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/biz/ - Business & Finance

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6602314 No.6602314 [Reply] [Original]

100 million tether printed 5 minutes ago

https://twitter.com/tetherprinter/status/953711933181476864

They're going all out!

>> No.6602344
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6602344

pump it

>> No.6602497

THEY CANT KEEP GETTING AWAY WITH IT

>> No.6602542
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6602542

>>6602314
That can't be good for the market in the long run

>> No.6602595

>>6602542
We’re all dead in the long run

>> No.6602606
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6602606

>>6602344
>The pump that saved crypto

>> No.6602638

Jesus this is going to be the next bitconnect.

>> No.6602704
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6602704

>>6602638
Um no sweetie ;)

>> No.6602744

>>6602314
It didn't do shit yesterday or the day before yesterday
Why would it do shit now

>> No.6602757

>>6602314
Only little more than one hour until the futures auction. We'll see if that was the cause (or one of them) for the crash, and how many people believe this to be the cause and stop selling and maybe start buying again. Or continue selling. Also, what price the BTC gets auctioned off at.
Interesting times. 72 minutes.

>> No.6602775
File: 3.93 MB, 600x338, 1512817376513.gif [View same] [iqdb] [saucenao] [google]
6602775

>tfw they open up a 100 million dollar short position

>> No.6602786

>>6602704
yeah sure, over 1b in fiat, sure thing

>> No.6602796

>>6602704
>crytpocurrency

>> No.6602822
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6602822

>>6602314
>market up
>Tether printed

>market down
>Tether unprinted?

>> No.6602837

>>6602314
when will this disgusting ponzi scheme crash? seriously tether is 100% a scam and several devs spilled the beans on reddit a few times already

>> No.6602846
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6602846

>>6602314

>> No.6602944
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6602944

based

PUMP IT!!!

>> No.6602950

>>6602775
Thank you for the Press Your Luck Wojak nostalga, anon.

>> No.6603002
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6603002

>According to Tether Limited, each unit of Tether is backed by one United States dollar held in reserve by Tether Limited,[3] and may be redeemed through the Tether Platform

>The company is incorporated in Hong Kong with offices in the United States

How is this not a ponzi?

>> No.6603052

not even tether can save us anymore

>> No.6603069

>>6603002

>backed by USD
>implying

>> No.6603111
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6603111

UP u are the most retarded dumb fuck ive ever read here on biz the last days. THE EXCHANGES CAN NOT CASH OUT THAT MUCH TETHER U STUPID PEACE OF FUCKING FUCK. ITS ALL A MATTER OF TIME WHEN THE TETHER GET CONVERTED INTO BTC. RESISTANCE LINE ALREADY BROKEN. FROM NOW THE RECOVERY BEGINS. HOPE U ALL BOUGHT IN BUT OP

>> No.6603176

Am I the only one who doesn't see the problem with Tether?

If BTC goes up, you need more tether to match BTC's price as people convert BTC to tether.

If BTC goes down, you also need more tether sometimes because people mass panic transfer to tether, requiring more coins.

????

>> No.6603255

damnit why couldnt /biz/ be faster on this. The tether print is the ultimate buy signal

>> No.6603271
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6603271

>Tether fighting off the apocalypse

Unsure on how to feel.

>> No.6603311

>>6602837
link? (I know it's reddit but that would be interesting to read)

>> No.6603409

>>6603176

i've never understood what you're even supposed to do with tether.

how does it work?

>> No.6603440

>>6603255
>100 million tether printed 5 minutes ago
> 5 minutes ago

I think that's fast enough.

>> No.6603445

>>6603176
/Biz/ cannot comprehend the basic supply demand 101 rules.

More demand = Print more tether

Not backed by anything? How the fuck shouldn't the be able to back tether when the sell the traded crypto into USD immediately.

In top of that millions of fee earning. Biggest Ponzi scheme with zero percentage profit per year, sick.

>> No.6603457

>>6603409
It's a way to convert to a fiat equivalent without actually converting to fiat.

>> No.6603458

>>6603002
Im with this anon. Theres no way Tether has the reserves.

>> No.6603465

>>6603409
Its litteraly just a haven for when BTC crashes like this

>> No.6603483

how is tether legal exactly?
and why don't they have their supposed audits?
also why are they in panama out of all countries?why not just sell to real fiat if you are gonna be emotional about it?

