/biz/ - Business & Finance

[Anonymous No.7028640]

ITT: we discuss the Tether question
>is it a scam?
>what will happen if it collapses?
>are you prepared?/are you preparing right now?
drop your biggest redpills/opinions/point of views/whatever you got about Tether and the future of bitcoin and crypto in general

[Anonymous No.7028712]

>>7028640
Shit will pump when tether dies then the whole market will tank harder than Mt.Gox.

Just move your shit to an exchange with fiat pairings and you're fine.

[Anonymous No.7028765]

>>7028712
pretty much this. It'll take several hours, maybe a couple of days for people to dump their tether back into crypto, move it to a fiat exchange and then dump. If you are in a fiat exchange already you can bail as soon as you see the tether dump.

[Anonymous No.7028815]

>>7028765
any idea when tether will collapse? days? weeks?

[Anonymous No.7028832]

>>7028712
This is only true if there wasn’t exchange arbitrage. Tether collapse will crush all crypto pricing on all exchanges.

[Anonymous No.7028833]

>>7028815
never

[Anonymous No.7028887]

>>7028815
Never. If it is solvent, which i think it is, everything is fine. If it isn't, then nobody will ever know it, because the deny every audit and no hard evidence will come out. A random tether run wont happen either.

[Anonymous No.7028893]

>>7028833
>double dubs

uh. kek wills it?

[Anonymous No.7028961]

>>7028887
>hedge fund has massive short position on BTC
>hedge fund can run tether all by itself

But don’t worry. Wall Street cares about us too much. They wouldn’t be so mean that they would crash the market just to make themselves richer.

[Anonymous No.7029013]

>>7028961
Hedge funds actually went long this time you brainlet.

[Anonymous No.7029028]

>>7029013
Proof?

[Anonymous No.7029032]

>>7029013
How do you know?

[Anonymous No.7029050]

What the fuck is tether? Can someone explain me.

[Anonymous No.7029054]

>>7028887
so you be telling me...they are running a perfect scam?

[Anonymous No.7029063]

>>7029028

[Anonymous No.7029074]

>>7029050
http://www.tetherreport.com

[Anonymous No.7029075]

>>7028961
That's not how shorting works. You have to be able to deliver the item you have short-sold at some agreed upon time. It's a short term strategy (like minutes/hours) not a long term strategy.
Bob: I would like 1 bitcoin, and I see that the spot price is 12,000 dollars. I don't know how to use them there market thingies but I will pay you 12,000 dollars to acquire 1 bitcoin for me.
Jim: Okay sure.
*waits 2 hours. price drops to 10k, buy bitcoin for 10k and pocket 2k minus transfer fees*
But it's a gamble because of Bob comes back demanding delivery and the price rallies up to 13K Jim is paying for it.

[Anonymous No.7029076]

>>7029050
jesus christ pajeet have you tried google?

[Anonymous No.7029094]

>>7028961
First they went long...
Second they could have used tether and bitfinex or exit scam in early jan steal billion worth of crypto.

But no. They are still here, why?

The refunded tether people back in the time, where it was hacked. Why?

They had 450m worth of money back in sept audit, everything was fine.

The only reason why a real audit isn't coming in the next time is because they are fucking scared that their bank accs are getting frozen. The fucking US is waiting for the moment

[Anonymous No.7029102]

It's a loaded shotgun and there's nothing you can do but to wait and see. Arbitrage between USDT and USD exchanges runs between 1-3.5%, USDTUSD pair at 0.975-0.98.

I mean, if you truly believed in Tether staying true to their word, there is a risk free 2% profit up for grabs at USDTUSD, any takers?

[Anonymous No.7029105]

>>7029063
>number of positions
>not value of positions

[Anonymous No.7029108]

>>7028640

DYOR idiot, we're not here to make other lazy faggots rich.

First google result:
http://cfe.cboe.com/market-data/daily-market-statistics

[Anonymous No.7029112]

>>7029050

Haha you're in for a wild ride.

[Anonymous No.7029136]

>>7028815
People are already figuring out that tethers are worth less than a dollar

[Anonymous No.7029143]

>>7029105
They've gone long and in bigger numbers, google it you dumbass. You spout your fud without even researching, let me guess - you didn't buy the dip recently and regret it. Amiright?

[Anonymous No.7029153]

>>7029063
Come on now, do you really think they would let us peasants know?

[Anonymous No.7029163]

Currently trading with an implied default rate of 1.5%, up an order of magnitude form where it was just a few days ago. If someone owned a tether credit default swap they would have earned massive gains today.

[Anonymous No.7029168]

>>7029153
lol, we knew they were going short and it happened. Jesus christ you people are such retards!

[Anonymous No.7029174]

>>7028833
>>7028893
kek knows

[Anonymous No.7029193]

>>7028640

Here’s what will happen: slight losses all round as markets don’t like uncertainty. But which screaming benders are dumb enough to cash out entirely because one pegged shitcoin un-pegs itself? This is the leap of assumption that everyone gets wrong. Yes USDT will be shown to not have 100% USD reserves. As a result, anyone holding Tether will have 3 choices: hold and see all your money evaporate, sell for BTC or ETH then cash out to fiat- OR sell for BTC or ETH then buy a shitcoin, or hold. Holders of Tether will jump to ETH or BTC, that’s a given. BTC and ETH prices will spike then dump (as non-tethered positions consolidate their ETH gains into their shitcoin of choice) and then normal trading will resume in a few days. Cap this, and fucking grow a spine you pussies.

[Anonymous No.7029197]

>>7029108
kill yourself nigger. i just wanted to get other opinions and point of views on this topic

[Anonymous No.7029205]

>>7029013
Wall Street as a whole went short.

[Anonymous No.7029217]

>>7029163
>>7029136
>>7029102
Where were you when USDT was worth 1,03 USD?

