The Tethering

[Anonymous No.6659150]

HOLY FUCK THEY ARE GOING TO PRINT MORE TETHER AREN'T THEY?

THIS IS COMPLETELY FUCKING UNBELIEVABLE, WHO THIS SCAM KEEP GOING LOL

[Anonymous No.6659241]

Still don't understand how this affects crypto in any way.

[Anonymous No.6659290]

>>6659150
yeah we know this because 20x posted the same shit right after it had been done
fuck off tether hater

[Anonymous No.6659300]

>>6659241
You’re literally retarded if you don’t understand how tether is the only thing keeping the ship afloat.

[Anonymous No.6659323]

>>6659150
they are printing more because the supply is low dumbass. People are literally moving all their money into tether and there isn't enough tether.

[Anonymous No.6659344]

>>6659241
It's inflationary, prices will go up.

Until bitfinex exits then everything will crash it's mt gox all over again

[Anonymous No.6659374]

The tether shilling during bull runs is pathetic.
Sorry you didn't bought the dip

[Anonymous No.6659377]

>>6659300
Just like how im a retard for not investing in LINK right? Linkies need to get off this board

[Anonymous No.6659457]

>>6659150
400 million in the last few days

They don't give a fuck anymore

If this piece of shit implodes it will have Mt Gox like implications, BTC back to 1k and a prolonged bear market

[Anonymous No.6659523]

>>6659457
People will realize how weak the gains will be without constant injections and the bear roaring will be terrifying.

[Anonymous No.6659555]

i really don't get how it's going to mt gox us

they're printing a shitload because a shitload of people are going into tether during low prices.

once it stabilizes people go back into other real cryptos and starts the bull run again

how dumb am i guys?

[Anonymous No.6659593]

>>6659241
>use tether to push up the price of BTC
>turns out that tether is LITERALLY imaginary money (as in, it's not even backed up by USD)
>price of BTC crashes
>whole market crashes because it was being help up by a lie
>Bitfinex founders leave with billions

[Anonymous No.6659604]

>>6659555
can't they exchange it for usd ? no idea how bitfinex woks

[Anonymous No.6659628]

>>6659555
What will happen to tether? will it be destroyed?

Nothing personnel kid but tether will be a fucking disaster.

[Anonymous No.6659642]

>>6659555
Bitfinex offers to buy your crypto at higher price than market value with USDT. This drives up market prices.

[Anonymous No.6659657]

do they burn tether during bull runs?

[Anonymous No.6659666]

>>6659241
then you don't understand crypto

[Anonymous No.6659699]

>>6659241
because BTC is traded thinly. if bitflinex is buying up all the BTC creating FALSE volume and proping up the price, thats all thats keeping it from tanking along with the market.

[Anonymous No.6659710]

>>6659657
You're expecting honor from thieves

[Anonymous No.6659772]

>>6659593
If Tether turns out to be monopoly money, people will want to exchange it for BTC or fiat, I still don't get how that would make Bitcoin crash.

[Anonymous No.6659797]

So if the market recovers and people begin to untether and buy btc and alts, whats going to happen to all this tether? Is bitfinex going to buy it all back for USD? Wtf is the exit plan.

[Anonymous No.6659826]

>>6659300
Then why are we complaining?

[Anonymous No.6659904]

>>6659797
The money never existed in the first place. They are wash trading it into the market to boost BTC. They literally reversed the China dump with a single huge green candle.

[Anonymous No.6659936]

>>6659699
Didn't know about bitflinex.
I'll have to read up on that.
Looks like typical Wall Street type fuckery.

[Anonymous No.6659950]

>>6659699

[Anonymous No.6659957]

>>6659772
Monopoly money upon monopoly money

What could go wrong

[Anonymous No.6659966]

>>6659826
They are complaining RIGHT NOW because they wanted another leg down and they are getting anxious about not happening. Same story during the china FUD.

[Anonymous No.6659998]

>>6659826
The moment tether bursts the entire market will crash as fast as bitconnect did during the exit scam

[Anonymous No.6660011]

>>6659904
this fud worked a year ago, but now? crypto has over $500b marketcap, bitfinex can easily put down 1.6b behind tether.

they make 80m in fees DAILY just from their trading site, also get 10 basis points (but minimum $20) PER withdrawal from tether

[Anonymous No.6660060]

>>6660011
and tether is putting in more money, because there's need for more and more in crypto, it's obviously pretty profitable being the only company that does this

[Anonymous No.6660063]

>>6659150
Do you think that banks hold all their deposits in cash anon? Obviously if everybody dumps their tether its gonna crash, exactly like a bank run

[Anonymous No.6660112]

>>6659826
>we
It's salty nocoiners or people who fled into fiat and missed the dip or wanted an even bigger dip to buy. You don't honestly believe anyone holding crypto complains about tether saving their ass? Nah, it's just THEM trying to spread massive FUD.

[Anonymous No.6660122]

>>6660063
tether is not a bank and they claim on their website that they always put down the USD behind each tether they don't own (has not been claimed for USD through their website).

they have been audited in 2017 march

[Anonymous No.6660146]

>>6660063
yea, and the whole point of crypto is to avoid this banker bullshit. if we dont want banks doing it why the fuck do you want this dipshit company to do it?

[Anonymous No.6660158]

>>6660011
Mt Gox also made a ton of money with their trading fees. They were practically the only exchange at the time, yet they indulged in fraudulent activities all the same, and the "hack" was a fucking exit scam.

Have a look at this
https://www.investopedia.com/news/bots-drove-bitcoins-150to1000-rise-2013-paper/

[Anonymous No.6660180]

>>6660146
because it's making us rich you fucking dumb ass

[Anonymous No.6660210]

>>6659593
They better be good at hiding in non extradition countries and hiding those billions, because the guy behind Mt Gox is in jail for fraud and they are having the pants sued off of them across the world. They'd have to be almost retarded to throw the legal wealth they could have for more that they could only use in a limited way. I guess if they have some fantasy of living some weird ass John McAfee type life in the jungle and trying to create some new drugs that make sex even more fun... then, uh, cool... but they are wealthy enough to not have to do that.

[Anonymous No.6660231]

>>6660180
until you are poor as fuck and sucking my cock for a mcdonalds meal while i get a cheeky laugh

[Anonymous No.6660306]

>>6660231
>implying i wouldnt just collect quarters to get 1.69 nuggets at burger king
Someone with this little knowledge about money management couldnt afford me

[Anonymous No.6660342]

>>6659772
because the idea is that tether isn't actually backed 1-1 so people won't be able to access it. then no one can buy back into crypto. and people start selling at stupid low prices because everyone that once had tether can't re enter the market.

