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6782795 No.6782795 [Reply] [Original]

Tether prints USDT, crypto goes up

Tether stops printing, crypto tanks

Really stimulates the noggin

>> No.6782811

>>6782795
maybe you should look up how tether works before embarrassing yourself on an indian micropayments website

>> No.6782983
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6782983

>>6782811

Talk about cognitive dissonance, enjoy your new noose

>> No.6783113

>>6782795
Tethers that are printed are not tradeable retard fuck off with your shit bitfinexed consipiracy

>> No.6783136
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6783136

>>6782811

>> No.6783226

>>6782795
Wouldn’t tethers value decrease by creating more coins? This doesn’t even make sense

>> No.6783316
File: 45 KB, 800x450, brainletttt.jpg [View same] [iqdb] [saucenao] [google]
6783316

>>6783136

>> No.6783350

>>6783113
>Tethers that are printed are not tradeable retard fuck off with your shit bitfinexed consipiracy
Then why do they print them?
t. a brainlet

>> No.6783412

>>6783350
Because as you saw, since a lot of peolle were tethering up it it increased the price so they dilluted the supply to peg it at $1.00

>> No.6783558

>>6782795
Someone obviously doesn't understand how supply and demand works.

>> No.6783636

>>6782795

Why don't people get how Tether works?

Tether is printed to meet demand as people sell BTC/alts to move into Tether. There are only about $1.6b of them at the moment, so with the market cap of crypto in the hundreds of billions, it wouldn't take a lot for demand to outstrip supply.

Of course more Tether is printed before the market goes up. That's because everyone has moved into Tether on a dip, they need to print more Tether to meet that demand, and then once the dip is over, everyone buys back into the BTC/alt dips and pumps the price back up again.

The true indicator of the health of the market are fiat pairs. That's BTC against real cash buys like USD, KRW, JPY, EUR and others. They still have way more volume than all the USDT markets put together.

And if you look close, you'll see that the real fiat pairs often have BTC at a higher price than the USDT pairs.

People buying crypto for cash still has a massive impact on the price and growth of crypto. When that changes, then we're in trouble.

>> No.6783640

>>6783412
How are they able to dilute the supply when "Tethers that are printed are not tradeable"?

If I have 1000 coins that are worth 1 USD, then I mint 1000 more but lock them in my basement. The circulating 1000 dont suddenly lose value.

Or does the devaluation aspect come from the chance that they "may" release those printed coins at a later date?

>> No.6783726

>>6783636
Thanks for this explanation btw.
So as I now understand it, a tether is like a cloakroom ticket where you stash your bitcoin at the current dollar amount and then return the ticket and get your BTC later on.

Therefore tether printing is only done in situations where they anticipate they will run out of cloakroom tickets?

I'd be interested in finding out how tether knows about this demand.

>> No.6783763

>>6783640
Ah did you mean:
>Tethers that are printed are not tradeable for fiat
That makes a bit more sense.

>> No.6783782

>>6782795

Do you retards realize that they are "printing it" in order to keep it at $1.00?

>> No.6783895

>>6782983
>>6782795
>>6783136
>>6783350
Tether fudders are the most retarded people on /biz/

>> No.6783899
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6783899

>>6783316

>> No.6783946
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6783946

>>6782795
Stfu bitfinexed fag bois.

Yes tether prints tethers

Yes they lost wells Fargo as a bank last
year

Yes they say usdt isn't usd, but backed by usd (needs an audit)

Yes it is a gimmik, but a huge way to make money

They could have fucking nothing

But more likely they could have a banking problem like the pot industry and be sitting on huge piles of cash and no way to deposit it

Yes they do lend it out to other exchanges (acting like a bank)

Yes there is a huge demand for tethers by the other exchanges.

As long as the other exchanges have paid in full for every tether from bitfinex then the system works.

Traditional banking is the problem because crypto is new and unrelated

Also make some money while the getting is good and if it blows up in your face at least you won't lose as much as the guys from bitfinex would.

Anyone with a brain already knew they couldnt withdrawal tethers or that using tethers isn't backed up legally it's only a tool for traders and the exchanges to find a haven when the market takes a shit.