You cannot plan peg something for exact 1 USD, there will always be the issue of demand and supply. As long as we are hovering around the 3% range up and down, we are fine as fuck

[Anonymous No.7029268]

>>7029205
Show me ANY proof for this. You have no idea what you're talking about

[Anonymous No.7029282]

>>7028640
No reason to think it's a scam. Every time they have minted and sold a new Tether someone has paid them a dollar worth of assets to do so. Unless that's been embezzled it should all be good. Even if they were irresponsible and kept it in crypto rather than dollars, they should still be fine considering the way the market has gone the last six month. Any losses from minting at the BTC high would be easily offset by gains from minting at the lower levels. All in all, this is a big nothing sandwich.

[Anonymous No.7029305]

>>7029217
If Tethers are actually redeemable for a dollar, then the price should never reach 1.03 either, right? Arbitrage would erase the difference.

Tether price is floating, not fixed. That's great for tether holders when it's at 1.03, but the fun is over. Nobody has trust in tether anymore so the price is going to go to zero.

[Anonymous No.7029362]

>>7028640
Reminder that anyone spreading FUD has an ulterior motive.

Bulls are overbought from buying in during the last couple failed breakouts, so they have no money to push the price up. Thus, they resorted to spamming FUD in order to get bears who had tethered up to buy back in.
Tether itself is antifragile; people who believed the FUD actually pushed up the price for real, which means Bitfinex makes money and can cover any USDT withdrawal requests.

[Anonymous No.7029392]

As someone already mentioned, tether is claiming to be a fixed currency. A fixed currency CAN NOT be affected by demand and supply, the price will always stay fixed. The price of tether has changed up and down many times which just shows that it is in fact NOT backed by $1 and that it is a floating currency.

[Anonymous No.7029398]

>tether run starts
>reserve are mostly in BTC
>BTC floods the market to create liquidity for tether run
>BTC (and all other coins) plummet
>further destroys tether reserves
>cycle speeds up
>tether redemption halted
>tether holders lose everything
>any leveraged position in any coin gets called because of market drop
>no fiat flows in to crypto during panic, and no tether to float liquidity

It will be very ugly.

[Anonymous No.7029472]

>>7029398
>reserve are mostly in BTC

Basing his whole story on an assumption. ;)

[Anonymous No.7029484]

>>7029108
OP literally wrote discuss you fucker.

[Anonymous No.7029512]

>>7029472
Yes, that’s my point this whole time. If it turns out that tether is not actually backed 1:1 by US dollars, the market is fucked.

We now have strong evidence it’s not backed 1:1.

[Anonymous No.7029543]

>>7029512
care to show me the evidence brah?

[Anonymous No.7029551]

>>7029512

>evidence
Show me your evidence. I am curious af now.

[Anonymous No.7029568]

>>7029543
Sure.

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d

And

http://www.tetherreport.com

[Anonymous No.7029587]

>>7029568
Lol bitfinexed.

[Anonymous No.7029645]

>>7029568
http://www.tetherreport.com

have you even read this report by the anonymous author?

He comes basically comes to the conclusion that BTC moves correlate with USDT moves. Everything else is hot air with some statistic metrics which doesn't tell you a shit.

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d

Not even reading another Bitfinexed medium article, This guy is obsessed since April to fuck up Bitfinex, because he sold his BTC to early.

Anything else? i want your STRONG evidence.

[Anonymous No.7029654]

>>7029543
>>7029551
If tethers were backed 1:1, then why don't the Tether company buy them back now at $0.98 and make a profit? If nobody redeems these discount tethers, the market is only going to push the price lower.

If they were backed, this would be the logical thing to do. If they are waiting for it to go even lower to buy back, then they are frauding their customers who expect the peg to stay a dollar.

If they don't plan to buy it back at all, it's going to zero.

[Anonymous No.7029657]

While I agree that this tether issue needs to be resolved, I think it's effect on the market is being vastly overestimated. Anyone that has been trading since Bitfinex was "hacked" in 2016 hasn't trusted a word from them since that incident.

USDT is an issue but it's won't have the nuclear effect on the market that seems to be the popular sentiment.

[Anonymous No.7029703]

>>7029645
>I’m just got to ignore your evidence and claim you don’t have any

Whatever you want to do, my man. Read the evidence. Bitfinex refuses transparency. If it’s actually backed 1:1, why not just show everyone?

[Anonymous No.7029705]

>>7029654
Demand and supply. Nothing else to add here, this is discussed in the 10 other tether threads already.

[Anonymous No.7029731]

>>7028640
Let me understand what is going on here:

Tether needs to be $1, always.
Exchanges buy tether for $1
Exchanges trade tether for other crypto in dips (people tether during the dips)
Exchanges trade crypto for tether during the rises
How is this just not moving the volatility cost to the exchanges?

[Anonymous No.7029737]

>>7028640
If I think for a moment that if Tether is actually issuing fake unbacked tether and at the same time people don't realise this. What will happen is that Tether will eventually inflate the real US dollar and eventually this will be visible to normal people purchasing normie goods - analogically to the same way when new $ is issued by the FED.

[Anonymous No.7029744]

Don't be retarded. Tether market cap only 2.2 billion, thats rought 1% of the market cap of BTC and 0.0037% or total crypto market. The only thing that happens if Tether collapses is BTC price rises from the people selling Tether

[Anonymous No.7029747]

>>7029703
Stop using the word evidence. All you have is an accusation by an obsessed guy and several medium articles by the same guy.

[Anonymous No.7029766]

>>7029654
Exactly. If they aren’t willing to liquidate tether at .98¢, what makes people think they be able to liquidate it at a $1 when you need it?

[Anonymous No.7029773]

>>7029654
It's been less than a day since the news broke. You remind me of the people who said Kucoin was going to exit scam due to technical issues like lag making balances not show up/take a long time to load.

[Anonymous No.7029802]

>>7029268
Nonreportable trades = small fish

Big money is 60-40 short.

[Anonymous No.7029803]

>>7029744
lmfao get a load of this retard

[Anonymous No.7029902]

>>7029705
A fixed currency cannot be subject to supply and demand. A currency subject to supply and demand is by definition a floating currency. If every tether was really backed by a dollar, somebody could make risk free money by buying the excess supply and redeeming the tethers.