[Anonymous No.6660381]

>>6659957

[Anonymous No.6660387]

>>6660306
too late brainlet im already laughing

[Anonymous No.6660413]

I just hope you guys didn't put more than 10k in crypto, because it's going to take decades to recover once either Bittfinex exit scams or Tether collapses

[Anonymous No.6660445]

>>6660210
>because the guy behind Mt Gox is in jail for fraud

He isn't, actually. And he kept all the bitcoins
>On July 10, 2017, he pled "not guilty" to embezzlement and data manipulation charges
>Mt. Gox's bankruptcy proceedings will repay creditors in Japanese Yen at a price around USD400 per bitcoin (the price set by the court) and it has been reported will leave Karpelès with the bulk of the wealth left over from the difference after the creditors are repaid and the market price today, leaving Karpelès with nearly 2 billion US dollars (based upon Bitcoin prices around $15000).

https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s

[Anonymous No.6660460]

>>6660413
>decades
your brain must be like a little peanut huh?

[Anonymous No.6660474]

>>6660413
just like it took decades after gox

[Anonymous No.6660517]

>>6660474
The only reason BTC went over 1,000 was because of Tether dumbass

[Anonymous No.6660621]

>>6660517
the only reason tether went to a dollar was because of btc

[Anonymous No.6660675]

i agree its shady as shit, but they arent located in the US right? and bitfinex has refused to do an audit. how long realistically until they are forced to comply with some legal order (from whoever)? I am going to make sure to exit crypto before then, but i feel like we have at least 6 months before they could be "forced" to do an audit

[Anonymous No.6660698]

i'm going to lose everything but I don't really care, Worth it for the memes

[Anonymous No.6660708]

>>6660621
You're a fucking moron and shouldn't be in crypto.
I pray you're just a teenager with a superior complex and not someone in their 20s blowing through a loan.

[Anonymous No.6660743]

>>6660342
Even if I partially understand the worry now, I'm not alarmed.
It's a lot of money, but crypto is already bigger than that.
This shit went to 20k on a wish and a promise. You could see 5 more crashes and people would still buy back like it's hot bread.

[Anonymous No.6660773]

>>6660708
>you're a fucking moron for not agreeing with me
>but you're also the teenager with the superiority complex, not me
?????

[Anonymous No.6660803]

>>6660708
USDT not banned in USa exchanges.. you fool, if US govt cared they would have already shut it down. Makes the dollar relevant idiots. They love it.

[Anonymous No.6660877]

>>6660621
Maybe that is the reason usdt went from 1.00$ to 1.03$

[Anonymous No.6660905]

>>6660708
Wowie, get a load of this guy

[Anonymous No.6660938]

>>6660877
>tfw that 0.03 is going to be what crashes crypto

[Anonymous No.6660949]

>>6660445
>>6660158
>Mt Gox also made a ton of money with their trading fees

1. and they most likely did just get hacked. it's speculation that they didn't. according to authoroties who investigated the case, the transaction malleability glitch is how mt. gox got seperated from its funds.

2. let's say they are scammers and only care about money. they currently make $80m daily from trading fees, and lord fucking knows how much from tether. but they literally could just increase transaction fees (of tether) to whatever amount they want to for months before someone else could enter the market, IF they weren't in this for the long run. there's no other company that does what they do, not least because it's an insane amount of legal work to do this and not get raided by the FBI.
anyho, let's say they're scammers and want to run away with all money ever. definitely nothing below $10b would be worth it for them you get that right?

where the fuck do they spend 10 billion dollars that's source can't be accounted for? how to they even launder 10 billion dollars? what do they do about the investigation? you think the FBI won't be on the case when 10 billion dollars disappear?
why wouldn't they be just fine with a billion a year perfectly legally? it makes no economical sense to go illegal for a business like that, plain and simple

[Anonymous No.6660990]

>>6660517
>The only reason BTC went over 1,000 was because of Tether dumbass

so you think that $1.6 billion with of tethers is the sole thing that made crypto go from <$10b to >$500b?
a-ok.

[Anonymous No.6661083]

>>6660112
I disagree. Tether scares me because I think if it does implode we have years of darkness ahead while I would rather have had less growth in the last couple years without the chance of a catastrophic MtGox like event around the corner than being constantly scared I will wake up to a worthless portfolio.

Am I pissed off I've made (and am still making) so much gains recently? No obviously not, but I am worried tether will bring it down and if I don't get out before that happens then it will all have been for nothing anyway.

[Anonymous No.6661154]

IN TETHER WE TRUST

The central bank of crypto vs the central bank of fiat

[Anonymous No.6661165]

>>6661083
tether is absolutely necessary. without it you couldn't trade w/ 'usd' on 99% of exchanges. if they didn't do it, someone else would have since then.

it's just not decentralized unlike most other things in crypto. maybe someday somone will invent a way to make something like tether work entirely trustless. until then, settle with a comapny that's about as secure as banks are.

[Anonymous No.6661167]

>>6659377
>Just like how im a retard for not investing in LINK right?
Yes, you are. Retard.

[Anonymous No.6661193]

>>6660990
>market cap meme

The market cap money literally does not exist - neither theoretically nor practically.

[Anonymous No.6661201]

>>6659323
But what if tether was in short supply? Would you offer more and more of your crypto for it just to get out?

Gee, luckily it's not in short supply. Get it?

[Anonymous No.6661290]

Everyone who thinks tether is keeping the market afloat is a fucking retard with zero understanding of basic economics
Demand for tether is literally at ath, if they don't print more than the circulating tether will keep rising in price due to DEMAND

[Anonymous No.6661298]

>>6659657
Burn? Oy Vey! It's backed 1:1 by dollars, goy. Believe your rabbi

[Anonymous No.6661326]

>>6661083
>>6661193
>>6659904
>>6659523

o i got it. you guys sold @ $9500 and can't beleive this was the whole january dump.
sucks2Bu

[Anonymous No.6661351]

>>6659772
I was wondering about that too, really. I think the overall panic would be the destructive part, although I admit I'm a little foggy there too.

[Anonymous No.6661352]

>>6659826
>>6660112
This. Tether FUD doesn't make sense unless it's coming from nocoiners in which case who fucking cares.

[Anonymous No.6661378]

>>6660517
You should leave and never return
I assume you cashed everything out at 1k just like that bitfinexd faggot? Did you also beg bitfinex for a refund when btc blew right past your target?

[Anonymous No.6661495]

>>6660949
>and they most likely did just get hacked
stopped reading here, you are absolutely braindead and should be used for slave labor

[Anonymous No.6661507]

When they print a trillion USDT it's time to get worried but until then it's just some healthy new money for the cryptonomy

[Anonymous No.6661523]

>>6660122
>they have been audited in 2017 march
Yeahf, by some joint. But wasn't the result just some non-comittal 'memo'?