Keep calm
And Stfu
Bitfinexed is a whiny bitch

>> No.6783999

>>6783895
Could you please post your folio i want to laugh at you when Tether crashes

>> No.6784030

>>6783726
They fucking ask other exchanges

Yes they talk (OMG)

>> No.6784063

HOW HAVE YOU NOT PICKED UP HOW THIS SHIT WORKS YET FUCKING HELL
MILLIONS OF TETHER FUD THREADS, EACH ONE CONTAINING GREAT EXPLANATIONS
STILL THE PARANOID REDDITORS DONT UNDERSTAND

Do you really think the leaders of the community wouldnt speak out against tether if something bad was going on? jesus christ

Every other brainlet behind a computer seems to think they're the FBI, get off your high horses you economically illiterate self righteous mongoloids

>> No.6784068

Tether has ended up being like a drug for the crypto markets.


At first it was just a bit of fun - a way to stick it to those bankers!

But, over time dependence came - now the entire market relies on Tether

>> No.6784074

>>6783726

The price of Tether, being pegged to one dollar, means that there's very tight supply/demand control.

For example, if there wasn't enough Tether available for those who want to buy it, people may start paying more than a dollar per tether.

Technically you are supposed to be able to cash Tether into USD (so every Tether is backed by a dollar), but I think 95% of people buy Tether these days just to weather the storms and then buy back in to BTC/alts at the dips.

If there was a situation where everyone in Tether were trying to cash out their Tether for USD, then the market would be beyond fucked already anyway, so it makes little difference.

>> No.6784086

>>6783946
*regulated

>> No.6784090

Do they burn USDT when people move back to BTC and demand decreases?

How do they manage to back USDT with real USD somewhere when BTC is so volatile?

>> No.6784114

>>6783999
>tether will crash during a dip, aka when people buy tether
So I was right after all.
I'm starting to think that tether fudders actually believe that when new tether is printed all tether holders get additional USDT.

>> No.6784157

>>6784114
Tether will crash eventually, i never said specifically when.

>> No.6784180

>>6784090
They back it up by not backing it up.

It's genius.

>> No.6784183

>>6784074
Everyone would be fucked unless Tether has 1 dollar in the bank per Tether, which is unlikely. If they had that, they could cash everyone out if every sells USDT for USD at the same time

>> No.6784198

>>6783636
>Tether is printed to meet demand

If that were true, how are they backed by USD?

Are people buying Tethers, or what? Faggot

>> No.6784228
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6784228

People buy crypto, crypto goes up

People stop buying crypto, crypto tanks

Really stimulates the noggin

People buy crpyto, tether gets printed to keep dollar value tether

People stop buying crypto, tether stops getting printing

Fucking retards.

>> No.6784254

>>6784228
Ok, explain how Tether is 1 to 1 backed by USD, if they are only being printed to peg the value...

Fucking retard.

>> No.6784290

>>6784090
you buy tether, and it immediately gets printed ans traded for your btc/etc.
you sell tether, and it doesn't get burned, but kind of continues on as a non-functioning zombie token.

>> No.6784351

>>6784183

Yup.

My point is though, that if Tether is going to be "revealed" as not being solvent in terms of backing Tether with USD, people are highly likely to only find out when everyone in Tether tries to cash out for USD.

But the only situation where they'd prefer to cash out Tether instead of re-investing back into BTC/alts is when the market is absolutely fucked, so by the time people find out, it's game over anyway.

Plus, this assumes that 100% of people would want to cash out Tether at once. It's far easier for them to have the liquidity if only a portion of Tether holders decide to while others jump back into BTC/alts instead.

>> No.6784369

tether is such a small blip in the total market cap. although the amount required to move order books up in down is pretty small. maybe the real crypto market cap is total amount of tether in circulation.

>> No.6784371

>>6784254

Because its more complicated than just "printing tether" but you are a retarded brainlet than can't do a simple google search to see how it actually works.

The point is printing tether is a cause of the same effect, demand for crypto, which drives the prices for the rest of the market. You brainlets are confusing correlation with causation.

>> No.6784382

>>6784074
Thanks again for your explanaition.
>For example, if there wasn't enough Tether available for those who want to buy it, people may start paying more than a dollar per tether.
I actually saw this happen where tether hit $1.06 or so.

>Technically you are supposed to be able to cash Tether into USD
Ah thats what their app is for? Thanks I'll grab that too.

>> No.6784404

Is this how Tether works?

>A person requests to purchase USDT with 1BTC worth $10.000 at the time.

>Tether themselves accept the buy order, and receive the BTC, and you receive 10.000USDT.

>Tether then sells the BTC on the market and get USD fiat. Hopefully the price is still $10.000/BTC by the time they've done this.

>Tether stores the $10.000 from your purchase in fiat at an exchange or bank account.

>If demand is too high to buy USDT, they have to print new ones to be able to hand out tokens to all the buyers, USDT market cap goes up.