The fact that nobody is doing that is very suspicious. Tether is supposed to be a fixed currency, so why is it acting like a floating currency? When is somebody going to redeem the discount tethers for FREE MONEY???

[Anonymous No.7029923]

>>7029803
>implying he's wrong.

>pic related: It's you

[Anonymous No.7030017]

>BTC price decoupling from ether over last three hours

It’s beginning...

[Anonymous No.7030020]

>>7029902
So you wanna tell me, bitfinex has to build buy walls on every exchange? Do you even know how demand and supply works?

Oh and hey look - for your amazing argument.
Bitfinex USDT/USD $77.995.400 $1,00

On their own exchange it is perfectly $1,00.

[Anonymous No.7030033]

I heard this many many times that Tether is a scam and so on.

Here is an excerpt from their whitepaper located at: http://www.the-blockchain.com/docs/Tether%20Whitepaper.pdf

They promised that their accounts will be audited by professionals:

>Professional auditors will regularly verify, sign, and publish our underlying bank
balance and financial transfer statement.

Are these audits published? If so, is there any problem with the audits?

[Anonymous No.7030061]

>>7030033
They fired the auditor after the auditor told them it could certify.

[Anonymous No.7030091]

>>7030061
*couldnt certify

[Anonymous No.7030126]

>>7030033
thats whats in the white paper, theres no auditors anymore, if there was any to begin with. "auditors" were auditing but produced no audit. Even says so on the tether website disclaimer there isnt an audit because it would be "too time consuming"

[Anonymous No.7030130]

>>7030091
why he couldn't certify? Do you have any sources?

[Anonymous No.7030169]

>>7030061
>>7030091
That's not even true. You have more infos than the public has. Who is your inside man. And give another source since you are just randomly accusing shit once again,

[Anonymous No.7030185]

New filter 'Tether'.

This threads are fucking annoying, and 'evidence' is taken from biased sources. Everyone fudding on here are pathetic no coiners who missed out.

[Anonymous No.7030210]

>>7030169
if you want to find a source right away, look at the tether website, says theres no audit.

[Anonymous No.7030213]

>>7030130
https://tether.to/announcement-transparency-update/

[Anonymous No.7030218]

>>7028832
the point is to move out of crypto into eur/usd before that happens, the real eur/usd not tethers

[Anonymous No.7030224]

>>7030126
lol wut?
>to time consuming

well, if they can't fucking get an audit i.e. get some firm to certify their bank account balances then this is one fucking big scam

[Anonymous No.7030276]

>>7030218
Nice weak hands you have there nigger

[Anonymous No.7030286]

>>7030210
>They fired the auditor after the auditor told them it could certify.

I am talking about his reason, not about the audit.

Non audit can have multiple reasons. 2B on a bank account and you wanna give out your bank names to the public so anyone could freeze them, because the bank is doing money laundring? Nice.

>>7030185
They have STRONG evidence. Read the medium articles and go the court. Very strong evidence right here in the thread.

[Anonymous No.7030319]

>>7030224
Take a look at this:
https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf

Specifically, look at note 2 on page 4. You may not be familiar with these kind of audits, but that is very unusual. That is a massive red flag. The auditor is politely saying “tether told us they have this money, but we have no proof.”

[Anonymous No.7030329]

>>7030020
You can't redeem tethers for USD on Bitfinex. Anyone who tells you otherwise is lying. That's why the 1:1 USD/USDT peg is a fake number.

If that peg actually existed on Bitfinex, then the price of Bitcoin would be the same as the price of Bitcoin on GDAX and other USD exchanges, but it's not. It's the same inflated price as listed on other USDT exchanges.

Bitfinex is behind all of this, do you even know what's going on?

[Anonymous No.7030367]

>>7030276
>not making money on the way down and on the way up

[Anonymous No.7030371]

>>7030224

they were getting a firm to look at it, then the firm dumped them and scrubbed tether off their website. I'm guessing tether was withholding information so they decided not to proceed. If everything was presented clearly they would not have ran for the hills, unless they were honest and just ran for the hills anyway.

[Anonymous No.7030523]

Given all the shadiness behind the accounting of Tether, it's likely that they don't possess 1:1 USD to USDT. On the other hand, the "audit" they did back in September showing that they did have considerable assets probably means that they'll be able to survive a run, provided it doesn't cut too deep. My guess is that unless the market takes a really, really bad nosedive, the system will continue.

[Anonymous No.7030537]

>>7030319
I can posit a likely scenario here. Tether does not want to reveal their banking in such a way that will jeopardize said banking. They want a legitimate auditing firm like Friedman to vouch for them but Friedman is probably unwilling to sign off on an audit with key information omitted (bank details).

The money could very well be in accounts as Tether claims, but publicly revealing where the money is could easily lead to their accounts being closed (those who have been following this know it has already happened at least once). Tether probably wants some kind of binding agreement from Friedman to keep bank details secret and Friedman refused.

What else should they do? Once again, more than 2B worth of mony on bank accounts and you wanna let the US who is forbidding everyone to use your service and can freeze your unrightful money accounts? Nice shit.

>>7030329
So far both sides are basing there arguments on nothing. It is a vicious circle about the non excisting (updated) audit and to be honest...we will never get a fully satisfied audit for multiple reasons.

If they wanted to pull an exit scam, they had several points to do so. It is not about tether alone, it is about bitfinex were the real money lies.

When anybody can srly give me STRONG evidence and not conspiracy theories i am changing my mind, but so far they have my benefit of doubt.

Peace out, this discussion is time consuming enough.

[Anonymous No.7030611]

It's possible that Tether itself is not a scam.

However, the entire point of it is to get around US regulations, facilitate USD money laundering, tax avoidance, etc. Eventually the US shuts it down, regardless of what shithole country they're hiding in.

