773
>>25968366
>the best proof of tether redemption is a few million redeemed from a year ago
>literally every day tether prints 100x that amount
this is the saddest fucking attempt to dispel the tether fud

>>25969123
>Who is selling their Bitcoin for fake money is the real question?

No one.
Which is the whole issue with Tether being fishy. If only a small share of it vanishes, all goes down the drain.

>>25969256
>How is lightning network a scam?
It insinuates scalability. It tries to save the public impression Bitcoin can be something like a usable currency, while everyone understood that this is not possible.

If nothing happens tomorrow, all the fudders' mothers will die in their sleep, agreed?

>>25969558
Well someone has to be selling BTC for Tether for institutions to burn their Tether, right?

>>25969558
>No one.
>Which is the whole issue with Tether being fishy. If only a small share of it vanishes, all goes down the drain.

This makes no sense. How is Tether propping the price of Bitcoin if Noone is actually selling their Bitcoin for Tether?

>It insinuates scalability. It tries to save the public impression Bitcoin can be something like a usable currency, while everyone understood that this is not possible.

But it works?

Tomorrow the tether fud will finally be dismissed, since it's just a technical deadline for documents, and finally kickstart the golden bull run.

>>25967994
No one here in the Tether FUD camp can prove anything about it being fake, or even find their ass from a hole in the ground.

You're being played by market manipulators and algorhythms.

So lemme get this straight. For this conspiracy, multiple exchanges have to be working together to purchase BTC from each other with tether, and then dump it on FOMOers and burn the tether.

Got my bags ready to buy this black swan. What’s a good spot to set a limit order to try and catch the pits of despair uber dump? 10k? 7.5?

What exactly is 'happening' tomorrow?

They open their books and become a de facto public company?

>>25969638
>Well someone has to be selling BTC for Tether for institutions to burn their Tether, right?

This only applies, if these institutions hold their own money in Tether in the first place.
If they exchange USDT for USD on a regular basis, the exchanges and institutions dont really have to care about Tether at all. They dont even have to transact any Tether for it, just e.g. change the ownership of wallets via contracts and doing the actual transaction of the real money via wire transactions, which we cannot see or track.
And the Tether an exchange has on their wallets are largely irrelevant, as they dont own the units of Tether of their customers. They only have to liquidate what fees they siphon from their customers.

>>25969815
Its pretty obvious to me that if they were pumping anything it would be the whole market of coins on bitfinex, like ethereum, litecoin, dogecoin, and polkadot

>>25964984
Listen to me very carefully anons, after tomorrow, the price of 1 USDT IS $10

>>25967008
Not a black swan if your talking about it. The risk is priced in.

>>25970041
Google SEC tether suit.

Fucking search engine has existed over 20 years and you still choose to wait for a person to answer you.

>>25968986
this. the risk is priced in. Biz is talking about it and so is crypto YT fags

>>25969669
>This makes no sense. How is Tether propping the price of Bitcoin if Noone is actually selling their Bitcoin for Tether?

People sell it in the assumption to get real money out of it. And if the majority does not rush to the exit, you can easily liquidate a couple hundred thousand or a couple millions of fiat from the system.

If people however want to rush to the exit (which is the case, if Tether is propping up the price with <100$ USD in their accounts or has acquired the money illegaly), then absolutely no one will sell BTC for Tether.

>>25964984
what will reddit nocoiners do when nothing happens tomorrow, since it's just a due date for some paperwork that bitfinex already submitted anyway? Do they honestly think the entire trial will happen immediately on that date as well? Topkek

0 (zero) evidence of fraud. Tether fudders blown the fuck out.

