500m Tethers just destroyed

[Anonymous No.11510451]

bullish or bearish?

[Anonymous No.11510466]

>>11510451
it means there is less demand for tether.

[Anonymous No.11510467]

>>11510451
only reason to do so is if someone redeemed them for actual dollars right? so someone cashed the fuck out for half a billion. sucked right out of the circulating cryptosphere. seems bearish to me

[Anonymous No.11510513]

i am monitoring this thread

[Anonymous No.11510518]

>>11510451
damage control. people don't want tether anymore

[Anonymous No.11510524]

i fell for this shit twice already. Cost me some money. Wont do it again

[Anonymous No.11510525]

So if there's $1 for 1 Tether in the bank, what happened to all that dollar?

[Anonymous No.11510539]

>>11510451

A 500m tether print pumped btc from 3k to 5k last year. Until it's figured out how orderbooks are holding these prices, I'm going to call it bearish.

[Anonymous No.11510545]

>>11510525
holy shit you are stupid

[Anonymous No.11510548]

a) Crypto is dying out, there is less demand so no need to overstock

b) Someone cashed out that amount so you must destroy what you created

c) Both answer are correct and B because of A

There is no bullish option, we're fucked

[Anonymous No.11510555]

Less demand, so supply reduced. What's so hard to understand?

[Anonymous No.11510568]

>>11510525
lmao

[Anonymous No.11510573]

>bullish or bearish?
Neither, for now. I think Tether/Bitfinex will eventually fade into obscurity, volume absorbed by other stablecoins/exchanges. Won't cause significant price action.

[Anonymous No.11510575]

>>11510539
you typically cash out after and not before you've sold

[Anonymous No.11510594]

If you think tether has anything to do with keeping this Ponzi alive you are incorrect.
Tether is not buying support , it is a bearish liquidity pool mostly used by bots to tether out all related BTC leveraged derivatives (alts) when BTC drops more than .5% .
Your new stablecoins pegged to any fiat are not any better. You need to understand that these tools are used to be bearish by users that are incapable of cashing out to real fiat due to government and regulatory restrictions .
It gives dark users of crypto an option to dump their crypto into an alt that is technically not crypto sucking that liquidity out of the entire cryptosphere.
The actual death of tether will trigger a massive bullrun as users panic buy into BTC and alts.

[Anonymous No.11510609]

>>11510451
We have other options now, expect to see Tether's supply shrink dramatically.

https://www.ccn.com/why-new-generation-stablecoins-are-crucially-based-on-ethereum/

[Anonymous No.11510617]

>>11510451
https://mobile.twitter.com/Bitfinexed/status/1055149075069366272

He is going mental

[Anonymous No.11510621]

>>11510451
OH NO NO NO NO NO NO

[Anonymous No.11510667]

>>11510594
your theory is not wrong if you assume tether is legit. The consensus around here is that Bitfinex prints tether out of its ass and pumps the market.

[Anonymous No.11510670]

>>11510617
Has been for some time now

[Anonymous No.11510672]

>>11510451
bearish to uncertain short term. potentially bullish long term. unless tether does a complete 180 and has customer facing redemptions it won't compete anymore now that gemini and circle have stable coins along with whoever else launches them, not to mention p2p experimental solutions like DAI. Instinctively I'd think that having less tether out there is bearish short term, but if it wasn't being actively used recently it may not be. basically the quieter tether is wound down the better, it will hurt during potentially but having it gone will be good (unless it does a complete 180) in its current form it is a vestige of the days when crypto was a billion dollar market cap and normies weren't paying any attention to it and it was more like the wild west. with no legitimate competitors, it thrived after achieving brand recognition due to either complacency or some kind of behind the scenes work as well as being on bitfinex when they were #1. It's becoming more and more irrelevant, which is bullish IMO

[Anonymous No.11510673]

>>11510525
People doubt that a dollar is actually held by tether/bitfinex in the bank for every tether issued resulting in a premium since a lot of people sold their tether wanting out of it. It’s still at a premium because it’s validity is still doubted. That’s the unbiased explanation, but however you look at it, it’s clear that a dollar for every tether issued does NOT exist in bitfinex/tether’s bank accounts (whichever super secret bank accounts they are, since finex refuses to reveal accounts associated to them after HSBC cut them off).