If anyone here remembers Silkroad, you'll know how fast that shutdown happened. Absolutely no warning signs. One day it was there, the next day it was an FBI landing page. That's exactly what will happen to Tether/Bitfinex, and the market will panic.

[Anonymous No.7030645]

>>7030319
like you couldn't have just fucking screen-capped it

>>7030329
>Bitfinex is behind all of this, do you even know what's going on?
What is going on?


>>7030286
I do understand withholding bank account names, this makes sense, but the pic related note is a major red flag imho.


>>7030371
Well, Tether is is fucking around.
I hope someone just makes a new more transparent USD coin and Tether is going to sink.

[Anonymous No.7030660]

>>7030537
i can make a scenario too, they dont have the money backing tethers.

without transparency we wont know which is correct now will we?

also Mt gox was faking US dollars to pump the bitcoin price too before the collapse.

[Anonymous No.7030750]

[Anonymous No.7030921]

>>7030537
>Tether probably wants some kind of binding agreement from Friedman to keep bank details secret and Friedman refused.

I don't see why would Friedman refuse legal professional privilege?

This make no sense whatsoever.

[Anonymous No.7031011]

>>7030921
It’s a lie. They agreed to it with tether on previous reports.

[Anonymous No.7031058]

>>7030645
Tether is printing tethers and sending them to Bitfinex to prop up the price of bitcoin.

Tether and Bitfinex are controlled by the same people. Bitfinex prints tethers to keep the price of bitcoin up which lets them remain solvent.

[Anonymous No.7031059]

Tether is the greatest counterfeiting scheme of our time.

Since its US banking relationships were lost in April of last year, Tether has come up with an exceedingly creative way of existing - taking fiat from all the USDT exchanges’ customers. Every time you send a USD wire to Bitfinex, Poloniex, Bittrex, etc, you indirectly buy tethers because the exchange trades your USD for USDT and credits you with the latter to get around regulatory compliance (as would be required if handling real USD).

This would likely be a sustainable way of existing were it not for the HUGE conflict of interest between Tether and Bitfinex. Why on earth would a giant exchange like BFX keep all that USD sitting around (making no return) when we’re in a market where prices are skyrocketing and they have the power to pump the price? You could buy some BTC with the USD, print some Tether, and then sell the BTC for more USD at a higher price and increase your USD holdings. Hell, you might even make enough USD out of that to back the Tethers that were just fraudulently printed.

This can continue until BTC or ETH’s price collapses, as those are the likely coins being pumped by Tether since they’re the easiest to be cashed out to real USD. When Tether is seen for the fraud it is, the other exchanges like Polo and Bittrex are going to be the bagholders. It will be bloody.

[Anonymous No.7031114]

>>7031059
>he doesnt know mt gox was doing the same thing.

was bitfinex around when mt gox was still breathing?

[Anonymous No.7031200]

>>7031058
>Tether and Bitfinex are controlled by the same people. Bitfinex prints tethers to keep the price of bitcoin up which lets them remain solvent.

make sense, but I would technically call that inflating the value of the United States Dollar against Bitcoin

[Anonymous No.7031289]

>>7031200

Maybe he knows something about USDT being printed, hence his insane confidence in the BTC/USD price.

[Anonymous No.7031368]

>>7030329
Explain it for us brainlets

[Anonymous No.7031387]

https://twitter.com/Bitfinexed/status/957668305120227328

this was just posted.

>"Looks like we just found another bitfinex shell company everyone! Now you know why they cant be audited! None of the money is legally theirs!"

[Anonymous No.7031390]

WHY CAN'T WE HAVE NICE THINGS FOR ONCE?

[Anonymous No.7031403]

>>7031289
The problem is that USD and USDT aren't actually pegged to each other.

They're approximately par right now because of market confidence. But other than selling tether to another bag holder, there's no way to cash out of tether. Once people realize that, USD and USDT become completely untethered (ie, two completely different currencies).

That's why the price of bitcoin is different on tether exchanges than USD exchanges.

[Anonymous No.7031461]

>>7030537
>The money could very well be in accounts as Tether claims, but publicly revealing where the money is could easily lead to their accounts being closed (those who have been following this know it has already happened at least once). Tether probably wants some kind of binding agreement from Friedman to keep bank details secret and Friedman refused.

This would sound like a very reasonable rationalization but it's not exactly how contracts with auditors work. When you come to an agreement with auditors they are usually very willing to keep any amount of information private. The only thing that they won't do is present a conclusion they don't believe. If they present that Tether is healthy and it implodes then they will still have all the evidence necessary to prove that they did their due diligence. Just not released to the public. If things go to court then it will come out. This was seen most famously with Enron and E&Y/PWC.

>What else should they do? Once again, more than 2B worth of mony on bank accounts and you wanna let the US who is forbidding everyone to use your service and can freeze your unrightful money accounts? Nice shit.

If they are in a position that the US could do this, then this is a REALLY bad sign. If these accounts got out via something that wasn't this audit then they would be fucked anyway.

>If they wanted to pull an exit scam, they had several points to do so. It is not about tether alone, it is about bitfinex were the real money lies.

It doesn't seem likely there will be an exit scam. The bigger issue is whether or not they can handle any sort of financial stress to justify the idea that USDT has any equivalency to USD.

One of the big measures that risk managers use in determining risk is the stress test. What happens when shit goes south on a rating of 1 to completely fucked out of 10. If usdt is trading consistently at about $1 for a long time that's fine but what happens when suddenly 20% of he market wants to redeem tether.

[Anonymous No.7031539]

>>7031403
as long as Tether is liquid i.e. nice buy orders on the markets, USDT can be considered 'redeemable'

Also what about Tether Limited redeeming USDT for USD, did they just stop for no reason, against their promise in the white paper to redeem USDT for USD?

[Anonymous No.7031644]

>>7031387
>https://twitter.com/Bitfinexed/status/957668305120227328

Wow, what is the problem of this ProfessionalPage guy?

If tether actually does have USD backing each tether, even if it's in different accounts, isn't that a good thing?

