/biz/ - Business & Finance

Brace yourself biz, it was a bull trap!

>>7049140
Am I wrong in saying that Tether wasn't popular with the normies who bought BTC?

>>7049140
>>7049254
literally cant crash the market because to crash the market everyone would have to buy tether as most dont have access to usd.

this would only pump bitcoin as money comes out of tether and goes into bitcoin

also sage.

I see Australian shitposting never changes.

>msm using bitfinexd as an 'analyst'
Time to buy more soon I guess

>>7049328
Are you retarded? First of all everyone would SELL tether, not buy, if it were deemed worthless as a hedge.

Second, that would pump USDT, not USD. Everyone would flood out into Bitcoin at a massive loss and then immediately attempt to sell for USD at another massive loss.

Oh look

Another wave of paranoia just like we had months ago

holy fuck u cant cash out usdt. it doesnt fucking matter. move on with your lives. all these fucking news do is just create FUD. "waahh bitfinex exit scam waaahh" then dont fucking tether up, fuck.

You didn't buy BZC yet anon? Kek

>>7049140
I'm starting to think normies will just never fucking get it, brainlets don't need crypto, they're doing just fine living off welfare and wondering why they'll never 'make it', honestly, how close minded do you have to fucking be? These dense, pathetic little cunts.

>>7049328
>>7049535

Jesus christ can you really be this confused about how markets work?

Thank for this article just sold all my tethers for btc

>>7049643
Go ahead then and enlighten us you brainlet retard.

Or better yet, go back to plebbit.

I see the North Coreans are already here astroturfing this thread

>>7049781
>Coreans
kek

>>7049337
Frank Chung, the writer of these articles is usually at least 2 months behind on solid research and is notorious for his disdain of bitcoin.

>>7049828
This isn't about some gook or Bitcoin. This shit has been hanging over all of crypto since the beginning and we've all known it. Now the reaper is coming to collect those still left at the party.

>Tether dissolves its relationship with its audit agency
>hires the Madoff's, the fucking Madoffs to oversee their finances
>Tether drops to 93 cents on the dollar
Nobody is going to survive this.

>>7049990
Hey newfag, Tether was 90 cents last March. When Wells Fargo severed yies with them. This has hapoened before and it's literally nothing.

>>7050048
>fuggin newfigs ive been here since december xDDDDD
How much Lehman Bros stock do you hold?

>Aus
Of course it's the criminal Anglo scum fudding. Wish moot banned you all when he had the chance.

>>7049328
This would pump Bitcoin on USDT exchanges, temporarily.

After that, there'll be a massive run to the USD exchanges as everyone scrambles to sell at a lower price. Big crash will ensue.

>"BUT MUH INSIGNIFICANT TETHER MARKETCAP"
>"THE MARKET WILL RECOVER IN 2 DAYS"

Can't wait for the decemberfags to get absoluetly destroyed.

>>7050255
Additionally, most large exchanges will become insolvent and shut down. You'll see exchanges halting trading/withdrawals, and straight up exit scamming people.

Coinbase/GDAX will probably halt buying or selling and unconfirmed transactions will go through the roof. It's possible that miners might shut down too as operations immediately lose profitability. This would compound the already massive number of unconfirmed transactions and basically crypto as a whole would be fucked.

>>7050102
Bought Bear Stearns and Citibank after the crash, made thousands of percentage points of gain in a year by using leverage.

>>7050434
That exchange shutdown is my only big fear. I moved everything into fiat from ETH at the top of the pump yesterday, but I'm still fucking scared cause I,havent withdrawn yet.

lets me real here, if this drops to 8k somehow. People are going to buy the shit out of it. One ponzi coin won't stop it.

point out ONE time Australian "news" has moved the market even a little.

>>7050603
I think physical gold might be the only way to sell Bitcoin when it happens. I'm going to call Kitco/APMex tomorrow so I'm setup and ready when it happens.

hurr

a tether scam exposure would crash the market, the only question is what the recovery looks like

>>7049569
the article says that the whole market has been inflated though

>>7050767
I don't see much of a quick recovery when most/all of the exchanges and some of the large mining operations are forced to shut down or declare bankruptcy.