>Demand decreases, they burn tokens to match the fiat reserves they have in exchanges/bank.

How is that a scam, and how retarded am i?

>> No.6784487

>>6784404
Well, no new customers can purchase USDT from Tether since they shut registration around 2 months+ ago (https://wallet.tether.to/app/#!/signup))

But everything you said isn't how it works.

You can see Tether print USDT and it immediately all goes to Bitfinex

>> No.6784510

>>6784371
Simple answer: It's a scam, you can't prove it isn't and you refuse to accept it.

>> No.6784548

>>6784404

Its not, people are just retarded.

The actual legitimate problem with tether is the security of its backing being a central point of failure. But that is a problem with fiat, not crypto.

If people don't trust tether, they don't have to use it, but its not a scam. If it fails it will because they got hacked or the government shut them down, not because its financially unsustainable.

>>6784487

You can just buy or sell tether on any of the numerous USD/USDT exchanges.

>>6784510

Burden of proof is on you to prove it is.

>> No.6784550
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6784550

>>6783636
Tether is understood to be a USD certificate. Printing new Tethers would only be legitimate *IF* Tether/Bitfinex have the equivalent USD cash on hand to match their freshly printed USD certificates.

Pic is literally all you are relying on. Meanwhile Tether have changed their TOS to avoid all accountability and have exited the US to avoid anti-scam regulatory scrutiny.

It's going to be brutal, read:
https://hackernoon.com/what-will-happen-when-the-shit-hits-the-fan-with-tether-f59f92fd8dca

>> No.6784561

>>6784351
>prefer to cash out Tether instead of re-investing back into BTC/alts is when the market is absolutely fucked, so by the time people find out, it's game over anyway.

Yea very true anon. I guess, afaik, for each USDT minted they must have received BTC equal to the value minted to satisfy market demand?

So, in theory they should have 1 USDT backed by USD, or 'unrealized' USD in the form of Bitcoin that they received. This could could be a problem tho if BTC plummets, leaving the reserves of BTC they hold worth less then when they minted the USDT it is backing.

>> No.6784611

>>6784404
Sounds like my cloakroom analogy, except you miss the part where they print the tethers BEFORE the person requests to purchase USDT.

>> No.6784644

>>6784487
What i said is not how it works? How does it work then?

Isn't Tether just selling through Bitfinex? Or what am i missing?

>> No.6784701

>>6784644
Binance lets you buy USDT with BTC.

>> No.6784739

>>6784548
>No audits since 2014.
>Strong correlation with Tether batch printing and BTC price jumps & manipulation.
>700 million USDT printed just this month.
>Going from USD to USDT is ok, you are not a bad person, but if you go the otherway Tether can perfectly ASSUME you are a terrorist, a money launderer, etc and don't give single fuck about your money.

You are blind.

>> No.6784753
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6784753

>> No.6784812

>>6784561
>they must have
Says who? Who enforces that?
They don't even promise that in their TOS. They literally say their is no guarantee of redeption for anything. It's literally a spook just waiting for the market to see that the emporer has no clothes.

>> No.6784824

>>6782811
>>6783113
>>6783226
>>6783558
>>6783636
>>6783640
>>6783726
>>6783782
>>6783895
>>6783946
>>6784063
>>6784369
>>6784371
>>6784404
>>6784548

holy shit these are the people investing in crypto

i cant wait for these brainlets to lose their money

do you children honestly believe that a whale is wiring $100m every few days to Tether?

hahahahahahahahahah

>> No.6784846

MUH TETHERS

>> No.6784918

>>6784550
So easy to avoid it, but will it crash the market?

>> No.6784952

>>6784824
hahahahah, these people actually believe "institutional investors" are wiring 100 million USD to undisclosed asian banks in exchange for funny money while BTC price is going to the shitter

lmao

>> No.6785004

>>6784824
You don't even know shit about tether, printing tether doesn't mean someone is depositing either retards

>> No.6785021

>>6783636
>There are only about $1.6b of them at the moment, so with the market cap of crypto in the hundreds of billions

MC of crypto is NOT the amount of money that has been invested. That's called Inflow. One estimate I've heard is about $8bn.

MC of USDT is pretty close to inflow, because the price doesn't vary much.

So run the numbers again.

So $1.8

>> No.6785069
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6785069

>>6784824
Do Tether even have bank accounts you can deposit into? Can you buy USDT for USD from Tether? Their Wells Fargo accounts got shut down and they got BTFO by their Tawainese banks.
https://hackernoon.com/what-will-happen-when-the-shit-hits-the-fan-with-tether-f59f92fd8dca

Note they have now printed 1.6 billion tethers, up from ~50 million at the point they got cut off.

