/biz/ - Business & Finance

>>4453137
nobody knows. could be this year, could be next year.

>>4453137

Well. If it does happen. Expect a us economic disaster.

For the amount of money that MAY have been printed, you're essentially printing USD, which only the feds can do. You're just using btc as a proxy system.

Although if the feds do shut it all down, it'll cause economic downfall due to the amount of money involved.

Basically it's playing with fire at this point.

>>4453137
Stop.

>>4454263
>doesnt serve us customers
japanese have the biggest btc bags

>>4453137
Wait to see what these faggots say. If it is legitimate and the tethers are really backed by some investment fund we will moon. If not then you will know what it feels like to get goxxed but instead of losing your btc it will just be worth nothing.

Used by polo bittrex and bitfinex so keep coins out of there to be safe right?

>>4453137
>not realizing money itself is an IOU
read a book or something sheesh

>>4454263
I'm certain that BTC will fall drastically, and most likely collapse entirely.

I personally think Ethereum and/or coins running on the Ether network could in theory survive, and it could take over the cryptocurrency realm as top dog.

Think most people wouldn't give up on crypto all-together, but I do think they would flock to an alternative.

>>4454333

right and that's why those who contorl the money don't like it when others try to copy their system. Remember gaddafi?

>>4454333
So that makes this situation alright?

>>4454353
Bitcoin can't survive another 90% drop in price. The mining difficulty is too high.

>>4453137
>1 post by this ID

>>4454327
this


If the alleged tether fraud bubble pops and we see that every pump from June to now was due to printing imaginary money, I can't begin to list the consequences. We're talking about billions of dollars going down the drain, people will lose their houses, people will go to jail, the feds will crush crypto, almost every exchange is going to close its doors and crypto will go back to 2008 state, literally 2008 because it will take ages for it to go back up if this fraud gets exposed


I only have 1k in crypto and I'm a student, so I'm fine. But I'm definitely not putting any more money before BTC corrects hard

>>4454370
Actually by the time you shared this, I posted a second time.

BTFO

Also it's hilarious you spent time making this pic. No life.

>>4454396
Are you even getting paid for this or do you do it for free?

>>4454425
paid by david b. @ shareblue

>>4454442

>>4454367
I hadn't even considered that, but yes, you're most definitely right about that too.

Bitcoin definitely got the ball rolling on a beautiful concept, but the coin is simply outdated by design.

Slow transaction processing (blocksize being too small) not enough miners, yaddayaddayadda. Bitcoin cash to me just isn't the solution to this dilemma either. And I don't expect LTC to take over.

But something is going to give. That is for sure. When the bubble pops,and it's definitely going to happen soon, the entire crypto market will fail. It's such a shame too, because 90% of these Alts won't survive. Chain link for example, is a great concept, same as TRST coin, but nobody talks about that one here.

Hopefully ETH can keep crypto alive and well when the crash comes.

>>4453137
go watch the movie margin call

>>4453137
I don't know for sure, but I got every single coin out from exchanges today. Better safe than sorry... if the tether accusations are true, then this time around bitfinex won't just end up stealing BTC, but other coins/tokens as well.

>>4454480
You do know they just demonstrated the lightning network handling cross-chain swaps between Bitcoin and Litecoin, right?

>muh decentralization it's a conspiracy
No; moneychangers need to make money or they won't handle transactions and you're not going to stop centralization no matter what; it's called specialization of labor.

>>4454480
You do realize if bitcoin drops in price they would adjust the mining difficulty

>>4444444

My prediction is something like:

>once the music stops, everyone will jump into alt coins or USDT to shift away from it
>immediate gains on alts thanks to that pump
>bitcoin name gets smeared to shit shortly
>soon after the whole crypto market will tank because bitcoin was such an influence everywhere, crypto == bitcoin amirite
>people will scramble to get their money out of their alts
>anyone on a shitty exchange using only USDT will be shit out of luck
>exchanges crash one after another as they don't have the actual cash backing them
>major alts like litecoin and eth manage to survive
>bitcoin cash falls hard for same reason it's thriving right now; association with name bitcoin
>crypto won't die completely but takes time to recover
>anyone with USDT loses all their money, it wasn't theirs to begin with

Don't they just put cash in escrow for every tether minted

>>4454559
I'm doubtful that Bitcoin/Bitcoin cash will ever die, due to the very strong mining power behind them (mining power = blockchain security). However they could indeed fall very hard.