[Anonymous No.6661550]

I'm surprised also I haven't seen any Brainlets try claim that bitfinex is using tether to buy btc on their own site with 25x leverage
Usually there's a couple of dumb cunts in tether threads saying this bullshit
Should give you a general idea how smart these fudders actually are...

[Anonymous No.6661586]

>>6659377
Retard

[Anonymous No.6661618]

>>6661201
if you offer more than $1 for tether, they take your money, put $1 of it (per tether) down to back tether, pocket the rest (plus fees), and 'print' the tether 4 u.

this is what exchanges do when they need USDT liquidity

hence it's very hard for tether to go short supply.

[Anonymous No.6661620]

>>6659657
That's the whole point

[Anonymous No.6661647]

>>6661618
sounds exactely what the reserve bank does...for that dollar...

[Anonymous No.6661648]

>>6660011
Binance made 200M last quarter. How would Bitfinex make more in 4 days with less volume?

[Anonymous No.6661673]

>>6660949
Where does the '80 mil / day' figure come from? any links?

[Anonymous No.6661746]

>>6659642
Because one exchange and one specific usdt/btc pairing controls the ENTIRE market

[Anonymous No.6661774]

>>6661648
Bitfinex has margin trading
So many punks getting liquated and recently lending fees have been anywhere from 1% to 4%

[Anonymous No.6661782]

>>6659150
>>6659457

Why are you all so retarded? Don't you understand there is a high demand for tether right now so they have to create more of them? Otherwise the price would deviate to far from $1. THAT'S THE FUCKING POINT OF USDT.

[Anonymous No.6661794]

>>6659593
>turns out USD is LITERALLY imaginary money (as in, not even backed up by ANYTHING )

[Anonymous No.6661826]

>>6661648
it's not their earnings just their influx of money
binance also had no volume comparable to the december one in october. it started increasing volume only after bitfinex started actuallt hunting down american accounts from their site in november.

[Anonymous No.6661845]

>>6659666
fuck me satan

[Anonymous No.6661876]

>>6661794
Except the us military and entire global economy

[Anonymous No.6661880]

>>6659593
>everyone acts like btc is worth $12k when it's backed up by nothing
>everyone acts like usdt is $1 when it's back up by nothing

Wow it's almost like everything works when people agree on the worth...

[Anonymous No.6661936]

>>6661165
I think there are some similar projects already, just heard about DAI these days and need to investigate, but alternatives are coming.

[Anonymous No.6661938]

>>6661290
>Demand for tether is literally at ath, if they don't print more than the circulating tether will keep rising in price due to DEMAND

Doesn't matter if they're legitimately issuing them for keeping its value close to $1 if, as said time and time before, each one of those tethers isn't backed by one actual USD.

[Anonymous No.6661951]

>>6661673
>>6661648
https://www.bitfinex.com/

look at their volume then multiply it by their trading (0.2-0.3% per trade) and lending (15-18% ineterest) fees

[Anonymous No.6661983]

And most coins out there arent backed by any product and still have a value so what is your point you fucking pajeets

this is all a big ponzi

[Anonymous No.6662014]

>>6661951
and they had almost twice this volume before they made americans leave for good

[Anonymous No.6662047]

>>6661983
and stocks have absolutely 0 use-case beside accustaion. if you don't hold at least 50% of a company's stock but someone else does, the non-speculative worth of your stocks is $0.
it's all a big ponzi.

[Anonymous No.6662132]

>>6659300
Thinking 400M keeps 400B afloat.

[Anonymous No.6662406]

>>6661880
>btc and usdt are comparable in any way

[Anonymous No.6662452]

>>6661876
Yep, too big to fail

[Anonymous No.6662529]

>>6662132
400M buys a lot of thin volume coin and confidence yo

[Anonymous No.6662543]

>>6661352
Fuck right off I've been in crypto long enough to have used MTGOX you fucking newfaggot. Just because you got in 2 months ago and are still so dense you can't tell the difference between crypto and a ponzi doesn't mean you should shit it up for all the people with half a brain. Crypto isn't going fucking anywhere. that's EXACTLY why we should deal with USDT before it can cause catostrophic damage. I don't want to see another MTGOX, anon, I know how it fucking feels.

[Anonymous No.6662600]

>>6661938
Doesn't matter because no one actually exchanges tether for fiat
It only exists for trading against other crypto

[Anonymous No.6662647]

>>6662543
>Fuck right off I've been in crypto long enough to have used MTGOX

yeah... and stayed a butthurt no-coiner ever since the hack? oh well. i feel for you btw, i got my coins out 2 months before the hack. v lucky.

[Anonymous No.6662693]

>>6661938
you said it, but how do you back that claim?

they say it IS backed 1 to 1 with USD. their audit didn't see anything sketchy with them, so what do you base that claim on?

[Anonymous No.6662731]

>>6661938
and there's no reason to assume it's not backed. you send money FIRST then they 'print' you the teher not the other way around. exchanges send them money generally to increaase liquidity.

[Anonymous No.6662802]

>>6662543
There is no liquidity in crypto without tether. The regulations are too strong now.

[Anonymous No.6662873]

>>6660621
honestly kys you're an embarrassment

[Anonymous No.6662874]

>>6662647
It doesn't matter if you got your coins out you fucking larper because it crashed from 1200 to 200 quicker than you could say bitconnect. Honestly if all you want to do is put your fingers in your ears and yell it doesn't fucking matter to me, I'm in this till the end. If crypto goes under I'll go to law school idgaf. But fucking morons like you support these blatant scams and set crypto as a whole back so far. Two steps forward one fucking back. Fuck you all for being to dense to understand that; everyone else just try to keep a couple points in fiat for when it all goes down.

[Anonymous No.6662883]

>>6662132
have you ever taken a fucking calculus class jesus christ

[Anonymous No.6662908]

>>6659604
Like most scam, its very efficent.

[Anonymous No.6663138]

>>6661938
What do you mean cant they just make more dollars?

[Anonymous No.6663224]

>>6661782
USDT should not be stabilizing the price of BTC right now. Either some incredibly stupid millionaire is writing checks to buy crypto right in the magnitude of tens of millions or what's more likely Tether Limited is printing it out of thin air.

[Anonymous No.6663225]

>>6659150

You fuckers better jump on JNT as soon as it fucking releases. Once Tether collapses people will look for a legal alternative.

