/biz/ - Business & Finance

Holy shit thanks for confirming my thoughts look at the last 3 days volume looks like i will stay in fiat for a month or more i would also recommend to stay really really far from theter usd

Crypto winter 2.0 coming?

>>4106883
Jokes on you I'm all in on Link. I don't have anything to lose.

>>4107007
indeed anon you'll be in the green side in a couple weeks and I don't even hold REQ

>>4106883
>When everyone realizes USDT is worthless there will be a mad rush to dump BTC for USDT

Makes sense

>>4106984
>>4107007
sweep baby jesus it's 2013 all over again anon you have everything to lose count on that

I keep hearing this tether FUD but nothing has happened. If it was this shitty it would be all over the crypto world, the same way the China FUD was.

What’s the deal?

>>4107079
USDT is not fiat dont be stupid this is why im trying to warn you. You can change btc for real fiat (usd, eur, gbp) on reputable and serious exchanges like Bitstamp or get some ethereum.

>>4107145
Right, so how will a collapse in USDT cause the price of BTC in terms of actual USD to fall?

>>4107145
Also how will USDT collapse? Wouldn't this require a USD run on USDT? Who actually trades USDT for USD?

>>4107145
And finally, Bitfinex just printed $25 million worth of USDT. The federal reserve prints TRILLIONS of dollars worth of USD. And the supply of BTC is capped at 21 million. And you are suggesting that due to Bitfinex printing $25 million of USDT, people should sell their BTC, whose supply is capped at 21 million, for USD, which are printed out of thin air in the trillions? Please explain how that makes any sense.

>>4107341
>And finally, Bitfinex just printed $25 million worth of USDT. The federal reserve prints TRILLIONS of dollars worth of USD. And the supply of BTC is capped at 21 million. And you are suggesting that due to Bitfinex printing $25 million of USDT, people should sell their BTC, whose sup

>>4107436
>>4107341
>>4107242
>>4107125
>>4107182
what a fucking brainlet

usdt in a cryptocurrency paired to usd that means you get 1usdt for every dollar you have, it is mainly used by exchanges and people who dont want to comply with the strict rules imposed by USA to use their currency. How long can you get away with something like this? On top of that they mass produce this replica at will. When USA come for them, they will take all the backers of that project too

>>4106883
>decentralized exchanges will be on the rise
>no mention of OMG
whats wrong with you

>>4107457
Ok, so this is a reason to get your BTC off of Bitfinex, or more broadly, why you should control your private keys rather than trust an exchange with your coins. But why would this cause the USD price of BTC to drop? Can someone please explain this?

>>4106883
gotta add USDT to filter

>>4107341
duden it's their money of course the will, in fact they NEED to create new money but an individual or organization cannot name its currency the same with just a fucking "t" at the same value and pretend its something else without consequences. at first I thought you were trolling but you're genuinely retarded

I've decided to believe all hype that I read today so I just converted my btc and usdt to monero. Only the sneakiest coins will survive

>>4107483
good for you go away kiddo this thread is to discuss the current state of cryptocurrency, go buy some shitcoins with your lunch money

>>4107520
So how will this cause a drop in the USD price of BTC?

Just to clarify, I am not claiming that USDT is not a scam. I am also not claiming that Bitfinex is a properly capitalized exchange. I am simply asking for an explanation as to how and why this would cause the USD price of BTC to collapse? Can anyone answer my question?

>>4106883
thx, shorted 100k

>>4107483
>>4107242
>>4107182

Can't be so fucking retarded. These people really believe USDT are actual USD. They are really asking why Bitfinex going down would affect them.

Don't waste you time anon, let this fuckers burn. Darwin will be proud.

>>4107463
correct me if I'm wrong but OMG doesn't have a working decentralized exchange yet

>sourceless FUD

>>4107621
I agree that USDT are not USD. But can you explain how and why a decoupling in the price of USDT vs USD will cause a decrease in the USD price of Bitcoin? Anyone?

>Calling me a retarded brainlet for asking a question
>Can't answer the question

Never change /biz/

i'm cross checking this...

Bitfinex's jumps are several minutes ahead of GDAX. prices are closing $30 higher on the 15 minute charts.

Meaning GDAX BTC price is only inflating to follow Bitfinex.
IF bitfinex's price rise is based on fake pumping, this could be a bubble. How big?

>>4107661
Because they've no real USD cover for the pump they've made.

