TETHER CRASH IMMINENT

[Anonymous No.4492317]

EVEN COREKEK THEYMOS CONFIRMING MARKET CRASH IS COMING CHECK R/BITCOIN

“BTW, the current situation strikes me as the kind of thing that a scam would do in response to a bank run. This is just wild speculation, but I can't help but imagine the following hypothetical scenario: Tether gets too many withdrawal requests, and they don't have the necessary money. So they themselves send this USDT and make this announcement as a delaying tactic. Now they have an excuse not to allow withdrawals.”

[Anonymous No.4492403]

“USDT is IMO probably monopoly money not actually backed by USD. If you think that USDT is backed by USD, then you're assuming:

1. Tether actually has the $600 million that they claim.
2. There are enough stupid people who were willing to send that USD to Tether even though Tether's legal terms don't require them to hold this money in reserve. Anyone who sends them USD is basically throwing it into a black hole as far as the legal terms are concerned.
3. There are enough people who are *able* to send that USD to Tether even though Tether's bank accounts were apparently all shut down.
4. Even if Tether actually was sent $600 million, you're assuming that they're actually keeping it in reserve even though their legal terms don't require it.

It's totally unbelievable to me, so I don't believe it.

Now, with that in mind, some speculate that USDT monopoly money is being printed out of thin air and then used to pump the BTC price. But I'm not so convinced about this second part, since only a few exchanges (Bitfinex and a handful of more minor ones) use/support USDT. If I had a trillion freshly-printed USDT, I could buy BTC until I wipe out the Bitfinex order book, but the people who sold me BTC couldn't take their money to GDAX or BitStamp or whatever because it's not real USD. Maybe these other exchanges would be somewhat affected just by seeing the ticker price increase on Bitfinex, but since real arbitrage wouldn't be possible, I think that the damage would be limited. So if USDT is ever finally *proven* to have fake reserves, such as in a bank run scenario, I'd expect some drop in BTC price, maybe 15-20%, but not an absolute disaster.”

THIS IS NOT A DRILL EXIT ALL MARKETS

[Anonymous No.4492500]

Holy shit, i’m out. Once they stop inflating the bitcoin price with tether its over.

[Anonymous No.4492542]

>>4492500
>I'm out

Confirmed as larper faggot. Come up with a new catchphrase.

[Anonymous No.4492549]

>>4492317
Bitfinex's new Polish bank for Euros?

Wow, these bank details will burn their business to the ground. That's why they couldn't admit to how their banking worked prior to this!
>IT WAS A SECRET SAUCE AND NOW ITS RUINED!
SWIFT: POLUPLPR

https://www.bankbps.pl/english

ITS SOME TINY ASS BANK IN POLAND FUCKING KEK

[Anonymous No.4492582]

>>4492549
nothing wrong with this

[Anonymous No.4492609]

The sooner MKR'S dai and the dgx coin are released, the better

[Anonymous No.4492612]

>>4492582
Yeah I don't see a problem either.
>>4492500
>Tether is a scam
>Quick dump your tether for BTC
>Can't sell back into tether
Yes, that should really tank the BTC price.

[Anonymous No.4492620]

>please let me buy a bitcoin dip

[Anonymous No.4492624]

>>4492582
Hi there, Pole here. It's basically some small shitty bank, not even a big player.

[Anonymous No.4492644]

yeah fuck that shit, pulled out into tether and comfy af

[Anonymous No.4492663]

>>4492612
HOW ABOUT SELL BTC AND CASH OUT TO FIAT NUMBNUTS?

[Anonymous No.4492705]

READY A ROOM AT THE HOTEL CALIFORNIA
ANY TIME OF YEAR
YOU CAN FIND IT HERE

[Anonymous No.4492713]

>>4492317
>CHECK R/BITCOIN
You have to go back.