[Anonymous No.6663235]

>>6659300
t. DELUDED POORFAG

[Anonymous No.6663313]

>this thread again

[Anonymous No.6663323]

>>6659150

and anons cry when ico wants to raise 10 mil usd
tether prints 100 mil usd every fucking weekend
fucking meme money

[Anonymous No.6663446]

>>6661880
Ahahahahahahahah holy shit man, that got me

https://medium.com/@bitfinexed
Do NOT trade in this market until you've figured out what the fuck is happening

[Anonymous No.6663638]

>>6659323
Oh my sweet, summer child...

[Anonymous No.6663682]

Tether 4 Dumbies
>Cryptophile want to cash out into FIAT
>Exchange doesn't have FIAT, uses Tether
>Cryptophile sells BTC for Tether
>Tether is fake USD that never entered the market
>BTC price inflated because less demand for FIAT from BTC.

[Anonymous No.6663749]

>>6663682
?? if he can take out the money where is the inflated price

[Anonymous No.6663873]

>>6663749
because only a few people can withdraw. IF bitcoin goes up, people keep depositing, theyre fine. when bitcoin crashed, and its just withdraws. Thats when things get scary. Theres a lot of downward pressure on btc. Soon the might a priniting press is going to crack under the sheer weight

[Anonymous No.6664014]

>>6662600
yeh well it still mattered then but i just put them away and it started mattering very much later on :]

>>6663224
t. i don't understand what drives up bitcoin price now, therefore there's clearly no reason because I AM THE FINANCIAL GENIUS and there's no way that i sold at a wrong price. therefore the only explanation is that tether is a scam!!

[Anonymous No.6664036]

It hurts every alts as well because the inflated BTC price are directly paired to them.

Once tether blows up and fiat gets out and gets back in, then we can truly know how much our coins are worth

[Anonymous No.6664061]

>>6664014


was meant to address

>>6662874

not

6662600

with the first part of the comment

[Anonymous No.6664113]

It's time exchanges started dropping BTC as a pairing, tether isn't safe and btc is dying a painfully slow death. There's no sanctuary

Can we get some petitions together to literally save the market

[Anonymous No.6664166]

>>6664014
>t. i don't understand what drives up bitcoin price now, therefore there's clearly no reason because I AM THE FINANCIAL GENIUS and there's no way that i sold at a wrong price. therefore the only explanation is that tether is a scam!!
During a panic people flocking to tether should make the crash worse, as the Tether in theory has a fixed supply limited to the amount of USD in the company's asset sheet, meaning that more and more bitcoins will have to chase the same amount of USDT, driving it's price down vis a vis the dollar. The reason this isn't happening is that Tether keeps pumping tokens into the market to keep up with demand.

How does this not defeat the whole purpose of Tether to you?

[Anonymous No.6664230]

>>6664113
eventually you would face the same problems if something else was paired.
Network too congested, fees too high, certain coins price rise exponentially, then causing huge swings.
What would you pair? BCH? LTC?

I wonder if XLM may help the problem.

[Anonymous No.6664352]

>>6664230
good subtle shilling for XLM

but I agree let's get FairX out there now

[Anonymous No.6664390]

>>6659241
Doesn't. On bitfinex the btc price is LOWER than average.

[Anonymous No.6664419]

>>6664166
>as the Tether in theory has a fixed supply

no. anyone can 'print' more tether by sending actual USD to tether.io and taking out tether. there's no fixed supply. supply is only limited by the actual USD people are willing to put in.

[Anonymous No.6664421]

I've got one question for you all in this thread, srs. If the feds keeps printing USD with no real issue other than inflation, what makes you think that Tether is any different? Do you believe that Bitfinex is stupid enough to purposely try and pop the bubble?

[Anonymous No.6664430]

When everyone has finally sold their BTC for tether as BTC continues to nose dive, watch for BTC/ETH/BCH everything linked to Tether spike in price by to god tier levels in a matter of minutes as corporate whales buy in and fuck your world. Tether will be the death of affordable crypto.

[Anonymous No.6664450]

>>6664419
Why would people be sending money in the magnitude of millions to Tether Limited when there's a panic going on?

[Anonymous No.6664461]

>>6664419
and ther are exchanges (e.g. Coinbase, Bitstamp) that use actual USD pairings

[Anonymous No.6664519]

>>6664450
there's no panic, you were just FUDed successfully by the FUDsters of crypto-trading, learn your lessons.

[Anonymous No.6664525]

>>6659150
Isn't tether suppose to be linked to USD?

When tether goes up more is printed to keep the supply demand balanced, when tether goes down isn't it bought back and destroyed to keep the same balance?

[Anonymous No.6664529]

>>6659344
>using bitfinex
enjoy your audit

[Anonymous No.6664558]

If you really believe tether is safe then please quit crypto.

[Anonymous No.6664574]

It's worth remember Tether disabled registration well over 2 months ago now...

https://wallet.tether.to/app/#!/signup

[Anonymous No.6664588]

i create an ico, people spend eth for my coins.
i create another ico, people spend eth for my coins.
i create another ico, people spend eth for my coins.
i create another ico, people spend eth for my coins.
i create another ico, people spend eth for my coins.
i'm printing free money!!!
the problem occurs when people no longer want my coins. then my coins are worthless and the eth is mine, or whoever the tokens were purchased from.

in short, tether has value because people are fucking buying it with crypto, whether or not they should (they shouldn't). this is basically what bitfinex is doing. it's not a problem until either they get hacked, commit fraud, or people no longer want tether. if they get hacked, tether becomes worthless and the money is gone (along with the coins on the exchange). if people no longer want tether, they can just burn the tether at no loss to anyone until it's worth $1 again. the only problem is that it's centralized, so they're probably committing some level of fraud. but when it goes down it won't be the end of crypto by any means, mostly just that people will lose their shit and panic like they did with mtgox.

[Anonymous No.6664600]

>>6664450
oh got what ur saying now, didn't see it first cuz it's retarded.

there's always a fixed amount of USD in every market ever, not unlimited. so if there's a panic it's the USD(T) liquidity of the exchange that can cause issues, it has nothing to do with tether

[Anonymous No.6664625]

>>6659241
>i dont understand
>>6659666
>you dont understand
holy fuck shit dick well done

[Anonymous No.6664679]

>>6660445
Well by then a lot of the people owning large amounts of BitCoin were actually people who sold drugs over the internet. And they wont be content with 400 per Bitcoin. So if he doesnt hide in the jungle McAfee-style, i bet these people come knocking at his door...

[Anonymous No.6664685]

>>6664529
source? there's absolutely nothing like that written here. photoshop?

https://tether.to/legal/

[Anonymous No.6664717]

>>6664625
>fp doesn't understand how tether effects crypto
>reply tells him this means he doesn't understand crypto as a whole
reading comprehension is hard desu senpai

[Anonymous No.6664726]

>>6664525
If tether was really linked to USP then the only thing that can affect supply are more people buying into crypto, not people trading it for BTC. It's what half the morons in this thread don't get.

