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/biz/ - Business & Finance

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File: 3 KB, 300x168, tetherscam.png [View same] [iqdb] [saucenao] [google]
6572864 No.6572864 [Reply] [Original]

What the fuck is tether? It seems to just be made up bullshit funbux that is artificially inflating the market and it's literally backed by nothing and the price of it isn't allowed to change.

Can we just cool it with the Tether thing? I have a feeling Tether is either going to crash the market entirely or get the government to shut the whole thing down.

Now how do we go about eradicating Tether?

>> No.6572923

tether is awesome, i got to be /comfy/ and laugh at pink wojaks through the crashening

don't be mad you held and lost your lunch money

>> No.6572937

Tether is literally a ticking time bomb. is there any proof that it's actually backed by USD?

>> No.6572985

>>6572923
Yeah that's another reason Tether is a problem, you can't have everyone piling into a coin with seemingly unlimited supply and a price that isn't allowed to change. What happens when everyone goes into Tether during every crash? This shit is getting goofy. Tether is not a real thing.

>> No.6573092

>>6572985
fiat is not a real thing and is backed by nothing.

it's no different from parking USD at coinbase. if you think they'd have the money to cash out every user you're drinking some bad koolaide

>> No.6573150

>>6572937
it's not. it also doesn't matter since none of the sites that support tether let you cash out USD anyway.

>> No.6573337

People saying they are taking shelter in tether, how?
You cant buy/trade into tether on bittrex or binance? Where are u getting tether?

>> No.6573354
File: 703 KB, 736x865, 1515993932944.png [View same] [iqdb] [saucenao] [google]
6573354

>>6572864
its one of the ingredients for winning in the cryptomarket you dregg

cryptodealer.io/blogs/news/using-tether-to-realize-profits

>> No.6573396

>>6573337
You can get Tether on Binance if you trade it with BNB, Ether, LTC, NEO, BCC or BTC.

>> No.6573398

>>6573337
it's abbreviation is USDT. binance on bittrex both have it, and allow direct trading with SOME coins with it.
it's price locked at $1, so you can take shelter in it during huge crashes

>> No.6573419

When you fucking need tether it's gonna fail and you deserve to lose your money if that situation happens
Bitfinex is a joke

>> No.6573462

>>6572864
What's the difference between Tether (USDT) and the real fiat (USD)

Both are unlimited and everyone is scared tether will implode once. This whole story makes no sense. You can just print infinite money in the real world, so let them print infinite money in the crypto world. As easy as that.

>> No.6573469

1,2,3, say it with me, the investment grade of all cryptocurrency is worst than buying african junk bonds.

>> No.6573491

>>6573398
Nearly every exchange got USDT trading pairs. Binance, huobi, hitbtc, all the fucking chink exchanges.

>> No.6573506

>>6573396
Thought when buying btc to usdt was the same as owning btc. Maybe im fucking retarded

>> No.6573512

>>6573092

try to pay your rent in tether dumbshit

>> No.6573565

>>6573512
Because people accept USD for the rent and not USDT makes the unlimited supply of USD legit and the unlimited supply of USDT not? Okok. Sorry sirs with PHD, so sorry.

>> No.6573564

>>6573092
>And is backed by nothing

Give me all of your currency please it's backed by nothing anyway. You can have all of my imaginary internet IOUs.

>> No.6573609

>>6572923
this, I wish I screencapped all the shitposts directed at me when I first read the bloomberg article and told everyome to tether up.
>>6572985
it hit $1.04
so they printed more
if it hits $0.96 they will start buying back. Not fucking rocket science anon. they arent targeting free capital flow or sovereign monetary policy so it is A okay.

>> No.6573637

>>6573462
Dollars are backed by the monopoly on violence via the state

>> No.6573650

>>6573565

you're having a philosophical argument, I'm illustrating consensus reality. can't pay your student loan in tether, can't buy groceries, can't pay health insurance.

>> No.6573665

>>6573565
there is not an unlimited supply of USD you moron.

>> No.6573722
File: 702 KB, 1500x1125, Jackson-Portrait.jpg [View same] [iqdb] [saucenao] [google]
6573722

>>6572864
It's the FED of the cryptoworld

>> No.6573740

>>6572864
Tether is literally going to be mt gox 2.0
If you don't make it and cash out this year its over

>> No.6573750

>>6573565
>Because people accept USD for the rent and not USDT makes the unlimited supply of USD legit and the unlimited supply of USDT not?
yes actually
neither is legit
but one can pay rent and the other can't
what else matters?

>> No.6573780

>>6572985
Should mention Cuba does something similar with a tourist currency and USD. it's not their main local currency so it frees them up a bit from market pressure against it. likewise with tether. It's not the main crypto, people use BTC, Eth etc so it doesn't have to worry about market value fucking them.

>> No.6573783

>>6573609
Is this the ultimate moneymaking scheme? buy tether at 0.96 and sell at 1.04 ad infinitum?

>> No.6573794

>>6573462
Are you fucking retarded? That was the whole reason Satoshi invented crypto was because of the end game of every single fiat in existence. The government decides to print unlimited amounts and it becomes a long walk to hyperinflation but when it finally breaks that point, it comes crashes down harder than anything.

>> No.6573822

>>6572864
When Jibrel network releases jCash we'll all be good. Shit is gonna be audited by PWC.

>> No.6573830

>>6573665
Ok sirs. sorry. That was new for me.

>> No.6573909

>>6572864
Ahh it seems Like you want to make more Money but smart people wenn Out with tether so you can't steal from them anymore

>> No.6573940

>>6573794
I dont think Satoshi was that stupid.
for one thing the government doesnt print money outside of 3rd world shitholes. We have central banks.
For another 1-2% inflation and bang on targeting is not enough to push velocity to a point of hyperinflation in any worst case scenario. Not even close.