>>25965028
Kek
But anon
What if it’s backed by used men’s tampons

>>25970168
Interesting. I'm thinking a whole new issuance of USDT5, USDT10, and USDT20 denominations. Or maybe a special Jan. 15 D-Day special commemorative C-note

And of course the commemorative $100 USDTC Frederick Douglass coin, to celebrate the Emancipation Proclaimation

All of this will add to the legal defense that they were producing digital collectibles

>>25969815
No you nigger, just bitfinex

>>25970400
You niggers dont know how financial law works lol

Its up to the institutions to prove theres no fraud. Its not like other crimes. RICO cases work on the basis of 'You're fucking guilty unless you can prove you're not'

>>25964984
>the great shakeout of poorfags

>>25965131
Your options split bearish baskets to make it look like bulls are in majority when they are not
Just fyi

>>25970292
But what actually happens? Their lawyers appear, plead not guilty to all charges, and then the judge bangs to gavel and will reconvene for jury trial in 8 weeks

>>25969139
>lightning network is a scam

t. technologicallyImpaired

>>25970343
So now you're contradicting yourself. First you said nobody is actually selling for Tether now you say they do. This also doesn't change that Exchanges are the biggest buyers of Tether, primarily selling you Bitcoin for Tether and not the other way round

>tetherfudding in 2021
Lol

I just don't get how 50% of BTC and ETH purchased last month was purchased with tether.

>2/3 of crypto liquidity suddenly disappear
>everything will be fine

>>25964984
$2 EOW

most likely tomorrow NYAG announces they're continuing the investigation which at this point would mean they believe they have a concrete case
in the next few weeks/months after expect to see either
1) The announcement of the NYAG reaching a settlement with Tether, I really don't think this is going to happen, they are going to want to make an example of them
2) The announcement of the NYAG pursuing a laundry list of charges against Tether (this will be a crypto black swan, expect prices to dip to $10k)
Next there is the possibility of various other agencies jumping in with their own lawsuits and criminal charges: SEC, CFTC, etc. (this would be a double crypto black swan, expect prices to dip to $6k)
literally the best cases scenario for tether right now is they reach a settlement with the NYAG and even that would probably fuck over tether bagholders and cause a big dip for BTC to like $20k

>>25970678
2017 for comparison.

>>25970477
>Tether is incorporated in Hong Kong

Everyone is dumping tether to get btc, that's why btc is pumping

>>25970684
>continuing the investigation
You niggers are delusional if you think the federal government goes on RICO cases without probable cause lol

If they get a whiff of anything off they will shut down the entire operation lol

>>25970477
and, if you look at the lawsuit, Bitfinex and Tether definitely, 100% cannot prove their innocence. They are gigafucked. BTC to 20K or less by next Wednesday.

>>25970759
Racketeering is a crime in hong kong too u idiot lol

>>25970576
I think you did not understood my post or I might explained it poorly.

People sell it for Tether right now, if they think it is valid.
If it is obviously proven to be not valid, no one will sell BTC for it it.
That is what I meant in the first post. If it is known to be worthless, no one will sell. If it is not known to be worthless, people continue to assume it is worth something.

Tl;dr: if people think Tether has value, people trust it.
Otherwise, you cannot buy shit for Tether, hence no one will sell BTC for Tether.

OP unironically believes a 20 Bill market cap security will crash a 600 Bill coin.

>>25970945
Tether has the same daily volume as BTC, ETH and LTC combined.
Yeah, it will crash the entire crypto market.

>>25965052
twitter accounts, people who sold below $3k and schizos on /biz/ apparently know better

anyone who thinks "this time is different" is an imbecil who will hit his head against the wall in a week or two.

will rebuy eth at around 800

>>25970786
I'm ready for RICO action

>>25970945
>Does not know about what a thin orderbook is

Can you remember some flashcrashes of ETH?

>>25970786
I agree with you. Tether has just been obstructing to this point. Tether finally just turned over some docs. The NYAG doesn't have enough time to respond to the new evidence, but the announcement that they are continuing the investigation will mean Tether is fucked within a few weeks/months. The only bull scenario here is if the NYAG announces tomorrow they are dropping the case which has a 0% of happening

>>25970945
This nigger doesnt understand how marketcap, orderbooks, slippage and volume works

kill yourself you retarded nigger

Since when is the SEC allowed to police a foreign exchange? Get fucked regulators.