>>4453137

The music will start when Bitfinex is forced to reveal their accounting methods. These fuckers have to be more creative than Picasso. Brainlets do not understand why the supply of USDT rising so sharply is an issue. These guys are in over their heads and once one card falls, the whole pyramid will collapse. I fucking wish there was a legitimate alternative to USDT, but I haven't found one.

Legitimately not long, look at these psycho cunts

https://cointelegraph.com/news/bitfinex-struggles-with-money-withdrawal-community-observers-predict-mtgox-scenario
60 million dollars printed out of nowhere. After seeing their abysmal response to the auditing requests, I suspect that their policy is print first, ask questions later. Also, look at the fucking CEO https://twitter.com/TrustMeImTether/status/932012870841389056

This whole thing seems built around the idea that its so complicated that no one will call them out on their shit. I understand the need for a base token, but can it please not be this one anymore?

>>4454353

>I'm certain that BTC will fall drastically, and most likely collapse entirely

Are you Jamie Dimon?

>>4454662
Undoubtedly, what a panicked CEO in Bitfinex/Tether's position would do is print Tethers BEFORE the money came in, because "for sure, the money is going to come in eventually".

>>4454662
>https://twitter.com/TrustMeImTether/status/932012870841389056

>Tethers are inflationary
>When supply exceeds demand Tethers are bought (and moved to trash bin)
>When the demand exceeds supply Tethers are created (issued) on the OMNI blockchain


I'm enjoying every minute of the confusion anons and redditors are having... the cointelegraph story is just gasoline on a fire. Just some more drama amounting to jack shit. If Tether goes down, BTC will soar.

>>4454263
>expect a us economic disaster
The entire crypto market is microscopic compared to the US economy, and the US isn't even the majority of the market.

>>4454809
Thats fine, but its a matter of confidence in the market, as well as accessibility. We need a safe space besides this fucking arbitrary " its worth a dollar because it is lol". The only other hedge I can think of is fucking unbreakable coin

If I have around 60k to play with should I wait on getting into bitcoin before this tether issue works itself out?

>>4454847
The only alternative is actual fiat, held by a real bank.

>>4454859
works itself out kek

Someone spoonfeed me why Tether is a thing. I get it's always equal to a USD but why is there a need for something like that?

>>4454995
To temporarily lock in gains

>>4454995
>I get it's always equal to a USD
But it isn't, and that's the problem.

>>4454649
fucking cash, son

Gemini exchange for example, you can sell ETH or BTC into USD. theyre what I use. Other alt for myself is cuckbase, but fuck them and their fees (gemini is MUCH more reasonable on fees)

Im a burger though - depending on where you at, ymmv

>>4454517
uhhh.....in two weeks.

you think they're going to do an emergency hardfork?

>>4455010
Yeah I've seen it as high as $1.07. Is that a result of people doing too much of what >>4455006 said?

>>4455081
No, the problem is that it's promise rather than truth. Imagine if everyone converted their BTC to USDT and tried to cash out. Would they ever get their USD? No.

>>4455112

This statement lets even the biggest brainlet realize that USDT is a scam. I mean who realistically expects to be able to cash out USDT? No one. It's a scam, once trust in it starts faltering this shit is gonna collapse and bury anyone in it.

https://twitter.com/ToneVays/status/931971972879323136

>>4454263
>you're essentially printing USD
No they are not lmao. Why do you think their legal terms specify that they are no way representative nor can be redeemed for US dollars.