>> No.6603504

>>6603002
>>6603458
The fact they printed more token doesn't mean those were released to the market yet.
They have enough reserves to cover the amount of tokens in circulation, which isn't even all that much.

>> No.6603520
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6603520

>>6602704
You actually believe they have the fiat to back it up and they refuse to do an audit, jesus fucking christ LMAO, next bitconnect in fucking coming.

>> No.6603524
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6603524

manipulation by you'res truly

>> No.6603528

>>6603483
Not every exchange offers fiat or dosn't offer it in burgerbucks

>> No.6603553

>>6603457
>without actually converting to fiat.

so you can't actually cash out to fiat with tether?

you just.... pretend to cash out?

>> No.6603552

>>6603445
Do you really believe that 200 million USD has been deposited to their bank account within the last 24 hours? I don't.

>> No.6603580

>>6602314
WOW I CANNOT BELIEVE THEY ARE ACTUALLY DOING THIS.

IF YOU FAGGOTS HAVE YOUR MONEY ON BITFINEX YOU ARE LITERALLY ASKING FOR IT.

>> No.6603601

>>6602314
Tetherscam to the rescue!

>> No.6603607

>>6602314
Tether hit $1.06 during the dump. When it's high is the perfect time to send money to tether inc (somehow?) and mint more at $1+fees. That is all. Perfectly reasonable, assuming everything is above board.
Unless of course, there is no incoming money, because they're cut off from the banking system. After years of promises, we've still never seen an audit, just one page that says on it that it's explicitly not an audit and not to be trusted as proof of solvency.

>> No.6603617

>>6603553
In essence it's designed to keep your earnings stable if you convert to Tether vs keeping it in bitcoin which can go up or down.

>> No.6603663

Isn't Tether acting like a central bank would?

>> No.6603679

at this rate tether is going to make the bitconnect fuckery seem like foreplay.

>> No.6603718

Tether have literally said outright you have no right or guarantee to redeem Tether.

Fuck sake, when Tether finally pops people will act surprised

>> No.6603736

>>6603617

so you give them your BTC and they pretend to give you USD for it?

can you do like a step by step of when you're using it? like 1. BTC is at 10,000 but going down 2. tether up (??) 3. get back to BTC ??

>> No.6603745

Listen guys. I was skeptical initially but further pondering of USDT has convinced me that is both legal and legitimate.
If Tether was illegal - not backed by fiat - it would be illegal. Yet, it remains legal as always which indubitably shows that it can not be a scheme of some sort, as some have speculated.

>> No.6603773

>>6603552
And here we got another anon who doesn't understand the concept. Do you even understand the blockchain when you are not even able to get your head around that shit...

Ok. 200m tether printed. No influence at all except the get into the circulation. How do they get into the circulation? Ah someone trades BTC ETH or any other avaible crypto for it.

>Now you earn some sick fee gains

In the same moment you sell the traded crypto for the USD amount

Oh fuck now you have 1:1 USD backing. This is even better than the banks with literally 1/10 own capital backing their shit

>> No.6603774

>>6603718
could you give me a source for this?

>> No.6603844

>>6603445
because they don't sell it
according to their website its in a reserve
its the new bitconnect for people that want to evade risk while also evading taxes

>evading risk
>evading taxes

pick one anons

>> No.6603882

>>6603736
Let's say you have 1 BTC and the current price is $10,000.

>you think the market is going down so you buy 10,000 tether
>bitcoin price dips to $8000 and you decide to buy back at that price

OR

>keep your tether until bitcoin comes back to its original price

Of course Tether's price could come crashing down if news comes out that they don't actually hold one dollar for every one tether.

>> No.6603918

>>6603663
It literally is a central bank in crypto that can just exit scam everyone, they refuse to do audits.

>>6603718
This too, they said that they did not guarantee the redeeming of tether or the price would stay at a certain value.

People need to actually read what they are buying, lmao.

>> No.6603920

>>6602314
They will crash under 1$

>> No.6603956
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6603956

>registrations disabled for 2+ months now
>business booming

They also updated their legal page so you must be registered with them to redeem fiat - so, when it pops you're fucked because that 1 USDT to 1 USD directly from Tether will be impossible.