>>25970919
Aren't you forgetting arbitrage balancing here? Even if Tether turned out to be say backed only by 70%, the people trying to cash out Tether would actually keep the price at 1 Dollar until Tether actually runs out of money. For this to happen all the Tether in smart contracts and locked in liquidity pairs would need to be sold to Tether. It would be a slow burn if at all. Tether would be contractually obligated to redeem Tether. Then there is Tether loaners who will still have to buy back Tether to pay their loans so they create arbitrage too. And all while the is happening the market switches to another stable coin. That's the entire point of having a hundred and one stable coins. To protect the market from a crash and liquidity crisis should one stable coin turn out to be fucky. The market literally prepared for that scenario

>>25964984
Backed by wrapped bitcoin

>>25970630
People just use tether as a transient middleman for things like collateral for short-selling, swinging on dips, flipping shitcoins, etc

>>25971133
>supposedly pegged to the US Dollar
<why is a US agency looking into this?

>>25971133
Nice try, Chang Get your own ChinkYuan and dont steal american products. Bugmen thought they could fake everything from toys to electronics to fucking money.

>>25964984
How can I donate to Tether's legal defense fund?

>>25970684
>crypto black swan, expect prices to dip to $10k
>double crypto black swan, expect prices to dip to $6k
Why though? I think this guy nailed it.>>25971159

>>25965052
most normalfags are retarded and this includes muh institutions. you're acting like 2008 didn't happen

>>25970819
God I fucking hope so.

>>25970407
>men's tampons don't exist
Wait, what did they mean by this?

>>25971159
What is forcing tether to redeem each token for $1? Can you dumb it down for me

>>25971258
people don't cash out USD from tether, they will cash out on USDT-USD pairs on exchanges. Any retard that tries to redeem USDT from tether once the fud hits will be lucky to see pennies on the dollar 10 years from now when the bankruptcy proceedings complete. As tether fud hits the normans and the gooks, they hit market buy on BTC-USDT and subsequently market sell on BTC-USD or more to the point market sell on USDT-USD. There are only so many retarded bots that will try to hold USD-USDT at 1:1, but it won't last long when people are panicking, and you can see the price has already dipped significantly below 1.00 from fud in the past

>>25970407
It's a masculine vagoo

Just a coincidence.

Sorry to bust your bubble but Tether produced 2.5 Million documents.

Check and make nocoiners. They want proof that there wasn't money laundering or counterfeiting, so bam, 2.5 Million documents done. Easy.

>>25971234
Burgers can't do shit

>>25971797
>2.5M pages
fucking kek how did they even fill up 2.5M pages?

>>25971871
same ink they use for USDT

>>25971159
>Aren't you forgetting arbitrage balancing here?

No. It just does not play a role in here, because the outcome of the issue with Tether is binary. There is no "Tether is 70% valid, so everything can go on", because this would still mean fraud. If just 1-2% of the funds just somehow look a bit dodgy, this might be overlooked - but any number above that would mean big time problems for them.

And I am setting completely aside the issue with "trust of their customers" here, lets assume any customer of them trusts them without any proof. It would mean that any country on this world would open a case of fraud, regardless if we are talking about China, Russia, the US, UK, Australia or Nigeria. And it would mean, that they lose >any< banking, as the banks abroad would not want to deal with this shit. Simply imagine having whatever is valid from their funds locked up an a safe for years to come.

Which is why it all comes down to two options:
a) Tether is 99% valid and everything goes on like it did for the past couple years.
b) Tether is not 99% valid and all drop into worthlessness.


Or even simpler: if a drug cartel is running 70% valid and legal business and deals 30% of its total business in drugs, do you think the 70% valid businesses would be told to simply resume to operate, while the feds smash the illegal 30% of drug business?

>>25971936
Invisible ink

>>25971871
Who the fuck knows lol. My engineering textbook is 400 pages.

>>25971871
A 9mm bullet will only penetrate the first 1000 pages, so I'm comfortable in saying it will take at least 10 years for the SEC to read the whole thing

>>25971529
nothing and they wont koz they cant.

>>25971871
If you "document" every washtrade you have on your exchange, add the complete name, address, verification and a nice haiku to those parties involved, you easily reach those numbers.

>>25971635
I'm sure it's nothing. Just people getting some usdc. No biggie. None at all.

Why are the Chinese such cocksuckers when it comes to business?

>>25970407
you mean pampers?

>>25972166
I'm not a lawyer but is this something you can legitimately do? We got any lawyerbros here?

>Ok so where's proof of your reserves?
>Here's 2.5 million documents.go fuck youself NYAG

This shit is hilarious. When's the netflix documentary going to come out?

