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/biz/ - Business & Finance

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26011337 No.26011337 [Reply] [Original]

ANONS
FUCKING DO IT
I WANT TO SAVE BIZ ALL YOU HAVE TO DO IS ABSTAIN FOR A SINGLE DAY
READ THIS!!!!

>> No.26011409

>>26011337
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

>> No.26011432

>>26011337
Here the whole article:
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

Obviously jewtubers will ignore or tell you everything is fine but fact is, they're right now cashing out while telling you that everything is fine and you can not do anything besides cashing out before them!

>> No.26011506

What do I even cash out into anon

>> No.26011553

>>26011409
this is the sauce

>> No.26011583

>>26011506
USDC or transfer to another wallet and withdraw to your card

>> No.26011614
File: 6 KB, 250x248, 148EE254-08D9-4A0E-BC64-900C5C531874.jpg [View same] [iqdb] [saucenao] [google]
26011614

>>26011337
>>26011409
>>26011432
Bitcoin maxis can’t read you retards

>> No.26011640

>>26011337
tether has admitted they are partially backed by non dollars, in this case BTC they ape'd into around 9k I believe. rather ironically, using BTC to back tethers may have resulted in over-backing ie they were fully backed at 20k but had more assets than liabilities when BTC hit 30k. perhaps the printing is "catching up" the liabilities side.

>> No.26011685

>>26011337
The CEO of Stripe called Tether "The biggest scam since Bernie Madoff"

>> No.26011692

>>26011640
how is that a viable way of conducting business though?
what if bitcoin goes down? if you seek to be backed 1:1 you don't fuck around seeking profits and stuff

>> No.26011754

>>26011685
sauce pls

>> No.26011804

>>26011692
it's not a viable way of doing business, it's a money scheme. and it's becoming unearthed now.

>> No.26011834

>>26011685
sauce

>> No.26011840

>>26011640
it's not a viable way of conducting business. it is misleading to purport that you are backed by dollars when you are in fact backed by a basket of assets, some of which are highly speculative. it does make sense in a roundabout way as a short of the USD, which macroeconimically is the only smart play due to the feds bullshit.

>> No.26011868

>>26011640
Also the bank where they supposedly store their 25Bn - more than 5x the amount of money in the entire Bahamas banking system - declared that they in turninvest their reserves in BTC. It's shit all the way down.

>> No.26011884

>>26011840
meant for>>26011692
oops

>> No.26011895

>>26011409

tl;dr
in two words please

>> No.26011898

>>26011754
>>26011834
Here:

https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

He's worth $3B and knows his shit

>> No.26011956

>>26011337
I'm not even going to look at your stupid meme image. We are finally returning to normal and we will be well on our way passed 42k this time next week.

>> No.26012016

This proves nothing. It is foreign currency only that is reported .Maybe the inflow of money came from people that hold Bahamas citizenship? /s

>> No.26012153

>>26011583
This is what is so stupid about your argument.... you can literally turn USDT into USDC. So if tether is tainted, so is the entire crypto market including all other stable coins.

>> No.26012286

>>26011640
That is a viable way to conduct business.
Just look at gold futures contracts. They sell and buy gold without having one single piece of it in storage, or not having enough to cover all clients.
Fact is, 90% of speculators dont want the asset delivered to their hands, they only speculate with it, and that is what tether is doing now. Its acting like gold futures, except now its the dollar instead of gold. These speculators dont want the dollar, they want bitcoin, and use tether to short it and buy back at lower prices. If anything, removal of tether would get rid of at least half of bears in this market, but tether's position would be filled by dai in a short time.

>> No.26012367

>>26011895
Sell now

>> No.26012406

>>26012153
USDC is backed by the dollar retard it can't "lose value" or "crash" like bitcoin can
it's pegged 1:1 with the dollar
if you change $5000 to USDC it's literally $5000 despite what happens to Bitcoin
Your problem next is the exchange you hold the USDC on, if it's exposed to tether and might have issues with that, ex Binance so in that case either transfer to an exchange that's not using tether (coinbase for example) or to a wallet and withdraw to your bank

>> No.26012466

>>26011640
>take dollars for tether
>tethers get spent on btc
>tether spends its dollars on btc
>btc moons so boomers come in and put in more dollars
>tether prints more tethers backed by btc
>tethers go for more dollars which tether spends on btc
>repeat at infinitum
I can't tell if this is genius or retarded, they've basically been larping being the Fed

>> No.26012470

>>26011898
Hes probably short BTC and shitting bricks

>> No.26012534

how fast will things come tumbling down? I predict at least another month of cope and delusion

>> No.26012594

Best solution for those holding tether right now, in case there is a liquidation of Ifinex, is to use it to buy bitcoin. Tether is backed by dollars, bitcoin is backed by electricity and a strong foundation. Buy bitcoin now with your tethers and get out of the sinking ship.

>> No.26012895 [DELETED] 

>>26012594
Should I dump all my link to usdc right now?
We will crash if that comes out.

>> No.26013126

>>26011409
>I took a bunch of twitter memes at face value and decided to write an article about how naive I am.
>Did Tether issuance actually correlate with the price of Bitcoin? A glance at the charts gave me a clear affirmative answer:
>A glance.
>Me: *Gasps audibly*
Thanks for clearing everything up.

>> No.26013843

>>26011895
Sell now.

>> No.26014071

>>26012895
The only thing crashing here will be tether. If anything, bitcoin price might go up, because if they dont have dollars to back it, their clients will have to go back to crypto.

>> No.26014761

>>26014071
That is what the institutions will do, however retail buyers will make a run on the exchanges.

Tie this in with the fifth week coming to a close, a double top, major media attention, crash imminent. Perfect storm.