/biz/ - Business & Finance

>>4455099
>intentionally trying to cause a bank run on an exchange
It's almost like you have a vested interest in making this happen, as if you shorted BTC or something...

Ive been spreading fud everywhere i can and also contacting the irs about people who use tether

> BITFINEX'D
> everything goes on sale
> accumulate for a year
> we go on a bull run
> become multi-gazillionaire

Christ, shows how normie infested this board has become

>>4455116
I'm interested in keeping my money, where do I put my cash

>>4455128
Whatever let the shorts get squeezed when the FOMO gets into overdrive during christmas season

>>4455122
accumulate what? if crypto imploded 99% of coins would likely not survive. BTC (Maybe) ETH, XRP, XMR and maybe a few others..I suppose you could accumulate the mineable coins, but you would probably have a hard time selling them.

>>4455116
Gotta make money, brah. Hate the game not the playa.

Maybe you should join us.

>>4455147
You should short bitcoin duh then when the tether news breaks you'll make tons of monies!

>>4455099
What do you mean legit version of usdt?
Coins that don't change it's usd value?
KNC/Bancor are similar in that sense kek.

>>4455116
I don't margin trade and I hold some BTC right now.

Also, are you implying that biz could start an actual bank run?

Anyway, this is a legitimate concern. I have a degree in accounting and I'm really looking forward to seeing the accounting methods they used when this gets out. Must be creative as fuck.

>>4455164
And if you're wrong? You miss the last 2k upshot and hold your cash bags?

>>4455183
>degree in accounting
Ok, so exactly what the fuck evidence do you have that they're doing anything shady at all other than the fact that they're the biggest exchange?

>>4455183
And here is the closest I've gotten to evidence that this shit is being shilled for no other reason than because people are short BTC or long BCH.

>>4455183
So do I. Their last audit had no proof of cash flows or checking for short-term borrowings that would potentially cover for the differences in their bank accounts. It was a simple balance check on both digital and physical side, nothing a REAL fucking audit would be by a company like PwC or EY for example.

>>4455099

The shitshow on normiebook continues.

>>4455369
Link? Image? Evidence?

The fudsters really ramping it up huh
Tether is perfectly fine. No one even tries to exchange it for usd in the first place because thats not the purpose of it.

>>4455188
I mean, I could be wrong, of course.

But the picture's on the wall, and whether or not you believe it, other people are looking at it and making decisions as such. I mean, this whole thread is about exactly that that normies are looking into it too now. You'd be a fool to not take publicity seriously.

>>4455472
>not to take publicity seriously
I make money by being able to discern the wheat from the chaff and thought /biz/ was likeminded. My mistake; I now understand this is somewhere between reddit and the huffington post in terms of quality

fuck these tether conspirafaggots, sick of their bullshit nonsensical fear mong tactics-nearly as bad as Jihan and Ver!!!

Scum like this need to be purged

>>4455160
Tethers represent less than half a fucking percent of the market cap, they're completely irrelevent.
The only unknown is how the market will react.
Let's hope it irrationally becomes fearful, and gox it for a year or two like anon said, but i think it'll just result in a dip a little bigger than normal and then back to a new ATH.

>>4455456
The mere fact that half the fucking FUD is about the SEC and that Bitfinex is based in Taiwan makes me think it's just straight pajeet shilling; and I'm a fucking pajeet

>>4455510
>Tethers represent less than half a fucking percent of the market cap, they're completely irrelevent.
You have no clue what you're talking about.

>>4455492
If you were actually looking for real hard proof, there isn't any definitives until an audit goes through, and even then it's not completely certain. The fact that you were asking for the impossible as if it's something achievable is laughable. Yep, you sure are discerning.

>>4455510
>gox it
Why the fuck do you think a major bank run is a good thing? What the fuck do you think the first fucking reason for BTC not to get mass adopted or attract wall st. money is? Oh ya, the fact that it isnt regulated and shady shits (like you) are fucking everybody. I guess Roger & Jihan had a contract with you shills and decided since bcash wasn't going anywhere they decided to take the whole idea down with them.

