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/biz/ - Business & Finance

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7131081 No.7131081 [Reply] [Original]

Help me understand this whole fiasco. So Tether claims to be backed my actual USD, but then over night print alot of USDT and use them to pump the price of bitcoin with that fake money and after the subpeona, bitcoin came crashing.
So all the while bitcoin was enjoying a bull run, it was mostly because tether? Is this correct? Its got to be sincr tether is owned by (((Friedman))

>> No.7131176

Self Bump

>> No.7131220

tether was subpoenad in early december, but mainstream news didnt report on it until today

probably some wallstreet whales wanted fud right now to drop the price for their buyin

tether might be a total scam though and it will be bad for the market

>> No.7131411

>>7131220
I guess the real question here would be; Is tether really backed by the USD? I mean, knowing thr US Goverment well, they would never agree to such a thing and if it turns out that they are not back by USD tethers collapse will lead to bitcoins collapse.

Tether feeds bitcoin, bitcoin feeds alt. This sucks man :(

>> No.7131452
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7131452

>>7131411
>Is tether really backed by the USD?

>> No.7132102

>>7131452
So we are essentially fucked then.

>> No.7132133

If Tether is a scam its creators are crooks. There is no reason why Tether's business model couldn't work in real life.

>> No.7132511

>>7132133
Not pajeet-teir scam if thats what you mean but they are jews and they are using some otherworldly trickery to give USDT value. As per usual before we can figure out the trick we'll most likely be drowning in leatherbags.

>> No.7132567
File: 5 KB, 419x249, 42.png [View same] [iqdb] [saucenao] [google]
7132567

>brint it

>> No.7132597

>>7131081
Tether is fractionally reserved like all banks.

They are using their fractional reserve nature to create USD derivative ie USDT to buy BTC to stop the market from collapsing.
When BTC goes up they probably sell a bit to reduce their USDT liabilities.

Basically they are using the fractional reserve system to boost crypto prices. Can't say I hate them.

>> No.7132619

>>7131081
tether cannot change the value of btc although it can increase the price. The only problem with that is people sell when the price is too far above the value. Tether wont do shit if it collapses

>> No.7132675

>>7132133
It's an experimental phase. Yes we need to point out these issues. But this is a necessary part of using crypto for mass adoption. We shouldn't discourage ideas. It was a cool idea.

>> No.7132815

>>7132619
>although it can increase the price
Isn't this all you really need though?
>be (((friedman)))
>wait for dip
>Print more tether as btc dips
>Pretend like people are moving $BTC into USDT and that gives them excuse to print more USDT
>time market perfectly with Jewish superpowers
>use spare USDT to buy and increase btc value
>Dump btc on bagholders lol
>Move gains from BTC to ETH for safety
>Eth price goes up
Fucking Based.

>> No.7133271
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7133271

>> No.7133327
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7133327

>>7131081

... now take a load of the idiots shouting "muh it would've been better if it stayed quiet"

bunch of dumb niggerfaggots

>> No.7133353

>>7131411
Nobody will ever know.

If they are not backed, the will never do an audit and you will never know the truth.

If they are backed, they will never do a full auditing process, because of the danger from getting you bank accounts frozen.

If they do frictional banking reserve, we will never know except a random tether run appears out of no where.

As easy as that.

>> No.7133424

>>7132815
Friedman LLP doesn't own tether you stupid cunt, Friedman was auditing tether