/biz/ - Business & Finance

>>4449784
kek. can a miner fag come here and explain what's going on bch's difficulty.

Is it over now? Will BTC finally correct and BCH will be more profitable after the next btc block leading us back to a parity pump?

Exit pump inc.

>>4449784
big if true

Can't they just print more?
>muh transparency
Kek this is crypto

>>4449818
you mine the coin thats worth the most and exchange it for bitcoin.

This way you get the most bitcoins. It has always been this way and it will always be this way.

>>4449840
Someone's gonna point it out that their max has been reached, if they print out more they're gonna need to justify it.

The more and more cycles that go through of this the higher chance of it all imploding. Also, they're gonna be due for a visit from the feds if this occurs.

>>4449867
gee thanks. I'm asking about the game theory scenario Jihan's playing right now.

If no one mines btc and it becomes completely unusable it's not like you faggots are gonna start dumping at a loss for your precious btc.

>>4449784
What does this have anything to do with btc? care you explain?

>>4449877
>max
what max?
there's no max right?

>>4449877
>the Feds
Decentralized market

>>4449928
No
They just have to right click, edit, and x10 the max print more and call it a day

>>4449784
>mfw the tether memers say welp no more tether allowed guess it's a scam
What if someone wants to buy $5k worth of crypto at max tether? Do they have to say "no go away"? No faggot; they can just authorize more tethers.
>cashie memes about flippening & chain death end
>cashie memes about tether start
Wow what a (((coincidence))).

>>4449928
The amount of tether they claim they can backup. They don't have an infinite amount of usd sitting in their vault you know.

>>4449937
great. but bitfinex is a centralized organization and if this is true it'll cause a mass panic selling. For what time frame and what people will exit to (fiat, or other crypto) I don't know. I'm sure bitfinex cares if government organizations go after them.

And tether is not decentralized.

>>4449907
well if btc is not profitrable then they will mine the other profitable coin and dump instantly until it's no longer profitable.
then switch back to bitcoin

>>4449818
Either you believe the FUD that they're intentionally losing money because they want an artificially high difficulty when BTC readjusts; or it's just because miners aren't willing to switch from BTC to BCH for 10-20% more, could be because of fees, risk management, etc.

>>4449957
They need to have the tethers in storage for this to be legitimate, otherwise they're printing out usd copy cat token illegally. This is called fraud.

>>4449979
>switch back to bitcoin

Unless bitcoin dies.

>hurdur btc will never die.

What if BCH stay eternally more profitable? I'm asking if that is becoming more probable as BCH edges closer to achieving parity and we can see that millions of tether are being issued at a rapid rate.

>>4449974
Yeah but they don't have to prove they have any USD in their vault. They can just say "we just got another 100 mil from an investor" without proving it and print another 100 mil.

Could there be a connection with this and not allowing US customers anymore? So they can protect their asses if the US gov tries to come after them by saying they have nothing to do with their country?

>>4450040
Until a government agency comes in and investigates them for money laundering.

Tether arguably passes the Howey test as well, it doesn't matter if they claim in their ToS that isn't redeemable.

>>4449928
https://wallet.tether.to/transparency

the maximux they said has covered with dollars.

Last 30 Millons were printed today at 11:20 utc

>>4450038
Plenty of other crypto are more profitable to mine than btc and bch
It doesn't matter

>>4450070
There's no fucking maximum.
Where's the maximum? Where did they say the maximum was X amount of tether?

>>4450239
Total authorized faggot

>>4450239
In OP's pic in total authorized...

>>4450258
>>4450264
What exactly keeps them from authorizing more?

>>4450060
maybe

>>4450239
>>4450258

total authorized "TILL NOW" nigger, they keep authorizing more and more of this scamcoin

>>4450009
It's backed by real dollars. Dollars that normie use to buy btc at 8000.

>>4449957
this anon gets it

>>4449957
Cohencidence indeed

>>4450280
They need to justify it to law abiding authorities (at a certain date) and to the community as a whole in order for us to trust them? If they can't back it up here's a scenario.

Bitfinex pumps btc using tether, and then when a certain amount of profit is reached they sell for actual USD. Since they didn't buy btc with real usd, this was effortless on their part and when they crash the market they devalue the btc that people bought during their pump.