[Anonymous No.11510675]

>>11510467

But we also know lots of new stable coins are here? does it mean that or migration to them?

[Anonymous No.11510676]

Can anyone explain why the tether market cap increased by 500m just now? Shouldnt it have gone down?

[Anonymous No.11510689]

>>11510676
could be a cmc glitch, give it a little more time

[Anonymous No.11510701]

>>11510609
>>11510675

That's exactly my point. I think this is the case.

[Anonymous No.11510730]

>>11510667
Yeah and this pack of retards has been wrong many more times than it has been correct.
It's better to think of tether like an exchange token where bitfinex can use it to get more USD not buy Bitcoin at market.
2017 was the masses flooding in on coinbase, not low leverage buys on bitfinex.

[Anonymous No.11510732]

>>11510594
This.

[Anonymous No.11510741]

>>11510701

I cant tell how market will react to this. Its driving me crazy.

First thoughts were that this is going to mean flat prices for a yea ror longer, while big boys load up on stable coins and BTC with clean real money into the new stable coins.
Why make volatility so plebs can make accumulate?

Second, that we will see some uptrend now. however, very slowly. dirty laundered money from tether cant cause massive random candles anymore.
Lastly, we dump. why? because the liquidity pools in crypto are shrinking.

[Anonymous No.11510750]

>>11510573
>volume absorbed by other stablecoins/exchanges
Does this happen right now? How much are the other stablecoins used?

[Anonymous No.11510769]

>>11510730
>Yeah and this pack of retards has been wrong many more times than it has been correct.

It has not ben proven or disproven so far, so how can there be someone "wrong many more times"? Predictions on how tether prints influence the price are not usable after 2017.

[Anonymous No.11510778]

>>11510741

I see this as very positive. Tether has caused a lot of controversy. Their dominance needs to be chopped way down and this is what's happening here.

I don't think liquidity is decreasing, it's transferring to other stable coins.

[Anonymous No.11510789]

imagine you have $2billions in your back account.

[Anonymous No.11510810]

>>11510451
The tether destroyed was already out of circulation, this is not bearish or bullish, this is nothing

[Anonymous No.11510820]

>tether not even trading at usd parity
>"cashes out" itself
Final phase of the tether scam

[Anonymous No.11510826]

>>11510778

Yeah, but consider:
Fake money can pump any time it wants.
These new coins are all audited clean money. gotta be careful handling it. cant just make it appear out of nowhere to d your pump and dumps

[Anonymous No.11510828]

>>11510689
or they created and then destroyed 500ml tether. technically not a lie, but the kind of truth one can expect from bitfinex

[Anonymous No.11510953]

>>11510769
I am specifically stating that tether was likely not used to artificially pump the price of Bitcoin. Bitfinex does not care about the price of the commodities that are traded on their platform , what they do care about is making money. They were given a printing press to do that, and likely used it to generate USD profits. That is the fraud you are looking for . Crypto needs tether or any other stable coin like a fish needs a bicycle , they are all bad.

[Anonymous No.11510980]

>>11510953
>he thinks barts are legitimate


come on now. its obvious these exchanges are fucking over margin traders and they use USDT to do it.

[Anonymous No.11510989]

>>11510953
>they are all bad
I know. However, this will only stop if the authorities shut them down.

[Anonymous No.11510993]

>>11510980

how can anyone deny that

Look at this stable price action while exchanges are cashing out of tether. they arent focused on pumps or dumps now.

[Anonymous No.11511027]

etf confirmed.... bakkt, institutional boomers.... 401k.... rofl.... everybody in the cryptosphere should be jailed before that happens, tether, finex, jun, vitalik

[Anonymous No.11511039]

>>11510980
Legitimate to the extent that it is user based activities to pump their leveraged postition. For ever buyer there is a seller, leveraged positions only get hairy in the long term when the funding rate is not there , which only happened on okex .

