HOLY FUCK THIS RALLY IS A FRAUD

It's time to close the short, son.

>>3097386
shhh anon.
delet this

>>3097386
https://www.youtube.com/watch?v=0HtyF0jux2Q

No seriously guys read it. Being an American.. I cant Margin trade.. so cant close anything.

Bankers have infested the crypto sphere and they are running their age old scams again. Welp, just keep an eye out for happenings.

>>3097386
I cant read everything give me a tldr;

So what does this tell us? Price will drop again? USDT will (finally) uncouple from USD when people learn?

>>3097499
>>3097502
80 million tethers enter the market and are used to create fake trades that trick real money into entering. Can't be proven if the tethers were fake or real.

TL;DR basically this entire rally has been due to fraudulent margin trading with USDT, think of the movie the big short, where its IOU's stacked on top of IOU's. When everyone wants their real USD they realize that USDT isnt backed by it. Its literally fake money. Thats when the ENTIRE thing collapses. This $4500 BTC is literally a pump and dump. Be very cautious.

>>3097529
also it all comes from bitfinex, homebase of "spoofy", who single-handedly pushes Prices where he wants them (while other exchanges follow suit). Not only BTC but also OMG and IOTA.

>>3097553
once the market crashes.. its going to crash fucking hard.. Im honestly debating right now on liquidating and holding out right now. This really has me spooked..

Why do you guys believe a single thing this bitfinexed faggot says? Stop posting your gay shit here otherwise I will open up cain and Abel and boot you off the internet for good

>>3097386
Dynamite read.

can you faggots explain wtf a tether is and how these things are magically made

>>3097658
https://tether.to/

basically a cryptodollar invented to avoid BTC/USD trading and Fiat-banking (regulation).
But the company issuing USDT lost it's own fiatbanking supplier (Wells I think) which lead to the whole unredeemable IOU thing.

>>3097405
>he's not using a VPN

>>3097658
I'm still trying to wrap my head around it

A tether is a coin that tracks the us dollar, and says they're back ed in the US dollar, 1 dollar for every tether USDT is in the vault. The writer is saying, I think, that a lot of these dollars are fake money, the fake dollars are trackd somehow and only used for margin trading, then the fake money is burned. So theres all this margin trading going on, and it's all leveraging fake money, and destroying it later when you have more.

I'll have to read it again so much was over my head. ANyone with some rundowns and help making sense of the numbers would be appreciated.

>>3097697
thank you sir. i found the very helpful link at bottom of article about tethets as well. how will this effect other exchanges, i.e. bittrex

>>3097728
follow link at bottom of article. gives a quick rundown

https://hackernoon.com/the-curious-tale-of-tethers-6b0031eead87

>>3097734
once it all comes crashing down on bitfinex, the entire market will come down with it too.

basically milliins of tethera being floodes onto market with no dollar backing and being used to inflate btc price as soon as a few whale cash out the thing collapses and tether abd bitfinex will get shutdown and run away eith your money

also the volume for bitfinex is just outrageous. Usually bithumb is higher than all the exchanges by a ton. Its obviously being HUGELY manipulated.

>>3097750
just price thougj right? are the actual assets secure?

>>3097750
SO what happens then if you're in USDT say on a different exchange when BTC dumps?

btc $300
bcc $3000 next year

>>3097773
Honestly? USDT is vapor. It literally has NO backing.. its the epitome of IOU's. If this turns out to be whats actually going down.. expect USDT lose all value..

>>3097770
If you have say 1 BTC, you will still have it. It just wont be worth what it is now. Along with Alt coins all dumping due to bitcoin dumping

>>3097800
Usdt should go to zero - but the wash traders have bought up real btc with their unbacked usdt

Hence the rally and the problem

>>3097800
and let me clarify value for USDT.. you wont be able to use it.

>>3097773
the crash would come from USDT. As soon as there is hard evidence that 1 USDT never = 1 USD shit will hit the fan massively.

>>3097744
nice dubledouble but this looks like another long article by the same guy

I need an actual rundown my brain is already wrecked watching omg crash and dont want t get out before it goes up but dont know what Im doing, its my second day trading so if anyone has advise for this it would be even even more appreciated than a rundown.

>>3097815
you came in at a bad time my dude.. shit is happening and not the good kind of shit.

>>3097814
But wouldn't the jews cover for this endlessly and just say it's real, shoa anyone who tells the truth? It sounds like Fort Knox honestly

>is it politically feasible to challenge them when they own the courts and the banks
>cant they just switch the money or do some other jew trick

>>3097815
If all you hold is OMG youre fine, you might want tl take them off bitfinex though, this site looks shady as fuck (did this with my iota)

The scam they talk about is aboit bitcoin being artifically pumped with usdt that apparétly were created from void

>>3097838
but you must also realize that when bitcoin dumps, so does all the Alts..

>>3097838
>The scam they talk about is aboit bitcoin being artifically pumped with usdt that apparétly were created from void
No I didn't mean in relation to the article,I just meant when should I get out, if anyone knows. This thing is killing me. Sorry for the non sequitor.

>>3097858
When you hit your profit targets that you set before you entered the trade is when you exit the trade

It sounds like you didn't have them

>>3097888
was planning to exit on the moon

>>3097386
https://youtu.be/_xHw_zAJRDk

Morgan freeman = btc baghodlers

this is some nice FUD

>>3097999
>t. in unbacked tethers

i'd be a little less comfy i was in your spot famalam

if this is true, then tether + bitfinix are essentially engaging in the behavior bitcoin was designed to combat.

This is literally QE : bitcoin edition if true. When these margin positions get closed, bitcoin will likely crash below even its previous low; not because of a flaw with bitcoin, but because bitcoin's price was manipulated.

I should have known it was sketchy as fuck when goldman fucking sachs started shilling bitcoin.

>>3097999
this isn't just some random "hurrr growth is unstainable" shit though, if bitcoin is being pumped with funny money that's a legit problem.

>>3098074

margin long positions get closed so those people bought bitcoin for fraudulent tether, they now buy fraudulent tether back and get rid of them how? buying back bitcoin again? I'm sorry, never traded margin so this may sound retarded

Post yfw this is 4D chess and big money WILL get dumped out of BTC but not because of a tether problem...

Big shake out allows lower BTC price for banks to accumulate BTC once everyone runs to BCC... then only banks own all the BTC

Dont ever sell your BTC

>>3097386
>Bitfinex

Every fucking time. Never, NEVER trust a Chink.

someone tell me if this is true or not

>>3098177
Well half the story is true because someone is spoofing the market and mainly using bitfinex. Conclusion, when it crashes, its crashing back down to 3k, just like how Goldman Sachs predicted. I wonder who Spoofy could be!

If bitfinex is in on this, why would they accept that people open margin positions using funny usdt? Who is really getting fucked over in this case?