>Tether must and does at all times reserve the right to refuse to issue or redeem Tether Tokens

>> No.6604056

>>6603956
>2+ months now
liar, it's been down for a week only

>> No.6604090

>>6603882

so it's a coin that, no matter how many you buy or sell, remains at the same price? i dunno, dude. this is from the wikipedia:

"Tether is not a legal tender currency or a financial instrument.[26] The ownership of Tether has no contractual rights, other legal claims, or guarantees against losses.[5] Tether Limited is not a bank and is not required to, and does not, hold its reserves at the Federal Reserve. Tether tokens are not legal tender currency and are not covered by deposit insurance. Tether does not operate in countries and locales which do not regulate cryptocurrencies.[26] Tether is not a legal tender currency, and thereby attempts to circumvent traditional government and regulatory controls.[6] Tether transactions allegedly violate regulatory compliance banking standards such as Know Your Customer and anti-money laundering standards required of financial institutions."

i feel like this crash is showing that some of y'all are doing some stupid shit. maybe i'm missing something tho.

>> No.6604106
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6604106

>>6603745
I like the way Snrub thinks

>> No.6604128

>>6603445
If tether is a scam for not having a 100% reserve then so is the entire fiat banking system

>> No.6604161
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6604161

This shit it why I don't let my greed and TA get the better of me.

>> No.6604248

>>6604128
>We dont trust banks
>We have moved to decentralized finances (crypto)

>> No.6604294

>>6604128
The banking system is "regulated" by the government though so it's a approved ponzi scheme.

>> No.6604300
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6604300

>>6602704
>backed by fiat

>> No.6604425

>>6604294
Couldn't agree more, the banks wouldn't give everyone their money back if they wanted to cash out, they are fucking jews that would ponzi scheme you.

>> No.6604481

>>6602704
>women

>> No.6604503

this is from their website:

"Purchase and Redemption of Tethers: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. 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."

>> No.6604514

>>6604128
they are both scams
except for most other cryptos that are actually decentralized
people are so greedy they don't realize how retarded this entire scheme is
Its right in front of them and yet they still ignore it like its nothing

>> No.6604551

Who cares nothing ever went wrong.

>> No.6604576

>>6604425
Everyone knows this subconsciously but is too afraid to admit it because it's society disrupting.
It's like before the fall of Rome people would rather go with the charade than admit there'll be hellfire in a few months.

>> No.6604582

>>6604503
Sounds like they have a good lawyer protecting them from potential law suits.

>> No.6604750

>>6604090

those terms all apply to every cryptocurrency

>> No.6604808

>>6604503
>fuck you this shit is nothing
Could have summed that up easier.

>> No.6604848
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6604848

>>6604503
How much are you getting paid to shill? what you posted is NOT on their legal terms. Their website explicitly says your tokens are fully backed.

https://tether.to/legal/

You sir are a fucking cretin, such a shame this site tolerates blatant lying/shitposting like this. Users like you belong on /b/.

>> No.6604931

>>6604128
the difference is that the governments actually tell you that their money is backed by nothing. Bitfinex is saying that Tether is backed by USD. If they admitted that Tether was monopoly money they were printing themselves, the markets would look VERY different.

>> No.6604936

>>6604750
The fact that they said Tether will always be around 1 USD
>not stored value/currency
And don't have to accept Tether back while printing a fuckload are huge red flags, the ponzi scheme is so real bro.

>> No.6604949

>>6604128
>then so is the entire fiat banking system
>baby accidently swallows a red pill

>> No.6604971

>>6604503
tl;dr you can't cash out

>> No.6604985

>>6604848
>Fully backed
>Refuses to do a single audit
>Keeps printing Tether
Ok bud.

>> No.6605008
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6605008

>>6604848
Forgot to add: they only reserve the right to not redeem your tokens if you're doing something illegal, which is pretty much a requirement for anything that trades in the US. Like if you open a bakery anywhere in the US there's anti-terror laws that say you can't sell to or buy from anyone who may be funding terror groups.

>> No.6605034
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6605034

pic related

>> No.6605055

>>6604985
>imagine being this much of a brainlet
The fact they're printing doesn't mean those printed tokens have been sold. If they aren't sold there's no need to back them because who the fuck would redeem an unsold token you complete moron?