>>4455211

LMAO, it's funny how desperate you are.

https://medium.com/@bitfinexed/bitfinex-never-repaid-their-tokens-bitfinex-started-a-ponzi-scheme-86a9291add29

Bitfinex is shady as fuck and has a history of doing shady shit. You are literally the only one defending it here while facing ovewrwhelming evidence against your point.

>memearrowing my accounting degree

Yeah, what the fuck kinda qualifications do you have besides a neckbeard then?

>>4455550
>there hasn't been an audit
>therefore my conspiracy is valid
Top tier accounting practices; at least you bother replying unlike the blatant shills.

>even with an audit it's uncertain
TopFUD.

>there is nothing even suggesting this shit besides memes
That's what I thought. See >>4455267
For a list of valid reasons why there not only is no problem with tether, but why the people pushing it have an agenda. Zerohedge had an article about how Zimbabwean and Venezuelan economic unrest is the real cause of BTC's price rise.

Binance exchange also uses Tether. They are an asian owned exchanged with servers located in HK, S. Korea.

Asians killing their own exchanges? Sounds fishy

>>4455399
Lol, literally saying they don't have the Tether to back it up.

>>4455563
>medium.com
>BTCtalk posts
Are you fucking kidding me?

>they are shady as fuck
So what, everybody is. It's crypto; if you don't think they're trustworthy, you would simply withdraw your BTC quietly like huge amounts of discerning people did before Mt.Gox. The fact that you're telling EVERYONE to do it means you have an agenda, because that makes it less likely you'll get anything (or you've already pulled it all out and are now 100% fiat, in which case you have a huge incentive to make BTC crash because you want a cheap buy-in)

>what qualifications do you have
I'm a lawyer with a bachelor's in theoretical economics & quantitative finance and worked on Wall St. for 4 years

>>4455634
>12 posts by this ID
you really are a pajeet

Exchanges are operating like nation states. If these exchanges do not form militaries to protect their way of life... they will be invaded. Every god damn nation on the planet is a ponzi scheme.

Also for anyone lurking the shill threads saying roll for BTC are phishing your wallet addresses to see the movement of coins and/or steal your shit.

>>4455692
Don't make fun of my autism you bitch basterd

>announcement
when?

>>4455634

>Lawyer and two bachelor's degrees
>Worked at Wallt St. for 4 years
>Keeps spamming this thread
>"g-guys, it's fine, you are all retardsm, listen to me

AHAHAHAHAHAHAHAHAH

AHAHAHAHAHAHAHAHAHAHAH

AHAHAHAHAHAHA

You're fucking killing me.

>>4455757
Not an argument.

>>4455711
you think those people have a genius plan?
they are larping, it's so easy to generate new address

>>4455563
>linking some ass hurt faggot who sold all his btc at 1k and has been doing whatever he can to spread fud since then

>>4455829
Phishing has nothing to do with how easy it is to avoid; it has everything to do with how gullible those being phished are. Frankly /biz/ eats bait like a faggot takes dicks.

>>4455815

>sees link to medium post
>"lol, medium"
>disregards all evidence and arguments in medium post
>feels smug when someone makes fun of him

Yup, sounds like you. How about you refute everything listed in the medium post before demanding more arguments? My point stands Bitfinex is fucking shady and USDT is their latest scam.

>>4455441
https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf

First, the disclaimer. Management accounting services are tuned to match the clients needs and DO NOT need to comply with public businesses IFRS standards of reporting. Red flag number one.

Before you go on making a fuss whether they're obliged to report to the public, yes, they are, because of their large amounts of AUM. I'm from Aussiestan, but same rules apply to Europe, US and Canada. http://www.aasb.gov.au/admin/file/content102/c3/SAC1_8-90_2001V.pdf
Existence of many dependent external users, warrant a public report.

Further scroll down to see the procedures performed. Mere matching of bank balances to cumulative tether balances. What about cash flows? Or balance sheets showing the amount of borrowings, thus the solvency of the firm? Or their owner's equity, showing actually how much tethers have been printed by owners or how much money owners have contributed to cover the differences for the sake of this audit.