When Btc crashes is it a better idea to go into actual fiat or can I stay in usdt or will that crash too?

>>3098219
The people who are buying who are not in on the scam are the only losers. Bitfinex gets their cut, the spoofers launders their fake money, not sure how the tether lending works, could be that they get fucked over?

The only winners are the Jews.

>>3098228
Whatever you do, don't hold USDT. Transferring to fiat might make the tax man come after you, so one alternative is to buy a relatively stable coin. I don't want to sound like a shill but litecoin is probably one of the most stable coins for this purpose

>>3098228
As I just said i dont know how you borrow tether but your tether could be worth a cent rather than a dollar when this happens.

>>3098177
Figures seem to check out but interpretation of the data is open to speculation.

>>3098239
Are taxes really that painful for you? Im in the 15% bracket, I dont really care.

>>3098137
let's say I have 1 dollar and I open a 3x margin position, then I buy bitcoin with 3 dollars: my 1 dollars then 2 dollars I borrowed from someone else. The reason to do this is that if bitcoin increases 10%, I actually gain 30%, because I only have to pay back the 3 dollars + interest (which is usually pretty low). If bitcoin goes down, however, I have to cover the difference. I can only lose at most my initial dollar because if bitcoin drops to the point where I might risk the 2 dollars I borrowed, then I will be forced to sell and basically lose everything.

So there are a few things that can happen: 1. the margin positions are forcefully closed because bitcoin dips hard; this will wreck the price because they have to sell all the bitcoins they bought with funny money. Since bitcoin will have already been low from a dip, it'll crash HARD. 2. the people holding the margin long positions will decide to close themselves and take their profits, in which case bitcoin will AT LEAST crash down to where it was before the rally because the amount of supply will become insanely lopsided, as much so as the demand was that started this rally. In this situation, however, it will likely dip much lower as other people start to sell as well.

what needs to be understood here if that's too complicated is that the profit these margins positions are making is coming from somewhere; namely, those who bought bitcoin earnestly. They tricked the market into thinking there was more demand for bitcoin then there was, and when they start to sell there won't be enough money to make up for it because this money is fake in the first place.

>>3098158
What's wrong with BCC?
I'm holding both

>>3098219
Bitfinex doesn’t need to care about what some small fish do on their own exchange or with Tether in general, if the article is right.

What they do is basically paint BTC chart however they want (because they can paint it on Bitfinex, and other exchanges follow suit) and profit off the "insider info" of knowing where it goes beforehand. That way, there is no apparent relation between the angle they’re profiting with, and the weird behaviour on their exchange.

Imagine they just put the 80M Tether that supposedly have been created out of nothing on poloniex to buy bitcoin with. 80M is so much, it would’ve been noticed immediately by polo staff. And on polo you need to give your name etc to withdraw anything much. That’s not a spot you want to be in.

Hence painting the graph is a lot less dangerous.

>>3098177
seems like fud

Does anyone think Bcc will have something to gain if Btc crashes?

>>3098276
>Does anyone think Bcc will have something to gain if Btc crashes?
I think BCC will replace tether for sure.
I don't think it will be dragged down as much as other alts.

Wonder if it has anything to do with them cutting off US users.

>>3098239
LTC was just a few dollars when the manipulation (supposedly) started.
Should this really explode, BTC is probably still the safest coin, because basically all other coins have only really pumped after BTC started its 2017 run.

>>3098305
Could be that they dont want legal action from the cutthroat slimeball US lawyers.

>>3098236
>>3098266
Alright this both makes sense.

I can think of an alternative though, which is obviously that the created tethers are actually backed by real dollars, and this is all caused by someone wanting to legitimately buy btc. In that case tether would need to at least be able to maintain its dollar value until the new money has been converted to btc.

>>3098326
You really haven't understood anything have you

>>3098326
No, litecoin has suffered from this. It was on an even increase in price, since this started its price has been all over the place. ETH was recovering from its correction and going back up and its been chaotic since this started. When BTC crashes, they crash to, for some reason. When BTC goes up slowly, they do to. When BTC pushes an ATH, they go down because people sell theirs to ride the euphoria.

>>3098339
Tether is not backed by anything but faith.

>>3098360
I realize there are no legal protections, but people must have been constantly arbitragint usdt <-> usd with the tether company or else it simply would have collapsed.

>>3098297
>I think BCC will replace tether for sure.
I like rainbows because ships are blue

>>3098374
No, tether is not redeemable for dollars. Tether is literally monopoly money. Its purpose is to allow people to evade taxes. So you take a risk using tether to bend the law. There is no free lunch.

>>3098383
https://coinmarketcap.com/assets/tether/
Look at the chart, how is it possible that it stays so close to 1:1 with the dollar (especially the period before they had banking troubles) if not some of it is backed by real dollars?
Surely there's a huge bounty to be had for even proving that it's fake money: short 1 million tether, try to redeem like thousand, write an article about it, voila, free million usd.

If the writer is correct, how long would it take for this news to get out, be accepted and crash BTC?

>>3098413
Because its literally designed to equal 1 dollar. It will always equal 1 dollar because thats its purpose. Its a faux dollar. No one invests in tether

it
is
used
to
evade
taxes

Please get that through your head. Everyone that uses it knows it fake money. Everyone but you apparently. I sure hope you have not been stock piling tether because you think its going to 2 dollars one of these days.

Bitcoin had value long before USDT existed

Is there ANYONE here who has been on /biz/ for more than a month? Ffs, I'm a newfag who came in April and I remember the bitfinex/tether topics (usdt dropped down to 86 cents at one point). Yes, this is all a scam, and yes, you're a sucker if you hold any tether. When it crashes for real, it'll crash to 0.

>>3098413
Their terms openly states they have no obligation to exchange your Tether for anything, and everyone knows they'll never pay out if there's a bank run because Tether is worthless and USD isn't.

damn, and I loved the idea of parking my $ in tether when I was going to sleep

>>3098430

Basically 5 minutes after someone tries to cash out 60 Million USDT.

Will be constantly waiting for the crash to start to open up my short position

>>3098508
but to cash out usdt you have to buy bitcoins and then sell them for actual usds, no ? So how's it gonna crash the btc price ? more like the opposite

>>3097588
>I will open up cain and Abel and boot you off the internet for good
kek.. haven't heard of that program in 10 years.

>>3098443
>it
>is
>used
>to
>evade
>taxes
I don't know why you'd assume I don't know this.
If I have a 1000 usdt right now, can I exchange them with the tether company or not, today?
If not, why does nobody short usdt and bring it down?
>Because its literally designed to equal 1 dollar. It will always equal 1 dollar because thats its purpose.
How does it achieve that purpose?

>>3098489
>Their terms openly states they have no obligation to exchange your Tether for anything,
I know, I said so in my earlier post.

