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/biz/ - Business & Finance

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4721558 No.4721558 [Reply] [Original]

50m more tethers printed in the last 13 hours. GUYS THIS SHIT IS GETTING OUT OF HAND.

>> No.4721592
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4721592

>>4721558
i its backed by r real money right? right?!?!

>> No.4721600

crash incoming, 7k

>> No.4721617

i mean this is all fine and dandy to keep it le tethered to $1 in value
but what happens when demand stops and it tanks?

>> No.4721625

every day i wish we get a mt gox fiasco
that would bring us down to sub 3k

>> No.4721640

Yeah, I've just checked coinmarketcap and Tether has 840(!)m USDT. Half of it was printed in November, what the fuck. at this rate we will have over 1b USDT before EOY.

>> No.4721646

>>4721558
when the fuck will they release their audit?

>> No.4721667

Biggest pump in history.

Massive artificial BTC "demand" from this

>> No.4721670

yeah, now look at BTC, it's 11k again
|This is a problem, that is gonna cost people money, I got out already at 10.5.
Not gonna buy any soon, I'm scared of gox 2.0 or big hack

>> No.4721676

>>4721558
It doesnt matter. 25 million tethers are beign created RIGHT NOW. This means BTC goes up 700 bucks in the next 8 hours. Buy it and ride it to 12k. Sell when the US Gov announces an "inquiry" into the exchanges/tethers.

>> No.4721689

>>4721558
Didn't tether post in its terms and conditions that only a max of 675 million tethers can even be printed? I remember a whole big thread about it a few weeks ago.

>> No.4721694

>>4721689
heh

nothing personnel kid

>> No.4721713

>>4721617
why should they mint more tether if demand stops? Either it is expected that many coins from cold wallets are about to get sold to exchanges for tether and they don't hold the necessary amount of tether to match demand, or new real dollar are arriving to buy tether waiting to buy coin bags.

>> No.4721719

>>4721676
If I hand you a grenade that could explode any moment and give you $1k every 5 minutes would you hold that grenade?

>> No.4721738
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4721738

I dont get it how is this bad?

The purpose of the tethers is to get out of the crypto market without getting out of whatever exchange you're using. That is very useful for anyone with brains who can predict a crash. Not to mention the fact that it takes fucking hours to make a bitcoin transaction, making tether even more attractive. I don't see anything wrong here.

>> No.4721751

>>4721719
the grenade is safe, bro. the fuse was audited by goldbergstein inc., it's not live.

>> No.4721756

>>4721751
kek

>> No.4721779
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4721779

>>4721558
Can anyone, ANYONE explain why is this bad?

>> No.4721784

>>4721738
How does it feel to be the only brainlet in this thread?

>> No.4721813

>>4721784
So long as most exchanges don't offer crypto/fiat conversions, there will be demand for tether.

What's wrong with that?

>> No.4721818

>>4721738
Tether is crypto, you dont get out by buying tether as you cant trade it for usd

>> No.4721833

>>4721738
it's all FUD by bcash bagholders autistically screeching

>> No.4721838

>>4721813
I'm sick of explaining this. Read this: http://apolloslater.com/tether-collapse-scenario/..

>> No.4721865
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4721865

>>4721813
>so long as we are forced to use car wash tokens, there will be demand for car wash tokens
THE ABSOLUTE STATE OF BITFINEX APOLOGISTS

>> No.4721892
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4721892

>>4721738

>> No.4721902

>>4721838
Great source. http://apolloslater.com/bitcoin-is-a-ponzi-scheme/

>> No.4721918

>>4721779
>every tether is supposedly backed by a dollar
>in the end it's just another coin, every exchange has a huge disclaimer that basically implies that they can just decide to not pay you a single dime for your tethers, without any legal repercussions
>there is zero transparency about the tether printing process, they're basically printing thin air

people get their panties in a bunch over what central banks are doing, at least those have some form of regulation. tether is like a central bank in the hands of a mexican drug cartel.