Go ahead, disprove me.

Does bitfinix getting fucled slowing down fuck up ethfinex, my zrx will be fine right?

>>4455692
we are a 16, he's really going into full pajeet retardness

>>4455932
Bitfinexd is a fucking idiot who hasnt shut up about market manipulation since he sold at $1000 and got burned hardcore. Everything he says is trash. Every single price movement he has called has been flat out wrong.
Hes a pathetic little man crying on twitter every time btc goes up because its more money he lost out on.

>>4456048
*at

>>4455932
>https://medium.com/@bitfinexed/bitfinex-never-repaid-their-tokens-bitfinex-started-a-ponzi-scheme-86a9291add29

>1. Bitfinex gets ‘hacked’ and loses $72 million dollars of their customers funds, then seizes 36% of all user balances.
Citation needed.

>“The fastest way to get paid back, is to convert debt to shares and then sell your shares to another shareholder”.
Shitty exchange; but not illegal.

>Prior to publishing this post I was informed that Tethers are on the rise. Today, at the time of this post there has been another 25,000,000 USDT printed.
Ok; where's the evidence of there being less than $25 million deposited? That's chump change in China.

So, what we've got from this article is that the founder is a pretty shady guy, they've been caught in a scandal before, and that there is a lot of USDT being created.

>scandal + shady guy
As if the cashies aren't the ones pushing the tether meme the hardest, and you faggots backed Roger Ver and Jihan Wu.

>lots of USDT being created
Hurr durr, a lot of new money is entering BTC. They have to keep the tether roughly worth $1 or they lose money, so they create bulk issuances of tether to rectify the balance sheet. Tether is basically a form of equity in Bitfinex, since you can't redeem it for dollars directly. Nothing is stopping you from withdrawing BTC directly, so why the calls of insolvency? Do you think they are operating with a fractional reserve?
>a. that's not illegal
>b. it's not even a bad thing unless there is a bank run forcing a liquidity crunch
>c. YOU ARE FUCKING FORCING THE LIQUIDITY CRUNCH FOR YOUR OWN PERSONAL GAIN

>>4456007
>>4456065
this one though

>>4456007
SHEEEEEEET

>>4456065
Further correction, fractional reserves are only legal if performed by a licensed financial intermediary that is allowed access to the overnight market commissioned by the central bank of a sovereign nation.

>>4456007
So the most that the audit proves is that the owners had 400 mil at the end of September? That's not the worst-case scenario.

>>4456151
The thing that an audit actually needs to prove is that tether holders will be first in line for that USD when something happens.

Doesn't matter how much they have in their account when you have no legal recourse to get at it.

>>4456125
In Taiwan? They're under Taiwanese jurisdiction; I don't know shit about those laws except they are much more favorable to market manipulation shenaningans.

>>4456151
Something like that; but it wasn't a full audit.

>>4456171
>must prove tether holders are first in line
That's not true at all; there are multiple disclaimers that tether makes no guarantee against USD. It's dirty, but tether is entirely meant to help you dodge taxes by never incurring a taxable sale to fiat in the first place.

>>4456065

Ok, I give up, gotta get to bed (eurocuck).

I suppose you are right though, after all I am the only guy arguing this and there are tons of people defending tether in multiple threads all over biz.

Last thing: of course they are operating with fractional reserves, however they are claiming they have full reserves. That is a lie and if that lie gets uncovered USDT will be fucked, Bitfinex will be fucked and likely all exchanges using USDT will be as well. Not even starting with the public PR backlash.

And for the last time, not holding fiat, holding some BCH and some BTC, but I sure as fuck got my trigger finger ready to dump it all, not gonna deny that. And if I'm one of the first to do so, well, I'm gonna make a fuckton of profit if the market ever recovers again (and it will). If it doesn't, welp, had a good time, made nice money, that's it.

Good luck out there, maybe the thread will still be going tomorrow.

>>4456246
Your position is perfectly valid but is exactly the same as distrusting bitfinex as an exchange, and is entirely different from the FUD which is 100% sure there is an imminent crash because bitfinex is 100% certainly absolutely insolvent.