[Anonymous No.6664743]

>>6664588
If it's hacked, they can just do like ethereum did with DAO, fork a copy from the moment before the hack.

I'm more worried about someone in power not liking the idea of a stateless central bank

[Anonymous No.6664747]

>>6664685
meant to address

>>6664558

[Anonymous No.6664835]

>>6664743
an exchange can't fork you literal retard.

[Anonymous No.6664912]

LADS LADS LADS

SELL NOW?? THIS TETHER SHIT IS SCARING ME ONCE WE START DIPPING HARD EVERYTHING WILL DIE

[Anonymous No.6664947]

>>6664835
https://forkdelta.github.io/#PPT-ETH
Now suck my cock

[Anonymous No.6664988]

>>6660517
>The only reason BTC went over 1,000 was because of Tether

[Anonymous No.6665019]

>>6664588
the point i was trying to make with this is that tether is not a problem at all. if you're buying it, you're taking the same risk you would be taking by leaving your funds on an exchange, which can basically do whatever it wants with your tokens or can be hacked. that's literally all this is. yes it's risky, no it's not propping up the price of crypto, because people are selling crypto to buy it, because IT'S NOT BEING GIVEN OUT FOR FREE. yes they can make an unlimited amount of it and use it to buy tokens. but that's ONLY because people are selling their tokens for it. how does this not make sense?

[Anonymous No.6665026]

>>6661826
Thank you!

People spout number here without the slightest idea what they're talking about.

[Anonymous No.6665050]

>>6662406
his point still stands. The only reason 1 BTC is selling at 11K is because you and I (and the whole market) agrees that it's worth that much. The only reason you can use your money to buy stuff is because your seller and you agree that a dollar is worth something. Now in this case USD is backed by pretty much the whole world, and it wont easily go down badly, but unlike USD, BTC could be literally worth dogshit by tomorrow and there's noone saving your neetbux. Its literally virtual money.

[Anonymous No.6665078]

ITT : Problems which FairX will solve

[Anonymous No.6665081]

>>6662047
>the non-speculative worth of your stocks is $0.
You're a fucking moron.

[Anonymous No.6665117]

>>6664947
you fucking idiot. if etherdelta gets hacked and the funds are stolen out of ED wallets, a fork doesn't get those funds back. and ethereum fork would, because these are all erc20 tokens.

copying bitfinex's code does not duplicate all of the tokens held on the bitfinex exchange.... holy shit i can't believe i'm explaining this

[Anonymous No.6665123]

>>6659998
>when bcc 10x from the bottom anyway

[Anonymous No.6665135]

>>6665050
>unlike USD, BTC could be literally worth dogshit by tomorrow and there's noone saving your neetbux
>unlike USD
A hacker steals the nuclear codes and nukes the world. USD is now worth dogshit. There are many other scenarios that could result in USD becoming worthless.

[Anonymous No.6665162]

>>6665019
>no it's not propping up the price of crypto
If Tether is printing more tokens to keep up with demand then it IS propping the price of crypto up. People flocking to Tether should be driving the BTC price further down.

[Anonymous No.6665175]

>>6665081
to be fair, if every company in the s&p 1000 is liquidated on average what % of your money would you get back? (not a lot)

[Anonymous No.6665281]

>>6664574
So what does that mean? Can you not buy tether anymore? If not, then how to explain their continued issues?

[Anonymous No.6665308]

>>6665135
fucking trump could throw a nuke tomorrow, or the fat fuck in NK, so whats your point?

whats funny is that you choose ABSOLUTE worst case scenario as an example against my argument, because literally any other case is recoverable. USD is the trading currency for every market, that shit basically cant loose value. ((((they)))) will make sure it doesnt happen

[Anonymous No.6665325]

>>6665019
How will they keep this charade going. They have been constantly delaying audits

[Anonymous No.6665330]

Filthy no-coiner tourist from /pol/ here.

Has anyone ever estimated the lifetime USD inflows to crypto?
The combined market cap is, say, $400bn, but most of that is "wealth effect" - increase in mark-to-market valuation.
How many actual dollars have gone in to crypto?

[Anonymous No.6665352]

>>6665117
1. You mean on the ED smart contract? Only you can fuck up your own ethereum wallet

2. We're talking about tether here, people barely understands how it works, or the shady connections between bitfinex and tether, tether wouldn't crash from a bitfinex hack

3. You're swearing a lot. Are you really old enough to be on this board?

[Anonymous No.6665357]

>>6665162
it does drive the price down. whenever people flock to anything from btc and sell btc, it drives the price down. the fact that they're willing to sell it for tether doesn't change anything. if suddenly tether becomes worthless, only those people lose money (not accounting for mass hysteria)

[Anonymous No.6665443]

>>6665162
Tether doesn't make them want to sell, the crash does. If there was no tether they would cash out for fiat
Tether literally creates demand to buy bitcoin (from panic sellers), driving the price up

[Anonymous No.6665476]

>>6665357
>the fact that they're willing to sell it for tether doesn't change anything
It does because Tether claims and idiots believe that it is pegged to the dollar, so issuing more tether to keep up with demand prevents an usd devaluing.

[Anonymous No.6665488]

>>6664747

It was in their ToS, they removed it.
https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange

Hope you consider bloomberg trustworthy.

I think they removed it when they lost banking (which is also when their supply started blowing up). Their audits are a joke. Are they even happening anymore?

That's why I'm excited for jibrel, there is a clear message and jCash will be backed by a registered and regulated Swiss financial service provider and publically audited by PwC.

[Anonymous No.6665498]

>>6665352
you just claimed that if bitfinex gets hacked, they could just 'fork the exchange' and everyone would get their money back.... do you not understand that bitfinex is not a blockchain, and the tokens on bitfinex are from other blockchains? do you understand what a fork is?

[Anonymous No.6665521]

>>6665175
But it would not be 0. Real companies have real assets, as well as ongoing businesses which may or may not make a profit. The investor decides the value.

Tethers are not stocks. They do not grant you a share of any company.

Nor are they bonds. They bear no interest, nor do they give you a claim against assets of the issuing company.

[Anonymous No.6665541]

>>6665162
I'm sorry I meant to respond to
this retard
>>6665357

[Anonymous No.6665569]

>>6665443
People cashing out for fiat drives the panic further down. This should also be happening to tether but they're printing more of it to prop it up. This is the entire fucking problem.