>>7050635
Haha this, and with various Fiat on ramps in the pipeline (omg tokens for sale at Thai 7/11's) if those tokens can be exchanged for btc and alts - I'll fly to fucking Bangkok and load up so I can buy the dip caused by tether failing.

News.com.au is ol rupie Murdoch fud, they're seriously UK tabloid standard.

>>7050829
What makes you say that most exchanges are dependent on Tether?

>>7050829
So basically only places like Coinbase come out surviving.

>>7050854
Go to CoinMarketCap, select "24h Volume" from the drop down, observe the coin holding the #3 spot in total trade volume among all exchanges and the exchanges that participate in its existence.

>>7050829
why do exchanges go bankrupt? why do miners go bankrupt?

>>7049140
kek, good info on this discord, join here if you're not a faggot

VeYzgNq

>>7050861
I don't even know about Coinbase, since a lot of their holdings are in BTC and ETH + nobody knows the state of their finances or debt obligations. If they start losing money when people try to cash out, they could close their doors as well.

Remember that the 2008 financial crash caused even legitimate (Coinbase is questionable at best) businesses to fail.

>>7050954
Bitfinex obviously goes bankrupt because they're behind the tether scam. Their execs all get sentenced to decades in prison after an SEC violation.

Companies like Bittrex/Binance/OKEx/Poloniex/etc ... would be hit next because they are heavily invested in and backed by Tether. A crash would cause them to lose solvency.

>>7051031
Even if Tether chugs on for another year, it's still crazy how interconnected everything is in crypto. A 10% pump or dip in Bitcoin completely disrupts every alt. A legitimate panic, which IMO hasn't happened in 2017 would scare away many newcoiners. I know Mt. Gox definitely scared me off for a year.

>>7051120
>>7050954
Oh and miners go bankrupt, because Bitcoin crashes to shit after all the exchanges close and there's a run on Coinbase. Bitcoin would no longer be profitable to mine and operations would no longer be able to pay back loans or support hardware costs.

>>7051120
what about kraken

Bitconnect had a market cap of 2.5 billion dollars
Yet, when it crashed the effect on the market was marginal

>>7051120
what do you mean they are invested in tether though? why is tether more important to the solvency of somewhere like poloniex vs any other listed coin?

>>7049140
The media is signaling that big financial institutions are going to go after Tether soon.

3 million koreans accounts already registered
3 MILLION ASSHOLES!
bull run in 2 days
FUCK ALL YOUR FUD
Korea will bail bitfinex out

>>7051204
I agree that at the current difficulty bitcoin would no longer be profitable to mine, are you implying miners would not be able to push through to the next difficulty adjust?

>>7051204
Isn't that why miners hedge with short positions?

>>7051262
Bitonnect was a speculative ponzi, it was not an instrument specifically for the purpose of crypto liquidity. Again people like you completely fail to understand Tether's significance. Its trade volume far exceeds every altcoin that exists currently.

Just yesterday when Bitcoin had a tiny pump, people were quoting USDT prices which were 5 to 10% higher than USD prices. The amount of hubris in crypto trading right now is hilarious.

>>7051368

go ahead
all eyes on you.
pontificate for our edification

>>7051428
Nah, it's just FUD. Ignore my post. You seem to know what's going on.

>>7051413
Obviously. Tethering is basically a bet that bitcoin will go down.

>>7051241
Kraken too. The base of crypto is built on sand.

>>7051278
It's important, because exchanges are legally obliged to not sell scams and they'd be sued into the ground otherwise. Additionally, most exchanges are personally invested in Tether. The exchanges hold their own money in it, and they'll be losing money when people cash out of Tether into cryptocurrencies.

So basically, all exchanges lose money while simultaneously losing customers who take their money off of exchanges. The end result is bankruptcy.