>>4456151
Well, the only thing that it proves is that bank balances and tether balances matched. Any qualified accountant would dare ask "what are the sources and flows of the cash account?"
If it's short-term borrowing, Tether is at the brink of dissolution. If it's owner's equity put in and taken out, it's just a little further away from the brink of dissolution. Speculating on their intents and conspiracies is not my business, but in my opinion, their operations don't appear safe by any means.

There was obviously something shady going on behind the scenes when they declared out of nowhere that US accounts were no longer going to be available without giving any reason why.

>>4455553
Buying bitcoins at a huge discount sounds like a good thing to me.
The only thing i fear is not putting my orders low enough to maximise gains.

>>4456213
https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards#Taiwan

"starting Jan 2013". Taiwan has become a lot more civilised and competitive in international finance than your current understanding. The only issue with Tether is that it's crypto-related, and as you know, pretty much every single country in the world doesn't have an elegant solution with crypto regulation.

>>4456271
Not trusting (((americans))) sounds like good business sense to me.

>>4456307
Because US laws regarding forex trading are completely different from the rest of the world

>>4456308
>lets irrationally FUD and crash it to buy it cheap
Nobody will want it after you FUD this hard, after 2 years BTC really won't have the brand value or technological relevance to ever be valuable again

>>4456310
>no elegant solutions
Sure. Doesn't really change that at this point you've admitted no irregularity exists in the cash balance vs the tether balance as of September, and that any reason you have to be suspicious is based on speculation that the founder(s) were shady, therefore they must be cheating.

/biz/ has been good to me so it is time for me to give back

The first post to get dubs after this post will get 1 btc!

What will happen to the alts, if Tether has proven to be a fraud, while we're at it?
For example everytime BTC has pumped this season, the alts bled.
Take into account of
>alts with BTC markets only
>alts with ETH or LTC markets
>alts with non-tether fiat markets
>alts with USDT markets

>>4456377
Congratulations! You win 1 BTC! Unfortunately you did not post an address, so your gains are forfeit. Better luck next time! You might find me in another thread...

>>4456353
The lack of discrepancy doesn't mean shit, jackass. This is why legitimate auditors check cashflow statements and general journals. All I'm saying is that the audit doesn't prove shit and we're left to trust a centralised authority (the company behind Tether) with minimal transparency policies for its operations.

>>4456353
>past history of being shady
>shady things are happening aka. banning U.S citizens, printing money to make up for withdrawla
> Articles saying they are being shady
then you go hurr durr they say its fine so its fine. Honestly, your posts reek of confirmation bias, you just dont want it to be true

>>4456443
>>4456452
>an audit doesn't prove anything at all
>they're shady
Wow.

>>4456547
Enron were also audited a couple of times before the house of cards fell. So yes, a poorly-performed audit can't be deemed credible. After all, this is why we have regulated standards and accounting practices.

>>4456631
>regulated standards and accounting practices
>crypto
You know what gave away that you're a moron?

>>4456678
all you're doing is repeating what he said, whats the argument? Do you really believe regulation isnt coming to crypto you oxygen thief?

>>4456678
Ad hominem is not an argument, you said so yourself above ITT.

The thing is, Tether isn't even true "crypto" (i.e. a coin, like BTC, LTC, etc.) but an on-chain solution utilising blockchain technology in order to make exchange more frictionless. Not a bad idea, pretty good one in fact. They're also incorporated. Thus, dealing with crypto or not, they are responsible for transparent policies behind their off-chain operations.

>>4455563
I started on coinbase on Nov 1st and bought 1 ETH @$298. Bought NEO friday and sold at 45 and parlayed it all into POWR for the time being. I've got about $360 in Binance now and don't know what to do next, pls help a hopeless newfag learn how to not lose his monies and become a stylish /biz/ thousandaire

>>4455563
linking to one salty faggot who literally has become so obsessed with bitfinex that he does nothing else with his life than try to spread FUD about them... Yeah really makes you think, what could his motivation be?
Either he is a faggot that wants to be twitter famous or he is extremely butthurt and wants to buy back his bitcoin. Think about it, why would you listen to some guy who was fucking stupid enough to sell all his coins at the beginning of this mega bullrun

Fuck bitfinexed

>>4456678
Nothing says good argument like ad hominem

>>4456742
>regulation of crypto
No; it won't come. Crypto has nothing to do with the state and those states which impose fees will ultimately just lose.