Thanks anon.
Just bought XMR with all my USDT.
waited for a btc dip for buyback but if this is true, which might seem logical considering the weird bitcoin pump the last few days it all might crash to FUCK.

XMR is oversold and a safe bet until this is shit blows over.

>>3098545
You are hopeless.

>>3097386
So basically the rally had nothing to do with August 1st or Goldman Sachs investing in Bitcoin?
I find this article really hard to believe... There's no evidence that this tether is fraudulent in the article. It's all conjectural.

Now what I would like to know. Whos the asshole that lets someone marginal trade with tether? Is it Bitfinex or Polonex? Thats the company I would take out to the countryside and shoot in the head.

>>3098576

Doesn't matter what you believe.
I skimmed through all of the links and this thread.

This FUD, true or false, will spread like wild fire.

Move out if USDT is my tip.

Tons of people are sitting on TRUCKLOADS OF USDT right now to buy back the BTC dip.

This is dangerous as fuck.

Stay away from USDT.
EVEN if bitcoin doesn't go down USDT might collapse because everyone will sell it.

>>3098570
All I'm saying is tether could be partially backed, at least enough so that someone could buy 50 million usd worth of bitcoin with it. I'm not saying they would stay solvent in case of a bank run or that literally every usdt has a real dollar attached, but if you think it's literally impossible to exchange even just a thousand usdt to usd I'd like to see some proof.

>>3097533
>>3097728
>>3098236
>>3098413
>>3098443

Can someone explain the USDT = fake money thing. If someone wants to create $1 million worth of tether for himself then buy BTC with it, how the fuck do they do it?

>>3098620
Please stop replying to me. I am honestly asking you to stop. I do not want to talk to your dumbass anymore.

Fuck me, if this is accurate we are literally in fucking lala land right now!!!

>>3098614
>Move out if USDT is my tip.

What kind of cuck even holds USDT? I only trade Alts-BTC.

>>3098628
Not sure about that part. The story mentioned a tether loan. Was it Bitfinex that loaned or Polonex?

What doesnt make sense to me is the inherent backing in tether, when i sell btc for usdt, the value on my btc goes into tether. If my btc is worth 100$ and i get 100 tethers, its value came from the btc i sold for it? What am i missing?

>>3098658

Alts can give you a heart attack.
You Put your pocket change i Alts.
I will keep my money with the big boys.

Do you define alt as ETH XMR and such or DGB?

File: 0efee7000bd8777592ce0573fa81778a.jpg (51KB, 640x640px) Image search: [Google]

51KB, 640x640px

>>3098628
USDT is supposed to have a dollar in back up for every coin.
Probably like the case with most banks in the world they don't have that money on banks. Nothing to see here 2bh

>>3098691
The part Im wondering about. Why would anyone loan someone tether. You are literally creating counterfeit money that can do on to the market.

I can understand dumping your bitcoins in to tether, thats a trade, one thing for another thing. Loaning tether is very dumb.

God the correction will be dramatic? Sub 1000$ guaranteed. All of this bitcoin growth is FAKE

HOLY FUCK?? "USDT" ISN'T ACTUALLY USD?? ITS JUSE SOME SHITCOIN "TIED" TO THE DOLLAR??? SELL THIS SHIT IMMEDIATELY.

>>3097386
is there ANY alt with a fixed price that wont go down drastically when bitcoin crashes?

need safe place to hedge.

>>3098742
The last time that Bitcoin blew up a bunch (2013) was fake too with Willy. Not sure if it's better to just continue to ride the wave until it's obvious that it's over or get out a little early and miss out on some gains before it all comes crashing down.

File: spoiler-a1.gif (8KB, 100x100px) Image search: [Google]

8KB, 100x100px

>>3098768
Tether

>>3098768

No. This entire thing is gambling, even BTC. Anyone who tells you different is deluded.

>>3098637
>still no proof
wew lad

>>3098838
Im filtering you now. Goddamn you are dense.

>>3098782
i mean like, tether might go down according to this fud.

isnt ripple regulated or something? there must be something safe. i just bought btc today with irl money :(

I am NEET and was going to put my entire savings into BTC until I read this shit, it has me spooked.

Goldman is the main player behind this entire ordeal, making people think he's even more of a genius because his 'prediction' came true.
Aliens did 9/11.
Euron gets three krakens in episode 8.

File: ostrich.jpg (165KB, 1536x1024px) Image search: [Google]

165KB, 1536x1024px

>>3098848

>>3097392
Hahaha, dumb fucks think theyll get cheap coinz! Such losers bro!

>>3098628
It would have to be someone connected to the tether company, as they control the supply of usdt.

What I get from the article is that the money being pumped to BTC is from "fake money" created by non-fiat backed USDT. Correct me if im wrong, but those that are in on the scam are loaned tons of USDT to inflate the liquidity/demand of BTC, which was what happened recently. Once they cash out they pay back the USDT they owe to Bitfinex/Tether company, and the USDT holders possibly get fucked.
Things will crash once enough value from USDT holders lose their trust that 1USDT=1USD.

>>3098852
>bought btc today with irl money :(
Bad timing. You should have waited for a crash (they happen every 2 or 3 months).

Anyway, just wait now. Iron hands. It will crash and recover a month later.

>>3098852
Its hard to say what will happen to tether. Something like this calls for police involvement.

Can something fixed to the dollar go down? Certainly no sane person will buy tether after this. Anyone still holding tether will loose it all.
Ripple is currency. They are gonig to make like 99 billion of them. It be effected I think less but still effected.

Just stop being a bitch and buy USD. Or sell your bitcon for gold one one of the gold trading sites that take bitcoin. You better act fast.

>>3098760
Clearly the answer is to just put your money in the stock exchange on a reliable if you're the worried. Turning it back into the fiat currency will do nothing, because fiat is going to decrease with this whole ordeal.
That, or put it into something the AUD which doesn't have a crypto attachment, from what I can tell

>>3098911
where can we even buy usd anymore without having to scan id and such?

That's it
It was the last straw.
I just sold everything and cashed out

Fuck bitcoin and fuck crypto

>>3098941
You cant, because its called paying taxes. Just get scanned and pay your fucking taxes.

>>3098947
It's only going to crash to some miniscule amount in comparison to where it's going to end up in the future. Crypto, even with this entire debacle, is still going to a relevant player in the future. It got to this height through its own willpower. When crypto eventually hits market levels similar to gold (it'll take a long ass time, but it will get there given that it's basically what the age of technology is begging for), it'll be so high that another attempt like the current tether bullshit will leave it completely unfazed.

>>3098967
wait we could just buy gold or whatever right?

File: 1486650768624.png (1MB, 876x1022px) Image search: [Google]

1MB, 876x1022px

>>3098947
Exactly Goyim. Come back to us at the central banks. We are the only ones you can trust.

>>3098983
so basically just hold btc and wait?