>> No.6605065

>>6604936
well... I agree, but with the trading volume exchanges are getting these days and bitfinex only accepting big fish at this point, I believe that they could at least in theory front sufficient USD reserves to have the same degree of security that most federal banks do.

>> No.6605066

>>6602704
BACK IN THE KITCHEN, BITCH

>> No.6605140

This is literally them saying : oh hey guys, we're also a scam, this is your last chance anon.

>> No.6605147

>>6602314
Lol. Tether isn't any different to what the reserve bank or any other bank is doing. All your money is just numbers on a screen, they don't even have that much fiat and even if they did, ots not backed up by gold or anything else.

If you think tether is a scam then you shouldn't even have any money in a bank at all

>> No.6605182

>>6605055
The funds are trackable. Once they are printed they immediately enter Bitfinex and pump the shit out of the market.

>> No.6605235

>>6605147
More like shouldn't have any fiat in the first palce

>> No.6605252

>>6604848
The quoted text was still on their legal terms page in December:

https://web.archive.org/web/20171224172135/https://tether.to/legal/

>> No.6605296

>>6605147
This. I don’t think anyone actually understands how fractional reserve banking works. If tether is ACTUALLY backed 1:1 by dollars, they have more in reserves than 99% of banks on the planet.

>> No.6605329

>>6605055
>Printing before they have backing
Don't worry, these will just get 'hacked' again so a 'random' person will just buy BTC/ETH and cash out

>Complete moron joins crypto just to go back into a centralized bank that will ponzi scheme everyone.

>> No.6605379

>>6603882
i would just sell btc and tell tether to fuck off

>> No.6605411

>>6605182
Bitfinex doesnt even list tether you liar
https://support.bitfinex.com/hc/en-us/sections/115001039645-Currencies-Tokens?page=1#articles

>> No.6605467

>>6605147
but the risk profile is much different than my local credit union.... but you know that

>> No.6605522

>>6605296
clearly posters dont believe they have the dollars

>> No.6605561

>>6604582
>they
>lawsuits

No one even knows who they are. The company is in Hong Kong and the money moves through 5+ proxies in different tax havens. The market will take the loss, not them.

>> No.6605629

>>6604090
tether provides liquidity in a market where most exchanges prefer not to deal with USD since it requires compliance to regulatory authorities to redeem fiat.

>> No.6605692

>>6605411
Bitfinex does not have a distinction between USD and USDT. All their USD trading pairs can be funded with USDT.

>> No.6605705
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6605705

>>6605411

>> No.6605719

>>6605629
Liquidity going in, good luck trying to get the 1bil+ back buddy.

>> No.6605780

>>6605719
thats why they print more retard
its the most useful crypto

>> No.6605783

>>6605629
What the fuck can you exchange tether for besides crypto? Do you even know what liquidity means?

>> No.6605788

>>6605692
So even Bitfinex agrees tether is reliable. Good.

>> No.6605812

>>6605788
They created that abomination

>> No.6605813

>>6605783
you can exchange tether for fiat on Kraken and bithumb

>> No.6605868

>>6605813
The volume is like 1k per day from what I've heard.

>> No.6605889

>>6605788
> even Bitfinex

Dude... Bitfinex and Tether are run by the same pople.

https://www.reddit.com/r/CryptoCurrency/comments/6yqeqv/the_truth_about_bitfinex_and_tether/

inb4 > reddit

>> No.6605899

>>6602704
>pic
nigga, it uses the same blockchain as bitcoin.
You can see all of the new ones getting minted here:
https://omniexplorer.info/default.aspx?filter=grant

Just don't fucking sell right after a pump, this shit'll stop happening if they get wise.

>> No.6605943

>>6602846
who gives the orders? bog?

>> No.6605947
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6605947

>>6602822
>tether "quarantined"

>> No.6605957
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6605957

>>6602314
WTF kind of shit is this? Cyberwars with currency? Muh made money out of thin air vs Muh made up money out of electricity. Joe Rogan who do ya got?

>> No.6605966
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6605966

>>6605813
I hope you realize the volume on Kraken is wash trading retard.

>> No.6605988

>>6605868
Just check CMC... its over 100 million

>> No.6606004

Demand for tether is at all all time high
they need to meet demand to keep it pegged at $1
How do none of you understand this yet?

