/biz/ - Business & Finance

>using bitfinex
OK bro

>>3388143
If I buy 20 million USDT, they will make 20 million more USDT, otherwise they would have to remove 20 million USDT from circulation and that drive the price of the coin over 1.00 which is where it should be.

>>3388158
It doesnt work like this fagget. Where are you buying Tether with dollars?

>>3388154
Its on every exchange fuckface. Retards like you think its dollar and they think its safe, sell btc and other cryptos for Tether, and inflate btc price because they dont realize Tether has zero value...

>>3388237
man you were saving that rage up huh. idk what you mean, never traded a pair that uses tether. u miss the dip bro?

>>3388143
Tether is just the crypto equivalent of an IOU from the exchange for whatever pair you traded it for. Tether can be made from thin air because that's all it needs to be. People like OP still get confused by this and it's hilarious.

>>3388364
You are hilarious and you will be even more hilarious when bitfinex implodes and kill your dreams

protip: it wont matter if you are on another exchange

>>3388428
I don't use Bitfinex and haven't been bothered to even use USDT ever, I just don't get the FUD surrounding it. You obviously don't even understand how USDT works so it's not surprising you're imagining crypto doomsday scenarios in your head that will never actually happen.

>>3388237
Tether is bought with dollars from tether.to

So if Tether implodes, wouldn't this cause Tether holders to rush into bitcoin, causing the dollar price of bitcoin to increase?

reminds me of fucking fiat

It's shit like this that fucking scares me and avoid USDT like the plague I just know that it'll be a matter of time before shit hits the fan and I don't want to be caught in a massive dip thinking its the safehaven; it is still a Crypto and is subject to crashes just imagine a run on USDT with everyone desperately trying to convert it to another Crypto and exchanges effectively freezing all trading leaving you stuck with it and its lost value.

>>3388463
you faggots continue telling me i am not the one who doesnt understand how Tether works. I still havent see one explaining how it works.

And again, it doesnt matter if you are not using Bitfinex. You are going to get raped by it.

>>3388466
No, it will pour Tethers into Bitcoin. As it does right now. And tether is not dollar. Is it really so difficult to comprehend? In order for tether to has a value of 1$ it needs to be backed by USD. And it isnt. Since 2015 there hasnt been an audit. Only promises.

>>3388593
so why does it have a value of 1 usd now

>>3388593
I explained how it works and you told me it doesn't work like that so clearly you already know how it works so why do I care what explanation we give?

>>3388593
Sounds like the US govt

>>3388593
>I still havent see one explaining how it works.
A dollr goes in their vault, and a tether goes into circulation

>>3388509
>>3388466
>>3388593
The only thing that can cause USDT to become worthless is a huge price surge on its trading pairs, and even then, it's still just worth the same USDT/USD amount that you got in at. I don't know how you fags can't understand this. Tether is worth whatever you can sell it for at $1 per USDT. USDT is just a hedge against the market. It's a way for the exchanges to make money raping you on exchange fees if you decide to get out of BTC or ETH or whatever you think is too risky to hold.

The only place USDT needs to be backed by a dollar is on one of the very few USD/USDT exchanges because it's a 1:1 trade.

>>3388593
So btc/usdt will be higher than btc/usd and therefore usdt/usd will be less than 1. How is this negative for the btcusd price?

>>3388143

It would literally take them 10 minutes to provide proof that Tether's are backed and they still haven't. That should tell you enough. I'm pretty pissed that people go along with this fiat fuckery, and this is a disaster waiting to happen.

>>3389747
Never gonna make it.

Tether only exists for margin trading or used as a "safe spot" for a couple days
Why would anyone hold something that will forever be stuck at $1? You still have to convert it to btc or eth to cash out into fiat

>>3389935
Well at any point in time people have 350 million dollars worth of tethers in possession.

>>3388509

nigger wat. the price is frozen at 1 USD. that's the point of it. the only thing that can dip is the value of the fiat dollar that it represents. what do you think the word "tether" means?

>>3388593

Tether is just like USD, but more "fun".