Now bitfinex has a fat stack of real USD while many traders are cucked with USDT. If Bitfinex can redeem their USDT with USD all is not lost, they still performed an illegal pump and dump but at least USDT tokens aren't worthless and traders can get some of their money back.

But if Bitfinex exit scams after their tether pump then good luck trading your tether with anyone, since the central authority who was supposed to (yeah I know in their ToS they say it's not redeemable) back it up with real USD isn't there.

Now if a currency created by a central authority suddenly disappears and has no redeeming qualities on it's own, it no longer has any trust behind and everyone with Tether is holding worthless bags and the token starts getting delisted and plummets to zero.

>>4450299
In what vault? Where's the audit?

>>4450369
You're posing this problem like the fact that it's immoral and illegal somehow means that this isn't exactly what's happening.

>>4450522
I guess you haven't been reading my posts here.

I'm claiming that what they're doing is immoral and illegal AND THAT IT IS HAPPENING.

None of you morons on either side have a clue what you are talking about.

>>4450369
Take the tinfoil hat off retard

I read somewhere that one of the developers of Tether is the CEO of Bitfinex but can't find a source on that.

Tender is just like a bank. You deposit one USD and get one USDT.

Idiots , the lot of you

>>4449877
So let's assume this Tether thing is a fraud. People will get rid of it buying what?

>Spoiler alert: bitcoin.

>>4450641
except you can't deposit USD unless you have millions and also you can't withdraw USD at all.

So actually it's not like a bank at all.

>>4450605
Get better at googling

Yup. Tether going bust will pump Bitcoin to $20k.

I STILL DONT UNDERSTAND TETHER

SOMEONE PLEASE EXPLAIN IT TO ME

WHO SAYS ITS WORTH 1 USD PER 1TUSD? WHY DONT YOU JUST USE USD??

>>4450692
Because this allows you to start an unlicensed exchange that works only with cryptos.

>>4450678
>Tether going bust will pump Bitcoin to $20k.
Deluded.

https://chrisdunn.com/bitcoin-futures-good-bad-cryptocurrencies/

according to chrisdunn bitcoin futures will bring alot of volality to the market. Big players will short the fuck outta bitcoin.

>>4450692
There's a company that promises to give you 1 USD for every USDT you give them. That company is Tether. They are not, however, legally obliged to fulfill this commitment. That's why people say it's risky.

The reason people use USDT instead of USD is for the convenience of transferring value via crypto. You can send USDT to a Bitcoin address and it works because the Omni protocol uses Bitcoin addresses.

So I could have a brain Bitcoin wallet in my wallet, send 30,000,000 USDT to it, and travel to any country in the world without the US government ever having any idea that I've removed money and I have no obligation to report it as it isn't technically money or anything at all, just a random password in my head.

That's the power of USDT. I can have $30,000,000 in redeemable value in my head and no government or person could ever know. This is ALL relying on Tether being truthful though.

>>4450648
If you can find someone to buy your tether from you. If Bitfinex closes down and gets charged with money laundering do you think any other exchange will want to touch that token?

>>4450665
>Get better at googling
There's literally no information as to who the devs are.

>>4450799
Sounds illegal

>>4450040
>this is what "crypto investors" actually believe

>>4450834
>do you think any other exchange will want to touch that token?
Being this retarded. Many other exchanges, like poloniex, are already trading Tether/lots_of_shitcoins so people will just sell all their tethers on those exchanges to buy cryptos, probably bitcoin.

Can you even blockchain?

>>4450692
Businesses don't want to go back and forth to banks. So they deposit dollars one time. And use tender to trade. They deposit one USD get one USDT to trade. There is always an equal amount . Some at tender, some invested in crypto.

>>4450885
In the future dumbass.

>News come out that Bitfinex is going under, CEO is arrested and multiple employees are being investigated for money laundering and other white collar crimes
>Tether is declared a security by the SEC and is illegal to sell (this is a token created by a centralized authority, this is digital gold not bitcoin)
>Considering the entire world decided to exclude burgers from ICOs creating verifications to ensure no burgers (aka KYC with selfies) trade on tether markets is induced, IF IT IS EVEN ALLOWED
>Rest of the world see that USDT token is a sham, and since the central authority behind it's development and issuance just got arrested they want nothing to do with it. When a token that was supposed to be a stand in for government fiat turns out it was not, why would anyone want to caught holding the bag? Why would you even allow trading a token that was a fraud from a company that goes down under?