Freezing their accounts would be TERRIBLE, it would actually make the rumor that tethers are not backed true, and could actually cause everything crypto to crash.

Sure, let's get in touch with ING to get Tether's bank account closed... and ruin the lives of everyone here invested into crypto.

What a douche.

[Anonymous No.7031740]

>>7031644
its an unknown amount and that unknown amount doesn't belong to tether, thats what hes implying. If that is true, the thing backing tether is technically 0.

[Anonymous No.7031768]

>>7031368
You cannot deposit USD to Bitfinex. All of their trading volume is done in tether.
Even though the customers are trading with tether, is it possible that the Bitfinex market makers are maintaining a 1:1 USD/USDT peg behind scenes? No, see attached picture. The price of bitcoin on exchanges using tether (Bitfinex, Binance) is higher than the price in USD (GDAX, Bitstamp). It's because the market is valuing tether as less than a dollar on these exchanges.

If Bitfinex was maintaining a 1:1 peg then their prices should be more in line with GDAX.

[Anonymous No.7031807]

>>7031461
That's just a light stress test. What happens when 40% wants to withdraw AND the market is crashing. Is tether ready to deal with that reality?

This can keep going. These two test aren't really that crazy. The most likely scenario that would cause them is a decent rise in interest rates coinciding with an impactful economic "recession" (recession get's a more serious connotation that it deserves due to 2008). Suddenly people want USD. Can't exactly buy much of anything with crypto yet. Now you have the pressure of a recession, higher interest rates, and people are making a run on your capital. How much of that can Tether handle?

Another thing to not is that just because Tether has a bank account with $2b in it, doesn't mean that this money is necessarily backing tether. You'd also have to know about Tether's debts and what that money was attributed to. You couldn't be sure that it would go back to paying out redemption. Thus the point of the audit.

Finally, some people believe that crypto would act like gold in a recession. I seriously doubt that. The last thing that people are going to want to do in economic downturn is put their money into something as insanely volatile and risky as crypto. When the market sees a pullback, so will crypto.

[Anonymous No.7031828]

>>7031740
I meant this line:

> I suggest to get in touch with ING to get it closed.

Why do that? Why cause trouble for them?

Nothing good can come from it, if you succeed in closing their accounts, all you can actually achieve is crash the market.

[Anonymous No.7031850]

>>7031403
Again. Some of these guys sold alot of btcs long time ago. Now they are butthurt and they fud anything they can while playing private detectives just so others cannot have it.

[Anonymous No.7031860]

This guy hasn't made a single post since he removed his warrant canaries. Just disappeared. Interesting.

[Anonymous No.7031893]

>>7031644
there's nothing to freeze because all the money deposited into tether has been stolen

one day it will just crash directly to 0

[Anonymous No.7031944]

>>7031289
Maybe he just likes eating dick anon

[Anonymous No.7032002]

>>7031850
Ok, then explain to us why tether is trading at $0.98 right now?

[Anonymous No.7032012]

>>7031644
He is not the one who is douche you retarded faggot. Tether/Bitfinex should never allow themselves get in this position in the first place if they were run like legit businesses/by legit people.

[Anonymous No.7032045]

>>7028640
since 100% of my holdings lie in a somewhat sketchy tether only exchange, all this tether FUD has my chest in a knot. will i get jipped out of my ethereum in the event of tether insolvency? im not really worried about the price of the ETH i just am worried about the exchange going under and taking the ETH with them (kucoin)

[Anonymous No.7032054]

friendly reminder all the crystalballfags in this thread are paid pajeet shills

[Anonymous No.7032081]

>>7032045
is it time to wallet up?

[Anonymous No.7032101]

>>7031390

This will only serve to increase the resiliency of cryptocurrency communities.

We went through the Futures market manipulation, but now we as a community are aware of what is happening so we will be less likely to fall prey to their fucking underhanded tactics.

With Tether time will tell what will happen, but with viable alternatives like StableCoins arising we will adapt to that as well.

Humans are an adaptive species. With our collection of millions of High IQ individuals involved in cryptocurrencies, we are the ultimate decentralized ledger.

We will adapt, we will overcome, and the momentum will only grow

[Anonymous No.7032106]

>>7032002
Or even more concerning, why it's hit 0.93, and 0.95 twice within the last 24 hours. And is STILL at 0.98.

[Anonymous No.7032176]

>>7032002
Bitfinex/Tether slow reaction speed, which shouldn't be happening in the first place
Ideally DAI replaces USDT over time and we don't get an explosive crash, though I'd actually benefit more from an explosive crash

>>7032045
Binance and Kucoin have enough in their reserves to cover everyone. Kucoin has 9k Ethereum, while Binance has 15k (and probably has multiple wallets as well). It's harder to tell what GDAX does since they appear to have multiple wallets with balances of 101 each.

[Anonymous No.7032185]

>>7032101
>t. Hippy

[Anonymous No.7032210]

>>7032176
Thats not their ETH.

[Anonymous No.7032215]

>>7032012
They're ALREADY in that position you, so saying "they should never have let it happen" is nothing except wishful thinking.

Right now, this is ALREADY the situation we are in, you CAN'T do anything to change it.

So let's just crash the market instead?

You're the retarded faggot.

[Anonymous No.7032225]

hmmmmm

[Anonymous No.7032229]

>>7032106
The crazy part about all of this is that Tether could easily fix the situation by putting up huge buy orders at $0.95. If they truly are backed dollar for dollar then that's literally just free money. It even helps them keep the 1:1 price that they want.

[OmegaMaker !y94sYrXObc No.7032260]

HMMMMMMM

[Anonymous No.7032370]

If you like good scams, buy ponzibase.

[Anonymous No.7032387]

>>7032215
OK dude, let's pretend this did not happen. Hopefully we will get few extra days.

[Anonymous No.7032681]

>>7031893
> all the money deposited into tether has been stolen

It seems a lot of people are assuming this.