>>7051444

look man
if people demand transparency from one exchange then they should be expecting the same level of transparency from all the other exchanges . if USDT is going to create a liquidity crisis then you're looking at it from the wrong angle. it is the fiat exchanges that will lead to a liquidity crisis if they can't cover a run

Tether seriously was 90 cents last March/April though. You can even see the giant fall in its chart on coinmarketcap.com.

>>7049140
bitfinexd is playing with fire

>>7051315
It's possible since I'd anticipate the crash to happen quickly.

Even when the difficulty would adjust though, there's no money to be made. Loans on equipment, office space, and marketing can't be payed back, and even those without loans will still have to pay operating costs which they can't recoup from the now dead crypto market.

>>7049557
>wave of paranoia
>tether Co. says we'll give you an audit relax
>months pass
>audit company ditches them
>"getting an audit is too hard at this time, but the reserves are there" says a bitfinex whale

>>7051666
probably is too hard
how many crypto related arenas do you think the jews at friedman co have audited?

>>7051515
tether company is owned by the same people who own bitfinex

they tried to hide that fact until the paradise papers came out.

the biggest buyers of tethers is bitfinex.

>>7049781

>North Coreans

>>7049140
Honestly decentralized exchanges couldn't come soon enough

>>7051713
>probably too hard
>no one is able to see the reserves

>>7049140
Just sold everything at a slight loss. Feels bad but at least I won't end up losing everything.
Serves the racists on this board right that they'll lose all their money on this ponzy scheme.
I mean just look at h3h3's video about bitcoin connect. This is a SCAM people, and you're all suckers.

I'm too dumb to understand how this would rash anything

Fucking kill yourself mate.
Posting News.com.au as actual news. KEKKEKEKEKEKEKEKEEKEKEKEKEKEKEKEKEKEKEKEK

Why don't more of these people paranoid over Tether speak with their money and short?

>>7051713
You can't audit a company that deals in cryptos, you only have experience with widget accounting practices.

>>7050738
every rally you see in that photo after 2015 was thanks to tether printing. You can look at omni explorer and see and compare yourself.
https://omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

>>7049140

So why do they think it's a scam anyway? I guess I'm just a brainlet who doesn't get it. I mean okay, some exchange allegedly made it, and? What?

>>7051879
This is the kind of post that makes people stop responding.

>>7051120
I think Binance might be the most solvent of those and it's a chink exchange.

>>7051739
The fact was never ever hidden
Ifinex is ifinex
Bitfinex sees more volume than all other exchanges using usdt AND lends millions a day for margin trading, of course they receive the largest amount of issued tokens

Does Bitfinex just simply not have 2.2 billion dollars?

How much money do exchanges make anyway?

>>7051484
i don't understand why an exchange would be floating its revenue on a 1:1 meme currency rather than exchanging it for valuable fiat currency, do you have any source for this?

>>7051991
i don't see why they need 2.2 billion dollars, they need however much USD is in user accounts, not the market cap of a token.

>>7051991
Millions per day

A lot of the coins they make in fees are put back through the order books as well (wash trading). So they make fees on their own trades and create volume at the same time.

>>7052123
This is true isn't it?

The only way tether could fail is if people lose trust in it and dump. If the vast majority of tether is in the pockets of bitfinex, they'd only have to cover a fraction of the market cap... r-right?

>>7052607
Or people kick up so much of a storm pretending to be internet sleuths that governments step in and deem tether illegal for reasons unrelated to the solvency of it.

>>7049828
He's a Fucking retard. Japanese housewives are more crypto literate than him, he's like people who think "the internet" and "Facebook" are equivalent terms

>>7052856
>people kick up so much of a storm pretending to be internet sleuths that governments step
This seems like the real danger desu.

>>7049828
>>7049140

http://www.news.com.au/finance/money/investing/fees-fomo-and-fine-print-i-bought-300-worth-of-bitcoin-and-immediately-regretted-it/news-story/1f8c284441db52bf609383b362eaa2be

If you read this, it becomes very clear how clueless he is

>>7051319
You can't short on most non-usdt exchanges AFAIK. They can short, but on Bitfinex lel