[Anonymous No.6665588]

>>6665488
Not that guy, but I know for a fact it was there as recently as 2 weeks ago - which is way after they lost their legit banks.

[Anonymous No.6665671]

>>6664450
Are you seriously fucking asking "why would people buy low?"
God damn bro

[Anonymous No.6665708]

>>6665476
i'm not arguing that it's pegged to the dollar. tether is completely worthless. but people sell btc for it as if it were worth a dollar, so that's fine they can sell their btc for fruits and vegetables for all i care. issuing more tether does not increase demand for btc, because people have to sell btc and crypto to receive tether, just like they do for the hundreds of worthless icos that occurred this year that will lose people money when they go under. explain to me in logical steps how issuing tether creates demand for btc or any other crypto, if people have to sell their btc / crypto for tether?

[Anonymous No.6665717]

i literally have no idea what tether is, what it does, or what it is supposed to do

[Anonymous No.6665724]

>>6665357
Everybody will lose money. Btc would collapse. Why would it collapse? Because demand goes down. If the people holding tether lose, they won't have the money to buy more btc. Btc would see a spike in price, followed by a massive crash. Look at how much volume flows through tether. Coimbase was not even able to handle volume a day ago. How will they manage being one of the only dollar to btc exchanges?

[Anonymous No.6665762]

>>6665488
>Are they even happening anymore?
This is their last audit, 8 months ago. They couldn't even cover their their liabilities back then.

With registration shut down how come people have doubts over how this shit is still being pumped.

[Anonymous No.6665764]

>>6665330
That’s an excellent question!

[Anonymous No.6665800]

>>6665521
if google goes under, what % of the stock price would you get back? 'real companies have real assets'... true.... but those assets (especially for tech companies) can't be divided and split between stockholders in any significant way that could then be resold on the market. it's all speculation.

[Anonymous No.6665824]

>>6665708
The argument is bitfinex uses their unlimited amount of tether to market buy the fuck out of bitcoin and pump the price up
When in reality that tether is used for lending, margin payouts and to keep the price of tether pegged to $1
Let's not forget that there are dozens of usdt/crypto pairs, so how does ethereum Ripple xmr dash etc get pumped if bitfinex only buys btc?

[Anonymous No.6665851]

>>6665762
As long as the community values usdt at $1and continues to use it, it's no threat at all to the market
Learn supply and demand kthnx

[Anonymous No.6665852]

>>6663224
You really don't understand the point of Tether.
They are buying up bitcoins with monopoly money. Even if it's really backed by USD, there is no obligation to actually buy back your tether for USD.
The market is unregulated. Tether is backed with a promise and good faith.
If Bitfinex decides to ride into the sunset with billion of money and bitcoins there is nothing anyone can do.

[Anonymous No.6665890]

>>6665708
If I can make a machine that perfectly prints fake dollars and buy up all the new iPhones, then all the stores would be sold out. I could then sell all those phones at a premium to all the ifags on eBay.

[Anonymous No.6665931]

>>6665851
Hey hey heeeeey.

Hey hey heeeeey.

Hey hey heeeeeeeeeey.

Wassa wassa wassa wassa wassa wassa wassa wassa wassaaaaaap bitfinneeeeeee

[Anonymous No.6665952]

>>6665724
>If the people holding tether lose, they won't have the money to buy more btc.
exactly. only they would lose money. if an ico goes under, those tokens are worthless and the holders can no longer trade them for btc.

my argument is that it's no different from an ico, except less transparent and likely fraudulent. if a token with a 400mil mcap suddenly is worth $0, would it crash the market significantly? no. that's my point. the decrease in demand is negligible.

[Anonymous No.6665963]

>>6665931
Is this meant to be an argument? Fuck off back to you know where with your dead shit memes

[Anonymous No.6665992]

>>6665890
No, the difference is - your ass will be busted by the government, that owns the real dollars.
If you print fake crypto there is no one to bust your ass.
This is the world you chose, libertarians. Without Fuhrer everything ends in a disaster.

[Anonymous No.6666033]

>>6665851
Actually no. Because "the community" won't cash out your tether for USD.

[Anonymous No.6666051]

>>6665992
free market will fix it

[Anonymous No.6666065]

>>6665800
That's not true. What usually happens is that someone on wall st puts together a package where they offer to buy the defunct joint for crappy money. Then they literally take it apart and sell the pieces.

In the case of Google, someone would buy it for it's database of customer data, etc.

[Anonymous No.6666110]

its a sign that some exchanges are insolvent, were fucked

[Anonymous No.6666111]

>>6666033
No one converts tether to usdt
They use it to buy back into crypto
As long as people are willing to sell their crypto for usdt, there's no problem. At all.
Go to /x/ to get your fill of conspiracy bullshit

[Anonymous No.6666117]

>>6665963
you unironically said 'kthnx'; don't think you're fooling anyone newfriend. If you support USDT you might as well just sell your crypto and hold fiat in a chequing account because you're literally trying to introduce centralized banking. Seriously, go shit up some other tech we have enough faggots in crypto

[Anonymous No.6666169]

>>6666111
Sure but if tether turned out to be fraudulent service after they get audited, what then?

People will stop using tether and exchanges will delist it.

[Anonymous No.6666188]

>>6665330
I've been asking that around here too, but so far no luck. I suspect most of it is 'wealth effect', given how low the market was a year ago

[Anonymous No.6666196]

>>6665952
How are you not getting this? If a major part of the market is no longer buying btc, what do you think will happen to the price if btc. Icos don't have the volume that tether has.

[Anonymous No.6666203]

>>6659150
do you cucks not understand how much money these exchanges are raking in, hand over fucking fist, every fucking minute of every fucking day? they could print a billion tether a year and still have cash pouring out their fucking asshole. stupid is as stupid does

[Anonymous No.6666219]

>>6666000
>>6666666

[Anonymous No.6666222]

Thank you based Tether for that green candle.

[Anonymous No.6666252]

>>6666111
Tether converts USDT to USD. You can cash in or cash out on their website. That's the whole point. If there is no way to cash out, tether is useless.

[Anonymous No.6666368]

>>6666252
Go try and cash out your USDT on their site. Go ahead, try. I'm looking forward to hearing the results.
>tether is useless
ding ding ding

[Anonymous No.6666396]

>>6665330
>>6666188
1 trillion USD according to a korean audit.

[Anonymous No.6666483]

>>6666196
because if you remove tether from the equation you reduce demand for crypto via tether AND SUPPLY for tether via crypto, i.e. people not selling their crypto because they can't sell for tether.

if they really want to convert to fiat or a stable-coin (let's just say fiat for now) they can totally do that. in which case they can buy back in just as easily as they could before.