>>3098987
I just fucking said that. You will have to google who takes bitcoin your self because I dont trade bitcoin for gold. I trade USD for gold.

>>3098852
Doge isn't traded against tether. At least not on polo. Doge as a safe haven as usdt crashes?

>USDT is to avoid taxes
But how? You can't fucking do anything with. Or can you really walk into amazon and buy your dragon dildoes with USDT?

In order to do anything, you have to exchange your USDT to USD, either by going through the guys behind it (who say that they are not obliged to do so) or by going through an exchange that sells USD for USDT. And in both cases, this is a taxable event, so why bother?

>>3099015
Depends on where you bought in. If you bought in at 3k. You will break even. If you bought in at 4400, you are going to lose 1 third of your wealth until it recovers, if it recovers. If you sell now, you pay taxes and can by back in when the crash is over. That guy said relative to what it will be in the future, we dont know what it will be and he is assuming it will be worth 100s of thousands of dollars, which is speculation.

>>3097529
Can tethers be created out of thin air?

>>3099022
do you take usdt for gold? its all i have

>>3099048
Yes, but they are supposed to be backed by real dollars.

GUYS, THE ARTICLE CITES NO EVIDENCE THAT THE TETHERS THAT WERE CREATED WERE NOT BACKED BY USD.

>>3099046
what are the chances of this actually happening? is all this FUD to get us to buy btc so the new whales can sell?

Wait, isn't this one of the reasons crypto currency was established in the first fucking place? A system that wasn't susceptible to hacks and manipulations?

Lmfao, was good while it lasted I suppose.

>>3099073
I actually read the other day on bittrex the usd is backed by usd

it literally said that on bittrex

i think this might be fud

>>3099022
Will you send me some gold if I leave my address?

>>3099043
1. Buy bitcoin for 1000 dollars
2. Bitcoin goes to 2000 dollars
3. Sell bitcoin for dollars
You now owe 15% of that 1000 dollar profit you made. Or more if you are in a higher tax bracket.

1. Buy bitcoin for 1000 dollars
2. Bitcoin goes to 2000 dollars
3. Sell bitcoin for tether
Your bitcoin did not cash out for dollars, it went to another crypto. You just avoided taxes.

Thats how it works. Your tether is worthless, it exists to dodge taxes. And there is lies the price for avoiding taxes.

>>3099065
I wouldn't sell you a bag of dead flies for all your tether.

>>3099085
>Lmfao, was good while it lasted I suppose.
Scams have existed since day 1. Tether isn't a decentralized cryptocurrency, obviously.

>>3099097
tether was used to manipulate bitcoin's price. Tether itself is not the issue.

>>3099085
In essence, it will be impervious to hacks and manipulation - but right now, even with its currently insane market value (in comparison to the first few years it came out), it's basically just another member of the stock market that's blooming. If someone had the amount of money required, and some wealthy Chinese bank which doesn't mind sketchy shit backing them, they could do the exact same thing to most areas of the stock market.

>>3099029
Doesn't really matter, it will follow usdt through triangular arbitrage anyway.

>>3099127
The article claims fake tethers were created, which would make tether the issue.

>>3099073
There’s an additional article:
https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092
The argument is that no one really has a reason to put 80M USD into Tethers for buying BTC, when there’s so many other, less risky venues.

>>3099114
There's no way there's a 85% capital gains tax.

>>3099181
nvm i'm a dummy

>>3099162
>no one really has a reason to put 80M USD into Tethers for buying BTC

It happened when BTC was dipping around $1890. Isn't that a reason to put money into it, to buy the dip? 80 million dollars is not a lot of money for institutional investors.

how is btc price gonna be affected ?

>>3099114
Technically you owe taxes on the conversion to usdt

>>3099073
They are apparently backed as per Tether company but no independent auditors are confirming the claim, we are only relying on Tether's claim

>>3099097
All USDT is from Tether company, a Bitfinex affiliate. If people lose trust for USDT it loses value and Tether Company cannot be forced to redeem them.

>>3099285
Thats a claim they make. They are backed by dollars. But you can not redeem your tethers for dollars through them.

Thats like the governments when they claim your currency is backed by gold but you cant see or touch your gold, just your faith your gold is there in their vaults.

Did anyone really think there was actually ever any USD backed USDT? It's like buying gold shares. There's no gold.

USDT issuers essentially became quasi banks as they can literally print USDT to which the public has currently ascribed a value of P1, regardless of actual backing.
They can use this "fake money" to pump up BTC, from which they can profit from. The profit can now be used to actually use as backing for USDT, and more USDT can be issued.

>>3099114
>1. Buy bitcoin for 1000 dollars
>2. Bitcoin goes to 2000 dollars
>3. Sell bitcoin for tether
But you have to pay taxes on this anyways in most jurisdictions. Every trade (even between cryptos) is taxable!
It only would make sense if you can exchange USDT into USD at an exchange that does not require you to ID yourself, and as far as I know, those are really rare, and are only BTC-cash anyways, so why bother with tether?

>>3099320
>just like legit money
well it sounds legit then

>>3099114
That isn't the only reason to use USDT.

If I want to get out of btc tobuy the dip and get more, it's easier to do this without leaving the exchang. I don't pay fees to cash out and send back, I dn't have to wait for the transaction to be verifieed either way and it's less hassle. Eventualy when I cash out I will pay taxes on the earnings anyway.

This notion that USDT is only for tax dodging is something you made up, not that it matters anymore.

>>3099320
>Thats a claim they make. They are backed by dollars.
I'll only believe OP's article once evidence is presented that USDT isn't backed by dollars. So far it looks too conjectural.

>>3099416
>it's easier to do this without leaving the exchang
But why not just exchange it to USD or EUR, instead of USDT?
Same benefits, same risk of the exchange fucking you over, but at least with fiat, you don't have the risk of buying another shitcoin, where no one knows how it works, as the case with thether.

>>3097386
So? Anyone who isn't new here saw this coming all the way from like February or March of this year at least.

>>3099350
>can literally print USDT to which the public has currently ascribed a value of P1, regardless of actual backing.

Is there any evidence that the USDT they're printing isn't backed by USD?

>>3099448
Then take your tether and go try and redeem it from them. Then report the results.

>>3099345
>It's like buying gold shares. There's no gold.
WTF? Of course there is gold.

>>3099085
Most Cryptos are unfuckable, but since you convert your BTC to a fuckable coin (hint: Thether) you are back in pink wojak land.

>>3099486
In other words, there's no evidence.
And no, I don't own any tether.

>>3099465
Didn't you read what I said, if you go to euro or USD then you have to cash out and send coin across the interweb, pay cashout and cashin fees, btc fees, currency markups and worst of all, wait for transaction confirmations when you want to buy back in. BY the time the cash is back in your account the dip might be over.

