tether and bitfinex are gonna bring down the entire fucking

I'm fucking panicking and am on the verge of pulling out of crypto completely right now
>tether market cap: $413,973,534
>literally four hundred million non-redeemable dollars circulating in crypto markets right now
dimon is right crypto is a fucking scam

>>3473546
It goes down, then it goes up. That's life. It's creative destruction.

File: PN57R0J.jpg (41KB, 530x800px) Image search: [Google]

41KB, 530x800px

>>3473733
the current bubble is a fucking scam orchestrated by pouring counterfeit dollars into the crypto market and then using market manipulation to moon the price

here's a reddit post from 4 months ago right before the bubble began predicting this'd happen:
https://www.reddit.com/r/Bitcoin/comments/672ia4/cryptocurrency_price_suspicious_activity_with/
>I personally think its going to result in bitcoin and other currencies "shooting to the moon" on the back of a devaluing tether and many ignorant traders on other exchanges are going to get caught with their pants down once this thing blows up.

https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4

it's gonna fucking IMPLODE

>>3473546

Tether is a Poloniex scam, but I agree.

This fuckery will ravage the crypto environment in a way that Mt. Gox can't even fathom.

I heard the name bogandoff or something similar is behind Tether.. doing a search gives me no results. Can someone give me a quick rundown?

>>3473993
twins that secretly rule the universe, some say they are aliens. some say vitalik is their biologically engineered love child, and their sperm fused together without an egg.
don't screencap this.

We are the tetherbears

fucking hell /biz/ why didn't you warn me sooner

>>3473818
Yes, surely the rise this year is not because of crypto starting to go mainstream...

It's not because of over 5M new users and 15B more exchanged on only coinbase during this year.
Not because of the massive growth in Asia, especially Japan and Korea.

No, it has to be because of 400M tether that you just absolutely refuse to believe can actually be backed by real dollars, because you know, it's a pretty fucking easy and good business idea for tether.

Stop spreading FUD faggot

>>3475056
If they were actually backed by real dollars they'd at the very least release their audit reports
I'm not trying to FUD I'm actually fucking worried

>>3475203
okay fair enough, I would like to see the audit reports too, but let's give them some time as they promised to release the report within a few months

> As we are no longer banking in Taiwan, and given that we are achieving substantial scale, we have engaged Friedman, LLP, in New York, to perform comprehensive balance sheet audits on a quarterly basis going back to Dec 31, 2016. We will share those results with you as they become available in the coming weeks or months.

https://tether.to/tether-update/

>>3475056
Have fun buying crypto with real money from a guy who was issued millions of tether out of thin air. Even 1 million fake dollars can pump a low liquidity coin up by multiple millions of dollars, so the whale can dump for real money slowly.

>>3475056
>because of crypto starting to go mainstream...

What aspect of crypto is going mainstream besides a whole lot of hot air which leads to bubblicious news items such as
'if you had bought Bitcoin 5 years ago you would be a fucking MILLIONAIRE'?

We have a lot of normies right now with their fingers crossed hoping this can be their lottery ticket. Bitcoin fundamentals have not changed, all we see is vaporware and shitty pump and dump copies of Bitcoin. Ethereum is the only true innovation and that was sitting at 5 dollars for years in all of its innovation.

>>3475337
My point was that the new tether supply this year is pretty small compared to the amount of real fiat that has been put in the market this year

and tether has a good business model and is working hard to implement new features like issuing USDT as an ERC-20 token. None of this would make sense if they were simply planning to scam people.

If there are no audit reports before the end of this year, then you can start screaming and shouting

>>3475419
Compared to the previous years obviously. Look at the amount of new users, new money, new hashpower, new interest and usage

>Bitcoin fundamentals have not changed, all we see is vaporware
wtf are you talking about, I have been using btc for several years already

ofc most of the altcoins are not going to make it but good ones like eth omg and others that have some point or real world use case will. Now I totally agree that some vaporware "prediction market" or similar bullshit should be worth nowhere close to 100M in market cap

>>3475536
To me the most important sign was Vitalik himself saying stop, you're going to ruin everything and ETH shouldn't be that expensive.

The interest and hashpower are all a direct result of Bitcoin's bubbly run, which attracts frothy gamblers. Most Bitcoin investors don't know a block size from a cockring. I would say cryptocurrencies right now are actually in a worse position than let's say 5 years ago, because now we know there isn't going to be widescale adoption anytime soon due to severe scaling issues.

>>3475665
Well we will just have to see how it goes. But I think we are far from done growing in usage and value.

As far as money goes it's easy to stay calm when you have pure profit left in the market

>If it dies
>It dies

>>3475811
Lol'd hard