[Anonymous No.6666579]

>find out tethers are worthless
>price of BTC in tethers sky rockets

how would btc collapse senpai?

[Anonymous No.6666907]

>>6666579
If tether collapses
then price of BTC/USDT -> infinity
BUT this is price, not volume
very few people would be willing to purchase worthless tethers
people cannot cash out
millions of dollars lost from the market.
demand for bitcoin is gone
bitcoin goes under.

[Anonymous No.6666948]

>>6666666

[Anonymous No.6666949]

>>6666396
>1 trillion USD
For a combined cap of $400bn? Much of which has never been traded (e.g. Satoshi's stash).
I'd be surprised if the true number was much above $1bn. (say KRW 1trn)

[Anonymous No.6666975]

>>6666483
See
>>6666907

[Anonymous No.6666988]

>>6666396
>1 trillion USD according to a korean audit.
You sure that wasn't 1 trillion Won?
I'd be shocked if the true number was much above $1bn

[Anonymous No.6666992]

More tethers, more market caps, more shekels for me and you

I don't see the big problem

Hope they print 10B of them. Then we dump on the normies and we laugh all the way to the bank

[Anonymous No.6667107]

>>6666368
nobody is trying to cash tether out to fiat, it is a place to put money in a holding pattern, then after market conditions change people exchange tether for bitcoin and resume trading. nobody is trying to "cash out with tether"

[Anonymous No.6667144]

>>6666907
Only bitcoin?

[Anonymous No.6667191]

>>6666907
i dont agree with this. People used this before to buy drugs online. Not to play stock market for fun

[Anonymous No.6667194]

>>6661290
If people are "retreating to Tether" then why is it that every time BTC is nosediving, they print more Tether, and hey, what do you know, BTC miraculously pops?

Read Bitfinex'ed and get out of your delusions.

This entire market is a corpse. The new money is gone, and only Tether is keeping it afloat.

Pic very related. It says it all.

[Anonymous No.6667221]

>>6666907
>If tether collapses
>then price of BTC/USDT -> infinity
>BUT this is price, not volume
>very few people would be willing to purchase worthless tethers
>people cannot cash out
non tethered chads laugh at morons who are tethered and we ride off into the sunset. now, with tether gone we see money flow from bitcoin into alts instead and the value of alts increases when bitcoin drops. bitcoin dies a slow death and 2nd & 3rd generation crypto makes a killing. sounds fucking comfy.

[Anonymous No.6667282]

>>6667194
>If people are "retreating to Tether" then why is it that every time BTC is nosediving, they print more Tether, and hey, what do you know, BTC miraculously pops?
not too smart I see. people sell BTC for tether and they need to print tether to accomodate that, when market is getting lower and lower eventually people who are tethered want back in and they buy shit tons of bitcoin on sale, so much money moving back into bitcoin that it drives up the price of bitcoin. you are stupid as fuck.

[Anonymous No.6667292]

>>6666110

Can you explain like I'm 5?

Genuine request Anon, I'd appreciate it.

[Anonymous No.6667384]

>>6659377
LINKIES GET OUT
SNEKS GTFO
PAHJEET STREETSHITTERS GTFO
MUTTS YOU CAN STAY THANKS FOR SAVING CRYPTO YESTERDAY
SANDNIGGERS GTFO
/POL/ GTFO REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

[Anonymous No.6667443]

I went out of my way today and read the legal section of their website and the audit they posted on their site in September (really fucking bored at work). Honestly didn’t see anything crazy concerning. I mean admittedly the audit was from Sept but still from a top 10 accounting firm.

What gives?

[Anonymous No.6667474]

>>6667384
> Honestly didn’t see anything crazy concerning.
then you are obviously lying or didn't read shit
the audit says right under the title that it is not an audit buddy
maybe you should actual work at your job instead of skimming through legal documents

[Anonymous No.6667483]

>>6667443
>https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf

This hardly means anything

[Anonymous No.6667502]

>>6667443
https://medium.com/@bitfinexed/the-so-called-tether-audit-that-isnt-an-audit-at-all-5a40cfcc2a75
>>6667474

[Anonymous No.6667684]

>>6667384
Fuck off the whatever norman hole you came from.

[Anonymous No.6667731]

>>6667474
try harder to FUD cunt. maybe post a picture of your banker cubicle

[Anonymous No.6667773]

>>6664421
So nobody has anything for this?

[Anonymous No.6667851]

>>6666988
thiel alone moved a billion into BTC

>>6665488
so it was in their TOS, but they changed their TOS, and now they legally bind themselves to rebuy tether.

[Anonymous No.6668042]

are there any known issues with dai? why don't people just use dai instead of tether?

[Anonymous No.6668051]

>>6667474
>>6667483
>>6667502
Most of the arguments look like pretty standard CYA from an accounting firm to me. They refuse to make representations about any other entities ability to action. That’s like saying “yes I can see that billy has $5 in his wallet as I have witnessed it but I am unable to know if billy has the ability to take the $5 out of his wallet”. Billy probably does but I don’t want to get sued if in some strange circumstance he can’t because US civil litigation is retarded

[Anonymous No.6668058]

>>6667773
>>6664421
pic related

[Anonymous No.6668282]

>>6667851
>thiel alone moved a billion into BTC
I saw he bgt $20m of BTC in early 2017.
Has he put more in since?

All of the bitcoin hedge fund launches I've heard about recently seem to be exit scams - lucky early holders selling BTC to newbie external investors.

How easy is it to cash out? I heard one exchange had a limit of $10k of USD withdrawals per day. How would you cash out $1m of BTC or $100m?

[Anonymous No.6668347]

When bitfinex prints 100 million tether it isn't because they were written cheques with a cumulative value of $100 million USD. They aren't exchanging the tether for USD with anyone.

Bitfinex prints the tether out of thin air, with the printed tether in hand they then use it to buy btc. The previous btc bag holder now has tether, which they may then trade for USD on a USD-USDT pair or for more bitcoin. Once they do so their tether is now circulating in the market. But the original entry point of that tether into the market was through thin air via bitfinex.

[Anonymous No.6668367]

>>6667773
Look at the strength of the dollar. Also, China will no longer be buying us treasuries. The dollar is collapsing as we speak.

[Anonymous No.6668413]

What does it matter? Tether is low cap in grand scheme of things. It could go to 0 and nothing would happen

[Anonymous No.6668475]

>>6659150
>Governments print money
no big deal
>tether gets printed
HOLY SHIT THIS IS A SCAM

[Anonymous No.6668516]

>>6668475
Why are tards comparing tether to real world cases?