But obviously this is a moot point with tether liable to siappear at a moment's notice.

File: 1501181703723.png (47KB, 916x910px) Image search: [Google]

47KB, 916x910px

>>3097386
GUYS IM SCARED

IS THIS IS END OF CRYPTO

>>3099507
Go read their website, and look for the line that the article screenshotted for you. Of course you wont, because you want to be spoon fed but im not going to do it for you. Its already in the opening story.

>>3099484
I say its Tether Compny who has to provide evidence that they are backed by USD than the public disproving such. All they have so fr is claims that it is in fact, backed 1 is to 1.

>>3099536
Yes!

>>3099544
That line isn't proof that you can't redeem your tethers in practice.

I pulled out of Bitcoin at 4.1 and I still have no doubt I made the right decision

>>3099593
But it doesnt legally bind the issuer of USDT. If they refuse to pay you your USD then you dont have any other recourse.

>>3097386

Fuck off dude. I'm 100% sure your articles are CIA funded

>>3099544
Why don't you shut the fuck up

Thank you

Look at their accounting eq tether inc is massively underwater

If you still think about holding tether after this thread you deserve whats gonna happen

>>3099616
>Crypto was invented by the CIA
>Crypto warning stories are invented by the CIA
>Sweating man.jpg

>>3099618
How much tether are you holding? I wouldnt want your bags.

>>3099496

if everything dropped to 0 today, you'll never see your forex gold. Unless you're holding physical gold, you don't own gold.

>>3099620
Additionally those are unaudited figures, expect actual figures to be lower

>>3099730
>>3099350
Jesus christ. Just like a real bank. And this will cause a bitcoin deflation that will come in the form of a massive crash.

Tether is a bigger joke than waves

>>3099754
do you expect the exchanges would shut or crash or go down or collapse in the event that usdt was suddenly a big problem?

>>3097386
read over it quickly and so far this actually seems to be some legit concern at first glance

will have to check the numbers tho. maybe its just constructed fake news

sold my usdt and further sold my btc for euros again (i also think usd is going to suffer with trumpf)

>>3099613
Well sure but that's true for almost any company in the crypto space, except cryptocurrencies itself.

>>3099508
>Didn't you read what I said,
I did.
>if you go to euro or USD then you have to cash out and send coin across the interweb,
>pay cashout and cashin fees, btc fees, currency markups
But only if you really want to safely have the real money on your account, as in,
>I'm leaving crypto and I'm not coming back.
I'm talking about selling it for fiat on the exchange and leaving it there. If you want to really cash out, just do so, with all the negatives you listed, but without the additional tether risk, but if you just want to park it, to buy the dip, you can just do so. EUR-BTC/ETH/XRP (that's the ones I tried to so far) literally take seconds on kraken, and I would assume the other exchanges are as fast.

>>3097386

Its not a fraud, buttcoiners are just afraid their coin will be usurped so are creating FUD for an honestly popular coin that is just mooning right now

>>3099850
Is there even an exchange left for American citizens with BTC-realUSD pairs?

>>3099792
Not unless the police took them down. And it would just be Bitfinex, since they appear to be involved in this. Not sure if what they are doing is illegal in Hong Kong. On the surface it will appear to be a normal crash, unless they story spreads far and wide.

>>3099850
i never saw an exchange for cryptos offer fiat/crypto pairings

atleast poloniex doesnt offer it

>>3099799
But other companies provide value through blockchain tech and its myriad of uses. USDT provide value by claiming it is tethered to USD, if it isnt backed by such and irredeemable by USD, then its value is only from public sentiment. Once public sentiment vanishes for usdt expect a major crash.

>>3099796
>usd suffer with trump
i wonder how you make any money

>>3099903
Coinbase and Bittrex.

>>3099910
Kraken is the most notable one to have them.

>>3099935
Isn’t Bittrex USDT as well?
And Coinbase is not an exchange, is it? Just a company buying and selling most popular cryptos.

File: 2D5FB260-0943-462F-AB8D-A24DC52A758B-15219-000012068713D96A_tmp.jpg (13KB, 223x226px) Image search: [Google]

13KB, 223x226px

>>3097386

Every single one of this guys articles is fear bullshit that everyone already knew:
1. Spoofy - anyone looks at charts can see this is happening
2. Tether - no one holds tether for longer than a day because no one trusts it
3. Bitifinex is a shit hole - yes, which is why it's kicking Americans off

The author suddenly pops out of nowhere and spreads fud - so either he's

1: bitcoin maximalist
2: retarded autistic /co/tard got burned on bitifinex
3: banking / CIA psyop trying to push value of btc down

>>3099919
why? whats your Point?

>>3099970
thats interesting and good to know. but i actually prefer my exchange to not offer fiat/crypto pairings

>>3099970
I guess they are. Never actually traded with them. I have been in a battle with their tech support for a month.

>>3099910
>i never saw an exchange for cryptos offer fiat/crypto pairings
I thought all legitimate ones do that.
else, how the hell does the money even get in and out of the system?

>>3099978
If everyone knew and didnt trust USDT, it would have little value. The fact is, a lot of current btc and usdt holders are clueless as to the state of USDT.

>>3099994
>I thought all legitimate ones do that.
im on polo and they dont offer it

>else, how the hell does the money even get in and out of the system?
buy bitcoins on some platform with my fiat money and then transfer the coins to the exchange? isnt that obvious?

>>3099850
I don't use Kraken, the exchanges I'm on are large ones and they have no option for any currency.

Not going to join Kraken to buy the dollar. I use the exchanges I'm on because I like them better.

File: 1466534730718.png (114KB, 640x400px) Image search: [Google]

114KB, 640x400px

What if another company did the same thing as tether? They could even use a different fiat currency to latch onto.

>>3099978
1. You didnt even refute it spoofing is happening.
2. This thread suggests otherwise.
3. Doesnt help the fact that tether is monopoly money not legitimately backed by anything.

The fact that they are lending out 80 million to spoofers is proof enough of the integrity of their company.

>>3100052
VEFT when?

>>3098443
At one point not too long ago it reached 91 cents to the dollar

>>3100052
Just like the US dollar everytime the dollar crashes. They even keep the name.

>>3100052
They can pretty much be unregulated banks who can print money with little to no backing as long as the public believes in their value.

I've been out since 4200 and haven't lost any sleep over it. Every time Bitcoin goes up just makes the crash that much harder and unpredictable.

It doesn't matter. Once snowball effects kicks in real money is big enough to buy any dips and keep growing organically. Sorry nocoiners.

Bitcoin is gonna touch 5k and you faggots are going to be sitting here whining about muh tether

there's nothing you can do, if the big banksters wanna keep BTC afloat with fake cash just like they do with the economy then you are just gonna have to strap in for the ride.
hold on to your butts lads.

>>3100132
your greed could cost you alot.
meanwhile we took profit and are save.