[Anonymous No.4492731]

>>4492317
Just sold all my positions and put it all in LINK as a store of value since it looks to have bottomed out. Thanks OP

[Anonymous No.4492738]

LAST THING I REMEMBER I WAS RUNNING FOR THE DOOR
I HAD TO FIND THE PASSAGE BACK TO THE PLACE I WAS BEFORE
"RELAX" SAID THE NIGHT MAN
"WE ARE PROGRAMMED TO RECIEVE"
"YOU CAN CHECK OUT ANY TIME YOU LIKE
BUT YOU CAN NEVER LEAVE"

[Anonymous No.4492780]

>>4492403
$600 million is pocket change ,not enough to sway btc price in a big way

[Anonymous No.4492796]

Why the fuck would anyone use USDT! I use allocated gold, fully insured and audited by BDO international. Jump in and out of that shit all day long.

[Anonymous No.4492803]

>>4492663
>Cash out your Bitcoin to fiat because Tether got hacked.
Read that back, tell me that makes sense.

[Anonymous No.4492841]

>>4492612
Tether has created more buy pressure than actually exists for btc by wash trading, if tether goes to zero the entire btc trend will permanently adjust downward. The extent of which is unknown but the timing is particularly bad for btc considering the bch flippening situation

[Anonymous No.4492936]

>>4492803
Hacked got Tether, because fiat to Bitcoin. Your out cash.

The prophecy is hidden within!

[Anonymous No.4492975]

>>4492663
>>4492796
I think every time you make a trade on bittrex with $ you trade actual tether tokens which creates a demand for them. Bitfinex trades $ amounts in their database which can be withdrawn as tether which is different from you holding an actual tether token each time you trade for a dollar. The largest tether holder is bittrex.

[Anonymous No.4493011]

>>4492841
>bch flippening situation
Shill. I just needed to get that out of the way.
>Tether has created more buy pressure than actually exists for btc
People pay a dollar worth of crypto or fiat for 1 Tether, then they use their Tether to buy Bitcoin. Thats not fake pressure, its a work-around.
>wash trading
Is on entity selling to itself without paying fees? Its easy to call out wash trading when the price is going up, but it probably isn't. Even more so, if there is wash trading happening on the exchanges that support Tether, the fact that the prices haven't been heavily sold into (and when thy are, they are bough back up), means that its irrelevant. A bitcoin is worth what it will buy, people that sell things for bitcoin can instantly cash out. Those things together mean if bitcoin was worth more, it would actually be worth more. Its about psychology. Given that there are limited bitcoins, if nobody is selling under $8k then the price will be above $8k.
>if tether goes to zero the entire btc trend will permanently adjust downward
Permanently? Really? Just like the last 4 times? It might not rise as fast, but it could continue to rise if the demand is real. Check out Golix.com, Bitcoin is trading at $14k in Zinbabwe because of low supply and high demand.
>The extent of which is unknown
Fair enough.
>but the timing is particularly bad for btc
What about the money from Tether that was flowing into Bcash?

[Anonymous No.4493079]

>>4492780
Not totally accurate. If we're assuming that even a fraction of that was printed out of thin air and then used to wash trade, the amount of volume generated after a few bullish wash trades could have a huge impact on the price. Although the principle wasn't huge, the increase generated by baseless optimism (due to phony optimism) could be huge. That's why people say the price is build on sticks.

[Anonymous No.4493132]

LITTLE/NO RESERVE REQUIREMENT KEPT BY A COIN PRETENDING TO BE BACKED BY USD = FABRICATED MONEY MULTIPLIER EFFECT
Ie. at these levels, even if these chinks were keeping 5% reserves your still looking at x20 the market vaue in tethers being fradulently floated across the system

[Anonymous No.4493137]

>>4493011
>What about the money from Tether that was flowing into Bcash?
Funny how everyone thinks that IF a tether situation arrises it's only going to effect BTC.

[Anonymous No.4493157]

There's just one problem here... no one tries to exchange usdt for usd

[Anonymous No.4493162]

>>4493132

[Anonymous No.4493173]

>>4493011
>What about the money from Tether that was flowing into Bcash?
Fair point but people buying Bcash are already balls deep in crypto market and they are not exactly normies. They don't care if it's a scam, they already know how the crypto market is.