>> No.4721935
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4721935

>>4721558
Don't they have to "print" tether to match the new money coming in? I understand that they're likely not living up to their 1:1 match claim and that the exchange are probably using it for pnds but I don't see how this is such a big, market crashing issue.

>> No.4721936

>>4721838

>What if the flow of dumb money stops

You know how many dumb people there are and how much money is 'dumb' money? There are people on minimum wage driving 40k+ cars.

Dumb money = trillions.

>> No.4721937

>>4721640
These fucking niggers. And SEC is doing nothing about this? Is it because bitfinex is based in taiwan or some shit?

>> No.4721953

>>4721935
>Don't they have to "print" tether to match the new money coming in?
Their 3 out of 4 multisig was hacked, and you believe institutions are going to give them at least 25 million dollars every day for weeks?

>> No.4721956
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4721956

>>4721902
oh and let me guess, you think there is some magical hard floor at the cost per coin, right?

>> No.4721971
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4721971

>>4721918
I thought everyone was aware of this risk coming into crypto. You honestly can't expect protection until it's regulated and the market will tank when us regulation is announced

>> No.4721988

>>4721971
You're retarded. There's a difference between risk and illegal operations.

>> No.4722023
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4722023

>> No.4722034

>>4721971
this is the only excuse i keep hearing about tether

>it increases liquidity, it's so awesome!!
>who cares about all the red flags. it could explode in my face at any moment, it's just the usual crypto risk, baby

yes, crypto is a risk, and tether is even more of a risk.

>> No.4722071

>>4721738
Aren't tethers on bitcoin blockchain though?

>> No.4722080

>>4721988
Most of the exchanges are as reputable or less reputable than tether. That's going to be the norm in an unregulated online market

>> No.4722141

AAAAAAAARGHAAGAHSDHASD

TETHER MAKE KILL.

NEXT ADOPT USE OF BITASSETS.

bitUSD KINGDOLLAR.

>> No.4722337

are there any coins or exchanges free from this fraud hurting them or does everyone list this shit

>> No.4722351

>>4721937
>s it because bitfinex is based in taiwan or some shit?
No one really knows where bitfinex is. I've checked those Taiwan shit and the informaiton they gave us is wrong or non-existent especially the accounting firm and EVEN THE LOCATION.

>> No.4722436

>>4721719
yes. until it blows up and then some more if you look at my trades lol

>> No.4722467

how is this different from the million btc clones that poof into existence and everyone gets credited with free money

>> No.4722513

The bubble is so clearly going to burst soon.
Wouldn't be shocked if BTC falls below $1000 by the end of the year.
Greedy fuckers ruining everything

>> No.4722549

>>4722023
top tier meme

>> No.4722556

>>4721592
>fiat
>"real" money

The government prints trillions of $USD every year.

Why is it that much of a surprise that millions of tether needs to printed to keep up?

90%+ of fiat are fucking numbers in bank accounts. The rest is literal pieces of paper backed by nothing.

>> No.4722574

>>4722556
Tether was not mean to be pegged to $USD not trust.

>> No.4722591

brainlet here
where can i trade my tether for usd?

>> No.4722594

>>4722556
>we fiat now

you do realize thats not a good thing, its what we are trying to get away from.

>> No.4722596

>>4722556
>>4722574
I mean it is meant to be pegged to USD(1 usd = 1 tether)not on trust.

>> No.4722652

>>4721779
Hello anon, I've got a new coin called tether wojak (USDW). It's tethered to the US dollar, 1:1, and backed by my private stash (audit is coming, don't worry). I will buy a bitcoin off you for $11500. Almost 5% over market price, good deal don't you think?

>> No.4722691

>>4722513
Without those greedy fuckers. BTC will likely be in the $3000 range. However I am more optimistic. Tether can just print magic cash because there is really no stopping them.

>> No.4722726

>>4722652
somebody needs to do this if you aren't going to have the balls to test the stupidity of the market again

>> No.4722744

>>4721592
haha yes look at that imaginary money backed by nothing at least USD is backed by go-
oh no

>> No.4722750

>>4722594

No shit. But the point of tether is to be valued around $1.

