/biz/ - Business & Finance

>>29669359
ok? americans don't need USD, our exchanges use real money. how does that is matter to americans? it doesn't

yes, we know, we've been saying this for months.
get out early (BTC @ $90K)

>>29669504
>Tether inc gets loan from bahamas bank that they're majority shareholders in
>use that loan to print USDT
>buy a massive amount of BTC with that USDT
>starts a pump
>sell off the BTC to pay back the loan
>store the remaining BTC and say its "backing" BTC leads the market.
BTC's price is artificially pumped by USDT
USDT is insolvent.

The great depression was caused by a run on the banks. A run on BTC will be catastrophic.

>>29669796
ok? none of that matters because USDT is still fine to use anywhere in the world. the pumps will continue if it's backed or not backed

>>29669796
>A run on BTC will be catastrophic.
wont that drive the price up?

>>29669940
anon, you're retarded. what do you think will happen when BTC begins to crash and people start pulling out to fiat?

>>29670033
>whoops! your money doesn't actually exist, sorry about that!
yes, bullish

>>29670119
you mean what will I think will happen when this literally happens once a week? nothing will happen, people are pulling out constantly. you must not be american because "pulling out to fiat" is not some crazy unheard of scenario in america. we can buy the shittiest of shitcoins with fiat so "pulling out to fiat" is not the same as someone in some 3rd world country without a banking system

>>29669940
Ok, you clearly have trouble putting 2 separate ideas together to form a coherent thought.

If any USDT is traded in New York from now until ever, it triggers a federal RICO investigation/trial. At that point the entire scam(BTC's price) is up.
If Bitfinex does any business in New York from now until ever, it triggers a federal RICO investigation/trial. At that point the entire scam(BTC's price) is up.
If Tether Inc fails the next quarterly audit (87 days from now), it triggers a federal RICO investigation/trial. At that point the entire scam(BTC's price) is up.

This is a time bomb.

>>29670346
>USDT is found to be completely fraudulent in a court of law once a week
You are delusional.

>>29670346
you don't seem to understand, only 3% of tether in circulation is backed by USD

>>29669940
I completely agree. It really doesn't matter for Bitcoin, it's going to keep running all year regardless of Tether. Realistically Tether is overvalued by a few percent, that's it. That means Bitcoin is overvalued by a percentage of a percent. Whoopdie-do.

>>29670223
this problem literally doesn't exist in america. all our exchanges use real USD so when you sell, you get actual USD from the buyer. I'm sorry you live in some country that doesn't have a banking system but your FUD simply doesn't matter because it's centered around americans

>>29670523
>That means Bitcoin is overvalued by a percentage of a percent. Whoopdie-do.
and all that doesn't even matter, people see a price and think "yeah this will go up to said price or even higher"
bitcoin could crash to 2k tomorrow and it would be at 100k in a few years

>>29670485
see
>>29670598

USDT will never be used because we use real USD

>>29670598
>it's centered around americans
what? tether is the most traded cryptocurrency in the world, who said anything about americans? besides, I literally live in america in new york

>>29670033
In USDT yes but not in USD.

>>29670755
if you live in NY, then you don't need to use USDT like a poorfag, anon. just use real money

>>29669359
>Tether processes depository backing through asian banks as they are based in asia
>those depository notes flow through wells fargo
>WF shuts down that banking relationship for no discernible reason
>as a result, ifinex loses access to banking institutions and therefore reserves
>Therefore, "Tether was unbacked"
wow circular argument is circular.

Yes, if US-based banks shut off access to USD reserves and freeze their accounts, then technically speaking tether is not backed - but isn't the better question "why did WF stop processing depository notes"?

Seems like a self-fulfilling prophecy that backing would not exist if the processing entity freezes the tether accounts and refuses to process deposits.

Would anyone care to address why/how that banking relationship was revoked? What was the reason?

>>29670868
Ironically enough I have to use USDT unless I want to get stuck only trading the 20 coins approved by the NYS financial board. Every quality exchange (Kraken) has banned NY customers.