Personally, I want to think that what happened is the bank discovered it was Bitfinex/Tether, and did not previously know.

So they froze the account.

Account frozen =/= Funds lost.

I think they have their funds spread into many different (dummy) accounts, especially considering they already had bank problems in the past with Wells Fargo, sticking everything in one bank would be suicide.

[Anonymous No.7032707]

>>7029744
if tether collapses it's value = 0 so nobody is selling it at that point. What would happen is it would probably make bitfinex implode, which would have noticeable consequences to crypto prices at best and pretty huge drops at worst.

[Anonymous No.7032794]

Do you know why the prices on Binance are higher? Because the price of Tether is going down. The more inflated the prices on Tether exchanges get the more you will notice that the end is coming.

People will try to arb on those exchanges and will be throwing their money away.

Gdax and exchanges that deal in cash will block transactions from other exchanges in order to protect their cash reserves.

Basically, Tether is free money. It should have NEVER been allowed on any exchange, but now that it is what you are witnessing is theft. Tether was ARTIFICIALLY pegged to a dollar and people were FORCED to trade it in order to give it utility. Now that you see the price going below a dollar you see that it's not pegged at all - the value of your coins shouldn't be "floating" against a shit coin with no value. You can't send Tether to a fiat exchange and cash out. This should tell you everything you need to know.

Tether is a scam and any exchange using it is subject to financial ruin. If you try to move Ether to Gdax and sell right now you will instantly lose money due to the price difference. This is why Tether is shit and this is why the gains you have on Tether exchanges are artificial. Pray that Tether gets back to a dollar because if it doesn't you are losing money right now.

[Anonymous No.7032822]

>>7031893
> all the money deposited into tether has been stolen

It seems a lot of people are assuming this.
Including:
>>7032387

Personally, I want to think that what happened is the bank discovered it was Bitfinex/Tether, and did not previously know.

So they froze the account.

Account frozen =/= Funds lost.

I think they have their funds spread into many different (dummy) accounts, especially considering they already had bank problems in the past with Wells Fargo, sticking everything in one bank would be suicide.

>>7032012
Just to clarify, I called him a douche because he said:

> I suggest to get in touch with ING to get it closed.

Why actively attack Bitfinex/Tether's bank accounts?

Obviously they had one seemingly frozen.

So let's get another account frozen?

What good can come out of that?

[Anonymous No.7032900]

>>7032707
Would it be worth trying to accumulate crypto if this happens? It seems like a lot of people would lose faith in it if that happens but then again mt gox wasn't enough to make people give up on crypto entirely.

[Anonymous No.7033042]

>>7032900
obviously crypto as a whole isn't going anywhere, tether isn't the first coin pegged to the dollar, and if it blows up new ones will replace it. If we see massive drops then yes I think it will present more buying opportunities when the dust settles

[Anonymous No.7033131]

>>7033042
This next crash will clear the way for a bank or large corporation to come out wit a proprietary and centralized blockchain. That is what will see mass adoption. You will only make money if you’re a shareholder.

[Anonymous No.7033405]

Am i the only one that think this Bitfinexed guy seems to be one of the saltiest and sulkiest people you can imagine? First it was about tether alone, i understand his points but you can't deny that this guy is biased and obsessed with finding any kind of evidence and sometines talks out of his ass. Now he is also starting to shit talk about crypto at all and that everything has zero value and will crash 99%, this guy seems to be on desperate and sad individual that commits his life to shame crypto because he clearly missed out on the fortune that other people have made in crypto

[Anonymous No.7033466]

>>7032822
Dude, just check the reddit thread. That guy wrote that because they did not credit that deposit to his account. I can understand that he's pissed.

[Anonymous No.7033573]

>>7033405
But this whole situation is hurting crypto as a whole. Shit is not healthy. Money just doesn't grow on the trees

[Anonymous No.7033817]

>>7033405
Why do so many people on /biz/ sound like amway grunts whenever anyone levies any criticism on crypto. Last I checked the majority of economists are pretty fucking skeptical of this shit too. Seems more likely to me that this guy is just trying to take down some pretty fucking shady practices.

[Anonymous No.7033848]

>>7033817
inb4 economists are wrong all the time.

[Anonymous No.7033864]

>>7033405
i also think he really biased and seems somewhat like a salty early seller but i think hes right regarding
>he is also starting to shit talk about crypto at all and that everything has zero value and will crash 99%
when an absolute trashcoin like dogecoin is worth almost $1bil and ADA reaches top 5 by only having its whitepaper released, you gotta ask yourself some questions

[Anonymous No.7033884]

>>7033573
no, its digitally printed with an unlimited supply

[Anonymous No.7033931]

>>7033817
Because biz is filled with deluded newfags who wish they will get rich with crypto so they don't wan't to hear anything negative about it.

[Anonymous No.7034046]

>>7033466
Yes, and if that account did get frozen as I think it did, then they wouldn't know if there were deposits being made to it.

So they switched to another account (probably one of their many other accounts).

The thing that annoyed me is that guy in the screenshot calling for people to call the bank to have the NEW tether account closed.

Not only will they remove more USD backing from tether, they will also cause problems to people who are depositing to the new account.

[Anonymous No.7034088]

>Crypto is so great because there’s no central authority who can print money, so people can trust the soundness of digital money
>Crypto is so great because Tether can print USD and keep our Bitcoin prices high!

The absolute state of crypto right now. Bitfinexed is a salty nocoiner but god damn do we need a purge

[Anonymous No.7034089]

>>7029362
> Tether itself is antifragile

I'm screencapping this.

[Anonymous No.7034149]

>>7033573
>R3G38w9
Fiat money is also printed everyday, but yeah this tether issue has to get resolved soon.. just wanted to point out that this guy is literally obsessed about it and is probably smearing his room with his own shit to find more evidence .When Tether gets finally busted the market would crash, but he is saying the market will have a price drop of 99% within minutes, i can't take this shit serious

[Anonymous No.7034380]

>>7028640
Hijacking this thread, sorry OP.