>>4456747
Tether isn't an on-chain solution or blockchain technology; it's literally the equivalent of equity in the form of "share-coins" that are issued against deposits of fiat and crypto.

>responsible for transparent policies
Wrong. They're responsible for meeting the necessary regulations of Taiwan, which they did in September as per your own admission, and responsible to their customers/clients and investors, inasmuch as those individuals can leave. Crypto is not stocks.

>>4456795
Same with you, what about arguing against the points the "salty faggot" made

>>4456795
Also to you retards going on about the audit. You do realize that the burden of proof is on you AND that tether has absolutely no obligation to provide a public audit. Still they have promised to do it and it is in process. Stop whining

>>4456796
Holy shit people on /biz/ actually believe there are regulations behind the asset that allows you to order ecstasy and assassinations online.

>>4456815
So you're implying that AML won't be pushed onto unregulated securities making money. That's a pretty hefty bet since it's already happened twice before, this year and 2013

>>4456836
Future tense pajeet

>>4456817
Here ya go pal!
>>4456065

>>4456795
Can we get a name on that faggot? I run 4 news sites that put Donald Trump into the White House. I really want to fucking hang this nameless coward.

We will dump a hundred articles about this faggot and have our A.I. automated rewriter spam the fucking internet with 10,000 new articles dumped every month into every shithole on the web.


YOU WANT TO FUCKING GO KIKE? LET'S GO

>>4456844
>unregulated securities
Well let's see the tax-man find my bitcoin wallet in the cayman islands and prove I and that wallet are associated and that I have been using it to evade US taxes. I would use the good luck, i'm behind 50 proxies but that wouldn't even be close.

>>4456858
>implying tense matters with regards to regulation on crypto
The moment you "crack down" on Bitcoin, I move to Monero. You rely on me to voluntarily disclose my transactions to you. Fuck off; taxation is theft.

>>4456817
It is not some random persons job to do that but a representative from tether. And so far he has no proof at all, only a fucking conspiracy theory.

But the biggest argument is this:
Why the hell would the top bitcoin exchange risk everything in order to make some short-term money, and do this by issuing fully transparent Tether that every single person can track in real time, instead of just doing this so called manipulation on their platform so that nobody could see it.

>>4456886
Nice try shill

TETHER IS THE GREATEST PONZI SCHEME OF THE MODERN ERA

>>4456908
Dude; these people know they are shills and will stop at nothing to keep BTC down until their contract expires which coincides with the last of the big whales getting in sub-8k. We're just posting for the lurkers benefit.

>>4456902
>Fuck off; taxation is theft.
Works really well for Sovereign Citizens kek.
https://www.youtube.com/watch?v=RfVbiefMdNU

>>4456917
>>4456920
They're scared. The Goyim know. Shut it down.

>>4456930
Too bad he didn't have a lawyer.

>>4456886
Don't know who he is, just know that he sold all his coin at 1k this year and goes by @bitfinexed on twitter and that he spams a new medium article about bitfinex every single week and it is becoming so annoying that I'm actually replying to these threads now.

>>4455147
Find a coin that has a solid enough platform that it will be able to hold most of it's value if the worst happens to BTC.

>>4456926
Yeah, this seems just as coordinated as "the flippening" attempt. Is 1 week without FUD too much to ask for these days in crypto

Alright monkeys; let's play dare
>>4456758
Crash BTC with no survivors.

>>4456984
>mfw I was in on wolong in the dogecoin pump of 2013
No.

This thread is filled with Kike Journalist. My 'extreme' post was specifically tailored for them. They can't resist my specifically tailored bait. Glowing neon colored bait. Gobble gobble you fucking simps.