So when the government prints trillions of USD and the value of tether on the USDT/USD markets creeps up past $1.00 they print more tether. Not a hard concept to understand?

>>4722652

Problem with your FUD is that the price of bitcoin on a lot of BTC/USDT is actually lower than on BTC/USD markets due to cost of dealing in fiat.

>> No.4722867

what the fuck is tether and why do people allow them to print free money?

>> No.4722874

>>4722351
>where bitfinex is

>Bitfinex is a remote culture environment with team members globally distributed across Asia, Europe, and North and South America.


I dont know why ANYONE has money in this thing

>> No.4722911
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4722911

>>4721558

I dont care as long as it will be 15 by the end of dec.

>new fag bought at 11k

>> No.4722919
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4722919

>>4722867

Its crypto that is "pegged" to the USD. So you can short other crypto without having to actually deal in fiat.

When tether starts creeping up in value past $1 they issue more to keep it at one dollar. They have to issue a lot because of how much money the government is printing these days.

>> No.4722939

>>4722919
Are you paid in tethers?

>> No.4722969

>>4722919
why aren't people dealing with real money then?
just some random entity decides to make tether and everyone follows along?

>> No.4722970

>>4722867
>hurrr da us gov does it so why cant we lolololol

t. deluded goy on here

>> No.4723029

>>4722969

Because its expensive and cumbersome for exchanges to deal/manage with actual USD balances when USDT is crypto and does it all for you.

Yes, its "some entity," that's the entire problem with fiat. You have to trust "some entity" like a bank or the government. That problem exists in any fiat currency or any asset pegged to fiat.

90%+ of fiat transactions don't literally result in physical paper slips changing hands, they are numbers on a bank balance changing. Yes, you have to "trust" "some entity" to manage the balances of fiat, there is no underlying blockchain.

>> No.4723091

>>4721676
Largest tether exchange operates outside U.S. jurisdiction.

>> No.4723155

>>4723091
Money laundering is border-less.

>> No.4723204

>>4723091
>>4723155

What makes tether any different from banks using digital numbers instead of "real" USD? 90%+ of fiat is not represented by actually physical money, just bank balances, digital numbers that represent USD balances. The exact same thing as tether, except tether is at least backed by a blockchain.

>> No.4723247

I don't understand the whole

>muh demand gotta print more tethers or it's gonna go to 100$

Seems pretty retarded as there is nothing backing Tether or making it worth a dollar other than the fact Bitfinex says so and people are willing to play along. I don't think you guys really understand economics.

>> No.4723250

>>4723204
Shill more.

>> No.4723360

>>4721558
Do these fags have no obligation to show evidence that all their Tether printing is backed by dollars? Or are people just taking their word for it?

>> No.4723371

>>4723247
>there is nothing backing Tether

Except all the crypo markets where you can trade 1 tether for 1 USD?

"backed by nothing," except you can trade it for USD and bitcoin, no different than any other crypto which has value.

>> No.4723390

>>4721646
this. A REAL audit, not that transparency report bullshit.

I NEED TO KNOW THIS

I'm not fucking buying back if I can't be sure this price is manipulated beyond belief.

>> No.4723407

>>4721558
I got the fuck outta btc, shit is dying, plus chad doesnt wake up till 12pm

>> No.4723415

>>4723371
So then why argue the price is going to skyrocket unless they keep printing tethers? Who is going to pay $2 for something that can only be redeemed for $1? Also the Tether TOS claim they do not have to give you $1.

>> No.4723437
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4723437

>>4723390
Are you willing to sign an NDA sir? https://twitter.com/RTorossian5wpr/status/936421429414899712

>> No.4723449

>>4723204
Those digital numbers can be enforced with laws and contracts and shit whereas tether's fine print literally tells you that this is all bullshit

>> No.4723467

This guy is literally a shill for bitfinex/tether >>4723371

>> No.4723508
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4723508

>>4721935
fuck the right one in the mouth and cum on the left ones taytays

>> No.4723519

>>4721670
Lol you fucking retard

>> No.4723534

>>4723415

Because you can also trade tether for other crypto including bitcoin. Arbitrager trade the difference driving the price up unless more tether is issued.