You wake up one morning, and the worst has happened. Tether is no more. The entire crypto market is down 25% and falling. What do you do anon?

You do have a SHTCF (shit hit the crypto fan) emergency plan, right anon?

Your typical emergency cash out options include:

> BTC -> Tether (we all know this is a ticking time bomb)
> BTC -> Cash by localbitcoins/atm/exchange bankwire to your bank account
(This doesn't let you seamlessly get back into crypto like tether allows you. and now you have to pay taxes and hold the worst premined shitcoin in history, USD)

>BTC -> physical gold using APMEX/Silvergoldbull.com
(Now you have to hide and worry about how to cash out physical gold)

BUT THERE IS A FOURTH WAY

It combines both the benefits of tether and gold, without any of the downsides.

VAULTORO MOTHERFUCKERS

https://www.youtube.com/watch?v=YJxSHKKGNgM&t=1s
www.vaultoro.com/?a=107662

[Anonymous No.7034417]

>>7034380
cont.

Vaultoro allows you to purchase small amounts of gold (fractions of gram) with Bitcoin. You can then take physical possesion of that gold if you so wish, or convert back to Bitcoin at a future date.

EXACTLY LIKE TETHER

Only the main difference is that Vaultoro's gold AND Bitcoin reserves are audited every day, and posted online. They're entire inventory is assayed each year, with the report posted online.

Please consider saving a little bit of your exit money in this platform, for your own sake.

www.vaultoro.com/?a=107662

[Anonymous No.7034429]

>>7034380
Begone pajeet

[Anonymous No.7034480]

>>7034380

>gold backed crypto

you could have just said the best way to exit the market is into newer resource backed crypto, who cares about vaultoro. there are several now

[Anonymous No.7034766]

>>7034149
>Fiat money is also printed everyday
Durr if the us can do it so can bitfinex
Fiat money is backed by guys with guns and national economies. Everything the Bitfinex'ed guy posts has at least a decent amount of truth to it. You can say he's exaggerating I don't think he's wrong. Plenty of people are just as weary.

[Anonymous No.7034832]

>>7028712
Best bet is to take out a portion of your profits every month or so out of exchanges no matter if it has fiat pairing as I guarantee they will mysteriously be closed for maintenance during the shitshow. You seen it with coinbase when btc went on the bullrun in December and they will pull the same shit when btc drops hard

[Anonymous No.7034834]

>>7034480
>several

anon, I'm legitimately interested in these other options, what are they?

[Anonymous No.7034846]

>>7028640
>>is it a scam?
Yes, obviously. It's a multi-billion dollar scam.

>>what will happen if it collapses?
Bitfinex will go down, USDT will go down maybe to $0.10 USD (as there will be some high risk speculation on some form of legal action against iFinex). It will also shake the rest of the exchanges using USDT, and altcoins will follow. People will try to move coins to "well-known" exchanges like Bitstamp and Coinbase, so BTC, ETH, and specially LTC will go up for a couple of days, but then collapse because bad news and general market sentiment. Same thing happened with MtGox.

>>are you prepared?/are you preparing right now?
Yes and no. I will hold some cryptos just because I'm a long term bull, but I already cashed out almost everything from all my exchanges.

This will be a savage bloodbath, there is no way to predict every move. But you will have some good opportunities.

My only advice is: don't try to be too smart, don't risk too much capital.

[Anonymous No.7034875]

>>7034429
not a pajeet, I'm someone who made it and is trying to help those who have too (or will). this is a good exit option for some, and it should be kept in the back of everyone's mind at the least.

[Anonymous No.7034921]

>>7034417
cont.
This is a copy of their most recent audit of gold reserves (which are audited once a week, not once per day)
https://s3-eu-west-1.amazonaws.com/vuser/DA_Vaultoro.pdf

[Anonymous No.7034973]

>>7034921
it currently shows that they have

22 X 500 Gram and
526 X 1000 Gram .999 gold bars

in reserves confirmed by Pro Aurum, who holds the gold in a swiss vault facility.

[Anonymous No.7035089]

>>7034973
https://de.wikipedia.org/wiki/Pro_Aurum
"In 2005, the Pro Aurum generated annual sales of 60 million euros. [28] With the financial and economic crisis from 2007 and the flight of many investors in precious metals, sales increased significantly. For example, in the months of April, May and June 2011, the Group sold around 2.3 tonnes of gold in the form of coins and bars. For the months of July to September of the same year, an increase in sales in this area was reported at 3.4 tonnes per month. [29] From January to November 2011, the company sold 17.2 tonnes of gold to banks and individuals. [7] At the end of 2011, the company put the peak silver trading daily sales at five tons, and the usual silver daily sales in the same year were half of that figure. [30]

At the end of 2011, the company reported a total sales of 680 million euros for the financial year 2010 and for the first time a turnover of one billion euros for the year 2011. [3] Per week up to 24 million euros were implemented in 2011"

[Anonymous No.7035171]

>>7035089
Here is further documents of Vaultoro's audits. Their gold insurance letter can be found publicly here: https://s3-eu-west-1.amazonaws.com/vuser/Versicherungs+Police_Helvetia_Januar+2015.pdf

It reads as follows:
Helvetia Business Insurance, policy number 4.000.333.834

Dear Ladies and Gentlemen,

We confirm with this letter that in the vaults of Embraport, located at Lochackerstrasse 3 in CH-8423 Embrach-Embraport, precious metals are insured against the following hazards:

Fire and natural disaster (of first risk)
Burglary and theft (full value)

The specified sums of insurance apply as of January 5, 2015.

The following deductibles apply:

Fire, burglary, and theft: no deductible
Natural disasters: 10% of the compensation, minimally CHF 2,500, maximum CHF 50,000

This insurance policy is based on the general conditions for Helvetia Business Insurance, following the January 2007 issue and the written special conditions.

Best Regards,

Helvetia Insurance Property Insurance Division

[Anonymous No.7035248]

>Gold

Sure thing grandpa. What other scams got your social security check after advertising on Fox News?