>>4454859
>tether issue
It's just a meme that's getting shilled by shitcoin holders. Bitcoin is going to be worth at least 9k by the end of the year, probably more. China is investing heavily in BTC right now. Nobody has lost money by investing in bitcoin besides people who sold due to this exact kind of FUD,

>>4455138
Because you use USDT temporarily on exchanges that can't use fiat brainlet. When you want to "cash out" you do this USDT->BTC->Fiat

>>4455332
There won't be exchange that has enough USD to convert supply of tether (or btc) into fiat.

>>4453137

I mean if bitconnect is still going then this shit has an unfortunatly long shelf life

>>4454995
It's a trading instrument, designed to always rebalance itself to equal $1.

You don't invest in it. Instead it is a parking place for money when you don't see any good trades at that moment (example: when everything you want to buy is overpriced already).

>>4455398
The exchanges where you cash out to USD don't deal in tether

>>4455700
Yeah, but even if you bought BTC with tether and send it to exchange and then cashed all out (assuming the all cash out scenario which is highly unlikely unless some major drama happens), there won't be enough USD to trade BTC to. This would basically be scenario, where BTC value is still high but nobody can convert it back to USD without selling it directly, or the value would drop fast because people try to cash out no matter what. Some people probably would be left with lots of USDT they could change into coins, but would anybody buy those coins anymore? USDT's aren't really backed by dollars.

WELL what the fuck should I sell my tether to until I figure out a good buy in to this bull market

>>4455794
Buy some BTC, buy some BCH, maybe ETH, and just hold it for years.

>>4455830
YEARS?!

Everybody had better be prepared for a market-wide crash when (a) a major publication gets light of this and (b) CME futures begin trading and open the door for U.S. regulators to bring the hammer down on Tether

>>4456660
IM NOT PREPARED

>>4455901
yes, you aren't going to get those early BTC gains ever again

at best you'll make 2-3x your money per year by holding (which is still insane) but that will slowly go down over time. We'll eventually reach a point where BTC is still the top dog but where a 15-20% annual gain will be seen as impressive. No more overnight millionaires with crypto unfortunately.

>>4455043
In 2016 blocks, which take ON AVERAGE two weeks to mine.
If BTC price drops 90%, biggest miners bail, there wont even be enough hashpower to reach those 2016 blocks (could take months or even years). If that's the case, no more confirmed transactions, dead for good.

>>4453137
I've been out of BTC for a long time because of this shit.

USDT is sketchy as fuck.

What sucks is that alts are going to go down with it

>>4458337
They would totally do an emergency hardfork in a situation like that.

>>4458543
don't fuck with the treasury.

https://medium.com/@SirLamboMoon/first-your-title-is-misleading-cf1afab0269f

>>4459320
too late, btc would already have lost confidence

This fucking thread is filled with so many fucking idiots. I hate crypto now. It used to be fun but all you retards seriously ruined it.

>>4459343
Nice try, Tether shill.

>>4454625
ask yourself: why is there strong mining power behind them?

>>4453137
If tether doesn't destroy us, bitcoin futures will.
this is what "decentralization" gives you, massive fraud opportunity and other shenanigans.

>>4459504
I know man, people are hyped for CME futures for BTC, but it's actually reaaaaaaaally bad for BTC in the long run. BCH will be more profitable in the end, it will remain decentralized as a spendable currency, and free from futures bounds.

>>4459573
yeah...in the best case scenario CME futures will cause bitcoin price to stabilize. i believe such a stabilization is not sustainable, as most BTC investors are in it for making money, thus it will slowly bleed. luckily there are other options, bitcoin cash, monero, etc.

>>4453137
tether will collapse soon

>>4459343
this, the corecuck trolls are ruining the board

>>4454789
It will soar in BTC/USDT pairs because nobody wants to buy your literally worthless USDT bags with his BTC.
BTC/USD price is a different story, probably it will dip because of lost trust in the market, but could recover after a while

>>4454263
This guy has a PhD in economics

>>4454263
>>4454227
>>4453137
these guys are idiots or more likely fudding tether to get btc to crash to make bch go up.

idiots.

>>4454480
HAHAHAH you got "you do realized" by some btc cultists.

adorable

buy monero, ignore outdated legacy shitcoins like btc and its spinoffs