[Anonymous No.6668642]

>printing money

Keynes is proud

[Anonymous No.6668656]

ultimately, when the joos decide they've had enough of this crypto larp, they'll crush it.
THEY WILL CRUSH IT IN 10 MINUTES

[Anonymous No.6668715]

>>6668475
Uncle Sam didn't give you permission to peg your monopoly funny money to his currency.

[Anonymous No.6668913]

>>6660803
Last year was the worst year for the dollar in over 10 years. They can't possibly like being a loser on the fiat world.

[Anonymous No.6669138]

>>6661507
>le fuck fiat
>imaginary money for my autism coin is ok though
Mouth breather.

[Anonymous No.6669144]

>>6664014
someone was asleep yesterday.

[Anonymous No.6669189]

>>6664419
Since Bitfiniex and Tether are basically the same company, they can 'print' whatever amount of tether without necessarily purchasing it.

[Anonymous No.6669269]

the idea that multiple exchanges are buying tether is beyond you brainlets comprehension

[Anonymous No.6669407]

Without tether:
>people sell BTC for $
>Bitcoin price drops relative to $

With tether:
>People sell BTC for USDT
>Tether sells BTC for USD
>Bitcoin price drops
>1:1 Ratio of USD/USDT
>People can cash out
>No effect on market

BUT BUT BUT what if they don't sell the Tether for USD? Or what if they print more Tether to buy BTC.Without an audit, Tether can manipulate the price of BTC through their buys and sells.

t. not econ major
am i correct /biz/?

[Anonymous No.6669501]

>>6666992
What you imbeciles seem to not understand is that imaginary tethers means that there is less liquidity than it seems to exist on the system, that is, there is less fiat that is circulating on crypto than the value of all coins added together (even less so since it is extremely doubtful that exchanges have increased their money reservations to pair up with the gigantic deflation btc, eth and everything else has gone through)

If everyone was to cash tether RIGHT NOW, there would literally be millions of tether that wouldn't be able to be cashed out for actual, real money, making their value effectively zero.

If btc is being propped up by MASSIVE tether sell orders, well then, that means that the real value of btc is well below the current market price.

[Anonymous No.6669735]

>>6667443
>I went out of my way today and read the legal section
did you read the part where tether doesn't guarantee that your shitty coin might not be worth what it says it's worth, so you can't really expect to receive 1 usd for 1 usdt?

[Anonymous No.6670047]

>>6660990
>>6660990
>$1.6 billion with of tethers is the sole thing that made crypto go from <$10b to >$500b

this

[Anonymous No.6670116]

WHY CAN'T I HOLD ALL THESE TETHERS

[Anonymous No.6670122]

>>6659699
VOLUME DOES NOT DICTATE PRICE.

PEOPLE WHO DO NOT UNDERSTAND THAT DISINGENUOUS VOLUME EXISTS AND NEED TO BE GASSED.

[Anonymous No.6670153]

>>6667851

Okay, please document how you redeem one tether with them. I will cover your expenses and give you 0.5 eth if you do that.

[Anonymous No.6670250]

>>6662047
is this for real....

[Anonymous No.6670260]

>>6659323
Ok so that's how it's suppose to work but do they ever destroy tender? The answer is most likey no

[Anonymous No.6670291]

[Anonymous No.6670401]

>>6659300
>newfag detected
It's your job to teach the normies and newfags about crypto because crypto succeeds with adoption. Why the fuck do you newfag faggots always have to have an antagonist?
Is this /pol/ rhetoric seeping through again? It's not a fucking election- you have have multiple winners in crypto.

[Anonymous No.6670469]

>>6665852
Except for the SFC throwing them in prison for life.

[Anonymous No.6670477]

>>6670401
>Is this /pol/ rhetoric seeping through again

Most people on 4chan have never held leadership positions or cared about helping other people. Most likely because they were bullied in kindergarden so they learned it was their job to protect themselves, rather than to help other people. That's why you will find a lot of insensitive assholes on here.

[Anonymous No.6670571]

>>6670469
under what pretense? these are virtual commodities for the sfc, not stocks, not futures.

[Anonymous No.6670818]

>>6670477
I don't give a shit if they're insensitive or give a shit about their history.
On 4chan everyone is either a virgin wizard or a newfag.
/biz/ is a newfag board so my issue here is when faggots post irrelevant shit. It's like me heading to /fit/ to discuss the implications of multi-dimensional sphere packing. It doesn't make any fucking sense to post on that board.

[Anonymous No.6670850]

>>6660517
>The only reason BTC went over 1,000 was because of Tether dumbass

[Anonymous No.6671178]

>>6668656
Hmm, like how they crushed it when BTC lost 93% of its value in a few weeks? Like how they crushed it when BTC lost 80% of its value in an 1.5 years bear?

They can't crush it, they can only play with the price. They can bring it to almost nothing and they wouldn't be able to crush it. There will always exist interest in the crypto market. Even if it fails horribly as a currency, even if the technology isn't applied for ANY real life uses shitcoins will have a market where they will be traded for the same reason people gamble. At this point it's the easiest, most convenient way to """invest""" and you faggots have no idea how important this is. This is the reason so many people, you faggots included are so obsessed with cryptos. Because it's gambling. Better than gambling, actually, because you feel that you have a degree of control over the results.

Also traditional currencies will eventually crash and burn if the system doesn't change. Not soon, most likely not within our lifetimes, but it can't exist as it is indefinitely, not when there are alternatives. Seriously, no one likes it. The only reason 99% of people use USD, EUR etc is because they have no real alternatives. The "government currencies are a scam" narrative is only growing and it can't be stopped unless the system goes through a major reform. How many people you think would still use it if they had a decentralized, noninflationary currency that offers the same security and trading options? This kind of currency doesn't work in the current economic model, but the model will eventually be replaced. Inflationary debt-based economy can't be the standard forever, this is truly the biggest bubble in the history of mankind and it will eventually pop spectacularly. And when it does everybody will flock to whatever alternatives they will have at that point. Which will most likely be cryptocurrencies and eventually collaborative commons/resource-based economy.

[Anonymous No.6671251]

>>6671178
a low value bitcoin is really useful for two things, and one of them is buying illegal drugs and the other is illegal porn.

[Anonymous No.6671435]

>>6671251
and that's because illegal drug sellers have little choice. i'm just going to go ahead and assume that most people have an issue with their money losing "93% of its value ina few weeks." it's meaningless to discuss whether bitcoin would absolutely reach zero or not, on the event of yet another gigantic crash, amidst the newfound craze that it has never enjoyed on the mt gox days, the fate of btc would be sealed, it would never be a viable alternative to fiat.

[Anonymous No.6671487]

Any smart trader is currently making super rare and obscure pink wojack edits for when Tether implodes.