/biz/ - Business & Finance

Realized they couldnt produce whatever the NY AG was asking for and said fuck it one last pump of fake printed money before this operation goes boom

>>30092136
>$36,000,000,000
now thats what I call a mountain of shit

>>30092136
Will they ever catch the FED?

>>30092136
How does this work? Shouldn't tether pump when everyone sells coins?

>>30092136
why isn't it a more common strategy to watch the Tether chart and leverage long BTC whenever they mint a few billions?

36 billion is not nearly enough to actually pump BTC's 1 trillion mcap.

>>30092202
Maybe or they realize they get small fine like all the other new York banks when they do shaddy shit so they are going all in

>>30095640
No but you can pump the fuck out of the alts.

>>30095640
not this again biz we've been through this. you don't need anywhere that amount to move the price significantly. you only need to produce enough buying pressure at around the current price point to push the price higher.
>>30095849
the SEC has no authority in the jurisdiction these scam artists reside in. they know that so they aren't worried. as long as they don't ever set foot in the US (why would they? who would choose to?)

OOOOOOOOOOOOOOOOOOOOOOO

>>30095450
No? It's an on and off ramp for BTC. If Tether gets printed it almost directly goes into buying BTC.

>>30095450
>when everyone sells coins
lmao mate tether just prints, they don't actually hold deposits, they print and pump. It's not that hard to believe because that's exactly what commercial banks do too, or do you think they actually need people to deposit money in order to give loans?

>>30095574
Shhhhhh, be quite please.

Ok give this to me straight. I thought tether was going to crash and burn back in the 2017 pump. Will tether ever get fucked by the law?
Does tether printing only affect BTC or all cryptocurrencies?

>>30096725
Honestly? I think after crypto dumped back in 2017 everyone kinda forgot about it, viewing it as part of the speculative bubble that would disappear. All regulators are slow to act because they're bureaucratic organisations which are designed to be slow. The NY AG looked at them, fined them and told them to get out of NY, but that's about it.

Tether printing effects all crypto but mainly btc

>>30097033
Honestly I forgot about tether too until I checked their market cap just now, laughed out loud when I saw it. It's basically the crypto version of the fed, printing whatever it wants to pump the price? If nothing legal will get it then I guess there's no point in fighting it, As long as they keep printing you should just buy.

>>30092136
$2 EOW

>>30097510
Why do people still use tether when there are other stable coins that are audited?

>>30097766
That's literally the reason, its unaudited. As far as I am aware other stable coins are 1=1 backed by USD, whereas tether can just print more tether out of thin air, no one knows how much USD they actually own in reserve. If I'm wrong correct me since I don't know all the stablecoins.

Tether is like a bank account but instead of lending your money to J.P. Morgan Chace and getting 2% interest per annum you land to some Jamaican hedge fund who pays you absolutely nothing.

>>30097510
That's about it. It would be so incredibly simple for Tether to actually dispel the uncertainty about reserves with an audit, hell it would likely give a massive boost to all crypto given that it has been such a boondoggle for years, but they simply won't hence why so many people view both them and all crypto in this current bubble with skepticism.
>>30097766
habit, liquidity, money laundering, exchanges getting a cut, the list goes on. In all honesty, exchanges working together to block Tether would be a great move for crypto in the long run, but whales make far more out of the market pumping and dumping than they would out of the crypto market functioning as Satoshi envisaged it i.e. actual everyday currency

>>30097926
Stable coins work nothing like a bank. You convert crytpos into stablecoins to reduce exposure from the market. However putting it into tether is retarded bc of the whole unaudited situation. I think USDCoin is legit backed by USD, so you can at least convert it back to USD if the whole market ever crashed.

Tether printed 35,000 million and only got an 18M fine. Even if you printed 35B and got a 34B fine it would be worth it lol.

>>30092136
Holy shit, they aren't even trying to hide it. How can they be so blatant about their money printing scheme?

>>30092136

>>30098339
because its good for all of us, now shut the fuck up.

>>30098109
Link to independent audit proving it's backed?

>>30098557
https://www.centre.io/usdc-transparency

>>30097994
Why would they let auditors in to look at their intricate structure of fraud?

>>30098445
Nice OC Bro

>>30098767
>intricate
It's probably just one dude typing 0s for hours every day

>>30098767
I mean they would if they actually wanted to prove they weren't fraudulent.

>>30098698
Cheers. This just makes tether look even worse.

>>30098909
> we're a legitimate operation, as you can see by the breathtaking scale of our mountain of fraud