>>29670505
[citation needed]

insiders are keeping the price around 50k to exit quietly as this all unfolds

If crypto investors behaved like institutions everything would have crashed pretty quick. Institutions compliance officers now have to gauge risk given that USDT liquidity is most of the crypto market and is essentially a no no in the US now. The NYAG ruling will be ctrl+v’d by other states in the coming weeks per usual.

Blackrock isn’t coming to buy your bags when it’s essentially criminal enterprise, not how it works. (Also why Elon is backtracking on his earlier comments, he knows they will age poorly)

>>29670598
>>29670685
You are either retarded or purposely being obtuse.

Every US exchange uses USD/USDC. There isn't enough USD/USDC in ANY exchange to pay out everyone's BTC holdings. This is because BTC's price is artificially high due to counterfeit tether.

Theres 2 major issues here. BTC is a gigabubble + counterfeit USD being a majority of the 'money' in the ecosystem.

>>29670762
HOLY SHIT YOU GUYS ARE IDIOTS
Look at this picture >>29669796
There is hardly ANY USD in BTC compared to USDT. USDT is insolvent. BTC is full of hot fucking air.

>>29671092
so you finally admit the truth, the USDT problem is only a problem for poorfags or speculators such as yourself. it's not going to crash bitcoin or ETH

>>29671092
NY is trying to keep people poor, sorry, you should do something about that bit license

>>29671182
>There isn't enough USD/USDC in ANY exchange to pay out everyone's BTC holdings
yes there is. if I want to buy bitcoin, i deposit real USD. I fill an order from a seller and give them my real USD. the seller now has real USD that I bought their bitcoin with. that's now non-scam exchanges work, anon

>>29671182
see >>29670673

>>29670505
>>29671133
*13% that was a typo
>Because of Tether’s inability to conduct significant banking activity during this time,it could not itself hold dollars sufficient to back the hundreds of millions of new tethers that had entered the market. Until September 15, 2017, the only U.S.dollars held by Tether ostensibly backing the approximately 442 million tethers in circulation was the approximately $61 million on deposit at the Bank of Montreal.
https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf
>>29671232
>it's not going to crash bitcoin or ETH
over 70% of trades are done using tether, like it or not binance is still the biggest exchange, no one comes even close to their volume.

Tether fud has been around for years, dont know if i should believe it anymore.

I rememebr in 2017 and 2018 the tether fud affected btc price, now it doesnt.

>>29671178
>The NYAG ruling will be ctrl+v’d by other states in the coming weeks per usual.

Lol fuck off, every other State in the USA hates the Talmud States that infect both coasts. They'll do nothing. New York's loss is their gain.

>>29671548
wash trading or shitcoin buying does not play any role in price discovery for bitcoin and ETH anon. i'm sorry but you brain has been poisoned by chick scammers. you really need to stop trusting chick volume numbers

>>29669359
They've scammed enough people to be able to fully back their shitcoin by this point

>>29671182
>USDT is insolvent. BTC is full of hot fucking air.
These people don't want the truth. Every oldfag who's been through more than one stock market crash knows what's about to happen.

>>29671366
You can offer your beanie babies for sale at $50k, but you need to connect with a willing buyer. You won't find any

>>29669359
>tether FUD
the signal that precedes a leg up
unironically

>>29671574
I literally didn't sell in December 2017 because of the Tether FUD and got dumped on. Not doing that again

>>29672065
that has absolutely nothing to do with the assertion of how western exchanges operate with real fiat. if someone wants to buy a beanie baby from me for $50k, then they can do it on coinbase pro or gemini and I will receive their $50k in real fiat and the exchange will merely be transferring the funds between us.

>>29658195
why don't you give me a date like asked you in the last thread?
>>29657214

>>29671718
yes, the billions of tether that get minted daily just get burned afterwards....

>>29672269
the meme date is when BTC crashes, this comes a bit after that.

>>29672282
>billions of tether that get minted daily

>>29669359
I cant sell my Tether now, waiting for it to pump at least 20% before i let go.

Bullish for DAI

>>29672369
yes, billions. everyday.