>>25971797
>bottom third of the pic.
lel. Not suspicious at all.

>g-g-guys it’s just FUD right?

>>25972347

>>25971871
It's full of these 8====>

>>25971529
Contractual obligation. If they are under lawsuit, they'll be forced to pay out whatever they have

>>25972416
And when they can’t or refuse to?

>>25972500
Because that's the contractual obligation they have agreed to now enforced by law. Their funds will be frozen and they will have to redeem as much Tether as they can

>>25972375
My god. Is this true? If the world only knew what pizza did

>>25972166
>it will take at least 10 years for the SEC to read the whole thing

The burden of proof is not with the SEC.

What the people from the SEC will do:
- see 2.5 million pages
- tell the brainlet intern to start reading it
- go on a break
- laughing at the intern, because he took this seriously
- tell the intern to archive it
- request more conclusive evidence until 6 p.m. or they issue warrants

>>25972166
>ctrl f

Why not just get 2.5 million people to read a single page?

>>25972375
interesting, people like to start a forest fires after eating ice creams

>>25967972
Why would a schizo take adderall?

>>25972279
How many here have ever paid their income taxes in bags of unrolled pennies? Same thing.

So of course the documents will be probably scanned and read electronically by AI

>>25972531
that is assuming they would have any liquidity to actually payout... Remeber in 2019 it was already at 0.74 cash and cash equivalents...

By now any money is stashed somewhere in the Bahamas...

>>25972605
Somewhere in an office in Hong Kong:
>Chang: "Zhang, hey Zhang, the American SEC is at the door, they say they have a warrant. HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA"
>Zhang: "HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA. Quick, get Qiang, HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA*wheeze*HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
>Qiang: "HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA"
>Chang, Zhang and Qiang: "HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA"

>>25965052
yeah, "muh institutions" never fall victim to crashes, scams and black swans.
>the absolute state

>>25972865
Actually that would be pretty rad.

Pennies aren't made with copper anymore it's made with a cheaper metal zinc. And in 2021 the metal value of zinc is worth more than the actual penny.

>>25968059
By this logic we should do everything biz says

Sell tonight then buy back in cheap tomorrow. Tether fud this time around is a no brainer.

>>25971797
Uh did you read the whole pic you posted?

>>25972865
Can you not do that?

>>25964984
I'm not even going to look at your stupid meme image, retarded faggot nocoiner. We are finally returning to normal and we will be well on our way passed 61k this time next week.

>>25974763
"return to normal"

>>25964984
when tether causes bitcoin to crash, xrp will moon like crazy

>>25964984
went all in

>>25974413
>Tether is backed. Trust us you dumb goy.
>You want proof? You you goy here's 2.5 million documents.

Yeah nothing funny going on with bitcoin backing up tether, when tether is used to value (pump) bitcoin.

This netflix documentary going to come out in a few years is going to be great. I bet they'll get steve carrell.

im ready for this shit lol

cant wait

>>25964984
Supposed the crash does happen, what coin should you hold? Another stablecoin alternative?

>>25968162
/thread

tether fudders are the most retarded pieces of shit on /biz/, even xrp schizos aren't this bad

>>25973027
You would be quite surprised how fast local authorities act, when these agencies simply asks for their cooperation.

>>25976575
Theres a literal pending RICO case you stupid nigger

>>25976704
show portfolio retard
prove you're not a nocoiner

>>25976728
>prove you're not a nocoiner

He has to prove he has crypto for what exactly...?

What if nothing happens? Will bobos rope?

>>25976575
take your meds tether schizo

Is it wise to sit on a BTC short then?

>>25976894
A BTC is not a physical object. You can't sit on it.

>>25970619
Based

>>25976971
Faggot

Do you niggers honestly think this was written as a joke?

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.154.0.pdf

>>25976728
my portfolio is 1.8 million in USDC lol

waiting for the tether crash

>>25976855
I know I'm gonna have field day at r/buttcoin tomorrow for sure

>>25972375
>Smokey the bear says only you can prevent forest fires
>I buy ice cream
this is bearish for ice cream

>>25977243
Bullish as fuck for Bitcoin.