>>3100052
>>3100065
>>3100095
Have you brainlets ever heard of BitsharesUSD?

File: Nocoiners Obliterated.jpg (3MB, 2951x9326px) Image search: [Google]

3MB, 2951x9326px

>>3100150
see you on the other side

>>3100186
on what side? on the profit side?
im already here. you should come over for sure

>>3100206
the water under the golden gate is freezing cold

>>3100060

Appreciate your autism BitCrypto!

>>3100224
They say its not the fall that kills you.

>>3099850
does kracken allow you to buy fiat without giving them your id and papers and all that?

>>3100240
Nice retort Bitfinex/Tether shill

>>3100248
missing out on gainz is what gets you , in the end.

File: summerfags.jpg (2MB, 2504x1669px) Image search: [Google]

2MB, 2504x1669px

>>3100206
on the suicide side as you see you failed for the FUD again

>oh no russian regulators are coming its
>oh no PBOC regulators are coming its crashing
>oh no tether scam is crashing
>oh no bitfinex hack is crashing
>oh no xt hardfork is crashing
>oh no classic hardfork is crashing
>oh no unlimited hardfork is crashing
>oh no bcash hardfork is crashing
>oh no segwit2x hardfork is crashing

heard it all before

>>3100253
no, you have to get tier 3 or 4 verification, which requires ID, plus proof of residency.

>>3100300
Meh. I already mad gains, I now preserve my gains for more gains.

>>3100224
you are misunderstanding something here

you are an investor. you buy and hold for long term.

i am a trader. i buy with a stop loss and sell at a certain threshhold and take the profit

i also go short and profit on the downtrends where you only hope for it to go back up

your profit is depending on the market going up

my profit is depending on the market going either way which gives me double the opportunities to cash out

in the end you are probably x4 if you got a good entrypoint (which is highly unlikely since you probably dont have the guts you pretend to have)

meanwhile im x10 and can sleep nice without having to worry about btc dumping 50%+

>>3100277

Dude Bitifinex is a shithole. No one should use it. People are going to learn a hard lesson, but most new entries stay on fucking coinbase. Bitifinex may go down like Gox and if so good riddance, but just because you didn't do your DD when research exchanges to use doesn't mean the entire landscape is fucked.

>>3100325
>only place to buy IOTA
I'd love to dump it.

>>3100323
>>3100319
if you dont own coins then you are invisible

>>3100365
That easily tops this thread for dumbest post.

>>3098446
Yes but if BTC is bought with fake money, it will come crashing down at some point.

The problem is when that will be.

I've converted my BTC into fiat again. I might miss out on future BTC increases, but I don't feel comfortable trading in such a manipulated environment.

>>3100365
too bad you cant buy nice things with your ego

also there you go
>>3100390

>>3100323

preach

i've tried explaining this in the OMG threads and get called a LARPer every time. i swear bizfagz must burn cash as a hobby.

>>3097386
it is the goal of all brokers to margin call you and liquidate you. like most gamblers day traders will just deposit more money and double down because "the market owe them"

brokers hunt stops, slip prices always against you, and most take your opposite site when you trade.

>>3100455
Yeah but when the market doesnt do what I expect it to, I wont be looking at a fast approaching ground .

you can trade all day long , and you can hit 10x trades, but you're not creating wealth, just income. if you had real money you wouldn't be able to trade with it.

Does tether work for non-bitcoin cryptos?

Still holding strong at 4450$. Seems like this is just a drop in the bucket and nobody gives a fuck.

>>3100497
when i can go eat at nice places, visit coutries all over the world, can buy me nice things i want to have without having to think about it costing alot and all that because of daytrading i dont really care if ist real money or not

dont you see how stupid you sound?

imagin the conversation man
me:"nice i made 1k today with my position"
you:"yes but its not real money and you are not creating wealth"
what the fck do i care

seems like unreal money is more fun tho

what is your point even?

>>3100253
>does kracken allow you to buy fiat without giving them your id and papers and all that?
I can buy and sell fiat on kraken, but I can't get it in or out, and I'm on tier 3, or something (They have my phone number and adress, but no documents to confirm that. To connect to my bank, they'd need an ID scan, because German, but I'm not allowed (and won't anyways) to give that to them, because German.

>>3100598
why are you not allowed?
im from austria and am fully authed on polo with all my id and stuff

whats the problem?

>>3100591
my point is that you are giving up bigger gains for short terms cashouts by selling so often
but as long as your bank account is growing then thats fine

>>3100499
this question demonstrates a misunderstanding of Tether and cryptocurrency in general, or maybe I'm just misinterpreting your question? Tether "works" in a sense that you sign up on the website, give away personal info, and you buy tether from the website at a $1 per tether rate. Large investors were buying up a lot of tether, using them to loan on margin trades, putting low rates on the amount they loaned out, and buying up their own loans. They did this to increase activity in the marketplace, so that the market would follow suit, which it did.

>>3100483
talks about usdt being using for money laundering, but I don't think it is, because you have to give away your personal info to acquire mass amounts, and what the article describes, and what I explained, is wash trading. https://en.wikipedia.org/wiki/Wash_trade
USDT works, but the problem is that you can trade it on other exchanges, which makes it difficult for the company to tether it 1 to 1 with fiat. What they could do, is use the Bitshares model, where assets are backed one to one with the actual commodity being exchanged. Steemit uses the bitshares model, which is how they're able to maintain good exchange rates with fiat currencies.

tl;dr Tether "works" for all cryptos, but it will continue to struggle to maintain the price of the fiat currency that it's supposed to represent.

>>3100476
I've been thinking that exchanges might buy up assets themselves when a lot of shorts are open.

>>3100671
That would be true under normal circumstances but Bitfinex is obviously working with these spoofers.They lent them the money and allow them to spoof on their exchange. It would be illegal under US law but I dont know about Hong Kong.

>>3100623
>whats the problem?
you are not allowed to scan or make copies of a German ID. also there is no way I am sending a complete scan of my ID to someone. If you have this, you are essentially me and that's a risk I'm not willing to take.
I'll just wait until I can buy something with crypto, or if there are enough ATMs for it.

File: lebuterinoface.jpg (29KB, 546x546px) Image search: [Google]

29KB, 546x546px

>summerfags dump now cuz "muh news"
>pump of organic + pumpy money continues until $10000
>crashes back to $6000
>summerfags realize they made a mistake

literally every time

BCC just went up over 60 dollars in the last hour.

>>3100932
It's going up several dollars per minute still, 390 now.

>>3100932
If btc crashes now then this is all the plight of the chinks to start the flippening

>>3100955
>>3101036
Someone just dumped. What an idiot. Probably has no idea why its going up. Thought 50 dollars just landed in his pocket.