Seriously though, anybody who knows what's up knows boomercoin and tether aren't a big deal where the real action is happening. Ether/defi is more important and that entire market itself supports DAI so fuck it.

>>29672369
https://twitter.com/search?q=%23USDT%20Minted&src=typed_query&f=live

>>29673006
delusional.
whether by fake trading volume or real trading volume, btc comes in 1st and tether comes in 3rd.

>>29671796
Not when they have to print more everytime the price falls :)

>>29672269
Because I don't have a crystal ball you fucking troglodyte. Once the conditions are met to trigger the RICO trial the house of cards comes down.

>>29673707
literally a twitter search showing loads of pajeets. get the fuck out of here you retard.

>>29673006
eth will get squeezed to hell by maker during the next fall, happens every time. yea they added stablecoins as collateral but now that's even more risk if any of this tether stuff is true

>>29673866
>Not when they have to print more everytime the price falls :)

it's almost as if people want to buy the dip and they wire over money for tethers to trade the most liquid btc pairs when a dip happens, what a crazy idea, right?

>>29673866
good that you people finally learned not to give dates so you can't be proven wrong all the time, but would you say this happens this month? or this year? at the first audit?

>>29674038
>they wire over money for tethers to trade the most liquid btc pairs
Then explain why 87% of USDT is unbacked. You're an idiot.

how long has this tether FUD been going on and yet literally nothing, NOTHING has happened?

>>29674146
Since June-July of 2017

>>29674204
I remember in April 2019 some tether FUD dropped and BTC dropped from 5600 to 4800 and the same idiots were screaming it was the end bitcoin is going to sub $1,000 and now look lmfao

>>29674128
>but would you say this happens this month? or this year? at the first audit?

The moment any conditions of the settlement are breached:
>Failing an audit (90 days from 2/22)
>If they do any OTC trading of USDT in NY
>If Bitfinex does any business in NY

>>29674204
>mid 2017
Pic related. The "Tether Fud" never went away. It was always true. It's just now getting exposed in a court of law.

>>29674383
This exact same shit was said in April 2019 that tether was being exposed in court and its all going to come down now just shut the fuck up already

>>29674616
>This exact same shit was said in April 2019
You're fucking retarded. That was the start of the case, it just concluded on the 2/22. Try to keep up.

>>29674383
They are not going to fail the audit because they are now not doing any business in NY. They will submit documents full of zeros, and there's nothing NYAG can do about it.
As usual in our state, the only people losing here are New Yorkers.

>>29675542
>They are not going to fail the audit because they are now not doing any business in NY
The audit and the doing business in NY are 2 separate clauses. I refuse to believe people are this dumb.

The audit is to prove they have 1:1 backing for every USDT minted(they don't).

>>29675307
I bet you nothing is going to happen, give me your bitcoin address and if tether implodes by EOY I'll give you $100 in bitcoin

bc1qchhnk2nx2f6tpeqhq59t52ded2zvzm52ucx04y

a bitcoin address here for you to send $100 if nothing happens with tether EOY (or if you want to change time frame I will)

Come on faggot

>>29675762
>completely out of arguments, resorts to chest beating
Good talk.

>>29675906
Take the bet faggot , put your money where your mouth is

also open a short on bitcoin

>>29675634
Can California AG audit my basket weaving business I have in NY?

>>29675988
1. I don't have a BTC address, nor will I want your BTC after tether implodes because it will be worthless.
2. As I said previously, I'm not a psychic so I do not know the date in which Tether implodes, where would I place the short?

>>29676070
>Can California AG audit my basket weaving business I have in NY?
Yes, if those were the terms of a previous court settlement.

>>29676396
cope, pussy nigger no balls faggot cock muncher post a btc address it takes two seconds to make an exodus wallet and if tether implodes by, i'll give you end of 2022, then ill send you $100

>>29676833
>>29675988
look who's getting dubs here, better listen to me Faggot Mc NoBalls

>>29669940
>people will keep buying even if they can't get USD for bitcoin anymore
lulz