[Anonymous No.7035395]

>>7031860
what are the warrant canaries?

[Anonymous No.7035453]

>>7035395
they are indicators implying that if they are still there then they have not been contacted by the feds. if they have been taken down and disappear then the feds have contacted them (in the worst way if both have been taken down).

[Anonymous No.7035516]

>>7035171
cont.
https://s3-eu-west-1.amazonaws.com/vuser/BDO_Audit.PDF

This last document in the link above is a letter from BDO, a neutral 3rd party, attesting to MORE then full gold reserves held by Pro Aurum vaults for Vaultoro users. It reads:

"
Precious metal inventory of transshipment port in Embrach-Embraport

Dear Mr. Buchwalder,
tl;dr: There are more precious metals in the inventory than customers own: Above full reserve.

As ordered, we have counted the inventory of precious metals in your transshipment port. Hereby we confirm by legal revision that as of December 23, 2016, the total of stored precious metals (gold, silver, platinum and palladium) in your transshipment port was greater than the total assets (purchased goods) of your customers, which you reported in the weight account and confirmed on December 23, 2016. We have adjusted the total inventory of the customer’s weight accounts with the total inventory of the signed inventory list from the transshipment port. We have concluded from the balance list that was provided to us that the stored inventory of precious metals is sufficient to meet all customer claims from storage contracts.
tl;dr: BDO does not check quality. (Quality check is done by ProAurum, they only take bars directly from smelting companies)

The precious metals are not individually labeled and therefore, we have not confirmed that it is in fact the agreed upon product in the corresponding order quality.
tl;dr: This paper is not intended for third parties, a liability disclaimer

This confirmation is only directed to the company and does not represent any promise or confirmation to third parties on the respective goods."

[Anonymous No.7035532]

>>7034846
This, right here
Buy Ltc

[Anonymous No.7035995]

>>7034846
>Bitfinex will go down
Every exchange largely using USDT pairs will go down, since USDT accounts for 25% of BTC and 20% of ETH volume.

Which means Bitfinex, Binance and Huobi are fucked and will most likely pull an exit scam. After which 90% of the market cap will be annihilated by panic.
If you think Mt.Gox was big, you have seen nothing. So shut the fuck up about Tether and pretend everything is fine.

[Anonymous No.7036363]

>>7028640
https://mktstk.com/2018/01/28/tether-is-breaking-its-peg-to-the-dollar/

[Anonymous No.7036406]

Oh fuck what the hell did I get myself into, time to get out right?

[Anonymous No.7036427]

>>7036406
You’re about 2 weeks too late for the peak, but get out now if you’re still in.

[Anonymous No.7036445]

How do people actually believe that tether is backed by USD? It literally says on their website that it isn't backed by shit.

[Anonymous No.7036685]

>>7036427
This market is so ridiculous, how the hell can this whole market have shit like Tether in it? And that fuckery with BCH with coinbase was a thing too. Then there's the Chinese selling in great numbers because they want to buy stuff. It's so stupid, like there's traps for crashes everywhere.

[Anonymous No.7036730]

you retards are going to be so sorry you didnt use this tether dip to increase your tether stack
All coins will dip when it rises back to 1.00

[Anonymous No.7036809]

>>7036363
That happens literally ever time after a crash when everyone buys back. Happened twice in 2017, now it's suddenly news.

[Anonymous No.7036983]

>>7036809
This is all sick FUD campaign

1) Jibrel boys
2) bitfinexed the sued and obsessed guy by and with bitfinex
3) and a crazy jew who is wrong with every Crash prediction

[Anonymous No.7037100]

>>7028887
Yeah it's actually quite possible that bitfinex does have that amount, if coincheck is able to refund their customers half a billion in damages from the hack, bitfinex which is a bigger exchange could be able to have that amount of solvency

[Anonymous No.7037142]

Final Solution to the Shitcoin question, when?

[Anonymous No.7037422]

>>7037142
Unless it goes down in the next few days we're pretty safe. Jibrel is coming, DAI is already here. People will move away from Tether gradually as others come onto the scene. At the very least, the blow will be softened.

[Anonymous No.7037557]

>>7035995
The amount of Bitcoin in Binance's reserves is currently increasing, so they should be able to survive the Tethering. Bitfinex will probably be the only one to die.

[Anonymous No.7037723]

If I short tether on kraken USD-USDT, do I get tether or USD. That'd be pretty fucking useless if it was usdt

[Anonymous No.7038129]

The absolute truth you need to know is this:

Tether probably isn't liquid at all.

Tether can be used safely (i.e. in and out) to avoid losing money in dips

It'll likely crash and burn this year

[Anonymous No.7038311]

>>7038129
Bingo.

The lack of transparency for what is supposed to be BILLIONS of dollars of cast iron backing in fiat is the biggest fucking red flag I've ever seen.

[Anonymous No.7038671]

>>7029392
It's a fixed currency on bitfinex.
You can deposit it on bitfinex and withdraw usd. Or deposit usd and get usdt. People that say it's impossible are either ignorant or lying.

>>7029654
Prices outside bitfinex depend on arbitrage which isn't perfectly efficient. Funds moving through bank wires take time.

[Anonymous No.7038685]

>>7035516
In conclusion,

You can use Vaultoro as a fourth option for an ermegency cashout method to lock in your gains, or just to take some profit off the table. The benifits of this service allow you to buy a real hard asset that will stand against the dollar and the test of time. Its better than tether. You can take physical delivery of the gold if you want. you can sell the gold for bitcoin at any time and withdraw that bitcoin at anytime (no limit). taxes are dependent upon your jurisdiction.
If you found this information helpful, then please consider signing up using my reflink, you get some gold for doing so.

vaultoro.com/?a=107662

[Anonymous No.7039193]

probably dead thread at this point but i just want to put out that a youtuber called Crypto Investor made a video on it
https://www.youtube.com/watch?v=PGsF5wDksPI