Got yourself a little website do ya? How cute. Created a journalist out of thin air, did ya?

>>4456963
its called ethereum

>>4456908
Because it doesn have the cash on hand to handle all these withdrawals. Money going down has an exponential effect as people start getting worried about the exchange failing

>>4456952
Ok, right... so there is your angle right there. All you need to completely annihilate this faggot is exactly that. A total nameless coward is complaining about transparency. Do you have any how many times we can spin this angle for months? We can spin it 100 different times... and even start getting creative with it so by time everything said and done, this faggot will literally be a fucking meme'd into history as the literally textbook example of non-transparent unreliably cowardice.

Then we can get into Kikes are their love of historic name fuckery. We won't call them Kikes of course... we'll just make 100 different associations to other Kikes who love to go nameless or use aliases on the internet.

Oh what a time to be alive. You can literally see Jewish power melting away daily.

You do know Medium is a kike infested rat house, don't you. It's in the same club as Jeezble, Gizmodo.

USDT can vanish tomorrow and it wouldn't affect anything. Exchanges could just get licensed and use USD instead, but the biggest exchanges would only survive.

This is a ploy to kill the competition so only licences exchanges can sell crypto for USD, since USD licenses are rarely given. Coinbase and Gemini are the only exchanges in America that can sell in New York for USD, for example.

>>4457101
>it doesn have the cash on hand to handle all these withdrawals.
Which withdrawals? They make like half a billion a year

What's with all you beta cunts trying to out money the money-makers.
I seriously doubt anything shady is going on with such wealthy and successful people. They don't do anything wrong.

>>4457156
Looks like he might do a podcast with some Tether representative
https://twitter.com/ToneVays/status/932434398758227973
Hope he gets rekt

>>4456952
Ok, right... so there is your angle right there. All you need to completely annihilate this faggot is exactly that. A total nameless coward is complaining about transparency. Do you have any idea how many times we can spin this angle, for months? We can spin it 100 different ways... even get (((imaginative))) with it so by time everything is said and done, this faggot will literally be fucking meme'd into history as the literally textbook example of non-transparent unreliable cowardice.

Then we get into Kikes are their love of historic name fuckery. We won't call them Kikes of course... we'll just make 100 different associations to other Kikes who love to go nameless or use aliases on the internet to run amuck with their pervert penis mongering.

Oh what a time to be alive. You can literally see Jewish power melting away daily across multi-industries.

You do know Medium is a kike infested rat house, don't you. It's in the same club as jezebel, Gizmodo and that other fagrag that was sued for 100 million and died.

>>4456952
Ok, right... so there is your angle right there. All you need to completely annihilate this faggot is exactly that. A total nameless coward is complaining about transparency. Do you have any idea how many times we can spin this angle, for months? We can spin it 100 different ways... even get (((imaginative))) with it so by time everything is said and done, this faggot will literally be fucking meme'd into history as the literal textbook example of non-transparent unreliable cowardice.

Then we get into kikes and their love of historic name fuckery. We won't call them Kikes of course... we'll just make 100 different associations to other Kikes who love to go nameless or use aliases on the internet to run amuck with their pervert penis mongering.

Oh what a time to be alive. You can literally see Jewish power melting away daily across multiple industries.

You do know Medium is a kike infested rat house, don't you. It's in the same club as Jezebel, Gizmodo and that other fagrag that was sued for 100 million and died embarrassingly.

When /pol/ meets /biz/ expect Temples to get burned down.

>>4457211
A photo speaks a thousand words.

>>4457211
>Is @Bitfinexed
>Claims he's not

Wow, within a few minutes of digging there are multi angles of attack here. What a fucking idiot. As if everyone behind him won't get exposed also. We know he's the loud mouth patsy. Holy fuck these kikes are desperate.

This ends with the death of Medium and a whole lot more.

>>4455634
>im a 6'8'' chef at wendy's with a 14'' dick and i make 50k a year AMA

>>4457565
>still sore he's an amerimutt

>>4455099
>mfw people don't know that banks work in similar way
You really think banks have the same amount of liquid assets as the amount of deposits?

