/biz/ - Business & Finance

Paste link please

http://archive.is/lTFxh
Archive you fegwits

>>4677747
OP not so good at making posts. Here you go:

https://medium.com/@bradfrankel16/why-a-tether-audit-would-ruin-bitcoin-96da091cc154

Here's a bonus on Bitfinex flash crashes today:

https://medium.com/crypto-punks/how-we-lost-90-of-crypto-investments-in-a-few-hours-64fdf1fd5ea1

>>4677822
http://archive.is/Slyzc
A R C H I V E

What do you guys do when you expect the market to turn downwards?
Flee into USD = expensive, not that easy, taxable event
Flee into Tether = scary as fuck. Shit's gonna explode during the next real downturn

One key point that many people are missing is that tethers, once created, stay in the system FOREVER.

They are supposed to be burned / destroyed as users redeem them for real USD (outlined in their own whitepaper), but has never actually even been done throughout its existence.

Tethers keep getting passed around to new holders who hold this live grenade until they manage to pass it to someone else.

Eventually the circulation gets so big that the entire crypto market cap will be supported by these junk tokens instead of fresh investments of real money.

>>4677822
>Bitfinex flash crashes today
Reminds me of pic related

http://archive.is/aKILq

>>4677908
Ah, I was wondering how it was known that Tethers have never been redeemed.

I mean, besides the fact that the US banking system cut off all of Bitfinex and Tethers banks.

A hypothetical to think about: What if Tethers really ARE backed by over $700 million USD? No investor or fund would do it. But there is one other player with a huge, trillion dollar pile of USD.

(The Chinese government.)

Paste link of video please that made it crash when did that happen

When did Tether stop accepting bank transfers (deposits and withdrawals)?

>>4677988
it could be cia or kgb as well for all we know

>>4678035
From the horse's mouth:
https://tether.to/announcement/

> " Since April 18, 2017, all incoming international wires to Tether have been blocked and refused by our Taiwanese banks. As such, we do not expect the supply of tethers to increase substantially until these constraints have been lifted. "

>we do not expect the supply of tethers to increase substantially
>we do not expect the supply of tethers to increase substantially
>we do not expect the supply of tethers to increase substantially
>we do not expect the supply of tethers to increase substantially

>>4678060
The goal of all this must be to destroy Crypto. Quite a smart way to do it actually, it looked unstoppable for a while

>>4678035
April 18th 2017.

https://tether.to/announcement/
http://archive.is/6DDZS

>>4678075

> incoming international wires to Tether have been blocked
They have that shitty poland bank now.
commence the tethering.

>>4677915
https://medium.com/@bitfinexed/fake-it-till-you-make-it-when-bitfinex-themselves-used-to-spoof-their-entire-orderbook-18294585338

>>4678141
If their pollock bank "solution" was kosher they'd be screaming this news from the high heavens already.

What I'm wondering, who in the known has an incentive to stop the fraud? It is basically free money if you manage to get your funds out of finex, and help to lure more normies into finex. Win - Win - lose, which is acceptable if you are not the sucker

this is scary shit

>>4678583
>if you manage to get your funds out of finex
Yes, it’s a matter of can you get out before it collapses. (Don’t expect to see any of the Bitcoin you hold on Bfx ever again, when it vanishes.) Until then, it’s very profitable.

>>4679047
>Until then, it’s very profitable.
Guess we reached the then with every crypto dripping like a stone. Glad I learned from gox and never kept coins for more then a day in an exchange and have a sweet method to cash out.

To all the hodler, stay strong

>>4679349
sweet method? pls share with fellow anons

>>4679349
>Guess we reached the then with every crypto dripping like a stone.
Hard to tell. Might as well be an engineered dip to liquidate longs and such, with the obligatory rebound after -40%.

>>4679371
A bunch of smaller exchanges exclusively for Hitlers. Are you a Hitler? If no, try prayers

>>4678001
Look up the offchain podcast that was 24 hrs ago and skip to 9:30

>>4679349
>agreed with fraud
>told people to hold
fucking disgusting

>>4679460
might be, so we will see the obligatory dead cat bouncing, some sideway till the normie press catches up on the real reason for the volatility and then a loooong bear market.

Probably some opportunities to make money, but personally I'm out till this shitshow is cleared. Maybe as I have no incentive to keep the fraud up anymore, I'll write the articles myself and offer them to msm

>>4679539
welcome to crypto. A market diguised as ideological fuelled by greed, disinformation and memes. Don't hate the player, hate the game

>>4679465
Are you talking about Bitpanda by any chance? I was wondering how liquid they are and if they actually have Einlagensicherung for money in the Euro wallet and such.

>>4679539
Crypto will survive and be stronger than ever, a few years down the line. You could’ve hold through Gox and still come out with a nice profit if you held until now -- even without the whole Tether thing, I believe, price’d be well above 2k now.

>>4679567
come at me bro

>>4679567
Funny you say that. It's the main reason I ignored it in 2013. Reminded me of seo.

It's about time BTC was kicked to the curb. lmao at retards thinking this pump was the slightest bit natural.

>>4679646
Panda is one of them, but I prefer coinfinity.co, goof people behind it. bitcoin.de is also nice and never fucked me over. Honest traders on there what is rare for the market. About Einlagensicherung I'm not sure, but Austria is pretty hardcore in that regard.
>>4679658
If you are early enough you can make mad profits. Bear markets in crypto are also not that bad. Bit risky but if you know what you are doing great for swing trading and the bots respect TA

Can someone post even nominal rebuttals to this stuff? You don't have to believe them, but what are the arguments against them?

>>4679868
The best I can come up with is that although USDT are created without backing, all the arbitraging and price manipulation bring in enough USD to actually back the USDT after the fact. And those USD are then actually locked up.

A strong believer in Bitcoin could do such a thing, believing he "does good" by driving up the Bitcoin price, because in his mind 1 BTC is worth a million dollars in any case, and he wants the world to see.

In that case he might even turn out to be right, i.e. price stays at high levels even when he eventually stops running his scheme.
After all, he would be able to do the same if banks granted him very large dollar credits. Only no bank would currently do that, as it would be far too risky.

>>4679989
So it's like taking out a massive loan against something you are pretending to have, and then using the loan to actually buy the thing you pretended to have. This would only work with rising prices, of course—is that why we saw them liquidate margins yesterday? Without BTC rising, and the need to pay for the printed tethers, it would be one way to make a cash grab—take it from their customers.

If the market continues to go down, they could either stop printing Tethers or find other ways to pay for them as people stop placing margin positions with them.

>>4680091
The thing is that of course they are in no way obliged to actually have backing for the USDT.
While a benevolent fraudster would be looking to have the Tethers backed eventually, taking them from honest traders does not line up with the rest of his motivations.

And in any case all the crypto on BFX does effectively belong to an evil fraudster already. He can just exit scam. No need to make it look "legit" really.

My take on what happened yesterday is:
1 - BFX just has terrible code, since running an honest, working exchange is not the main priority (this explanation works for both kinds of fraudsters running the scheme)
2 - A number of orders on BFX are actually copied from other exchanges, see here >>4678159