>> No.6574064

>>6573462

I can't tell if you people are baiting or you really think you're being clever. Like somebody else said, try to pay your rent in Tether. Tether is backed by USD, USD is backed by force of the state. You need to pay the government in USD. Even for crypto to crypto capital gains, you have to pay the government in USD. People have property taxes in USD. To employ people, you have to pay taxes to the government in USD. All of these things create inherent demand for the currency, because if you try to not do any of these things you could be fined for even more USD, or go to jail. None of that applies to Tether. Much like Tether, bank accounts have no limits on their creation. Chase could create a trillion IOUs in bank deposits instantly. The only reason they don't, is because the demand for the IOUs is tied to their liquidity in dollars. The banks have the benefit that they only have to hold a fraction of reserves to bank deposits. Tether claims to be full reserve, because they want confidence in their product.

>> No.6574105

>>6574064
>full reserve
sauce?
How do they fucking make money then?

>> No.6574149

>>6573462
do people use tether so they can avoid a taxable event?

>> No.6574170

>>6574105
>How do they fucking make money then?

By large-scale fraud, probably.

Or they're true believers in cryptocurrency who don't care a whit about making money, they're just doing a public service for libertarians.

>> No.6574220

>>6574170
I unironically trust them less now then I did when I assumed they were fractional reserve. But I still need sauce because that would be enough FUD for most desu.

>> No.6574278

>>6574149
If you cash out you have to pay taxes. That's for sure. Every tradeable even is in a lot of countries a taxable event too, but that's another story.

Tether is used for hedging and avoiding taxes. If you are always cashing out your 6 / 7 digits on your bank account, guess what your bank will do.

>> No.6574283

>>6574220

says this on the front page of their website

"Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD."

>> No.6574356

>>6574283
Heh. I read more ambiguous statements. Im not sure thats even what they mean. Either way /biz/ is retarded they always try to FUD it the other way.

>> No.6574369

Tether was invented to crash the crypto market. Anyone who supports it is literally retarded.
>hurr durr let's just say that this is equal to $1 no matter what
>that way everyone can just buy tether during a dip or crash and nobody has to lose money!
>aren't we so smart
>why didn't anybody else think of creating something that doesn't ever gain or lose value?

>> No.6574400

>>6574369

>Tether was invented to crash the crypto marke

That absolute state of /biz/

>> No.6574436

>>6574400
You're one of those 'USDT isn't real' 'you can't arrest me' retards, so your opinion is null.

>> No.6574442

>>6574369
Why would they have to create anything to crash something that was on its merry way to a crash?

>> No.6574532

>>6574369
evwr heard of Bretton woods? fixed exchange rates used to be a common thing not hard if you have discipline.

>> No.6574606

>>6572864
Tether is how rich people avoid paying taxes.

You poor. Not for you.

>> No.6574612

>>6574369
But how do they change it back to crypto when the underlying prices in crypto are so volatile? foreign banks pump cash into their exchange rates to do the same thing

>> No.6574707
File: 171 KB, 2149x2667, 1515034225267.png [View same] [iqdb] [saucenao] [google]
6574707

There is no incentive for people to ever cash out their tether (even though they can't, the supply has never gone down and there is no burn address). Big exchanges cash in with USDT and cash out with USD, leaving a shadow behind.

>> No.6574768

>>6573565
its not unlimited unless Wiemar republic apocalypse collapse happens. also I cant stand the fiat currency meme the us dollar is backed by the strongest army in the world and nukes and trump.

>> No.6574799
File: 5 KB, 200x80, bitCNY-logo.png [View same] [iqdb] [saucenao] [google]
6574799

>>6572864
>Market Pegged Assets (Smartcoins)

Decentralized smart contract collateral backed assets pegged to market value (of anything).

What this means is you can create an asset into circulation by locking up BTS in the smart contract as collateral. Amount required is always 1.75x value of the asset, effectively meaning that BTS market cap will always be AT LEAST 175% of total market cap of all MPA’s in circulation. This includes bitUSD, bitCNY, bitEUR, bitGOLD, and so on. bitAssets are automated and decentralized and always redeemable for the real market price. Simply, it works and it is not centralized scam like USDT.
The bitUSD is sendable and receivable just like any other blockchain asset.

In addition BTS token will appreciate in value as BTS circulating supply will decrease when the amount of MPA’s increases and more BTS is required as collateral.

The adoption has already gained momentum, see market cap of bitCNY and its recent growth https://coinmarketcap.com/currencies/bitcny/

Exchanges have already implemented this 2.0 improved version of tether(aex, zb). Expect others to follow soon.

>> No.6574852

>>6574799
when do you think we will see collateral in eth? id guess many years even if it ovetakes btc which it will, people will associate btc as currency.

>> No.6574908

>>6574532
I wonder why it's not used anymore.

>> No.6575254

>>6574908
because they would rather have free capital flow and sovereign Monterey policy. Plus its better generally to let it float, in terms of exports v.s. imports and letting the economy do what it needs to. Also because in some instances the cost of keeping it was so high they bailed. Basically what happend to UK floating against the mark after interest rate changes they made to accommodate east germany were too radical for UK to match and /ourguy/ Soros bet against them matching it.

>> No.6575329

>>6573512
try to pay your rent with your cuckbase balance.
oh, you have to convert it into another account? like tether? and it's still on an exchange that could close down with no notice?
sounds like you've got it all figured out

>> No.6575391

>>6573564
supply and demand is all that matters. but a valiant effort anon. less retarded than the other guy

>> No.6575438

>>6574400
If it were actually backed 1-to-1 and redeemable, it would be the exact same as just cashing back into USD. But it's probably not because the fags are probably lying.