>>4457565
Literally 3 Jews in this thread, including this faggot.

>>4457623
It's possible to withdraw $$ from a bank. No one has ever actually withdrawn fiat from Bitfinex.

And fractional reserve shit is a bit at odds with a currency that's meant to be pegged 1:1. It's not in the best interests of the cryptocurrency community for Bitfinex to play the Fed.

>>4457623
They understand completely. This is how the Jews wage war though. Through slander and lies. So many traders are going to be Red Pilled from this.

>>4455099
>On the Jews and Their Lies
Pick up a copy, it might save your portfolio.
https://www.goodreads.com/book/show/1110423.The_Jews_and_Their_Lies

>>4455634
untruthful and homosexual
also larp

>>4457792
Shhh these fools do not need to know this.

>>4457750
> No one has ever actually withdrawn fiat from Bitfinex

So how does bitfinex crash then? Bank runs happen when people withdraw more fiat from the bank then the bank has on reserve, but the claim is no one can withdraw fiat from bitfinex ... so how does bitfinex crash then if theres no way to withdraw fiat? Everyone sells their USDT for BTC, BTC goes up in value, USDT breaks the peg and goes down a lot. How does this break bitfinex? If they just completely remove USDT as a trading option, can't they still be a profitable exchange taking a fee from trades of all the other coin pairs? How does this hurt anyone who isnt holding USDT?

>>4457874
It hurts the whole crypto market, IFF it turns out that the injections of USDT actually were pumping BTC.

At the moment everyone treats USDT as worth 1 USD. If this price somehow crashes, there are going to be a lot of USDT bagholders.
Bitfinex will crash because no one will trust them anymore.

Bitfinex already got hacked and lost millions, couldn't repay customers. Which is part of why tether is a thing in the first place, easier to repay people with monopoly money that doesn't actually cost you anything.

>>4457597
>New Jersey is a jewish american princess
god that image is disgusting.
>>4457792
Im gonna carry that book around with me in public

The scam is super simple.
>Bitfinex creates Tether out of thin air
>Bitfinex buys cold hard Bitcoin on their own exchange (and generates fees in the process), Bitfinex owns BTC now
>Users of Bitfinex can't do anything with their fresh USDT besides....buy more Bitcoin/crypto
>Bitfinex doesn't owe anyone USDT. The terms of service say so.
>The only losers are the ones who get stuck bagholding USDT when the jig is up

The *smart* thing to do is to buy BTC with your USDT. Ironically, when USDT implodes, the price of BTC/USDT is going to be like $50k on Bitfinex and $5k USD/BTC on Coinbase/Gemini and you're going to act all confused.

>>4455116
Yes I want btc to die when there is a better alternative.
Retard boomer mentality that does not want change no matter what. Kys

>>4455183
>how
anon theyre just copying how countries use currency

>>4459457
DELET THIS

>>4459457
If people ever decide Tether is worthless, the value for Bitcoin and alts will skyrocket as people dump their Tether for the most outrageous Bitcoin prices.

Tether failing is a good thing for the crypto prices.

>>4455510
>Tethers represent less than half a fucking percent of the market cap, they're completely irrelevent.

You are fucking retarded, you realize that you can push the price of BTC to 10k with just 50 millions dollars right? You don't need 25 billions to do that, it's all about liquidity.

>>4455116
There should not be any concern with a bank run on an exchange because exchanges are not supposed to engage in fractional reserve banking.

>>4455634
>I'm a lawyer with a bachelor's in theoretical economics & quantitative finance and worked on Wall St. for 4 years
Which makes your LARP character everything Bitcoin was built to dismantle.

>>4457168
>kill the competition
Exchanges could just, you know... Not use USDT. You can't enter USDT exchanges with real USD anyway, so USDT is just there as a safety of mind for brainlets who can't function without fiat in their mind. Anyone who's on Polo or Bittrex is someone who already bought some bitcoins or ethers.

>>4460350
>being this stupid
The BTC/USDT prices will skyrocket. But the BTC/USD prices will plummet...