>>4107457
So they will use Aruban Florins or some other meme fiat that's pegged to USD...that regulation is useless

>>4107606
Because it wouldn't and OP is a fag. Also this would only effect traders (or people who actually hold USDT if these people exist). USDT probably is commiting fraud and I hope collapses, if anything it'll increase the value of BTC and people will just hedge with other cryptos instead.

>Buttrecks never listed Mooncoin

I see nothing wrong with OPs scenario. See you all at Christmas!

USA and Europe have ZERO JURISDICTION over bitfinex
Bitfinex doesn't even allow people from us to trade there anymore

Fuck off

>>4107703
Right, you can only trade your BTC for USDT on Bitfinex. So when people realize that USDT is a fraud, they will dump their bitcoin for worthless USDT? It would seem this would cause the opposite, a rush out of USDT into BTC...

If your looking for why usdt would case btc or crypto market in general to crash consider the following:

Regulation. Usdt bring heavy handed gov into space causing mega fud and bullshit regs etc.

Usdt evaporates; people need liquidity so have to sell all their other shit. This is the same argument for a crash in sp500 as everyone need to liquidate.

The fud alone will cause chaos.

All the exchanges that have traded usdt are in trouble. That is pretty much all of them (I don't think gdax does). This would fucking crush the market if all these guys get shut down. And it's a perfect opportunity for gov to move in to exchanges.

Hangover - a lot of trust will be burnt delaying adoption and generally fucking with everyone's mind.

>>4107703
So, Bitcoin is kill?
Alts will rise fron the ashes though, kek

>>4107717
This

>>4107740
Can't wait to pay with ETH and MTL for my personal space cave and robo waifu

>>4107735
And this

>>4107738
They would go from USDT to USD or to BTC then to USD. Which would lead to s crash as they are unable to cover the withdrawals.

>>4106883
>closing accounts for no reason

Only terrorists and idiots wash trading got closed

>>4107767
>your government would not hesitate to fuck you

Keep playing with action figures, anon

>>4106883
yeah, historically people who make advice threads at biz are correct...

>>4106883
>segwit2x coming, backed by a bunch of suits
>this happens just before its launch
(((pure coincidence)))

>>4107681
>also not claiming that Bitfinex is a properly capitalized exchange. I am simply asking for an explanation as to how and why this would cause the USD price of BTC to collapse? Can anyone ans


NOW you are asking anon, remember China fud? why was that? what happened to BTC price?

It'll cause a crash due the most common cause of all crashes, panic...

>>4107740
>Regulation. Usdt bring heavy handed gov into space causing mega fud and bullshit regs etc.

Sort of like how Chinese regulation killed BTC?

>Usdt evaporates; people need liquidity so have to sell all their other shit. This is the same argument for a crash in sp500 as everyone need to liquidate.

Yes, they would liquidate into BTC, because on exchanges that trade USDT, that is your only option

>The fud alone will cause chaos.

Bitcoin isn't fudded every day?

>All the exchanges that have traded usdt are in trouble. That is pretty much all of them (I don't think gdax does). This would fucking crush the market if all these guys get shut down. And it's a perfect opportunity for gov to move in to exchanges.

So exchanges that trade USDT get shut down. The volume moves to Bitstamp, Kraken, Gemini, Gdax, Itbit, BitThumb and decentralize exchanges like Blocknet, Bitshares, and Komodo. What is the problem exactly?

>>4107762
If you are in USDT and you find out that you cant redeem your USDT for equivalent USD, why and how would you convert to USD? And if you do the more likely thing, which is convert to BTC, why would you then convert to USD because USDT collapsed? I don't understand.

>>4107738
It isn't safe to stay in USDT right now, because the ratio USD/USDT is not 1:1 anymore, so when this thing come out the price of BTC will result to be pumped fraudulently as well.

And all the FUD will result in a crash of USD-BTC price too and a bear market for a while.

And this is the best case scenario, something that we don't wont right now is the governments to regulate/ban cryptocurrencies and exchanges.

>>4107811
Yes, it crashed, and then it doubled...

>>4107814
All of the above will be a Mich bigger deal if usdt collapses. Surely you can see This? I'm not arguing for btc going to ZERO, I'm showing how it could get hit.

You shouldnt be this fucking blinkered.

>>4107845
>It isn't safe to stay in USDT right now, because the ratio USD/USDT is not 1:1 anymore, so when this thing come out the price of BTC will result to be pumped fraudulently

So the USD price of BTC will pump and then crash? That happens like every six weeks...

>>4107814
>What is the problem exactly?
The problem is OP is a faggot.

>>4107863
Bitcoin will clearly crash. It crashes every 6 weeks. But a collapse in USDT would have the opposite effect, a rush out of USDT and into the safe haven of BTC.