>> No.6606038

>>6605966
Yeah I do, because I do that too faggot
thats why its so useful

>> No.6606073
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6606073

>>6602796
you did the hashtag wrong m8

>> No.6606080

>>6605957
Minting of BTC is regulated by the POW algorithm, which is so heavy it's fucking up the GPU market.

The minting of Tether is regulated by nothing. 1.6B units of unbacked money which the market perceives to be USD minted in a basement somewhere in Cayman Islands.

>> No.6606088

BUT WHY I JUST SOLD?

>> No.6606098

https://medium.com/@bitfinexed/spoiler-alert-the-institution-buying-tethers-is-bitfinex-themselves-f56af29ce60c

People have been warning about this shit for months. You deserve what's coming your way.

>> No.6606141

>>6602704
You are the worst poster on /biz/. At least be a name fag to take the cringe to the next level

>> No.6606143

>>6604090
>so it's a coin that, no matter how many you buy or sell, remains at the same price
Yes. Learn how currencies work. "price" is arbitrary. Tether will sell you USDT for $1, and as much of it as you want, so they undercut everyone.

>> No.6606165

>>6606141
It's ironic humor you dumbass.

>> No.6606198

>>6606004
The demand is from the weak hands flooding to crypto fiat during a crash that is centralized, the exit scam is coming and I will be ready for all the suicides on biz.

>> No.6606227

>>6602704
You know, I just needed this strong womxn's insight to understand the complexities and nuances of usdt.

>> No.6606235

>>6606165
There is ironing and cringe. Anon is obviously the later ;)))))))))))))

>> No.6606264
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6606264

>> No.6606278

>>6606198
People are moving into usdt so they can go back into btc
No one actually exchanges usdt for fiat
Margin demand is also super strong on bitfinex, so they need the tether to use for lending

>> No.6606360

>>6606278
I guarantee you they won't give all the money back if people flood back to fiat using tether.

>> No.6606409

Tether is absolutely illegal

I'm not even saying it's not useful as a safe haven right now, but if you think they're legit you're retarded. One day tether is gonna just be deemed illegal and be gone.

If they were legit they would do an audit, it's this simple.

>> No.6606493

but, isnt it like, when you trade them your crypto for tethers they can sell your crypto for fiat and then they DO HAVE every tether in circulation backed with actual fiat?
also then giving out tether during the dip would be like longing on all the panic sellers because they will fomo back in in a week

>> No.6606537

>>6606235
>winky smiley face
>accuses some other anon of cringe

>> No.6606547

>>6606004
also this

>> No.6606607

>>6606493
Implying the value of said crypto didn't go down in value during the transaction or while they were holding it.
They refuse to an audit and I doubt they have over 1 bil in fiat in their reserves, not only that but they are not obligated to redeem your tether.

>> No.6606636

>>6606235
>>6606141
Sweetie please ;)

>> No.6606713

>>6606409
>if they were legit they would do an audit
by that logic so would the federal reserve, but they never have

>> No.6606722

>>6606409
>One day tether is gonna just be deemed illegal and be gone.

And along with it every major exchange

and along with it everyone's crypto and fiat

>> No.6606782

>>6606713
Federal reserves are buddies with the government, nothing would happen.

>> No.6606840

>>6606493
NO ONE IS GOING TO BUY IT THOUGH WITH FIAT IN A CRASH
IT KEEPS IT FROM COMPLETELY CRASHING ARTIFICIALLY

>> No.6606989
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6606989

>>6606722
And then...

>> No.6607091

>>6605813
Cool you can exchange it for a currency that is liquid like every other crypto.
BUT WHAT THE FUCK CAN YOU EXCHANGE TETHER FOR?
What part of liquidity do you not understand? What fucking "thing" can I buy with my tether?

>> No.6607234

>>6606537
Your autism is like welding goggles that protect you from sarcasm

>> No.6607285

>>6607091
When a literal ponzi scheme is riding on what people believe is just a 'safe haven' from market crashes. IT HAS NO OTHER VALUE.

>> No.6607383
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6607383

>>6606989
So it is us who are the heralds of end time.

>> No.6607458

>>6606989
Is it easier to hack someone's computer or hack someone's hand?
Really makes you think

>> No.6607726
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6607726

more like one Dollar is backed by a Tether