>> No.4723539
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4723539

>>4722023
saved

>> No.4723560

>>4723467

And you probably shorted bitcoin and are now desperately trying to spread FUD about tether. Just suck it up and learn your lesson, never short bitcoin. The bull run is not caused by some tether conspiracy.

>> No.4723573

>>4721738
you can't cash out

>> No.4723592

>>4723560
I wonder who could be behind this post?

>> No.4723608

>>4722919
How fucking retarded is /pol/?

An obvious fraud is commited in a big hyped market and you instantly go to blame ((the fed))

Go back to sucking Donald's withered old Alzeimers dick

>> No.4723620

>>4723608
go back.

>> No.4723636

>>4723560
https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

I'm sure you read this already but how anyone could read it and deny Tether is pumping BTC on margin is beyond me. All the facts are right there.

>> No.4723640

>>4721558
You retards do realize that the Tether supply needs to match the new money coming in crypto, right ?

Back in June Tether supply was like 300 million and total crypto market cap was 120 billion. Now Total crypto market cap has more than doubled, isn't in natural that the tether supply would have doubled as well ?

Anyway, it's been proven time and time again that all you tether fudsters are autistic bcrash retards so I'm done with you. Not to mention that TETHER ISN'T MONEY. It's worth nothing, it's just a token.

>> No.4723663

>>4723636

To be honest I fell for that FUD in august when BTC was $4k. Shorted and missed the pump to 5k. Luckily bought back in low 3000s and made a killing. Trust me, never fall for fud.

>> No.4723693

>>4721558
This is never going to collapse is it? Big players aren't simply going to cash out so this will go on forever. They will actually manage to de-decentralize crypto with fractional reserve tethering. I'm impressed.

>> No.4723697

>>4721719
>not agrreing to this deal, then convincing someone else to hold the grenade in exchange for 1/4th of the money and taking out a life insurance policy on them
Goy detected

>> No.4723698

Dumbfag question, is my USD balance on buttfinex actually USD Tether?

>> No.4723704

>>4723663
Fucking fud lol. Anyone can check the shit chink audit tether have released and see that it's shit.

Tether is not even useful for users. It is only useful for exchanges and even that reason is shit. It is literally only useful for bitfinex.

>> No.4723707

>>4723663
I sold around 10k and will get back in at 6k if the chance ever comes. If Bitcoin goes off to 50k without slowing down I'll have no regrets.

I still have some ETH at least and I feel 2018 is going to be its year anyways.

>> No.4723715

>>4723698
No.

>> No.4723730

>>4723704
I will agree Tether is very useful on Binance and Bittrex and is pretty much essential for exchanges that can't deal in cash transactions. But there should be way less of them and those are the only places it should be. I shouldn't be just as nervous holding Tether as I am Bitcoin.

>> No.4723749

>>4721558
Can someone explain me tethers? I tried reading on them and have known them for a while like a USD backing, but I'm a brainlet and dont get it. Is it to try and stabilize price or something

>> No.4723760

https://twitter.com/tetherprinter

>> No.4723768

>>4723749

Its just a crypto that is begged to the value of USD. The point is exchanges use tether so they don't have manage USD balances, they let the tether blockchain do it. A lot easier and cheaper.

>> No.4723769

>>4722750
>But the point of tether is to be valued around $1.
yup and tether magically has some anonymous millionaire backer to keep tether at a constant $1 usd because remember tether claims that its backed by real money in their accounts kek

tether is approaching 1bn, anon do you even know how complicated it is to put 1bn in an account? no country in the world will not tax that shit

>> No.4723796

>>4723663
This. I still remember everyone saying their buy orders were at 1600 after it dipped to 2k

>> No.4723797

>>4723730
The tether TOS even right their say that the users are fucked. Even exchanges don't need tether but they use it because they are greedy fucks.

>I shouldn't be just as nervous holding Tether as I am Bitcoin.
Literally a shill.

