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28762328 No.28762328 [Reply] [Original]

Redpill me on Tether. I know it's controversial but that's all I know.

>> No.28762394

>>28762328
they're in legal trouble and you should find a different stablecoin until it's over

>> No.28762395

>>28762328
Just buy it and hold, diamond hands

>> No.28762469

>>28762395

OK, I also know it's a stablecoin that centralized.

>> No.28762475

The only thing you should know is you shouldn't hold Tether, if you want a stable coin then hold USDC.

>> No.28762495

$1000 EOY

>> No.28762538

>>28762328
Tether claims that each USDT is backed by $1 in its reserves. There is a big conspiracy that they aren't actually backed by anything and that Bitfinex strategically prints USDT out of thin air whenever the price of BTC is going down to prop it up. This would mean that the price of BTC is extremely manipulated by Bitfinex, and the fact that they're currently in legal trouble could be a ticking time bomb for the entire crypto industry.

>> No.28762587

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

>> No.28762676

>>28762538
It sounds like SLV in the stock market but the SEC and CFTC are eating crayons and cant do their job right for the manipulation to happen. As for tether, fuck it, if they can manipulate SLV then let tether be. If not, fuckin fix SLV first before trying to do regulations in the crypti space.

>> No.28762717

>>28762538

I don't understand how it manipulates bitcoin.

>> No.28763058

>>28762717
I think the idea is that every time Bitcoin is crashing in price, the company behind tether creates a large amount of USDT ($100 million+ usually) and uses it to buy BTC. Since such a large buy order is being placed this pushes the price of BTC up against all of the sell pressure. Meaning the price of BTC is being artificially raised against its true market value by a bunch of fraudsters who can print money out of thin air. IDK how much is true but it's the theory.

>> No.28763578

>>28762328
Nothingburger, just Chinese buying shit through that.
Shady? Sure, as fuck. Crash of BTC because of that? Nah.

>> No.28763771

>>28762328
FUD: https://archive.is/bBk4f
ANTIFUD: https://www.coindesk.com/questions-about-tether-just-wont-go-away-does-the-crypto-market-care
>“In particular in Asia where, you know, these are dollar-denominated markets, they have to use a shadow banking system to do it,” Allaire said. “You can’t connect a bank account in China to Binance or Huobi. So you have to do it through shadow banking and they do it through tether. And so it just represents the aggregate demand. Investors and users in Asia – it’s a huge, huge piece of it.”

>> No.28763829

>>28762328
I have this in my gaurda wallet and cant do shit with it. What do?

>> No.28765274

>>28763829
how does one million sound?

>> No.28766871

>>28765274
...in venezuelan pesos, kek.
>>28763771

>> No.28767234

>>28762717
>"We have 100% asset/fiat backing to print Tether"
>Print Tether
>Buy Bitcoin with Tether
>Value of Bitcoin increases
>Value of Tether increases
>"We have 100% asset/fiat backing to print Tether"
They wash out real money through exchange transaction fees. This is the largest money laundering scheme ever.

>> No.28767390

>>28763058
Well this, except they are now printing 1 Billion at a time. 1 BILLION. They printed 3 billion last week alone.

>> No.28767575

>>28767234
>>28767390
See >>28763771 ...feedback welcomed. Idea of shady af scheme that Chinese and others (Ir4n, ...) are byuing doesn't seem so far fetched to me.