>>3100554
>https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092
>>3100499

The article reads like a Kraken/Coinbase ad.
I think it's just FUD being pushed by Bitfinex competitors.

I'll believe them if authorities find actual EVIDENCE that Bitfinex thethers aren't backed by a USD reserve, as Bitfinex says they are.

>>3098443
>>3101075
>Because its literally designed to equal 1 dollar. It will always equal 1 dollar because thats its purpose. Its a faux dollar. No one invests in tether

>40 posts by this ID.

You really don't have the slightest clue what you're talking about. Tether doesn't just magically "equal 1 dollar" because it is "literally designed to". You should read up on it and stop spreading FUD. Only international wires are currently blocked, Taiwanese bank accounts can still withdraw and deposit without issue.

https://www.alt-m.org/2017/04/06/dollar-denominated-cryptocurrencies-flops-tethered-success/

>>3101105
the burden of proof lies with Tether for claiming they are backed 1:1 by usd.
As of now the market still believes in Tether and thats why it works, but only sentiment is holding up its value, and not by any fundamentals.

>>3101105
>>3101180
Why would USDT need to be backed by anything? I keep seeing people say this. Isn't the entire point of USDT to just be able to weather any storms in the crypto market/save whatever gains you have made while delaying a cash-out to fiat?

I see USDT as a service, it's not a real currency. The article explains how that service may have been abused to create an illusion of increasing bitcoin sales, which is the larger concern.

>>3101228
>Why would USDT need to be backed by anything?

Really?

>>3101251
Yeah, really.

>>3101304
If it isn't backed by anything, then there's nothing to make it a currency that will allow you to "weather the storm," it just becomes another coin.

>>3101228
It needs to be backed by something in order to avoid the grievances stated in the article. Currently Tether issuers can literally make money from nothing just by calling it USDT as long as the market acknowledges it and they dont oversupply.

File: emoji.png (518KB, 1156x612px) Image search: [Google]

518KB, 1156x612px

>He doesn't use BitUSD or BitCNY

>>3101304
person gives $1000 to tether, tether issues them 1000 tokens
tether issues 1000 fraudulent tokens with no USD backing them
person 2 exchanges btc for fraudulent tether on market
person 1 and person 2 try to exchange their tether for USD at tether

Tether says \_(ツ)_/¯

Well, Spoofy is going to have to work overtime to stop this one.

>>3097386

Interesting read, will have to check the sources though.

File: the Italian connection.png (274KB, 706x412px) Image search: [Google]

274KB, 706x412px

>>3098161

he's actually Italian.

How holders, hows your holding?

>>3101347
BitCNY is getting unlisted left and right

Everyone on the front page is talking about BCH and no one is noticing that BTC is crashing.

>>3097562

>1000% to 3000% gains in a few months
>(((debating)))

Bro crypto is still at it's infancy and most projects have ZERO working products. Don't buy thin air, this is a bubble, just like the last one and people are gonna bleed. Shit's waaay over valued right now.

>>3100724
>Bitfinex is obviously working with these spoofers.
The first article doesn't explicitly state it, but the author links to an article that shows how Bitfinex and USDT are connected.
https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4 Bitfinex and USDT are owned by the same people as per there website " means Tether Limited, Tether Holdings Limited, BFXNA Inc., iFinex Inc., and each and every one of their respective shareholders, subsidiaries, employees, contractors, agents, directors, officers, partners, affiliates, insurers, and attorneys;" , but I don't think they're issuing fraudulent shares of Tether, but that Tether gives the guys spoofing the orders unlimited capital to do so. Keep in mind that both BFX and USDT have been cut off from banking for several months. I would remove all money from bfx and I wouldn't use Tether.

>>3101332
that's not at all how tether works, the article is outlining that tether is being bought by whales on bfx, and that the whales are spoofing and washing trades. It also outlines a conflict of interest. The CSO of BFX trades on BFX https://www.reddit.com/r/BitcoinMarkets/comments/2t3iz5/bitfinex_cso_phillip_g_potter_admits_to_trading/

I said >>3101347 here >>3100161

tl;dr members of the BFX board are the whales that are buying up usdt and using them to spoof and wash trades.

>>3101554
Doesn't Tether control the issuance of new USDT?

>>3100598

I don't understand why people just want fiat money. Just use your earnt BTC to buy stuff, instead of fiat.

>>3101714
hedge, and if btc is dipping, all the alts will dip also.

>>3101637
Yeah, and tether is owned by Bitfinex, which means they can buy as much USDT as they want.

People are posting shit supposedly from their TOS stating tether is backed by nothing yet on their website it clearly states each USDT has a USD associated with it. Seems like Fuuuuuuuuud they want your bitcoins

>>3102062
Is there any evidence that they actually back it up though? Anybody can put something up on a website

>>3102062
>I read the front page

Good job, you may consider digging a little deeper though.

File: lambo.jpg (181KB, 1200x798px) Image search: [Google]

181KB, 1200x798px

>>3101714
>Just use your earnt BTC to buy stuff,
but you can't fucking buy anything with BTC, except for some random things, and with those, it's a pain in the ass.
Things I currently would like to buy:
-some /out/ gear
-groceries
-train tickets
-a lambo (pic related)
But I can't find any place that sells me those.

and besides:
>I don't understand why people just want fiat money.
apart from its uses in the real world, fiat is stable. sure, you wont get gains with it, but you will also not wake up with 30% of you money gone over night (except when you are in Venezuela or Zimbabwe).

>>3102156
Go to JM Bullion
Buy gold eagles with bitcoin
Gold eagles are legal money

>>3102062
>>3102076
It's a schrodinger's cat scenario with their financial holdings until they release actual account statements. I think a lot of people are curious as to how they hold over 300 million dollars in assets after getting cut off from their banking partner, Wells Fargo.

>>3102156
Amazon accepts BTC, there are BTC debit cards and there are programs and cryptocurrencies that already exist to help pay for things such as utility bills and rent payments. Maybe you should do a little digging.

>sure, you wont get gains with it, but you will also not wake up with 30% of you money gone over night
You do realize that you can convert your crypto into bitsharesUSD.

>>3099097
I can sell btc to usd on bittrex? I thought it was usdt only

>>3101180
>the burden of proof lies with Tether for claiming they are backed 1:1 by usd.

They state clearly on their website that they are backed 1:1 by USD and that their system wouldn't allow them to to create more tether without having received USD deposits. They also say that they are audited and monitored by third parties.

Of course, they might be lying. But then the burden of proof is on the side of those who are accusing them of lying.

>>3101228
>Why would USDT need to be backed by anything?

To prevent people from printing an unlimited amount of USDT and buying Bitcoin with it? It's obvious. Supply needs to be either regulated by a blockchain or backed by another currency to prevent inflation.

>>3102676
>They also say that they are audited and monitored by third parties.

So where are the third party statements regarding the validity of their reserves?