[Anonymous No.11511316]

>>11510676
The treasury account was reduced, they interepreted it as tethers being released to the market. Just a bug.

[Anonymous No.11511496]

>>11510451
USD on exchanges (and banks for that matter) are not really USD that you hold in your hand. They are basically coupons that you can redeem for USD in hand as long as the exchange has a link to the banking system and to a way of getting them in your hand.

It's better to refer to them as individual currencies. So you have BofA USD, Credit Suisse USD, Bitstamp USD, Kraken USD and Bitfinex USD. If a bank goes insolvent, it is basically the crash of the Bank of America USD to a value of zero.

As long as the liquidity lines in the financial system are open, the system will operate like communicating valves and all these USD have the same value. 1 Bitcoin will have the same price everywhere.

Tether is just Bitfinex USD that you can move to other exchanges without the need of going from Bitfinex USD to Citigroup USD and then going to Kraken. Instead it can go straight to Kraken. However once on Kraken, USDT is actually Kraken Bitfinex USD, meaning that it is dependent on both Kraken and Bitfinex having open communication with the rest of the system.

Due to Bitfinex' missing communication channels with the banking system, the price of tether came under pressure on other exchanges. On Bitfinex it remained which makes USDT = Bitfinex USD. Now the Bitfinex USD price did not collapse to zero because of two reasons:
1) hope of reopening of the channels to the international financial system
2) open channels via crypto txs

Regardless, the situation caused many Bitfinex USD holders (wether tether or USD on Bitfinex) to sell for crypto. This caused last week's spike.

To me this is just confirmation that there has been a move out of dollars (which were formerly connected to the global financial system) into crypto.

So yes this was bullish and did move the price. But the buying happened in the past. How many tethers are left? Will it have a bigger effect? What happens when this stops? I think it might be a bearish indicator that we didn't go higher.

TLDR: dunno

[Anonymous No.11511648]

>>11510594
>massive bullrun as users panic buy into BTC and alts.
because BTC and alts are more preferable to selling for fiat?

[Anonymous No.11511665]

>>11510594
>Tether is not buying support
nice try cz

[Anonymous No.11512218]

>>11511648
The majority of people in crypto cannot kyc and go to fiat on a regulated exchange, that is why these stablecoins exist in the first place.
These users are literally trapped in crypto and cannot do anything with it until it is accpeted as a currency somewhere or dump local and get robbed by a pack of niggers.

[Anonymous No.11512300]

>>11510810
yeah, ignore it goy, its nothing
>>11510820
kek
>>11510953
>Bitfinex does not care about the price of the commodities that are traded on their platform

wow, just wow

[Anonymous No.11512337]

While these dumbfucks on here sold their USDT for $0.9 Bitfinex bought it up just to cancel them later and make 10% profit risk-free.

KEK.

[Anonymous No.11512364]

>>11511496
It's also because Bitfinex is much more liquid than Coinbase + Bitstamp + Kraken combined -- when Finex went to 7800 there probably wasn't even enough USD deposited on the other fiat exchanges to move it up that much.

[Anonymous No.11512851]

Holy shit it just occurred to me. Imagine this was Tether's game plan the whole time. They actually do have 1:1 USD backing. Intentionally refuse audit and create FUD. People lose trust in tether, tether drops under 1$ on Kraken. They buy all discount tether up and destroy it, pocketing the difference. They just destroyed 800M tether, say the average buy price was 0.97$. That makes 24M free money. Dammmmn sneaky fuckers, if true

[Anonymous No.11512874]

>>11510451
>literally burning money
This is healthy

[Anonymous No.11512904]

>>11510451
Sounds like someone bought a shit tonne for $0.9 and just redeemed them for a profit.

You retards just gave some guys $50M for free.

[Anonymous No.11512918]

>>11510451
>bullish or bearish?

It's Balish