>> No.4723838

>>4723769
>1bn in the account
This is a real problem, I didn't think about this. There's no way not to get taxed, so it follows that it's not pegged. Right?

>> No.4723850

why would tether blowing up be bad for bitcoin?

Surely everyone will dump their worthless tethers into Bitcoin

>> No.4723857

>>4723768
>The point is exchanges use tether so they don't have manage USD balances, they let the tether blockchain do it. A lot easier and cheaper.

No. They use tether because they can't get USD accounts not because it's hard to manage them.

>A lot easier and cheaper.
Yes much easy to launder and manipulate.

>> No.4723907
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4723907

>>4723560

>> No.4723930
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4723930

>>4722750
>So when the government prints trillions of USD and the value of tether on the USDT/USD markets creeps up past $1.00 they print more tether.
HAAHAHAAHAHAHHHAAHAHAAHAAHA

>> No.4723935

>>4723857
Yea it's hard for exchanges to get USD accounts. That's why very few have USD pairings. I'm pretty sure if they could they'd all have USD pairings.

>> No.4724008

>>4723838
>You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.
youre all fucked, straight from tether legal

but meh I'm just here for the shitshow dont care how long I have to wait

>> No.4724009

>>4723930

Yes, USD inflates, values of tether relative to USD goes up. Tether is issued to bring price back to $1. Hard to understand?

Not just government printing money which causes inflation, but its a good example of why it shoudn't surprising that tether has to be printed as well.

>> No.4724061

So let me get this straight: the problem is they are printing Tether out of thin air and exchanging it for bitcoin? And there's a danger they might cut and run with the BTC? Is that roughly correct?

>> No.4724096

>>4724061
they cant run its too big for them to run, theyre probably just milking shit dry and hiding funds for when shit hits the fan

>> No.4724126

>>4723850
>>4724061

People believe for some reason that spending tether on bitcoin is inflating the price, because you aren't actually spending physical paper USD. Even though the only way for you to obtain tether is to pay $1 for it, or trade another amount of crypto worth $1 to get it. The vast majority of USD transactions don't involve the actual physical exchange of paper money, just the adjustment of numbers on a balance sheet, but for some reason the concept of tether bothers people.

The other issue with this theory is that the total market cap of tether is only ~$800m, less than half a percent of bitcoin's, so even if all tether was conjured up out of thin air, instead of people having to buy it for $1, it would have a trivial affect on bitcoin's price.

>> No.4724140
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4724140

>>4724009
AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHHAHAHAH

>> No.4724167

>>4724126
>btc 24h volume 5bn
>tether 24h volume 724m
its a lot more closer than you think

>> No.4724253

>>4724167

My point is from looking at the marketcap/total supply, there is not actually a ton of tether tokens out there, if supposedly they are pumping up bitcoin from what, $3k to 11k which people here are claiming?

>> No.4724281

>>4724253
your first mistake is assuming that it would be responsible for 100% of the gain, only a retard would assume this
your second mistake is ignoring leverage
that's the start of the list of mistakes

>> No.4724284
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4724284

>>4721738
>>4721813
>>4721833

>> No.4724317

>>4724253
no there isnt but the btg fork fomo, the segwit2x fomo cme futures fomo hell even the bigbang fomo played a large role of pumping the price up

theyre using tether to hold the price up not pump it since a lot of fags use TA in crypto you can use that to your advantage to manipulate markets
>fomo, psychology, infinite monies, wild west
youre only looking at a part of the picture here

>> No.4724338

>>4721813

Not really since arbitrageurs will take advantage of those who prefer USD to USDT.

>> No.4724385

>>4724009
what the fuck dude
no matter how much $ they print, 1$ = 1$

1 usdt = 1 usdt = 1$

>> No.4724407
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4724407

>>4721719
This is what I live for.

>> No.4724421

>>4724385

no shit, because they keep issuing tether to keep up...

>> No.4724617
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4724617

>>4723697
>tether is a life raft

>> No.4724683
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4724683

>>4721719
>implying everyone here wouldn't

>> No.4724706

Hilarious how people are concerned about tether not having 100% reserve but not unconcerned in the least about the fact that their actual bank account is probably backed by less than 1/10th that amount.