>>4107735
>ay with ETH and MTL for my personal space cave and robo waifu


yeah they have ZERO jurisdiction over MEGAUPLOAD or BTC-E nothing will happen... r-right guys???

>all of these pumps are happening on Bitfinex 15 minutes before any other exchange
>the money to pump it is coming from Bitfinex creating millions of USDT tokens, then buying BTC with their worthless USDT infinite supply.
>literal printing press of money

>this
>ending well
pick one

>>4107891
I get this but the reality is that if you own a fund or are investing and need fiat you will have to liquidate other holdings to make up for your usdt holding now being worth 0.

If I need money and usdt evaporates I will have to sell my other crypto such as btc to get that fiat.

Usdt is a fiat substitute, if it crashes something else will have to be sold to get that usd.

>>4107878
I'm not sure you understand that we're talking of damages for hundreds of milions of dollars, people in jail, exchanges that risk to be closed and this kind of shits not a 6 weeks redundant crash or a "weekend dip" longer than usual.

>>4107934
Agree, that fact that any part of btc is underpinned by usdt is going to affect the price if usdt an heros

This entire thread is sub 70 IQ.

I'm a newcoiner and it was pretty clear from the start of OP post that USDT getting JUST would fuck EVERYTHING crypto for months.

In retrospective Mt. Gox would be a glitch. Dense fuckers.

> Trump desperately needs an scapegoat and this will be.
> insiders know so they pumped BTC (today) and cash out while USDT exists
> USDT gets reckd
> SEC and friends move in to regulate this shit
> ?
> No proffit

YOU ALL WILL BE BAGHOLDERS
does not matter what shitcoin you are holding

>>4107934
How is this any different from buying bitcoin with USD? Is USD not printed out of thin air?

>>4107953
This makes no sense. Let's say you are holding USDT on Bitfinex. You realize that you will not get 1 USD for 1 USDT. What are your options? Option 1: Buy bitcoin
Option 2: Buy an altcoin
Option 3: Cash out your USDT for less than equivalent USD

How would this result in the selling of BTC?

>>4107990
Replying to myself cause I finally found the link. The USDT getting fucked is not a new meme:

https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

This is from Aug 16 btw.

>>4108046

No one will sell you a bitcoin for the now worthless USDT.

>>4108065
Correct, causing the USDT price of Bitcoin to skyrocket...

>>4107990
>calls others retarded
>is actually retarded

>>4108065
More specifically, the BTC/USDT / BTC/USD ratio would equal the market's expectation of the USDT/USD payout ratio.

>>4107992
Re read you post and then think for 1 min. If you can't answer your own question you are fucked.

Usd. Just consider what backs the dollar. Maybe look at the window, turn on the news, or just look around your basement. Everything in the world runs on or in part due to uncle Sam.

Not saying I like it but it's the way it is.

Now look at usdt.

Is this some elaborate binance shilling or something

It reminds me of the whole "omg my bittrex account was hacked I even had 2fa activated wtf, bittrex stole my money" shit from a few months ago. It's probably the same pajeet OPs making 40 posts in each thread with the same talking points each time.
Fuck off already.

>>4108115

Uncle Sam is not the entity that prints USD. USD is backed by the same thing that Bitcoin and USDT are backed by: what the public is willing to exchange for it.

>This makes no sense. Let's say you are holding USDT on Bitfinex. You realize that you will not get 1 USD for 1 USDT. What are your options? >Option 1: Buy bitcoin
>Option 2: Buy an altcoin
>Option 3: Cash out your USDT for less than equivalent USD

>How would this result in the selling of BTC?

Exactly I'm wondering the same thing^^

>>4108057
>conflating the issuing of new tethers with the end of july rally
Yeah, the july rally started after the miners started signalling their support for Segwit en masse. But it was obviouly muh tethers, right.

Goddammit you people are massive retards.

>>4108046
1)Enjoy who's is gonna trade even 1 satoshi for 1 USDT
2)Same for alts
3)Would you give me $100 real money if I give you a $100 bill printed with my printer?

And guess how it is supposed to be covered the problem of the worthless USDT?
No, not with BTC skyrocketing, try again.

>>4108170
Fuck me your a moron. America backs the usd you.dumb.fuck.

>>4108183
>let's say you buy some shitcoins at night and go to sleep but keep some tether to buy more shitcoins in the morning
>you wake up and...
>oh shit nigga you can't login to buttrex, bitfinex or tether website.

