/biz/ - Business & Finance

>>58282110
>Can you please explain to me the connection between Bitcoin and tether? I'm a complete idiot with crypto hence why I hold nothing as of yet.
Tether is deeply implicated in a suspected price manipulation scheme to keep BTC propped up and pumping. Basically, they print billions of unbacked USDT which is then used to buy up copious amounts of BTC on the open market, driving the price up and luring in NGU crypto-tards who kindly provide exit liquidity. Rinse & repeat.

Picrelated is a flow-chart of how this scam works, you can read the entire paper for more details.

Interesting new article about the current factors influencing BTC's price. Our old friend Tether gets a noteworthy mention.

>The hot air crypto bubble

Meanwhile, Tether has printed 11 billion tethers just since the start of 2024. It’s at 103 billion tethers and counting.

We very much doubt that most of these billions of tethers are being bought with real US dollars. Why would you send real dollars to an unregulated offshore wildcat bank to buy bitcoins when you could just put them into a US-regulated bitcoin ETF?

We suspect the tethers are being printed out of thin air and accounted as loans — the fresh USDT is “backed” by the loan itself.

This supports our theory that the present pump is not real money flooding into bitcoin. It’s stablecoins on Binance — tethers and FDUSD. The volume on Binance completely swamps the volumes on Coinbase or ETF trading.

The bitcoin price chart looks very like someone’s trying to pump the price. You’ll see the price slowly getting walked up, as if someone’s wash-trading it up … then it hits a round number of dollars, someone tries to cash out, and the price drops several thousand.

Fake dollars going up, real dollars going down.

So we’re not in a bubble. We’re in a balloon, one being pumped full of hot air. It’s fun going up — but the trip down can be very quick.

https://amycastor.com/2024/03/19/bitcoin-goes-up-so-it-must-come-down-what-goes-into-the-price-of-btc/

>>58055053

Sure, as long as you're fine with holding a Tether-juiced memecoin that nobody actually uses for economically relevant purposes.