/biz/ - Business & Finance

Their logo really does look like a nuke more and more each time I see it.

>1 Tether, which is worth $1, is currently trading at $1.08

Can someone please explain how this is possible?

>>5015864
They haven't printed more tether yet. 25-30 million incoming soon as per usual. Then someone will start arguing that's a good thing because it's backed by the dollar.
Shadiest shit in the history of crypto

>>5015908
Where does all the USD come from? Each Tether is backed by 1 USD.

>>5015927

No its not. Its a ponzi scheme. Its backed by nothing, it says so right in their terms of service.

>>5015823
isn't this supposed to be a dildo that fucks you dumb cunts in your stupid bumholes?

>>5015980

Nah it just fucks the pajeets who believe its backed by the dollar.

Can you believe its December and people still believe that shit?

>>5015927
What happens if everyone sells their Tether? Do you think everyone would get their money?
What if only half sell? A quarter?
This shit is a time bomb.

Again, it'd need to be about 20x its current $800m market cap to be comparable to subprime mortgages.

Going by historical printing rates, that means we've got another 9 months.

>>5016014
ive read that the printing is somehow causing btc to pump not sure how though

>>5015823
it looks like a "T" shoved inside an asshole, to me...

>>5015811

Still feel safer holding this grenade than BTC right now.

I refuse to believe all their volume is still real after the withdrawal and account balance incident over several days as well as it being well known among the cryptorich that they could get raided by authorities or exit scam at any time.

>>5016033
>1) print tethers
>2) buy BTC with tethers, raising demand
>3) price goes boom
come on, anon. It's not rocket science. Oh wait... it totally is, pic. related.

>>5016033

BTC rallies, price of Tether goes down.

BTC falls, price of Tether goes up.

Can't have it be worth more than $1, so they print more tethers.

This adds new fake money to the market which is used to buy BTC. BTC starts going up again when it wanted to correct.

Price of Tether goes down to $1 again.

Rinse and repeat over and over again since April and you get this. Every margin trade gets a few % gains risk free by using Tether. BTC holders get to hold ever inflated BTC. And Bitfinex gets to keep their ponzi scheme running....

Right up until the point the whole thing explodes and we go back to May prices for everything... if we're lucky.

>>5016033
They trade the USDT for BTC. Other people think USDT = USD, so it pumps up the USD/BTC trade.

Like if you straight up printed counterfeit money and bought stocks/bonds with it. Or real money.

Hey, wait a minute...

>>5016033
>Own Exchange
>Create coin that suppose to resemble a dollar
>Create a shit ton of that coin
>Trade it for Bitcoin
>Bitcoin goes up
>Tether goes above a dollar
>Print more Tether so goes back to a dollar
>Buy more bitcoin

>>5015908
it pisses me off that i'm sitting here in fiat not making money because of this fucking scam while every other oblivious retard is like "ooooh LTC is going up" and made tons of money FOMOing on a coin that went up because of an exit scam.

>>5016090
dude they do like 300% of their "market cap" in volume a day. it's all bullshit

>>5016090
>they could get raided by authorities
how the fuck did this not happen already? What are they waiting for?

>>5016122
>>5016122
>it pisses me off that i'm sitting here in fiat not making money because of this fucking scam while every other oblivious retard is like "ooooh LTC is going up" and made tons of money FOMOing on a coin that went up because of an exit scam.


You forgot to green text anon

Bitfinex offices will be raided any day now. Not IF but when.

>>5016387
What if they're paying off authorities with Bitcoin?

>>5016387
How do we know buttoned doesn’t just have 100mil to actually back it? They make money off fees, plenty if think. Audit when?

>>5016494
Bitfinex. Get it together autocorrrect, sorry

YES made 8% on my TETHER

>>5015927
>Each Tether is backed by 1 USD
Except they've never demonstrated proof of this and refuse to do an audit for over 2 years

>>5016113
>or real usd
you see, this is exactly the reason tether might never implode.
at least not until the usd does.
its running a ponzi on a ponzi, and if you call put one you call out the other

>>5016028
>we've got another 9 months
not sure why subprime mortgages are a good indication.

>>5016141
>>5016387
>>5016014
how long do you guys think?

>>5015959
JUST LIKE EVERY OTHER FUCKING CRYPTOCURRENCY!

>>5016028
ehh, but bitcoin and tether is at a different scale than subprime mortages and the US/global economy, so I'd say earlier

>>5016096
nice oc

>>5015811
>>5015823
>>5015864
>>5015908
>>5015927
>>5015959 <fag
>>5015980
>>5016001
>>5016014
>>5016028
>>5016033
>>5016050
>>5016072<fag
>>5016096
>>5016102
>>5016113
>>5016114
>>5016122
>>5016141
>>5016145


The power of crypto enables us to boycott. So boycott any exchange that uses tether. just cash out to bank or trade for diamonds in the rough like LINK.

Just fucking boycott the exchanges and i know there are many of them. If you want to buy more crypto then do it now and then boycott. Dry them up so they make their move. Its time we time the blows by taking them head on and asap. Because dont forget that we can decide where our money goes and who gets a cut from facilitating trades

>>5019597
those niggers and you niggers think ahh fuck it Ill buy ripple ill buy thether and bcash and fuck it IOTA for 1$ SURE ILL JUST FLIP IT...


Well guess what?? you are asking for trouble when you take such an amazing and empowering oppurtunity to decentralize finance and voting and the rest of societal infrastructure.

Do not lead in to temptation
but deliver us from evil
We must deliver ourselves from evil. God leaves it up to us to use our free will to either help or hurt eachother. We have two things gifted by our creator whatever the fuck God is he gave us IMAGINATION AND FREE WILL.

I'm a noob and I genuinely don't understand what tether is and how it works. Can someone fill me in?

>>5019597
>>5019702
so this is what a schizophrenic episode looks like

>>5019735
>Can someone fill me in?

It's a currency that's supposed to be "tethered" to the dollar 1:1. They've printed some 900 million of them. Bitfinex shares management with the company, and they've sent >300million to Poloniex and over >200million to Bittrex.

The problem is that nobody knows if they actually have even a fraction of that money in actual dollars. They seem to just print them at random, to make the market move up.

>>5019902
Basically this means the $300 Billion market cap crypto currencies are being manipulated by 1Billion Tether?

>>5016014
>What happens if everyone sells their Tether?
Whatt would likely happen is a pump in btc and other cryptos exchangeable for USD (ltc, eth,...). Just think about it, people can't dump their usdt for usd, so they will dump to buy btc, driving the price up.

>>5020191
>Basically this means the $300 Billion market cap crypto currencies are being manipulated by 1Billion Tether?

Obviously not all 300 billion dollars of bitcoin is in play at every point. On a 2 billion dollar total volume day (like happened at bitfinex on dec 5th), 25 million "dollars" might be enough to manipulate the market. That's also assuming zero wash trading.

>>5016122
samefag, it hurts but my future is bright because of my CS degree, we'll have to wait for this storm to be over

How is this not pure fraud?
>Prints Tether whenever BTC goes up to sustain the $1 value
>Uses the newly printed digital asset to buy BTC or any other digital asset with the USDT market

Unlimited money, rinse and repeat?

>>5015811
like a clock, eh?

>>5020379
Yeah, too bad that I haven't thought of that a few years ago

>>5020429
Where's the proof of concept that $1 USDT is backed by $1 USD?
>There isn't