>> No.4724742

>>4724706
https://en.wikipedia.org/wiki/Law

>> No.4724881

>>4723437
Yeah.. I guess that answers it.

fuck everything about this, I'll be on the sidelines until this shit collapses

>> No.4724928

>>4724742

The only difference between Fiat (USD/EUR) and USDT is that Fiat's backed by soldiers. Just look at Greece in 2014. Banks had to close their doors for several days to prevent a bankrun. Your laws mean shit when people make use of their right.

>> No.4724968

O look another muh printed tetherscam thread.

Nobody cares

>> No.4725110

>>4723707
>I sold around 10k and will get back in at 6k if the chance ever comes. If Bitcoin goes off to 50k without slowing down I'll have no regrets

Sure buddy. We believe you. Maybe you believe that yourself.

>> No.4725693
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4725693

>>4724706

Hilarious how retarded you are to come out with the most brainlet reddit argument out there. If they are both scam then one is regulated by the government and globally adopted by most of the people on earth. The other one is printed by a pajeet "company" with no real use other than to inflate btc price . You really don't see which one is more likely to disappear overnight?

>> No.4725741

History doesn't repeat itself. It rhymes.

To all those saying "who gives a shit, nobody can touch them", I would like to introduce you vagina freshies to the Patriot Act, and its influence on Liberty Reserve.

Liberty Reserve:

>Liberty Reserve was a centralized digital currency service [based in Costa Rica] that allowed users to register and transfer money to other users with only a name, e-mail address, and birth date.[1] No efforts were made by the site to verify identities of its users, making it an attractive payment processor to scam artists.[3] Deposits could be made through third parties using a credit card or bankwire, among other deposit options.[1][2] Liberty Reserve did not directly process deposits or withdrawals.[2] Deposited funds were then "converted" into Liberty Reserve Dollars or Liberty Reserve Euros, which were tied to the value of the US dollar and the euro respectively, or to ounces of gold.[1][4]

>In May 2013, Liberty Reserve was shut down by United States federal prosecutors under the Patriot Act after an investigation by authorities across 17 countries. The United States charged founder Arthur Budovsky and six others with money laundering and operating an unlicensed financial transaction company.

Tether and Bitfinex echo this. Although Liberty Reserve was shut down due to criminal money laundering, the creation of almost a billion dollars of unbacked virtual currency, and wash trading absolutely constitutes fraud.

Because the creation of fake virtual USD is absolutely germane to the US Government's interests, you will find that Bitfinex and Tether will get fucking rolled by the US Secret Service, Department of the Treasury, Homeland Security, Global Illicit Finance Team et al.

When this happens is anybody's guess, but it will fucking happen.

>> No.4726171

assuming this scam is true, is it worth holding alts?

>> No.4726259

>>4722351
Bitfinex is under a corporation in Hong Kong.
iFinex, the holding company for Tether and Bitfinex is registered in the British Virgin Islands. Their banking partner is a Polish bank, which they may or may not also own, but seem s likely and their banks do business as Crypto Capital.

>>4722556
>The rest is literal pieces of paper backed by nothing.
They're backed by government coercion. Tether is backed by investor faith.

>>4723091
Not true. Last I looked, Bittrex was the largest tether exchange in terms of tether volume. They are in the US.

>>4723698
It's USD. However, you can't withdraw it as USD. You have to withdraw as tether or another crypto. That being said, you also can't deposit USD with them.


Russian exchange BTC-e was shut down earlier in the year for money laundering stolen Mt. Gox bitcoins and for criminal enterprises using tether. Probably also the Russian government.

>> No.4726291
File: 8 KB, 225x250, 1511374267152.jpg [View same] [iqdb] [saucenao] [google]
4726291

Tether is gonna crash BTC THIS WEEK! Says the increasingly nervous man who said this every week for the past 2 months.

>> No.4726308

>>4726171
Alts are being pumped more than anything.