Exactly I'm wondering the same thing^^

>>4108210
Military backs the USD. We literally invade countries and collapse economies if they do not accept our USD.

>>4108210
Are you sure? How does the Federal government back the value of the US dollar?

>>4108249
True, but this backs its use, not its value, and certainly not its value in terms of BTC.

>>4108249
>>4108260
Like this.

>>4108247
How would this cause the USD price of BTC to fall? If anything it would result in people transferring their BTC held on exchange to their own wallets, making less available supply.

>>4108272
agreeable.

pretty sure this is just an elaborate pajeet shill to get us to fear buy into zrx and airswap othwise this sounds all pretty retarded

>>4108260
by being the most powerful country in the world? Feared and respected by all other countries?
Raping any other country who not agree or try to fuck with them??

>>4108290
You got to the one dense motherfucker to still not understand how economics works despite the fact that many people have been trying to explain you through the whole thread. Im done with you go buy all 21 million BTC

>>4108290
And...? Life goes on like this thing never happened?

Or there will be a massive FUD campaign?

>>4108380
This.

People shit on the US all the time and gets pissed with all the nukes they have but it's honestly pretty fucking great strategy. Being able to fuck over any country five times over in a matter of minutes is a good way to keep everyone playing pretty nice.

>>4107628
OMG doesn't have a working anything yet fucking kek

>>4108380
>>4108406
>>4108420
So the most powerful country in the world backs their currency with the most powerful military in the world and yet over the last 8 years its value has fallen vs BTC by over 99.99%. And $25 million of USDT will reverse this trend? Ok...

>>4108467
Your a fucking idiot.

>>4107934
Thats now how it works
Bitfinex issues their tether for lending. So some margin trading hero puts up his btc/eth as leverage and BAM!

>>4108547
>Your a fucking idiot

Not an argument

>>4108547
>your

>>4108467
you have much more patience with them than I. good on you. i'm waiting for you to tell them about petrodollar demand propping up the value of USD and make it analagous to BTC and alts. will be entertaining as fuck.

>>4108467
USD has fallen 99% vs the S&P 500, oh no what a weak currency!

>>4108649
USD has only fallen about 75% vs SPX over the last 8 years, and yes, a lot of that is due to inflation/weak currency. In fact, the rise in the SPX in dollar terms is largely due to the Federal Reserve program of Open Market Operations, also know as quantitative easing. With this program, the treasury issues treasury notes and the fed immediately buys them with newly minted Federal Reserve Notes (aka USD) that they print out of thin air...

>>4106883

I have no idea what is correct or true. But if Tether gets rekt, like it did earlier in the year, doesn't that mean that only those holding tether are going to get rekt? And in that case confidence on the whole was restored after they somehow restored liquidity.

I still don't understand the essential problem.

>>4106883
>QUICK SELL ALL OF YOUR BTC
You're trying too hard, fucker. What's your angle? You've provided no proof to back this shit up. Post proof of your short positions or fuck off!
Screencaping your shitty thread so I can *post in the following weeks to come*.

>>4108844
the problem is the exchanges using tether in a very wrong way anon, not only tether will get rekt but the exchanges too and that's the real problem

I dont understand how all this works. Dont they just create usdt from what gets deposited? What if someone just bought 25 million dollars worth of bitcoin? Is that unheard of? Whats wrong with what they did?

>>4108918

>>4108918

Right. Someone trades BTC for tethers. Now they have 1 btc and must create 6000 tethers. In case BTC falls to 0 they must have a reserve or line of credit to cover $6000.

Tethers are traded straight across for BTC and other instruments on other exchanges. In that case a tether is approx. $1 because people believe that it is. And the market helps because this belief exists. But there must be some point where tethers in circulation exceed demand and their relative prices would fall. In which case, Bitfinex buys back tethers and burns them. In the opposite case, demand increases and prices rise. Bitfinex then sells tethers (buys BTC).

Beyond that I don't know how tethers drive the price of BTC up un-naturally.

The other coin of this type is Nubits. For that scheme, a bot buys and sells the BTC/Nubit pair to maintain something close to parity. But it has a relatively smaller liquidity pool as you can see in the order book.

its only 25 million you basement dwellers how much money do you think bitfinex has made since the last WATCH OUT THEY'RE PRINTING TETHER fud?

>>4106883
I just wasted my fucking time reading this thread, looking for a person of equal IQ to banter with. I do not see one single fud poster above 20 IQ, including OP. / Thread.

China WILL cause the crash of bitcoin in the future.
>https://www.youtube.com/watch?v=MiBFKJVF69A

>>4110180
>DGB