>>3097850
Probably the pumped the alts like iota and omg as well. Iota especially since its only traded there.

Ltc and ether stayed flat, so they didnt manipulate those.

But if they use fake money to manipulate markets to make real money cant they back the fake money with real money later on?

>>3098260
I hope that happens, then I can buy more BTC

>>3102741
>So where are the third party statements regarding the validity of their reserves?

I don't know, I'm not an investigator. I tend to trust people. You can check their website:

https://wallet.tether.to/transparency

Then ask them. If the evidence they provide isn't enough, you can tip authorities and maybe they'll be investigated.

>>3102832
there's literally nothing on there that proves anything they've said, in fact making a "transparency" page and then providing zero actual proof is the tell-tale sign of a scam

>>3102852
>there's literally nothing on there that proves anything they've said

Tell this to the FEC or the FBI then. I'm with you, I'm also skeptical about Tether, and if this is a scam I hope they get arrested. Still I don't see why the article posted by the OP would be more credible than Tether. They have no concrete evidence that Bitfinex is printing money, it's all conjectural. I could be FUD advanced by their competitors (Coinbase, Kraken, Ok Coin, Gemini, Bittrex, and the list goes on). 4chan is the ideal place to spread FUD and misinformation about your competitors.

>tell-tale sign of a scam
Sure, but that's not evidence that this is a scam.

>>3102907
do you know what else is on the Tether site?

https://tether.to/legal/

>There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

So I'd say their website is a wash as far as supporting the claim that it is asset-backed.

So all I have to rely on is my experience with past scams, and this basically checks all the boxes.

>>3100042
Euhm, that "some platform" is a fucking exchange you idiot.

Coinbase is attached to GDAX. If you buy it on coinbase "platform" you're actually making market orders on gdax.

Ffs

File: amazon.png (151KB, 1041x789px) Image search: [Google]

151KB, 1041x789px

>>3102236
>Amazon accepts BTC,
yeah, no…

>there are BTC debit cards and there are programs and cryptocurrencies that already exist to help pay for things such as utility bills and rent payments. Maybe you should do a little digging.
But those are only a fronted for fiat, so why bother signing up with another service, leaking your data all over the place, for something you could have had in the first place, by simply using real money?

>inb4 nocoiner

>Bankers get rich scamming people with BTC
>BTC come under fire from SEC and government entities promoting the complete shutdown of BTC
>Bankers biggest competitor is now removed

>>3100042
GDAX is real FIAT

File: 1498407197994.gif (416KB, 500x368px) Image search: [Google]

416KB, 500x368px

>>3102236
>schrodinger's dead meme cat bounce

>>3103001
Hey, someone finally found the legal section that I have been alluding to this whole thread.

BCH pumping hard.

>>3102236
>Amazon accepts BTC

[citation needed]

ITT: credulous idiots. Here is what more likely happened.

There was the possibility the fork would cause a crash and create demand for tether. Finex requsted USDT from tether to cover this demand. Tether took out a short-term $ loan with their bank so they could issue more USDT. They issued more USDT and passed it to finex.

In the event, there was no crash, so finex were left with a ton of USDT noone wanted. They did the only thing they could to be sure of not losing it which was to use it to finance customers margin trading on their own platform. After a few days, they gave the USDT back to tether, who burned it and gave $ back to their bank. The end.

I suspect whoever wrote the article (which I have not read) knows that the above happened, but is using the facts for FUD.

>>3103309
Except its one person doing all the marginal trading an that one person is spoofing, which is illegal.

>>3103364
tether just issued $-backed USDT. finex financed other peoples trading for a profit. nothing to see here...

>>3103393
Of course theres nothing to see here. Go to their webpage and learn the truth.

>>3103309
>Tether took out a short-term $ loan with their bank so they could issue more USDT.

>implying there is nothing wrong with this

>>3103630
they paid it back didn't they?

>>3103685
it doesn't matter if they paid it back, they broke their guidelines by doing so. It's not asset based when it's backed by loans, jesus christ what a mess

>>3103734
USDT is asset-backed until tether goes bankrupt, which is unlikely since the $ never leave their account.

they're fucked if the banks close their accounts though...

>>3103826
that's not how it works. If your assets are liable, they are not assets. Just because I get a personal loan for $20k doesn't mean that I can turn around and use that as a down payment on my mortgage

that's why they're audited constantly. It's not for their customers, it's for the banks.

As someone who once held over $100,000 USDT at one point, it was a great investment vechible to safely SELL cryptos and buy back at a lower price.

>>3103863
audited by whom? I've tried to research who audits them and have come up with zero answers. And in one of their recent interviews they stated that they were actively looking for an auditing group when they ALREADY stated on their site that they were audited.

>>3103293

purse.io

ive used it many times

>>3097386
Fud your mother if you want fud

File: saitama.jpg (114KB, 2048x1152px) Image search: [Google]

114KB, 2048x1152px

>>3097386
>this op

I see fudders are getting really really desperate. Bullish as fuck.

>>3103913
that's a mere escrow service (taking its share), not "Amazon accepts bitcoins"

So what price should BTC be at?

File: dolphin sonar.png (368KB, 871x871px) Image search: [Google]

368KB, 871x871px

>>3103566
>47 posts by this ID
Remember to switch IPs a bit more often next time you're out FUDing.

>>3104153
Shills are out in full force today.

Segwit is activating in 4 days. At least one open source LN wallet has a beta version out already. It's over.

>>3104098

if it reaches 25k I can eventually retire

>>3103309
>>3103630

https://tether.to/announcement/

>Tether took out a short-term $ loan with their bank
>short-term $ loan with their bank
>with their bank
>bank

>>3104479
Yes, their Taiwanese bank, apparently. The bankers may be unwilling to accept international wire transfers from money launderers. However, a loan to tether itself, because of what it is, is very low risk.

The bank can nominally transfer $ to tether on condition that the $ can't move except to be paid back. The same bank holds the account, so they can enforce the agreement. The only risk the bankers run is that tether goes bankrupt during the term of the loan, but it's constantly audited so they know it won't.

>>3104834
>but it's constantly audited so they know it won't.
wrong, they aren't audited at all by serious firms.

>>3104853
All they need to do, to keep a profitable business running, is to keep their books in order. If they weren't well audited, nobody would lend them 80MM.

>>3104964
>nobody would lend them 80MM
They aren't audited, dense moron. Just google "bitfinex audited"

>>3105026
"Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves."

>>3105062
>Our reserve holdings are published daily

Means nothing.

>subject to frequent professional audits

That don't exist anywhere on the internet. Not even the entities doing the auditing.

time for bitfinex to disappear. Everybody having coins there should proceed to withdraw them asap.

Will this bring more people to BCC?

>>3099073
>proving a negative
it's them who have to prove that they, indeed, have the money and warranties to back it up...