>>4450890
If you deal with a credit union there is always a sheet just like OK posted in the lobby so members can see where their dollars are. The page OP displays looks good to me. Tender is working.

>>4450885
>Just sell all your tethers

yeah, hope you're not at work and staring at the charts because the panic selling will last five minutes max before reaching rock bottom.

>>4450890
Who the hell who deposit money in an organization that recently got their bank access revoked?

YOU!
ray of /biz/ zysunshine!

Serious, think! Does al this shit feel well? Does it jive?

Get out while you can.

I wish you all the best.

>>4451023
Apparently a lot of people here who think USDT is 100% legit no need to ask questions.

>>4450843
https://www.youtube.com/watch?v=BA8iO_Umt6Q

https://twitter.com/Bitfinexed/status/932139909237833728

https://twitter.com/TrustMeImTether/status/931986364480086019

don't be lazy my dude

>>4449818
BCH difficulty goes up as fast as it goes down, even if everyone jumps on it at once it won't remain more profitable for long.

>>4451073
>https://twitter.com/Bitfinexed/status/932139909237833728
Thank you.

>>4450974
lmao this is a lost battle. Apparently /biz/ is full of retards who can't even grasp econ basics. They actually think that if Tether goes under they can sell it for USD or BTC. Yeah, to your mom maybe, but anyone with a brain will steer clear from that shit.

>>4450997
Are you kidding me?? They can write what they want in that fucking page. A real audit is the only thing that could shed some light here. Too bad no big auditing firm wants to get closer to Tether.

And can you even write? Tender lol

I hope nothing happens to bitfinex. It is by far my favourite exchange.

>>4451346
Yeah it's a shame really. No other exchange I tried comes close to Bitfinex when it comes to trading. They have the best interface and good performance.

>>4451398
> Being a Burger and no bitfinex
Makes you think about what may be going on behind the scenes...

>>4450890
So what I get from this is as an individual I'm better off trading in USD?

>>4451517
duh

>>4451517
Definitely - until there is a legit audit on Tether.

>>4450860
It's not. That's the whole point. It's too vague/complicated to be illegal because you're essentially carrying money in your brain in the form of a random set of words (which can be decrypted into your bitcoin private key, which contains USDT).

Tether itself might have some risks if something were to go horribly wrong with them as a company, but for someone who just needs to transfer a huge amount of money and only needs to use USDT for perhaps a week or two while he changes countries, USDT is perfect.

>>4451517
>>4451545
>>4451582
Every single USD trade is a taxable event. With the explosion of publicity and market cap of crypto, you'd have to be naive to think that the IRS won't be going after every single dollar that they are owed.

>>4451517
Yes. I use my bank, but I'm not doing major trades. Tender is for big business in my book

>>4451621

Good luck trying to get at my XMR

>>4451637
I don't know how you trade, but if you are using monero as I am using tether, you are already losing a fuck ton of money anyway. If you plan on cashing out via monero use, then you are a poorfag pleb and I don't give a fuck

>>4451637
XMR FTW

>>4451316
Ducking autocorrect

>>4451748
Fair enough.

This thread started with the idea tether was exhausted. When in fact the balance sheet shows some businesses with deposits have not used all of their tether to buy crypto. It's that simple. Now one can get a tether without a dollar.OP is a dumbass

Why don't you tether fags buy the dip?

>>4451835
That's really _not_ the point. Of course you can get Tether with dollars. They can't wait to shower you with Tether.

The real problem is redeeming those. It's not pegged to USD, it's that simple.

>>4449784
Look at that fucking volume that just entered. Everybody know megawhales love to buy at ATH, right?

>>4449784
>Hope you sell over 8k.
Hope you sell for alts*

>btc dies
>alts and BCH replace it
or
>btc dies
>entire market crashes and gox 2.0
what happens?

>>4450678
The only thing that will go up is the USD/USDT ratio lmao, your BTC will not rise in USD value

>>4452247
1st one. Btc may not necessarily die per say but it'll be challenged. Bch goes out the window lightning and atomic swaps work though.

>>4452247
1 if people transition to BCH (or just off tether and bitfinex) in a natural market way
2 If the IRS finds something really fishy behind bitfinex scenes and it is released as a public announcement