>> No.4726346

>>4726259
Source on their corporate filings? Lawfag here looked around for it and couldnt find anything

>> No.4726429

>>4722919

So it crashes about 45 seconds after a bitcoin crash, it'd be equivalent to a run on a bank.

>> No.4726464

>>4726346
Sorry, no corporate filings. The Polish bank may just be a front as well, as I said, it's a partner, not necessarily where they have the money. The Polish bank is listed for the Euro bank wires.

>> No.4726496

>>4726429

um no.

>> No.4726535

>>4722969
Because most exchanges don't want to deal with having to be a bank. Tether is a way to get around banking regulations, specifically US banking regulations. Look how many exchanges have real USD. Two. Coinbase/GDAX and Gemini, both of which are FDIC insured. Does being regulated and ostensibly following the law save them from having problems with the government? Clearly not.

>> No.4726795

>>4726259
Clarification on "USD" at Bitfinex by story.

You deposit bitcoin at a literal Bitfinex trading desk.
Bitfinex shows you a pile of money on the desk and says it's yours.
You then buy an altcoin with the money.
The money is removed off the desk and replaced with the altcoins.
You then sell the altcoins after they are pumped.
You now have a larger pile of money on the table.
You approach the table and say you want to take all the money and leave.
Bitfinex refuses and says you must take Tether instead or buy a crypto and withdraw it. The USD is just for show.
You accept bitcoin back instead.
You then transfer the bitcoin to GDAX.
GDAX then closes your account, for whatever reason as people sometimes say they do.
You then transfer to Gemini, same happens.
Now your options for fiat are to sell it in some other currency and then change to USD or do a local bitcoins or other person to person to get your fiat.
Hahah, just kidding. You can go to Kraken and sell your USDT directly for USD since Kraken is being used to keep USDT pegged 1:1 and it's the single exchange to do this. Then withdraw it.

If Kraken stops being complicit, and Coinbase and Gemini more aggressively shut down accounts, then being "trapped" in crypto for USD is very real possibility for some people, without losing a large percentage anyway. Though no doubt others will argue that being taxed is already a large percentage.

It makes me wonder how many people are hoping to use Tether for tax avoidance and claim it's "like kind" or similar.

>> No.4727240

> Bitfinex and Tether will get fucking rolled by the US Secret Service, Department of the Treasury, Homeland Security, Global Illicit Finance Team et al.
DING DING DING

>> No.4728049

>>4723704
Are you fucking retarded?
How else will you do arbitrage?
How else do you move USD between exchanges fast?
How else do you temporarily peg your tradimg stack to USD

>> No.4728088

>>4728049
And btw I'm a big blocker and think BCH is the real bitcoin but for fucks sake this tether fud "bch is not winning so must be fake money" is beyond pathetic at this point

>> No.4728165

>>4721937
Bitfenix is NOT us based

SEC can't really do anything to them

>> No.4728201

>>4722467
Everybody is credited with the forks. The market then decides the value its not "free money" its free shitcoins

>> No.4728219

>>4728088
Tether FUD has been around longer than BCH.

>> No.4728223

>>4721640
thats like less than 1% of BTC's total market cap. so what?

>> No.4728265

>>4728223
That isn't a relevant argument.

>> No.4728286

>>4728265
why?

>> No.4728303

>>4724683
>>4724407
Good taste

>> No.4728334

>>4728286
1 - Please understand what market cap is. Has nothing to do with the amount of money flown into an asset, especially not in regards to Bitcoin.
2 - They only have to print Tethers that are withdrawn from Bitfinex. Numbers of unbacked USDT in Bitfinex data base might be much larger.

>> No.4728712

>>4728219
Yes but it has really been pushed hard now, mostly by BCH supporters

>> No.4729005

>>4728286
All that matters is how much it takes to pump or dump the price on exchanges. There are a relatively minuscule amount of supply on the exchanges that are either for sell or that people will buy at a given price. As such, it takes far less than you assume to completely manipulate the markets.

>> No.4729034

>>4729005
Messed up the grammar while changing the sentence structure and replacing words. Oh well.