>> No.6785074

>>6785004
HOLY SHIT DUDE YOU MUST BE THE STUPIDEST BRAINLET ON EARTH AHAHHAHHAHHAAHAHHAHAHHAHAHHAHHAHHAHHAHAHAHAHHAAHHAHAHHAHHAHA

>> No.6785093

>>6785004
So if you are aware that Bitfinex LIES when they say Tether is backed 1:1 to the US dollar, then why the fuck are you defending them? How much do they pay you? 10 USDT per post?

Holy shit.

>> No.6785127

>>6785074
Cash the fuck out you scared money faggot, jibrels j cash is coming on feb 1 anyways.

>> No.6785157

>>6785004
Yeah exactly it's monopoly money. A worthless token of 1 USDT = 0 USD.

>> No.6785172

>>6785127
I've already cashed out $140k from an initial investment of $500

You're a brainlet if you think crypto isn't in a fraud fueled bubble right now lmao

>> No.6785213

>>6785172
Kek yes and bitfinex is also pumping bitcoin with tethers imagine being this deluded fuck off bitfinexed

>> No.6785223
File: 310 KB, 1020x1047, Screenshot_2018-01-22-05-02-58.png [View same] [iqdb] [saucenao] [google]
6785223

Reminder that Tether BTFO'd him by going on to print 1.6 billion more USDT

>> No.6785370

>>6785213
you know bitfinex and tether are owned by the same people right?

step 1: print tether
step 2: send them to your own exchange
step 3: set buy orders for USDT/BTC higher than current price
step 4: buy bitcoin at an inflated price for your free printed tethers
step 5: cash out bitcoins for real fiat

A brilliant scam that will inevitably crash the market

>> No.6785391

>>6784739
>Strong correlation with Tether batch printing and BTC price jumps & manipulation.
why arent people exploiting the fuck out of this?

>> No.6785407

>>6785223
>Doesn't like money printed out of thin air.
>Buys crypto currencies.
J cash is coming feb 1 tether fudders shouldn't have cashed.out retards enjoy your 40% tax idiots

>> No.6785414

Do people not realise that exchanges make money by selling the crypto earned from trading and withdrawal fees as well?

I swear some people are baffled at how Tether & Co can have enough USD to back every Tether because there are so few fiat deposits.

If it relied on that then how the fuck do non-fiat exchanges pay for their staff, servers and all other expenses?

Exchanges are there to make money. The sole source of income for most is trading and withdrawal fees that eventually have to be turned into fiat. And they are.

I think there's way more fiat floating around in this than people think. Some big exchanges have billions in DAILY volume. Even if a $3bn volume exchange made only 0.1% in total fees, and converted only 50% of that into fiat, that's $1.5m USD per DAY, or $3m USD per day if they cash it all out.

It really wouldn't be that difficult at all to back every Tether with USD, and probably many more.

>> No.6785417

>>6782795
there are still retards on /biz/ who don't see this

>> No.6785428

>>6784824
>i cant wait for these brainlets to lose their money
I am in fiat till this tether shit blows over.
I literally cant lose any money bro.

>> No.6785473

>>6785370
If they did this, why make it public and easily seen on a blockchain? Why go through all that effort? Its actually better tether is this way than bunch of bullshit offshore accounts with no info at all would be your other option.

>> No.6785519

>>6785428
Youre gonna have to pay tax and pay premium for your alts lmao you got bitfinexed by bitfinexed, a new tether fudder was born.

>> No.6785522

>>6785473

Sure, but then why doesnt tether deliver a simple audit? They surely have enough money to employee a big 4 firm

>> No.6785544

>>6784739
>>6785391

see >>6784228

People buy crypto, crypto goes up

People stop buying crypto, crypto tanks

People buy crpyto, tether gets printed to keep dollar value tether

People stop buying crypto, tether stops getting printing

Price jump and printing are caused by the same thing, the printing itself does cause the price jump.

>> No.6785552

>>6785391
At first some people were doing it, but keep in mind that the recent batch of 700 million Tethers couldn't drive the price up enough, meaning that Tether is losing buying power. Trading volume is decreasing and overall marketcap too.

How is a currency whose value is stable lose buying power is beyond my comprehension, and a major red flag.

>> No.6785626

>>6785522
>muh audits
Why? You retards still woudn't be satiafied, you'd make up some claim about cooking books. Why bother satisfy retards like bitfinexed when they have no actual substance in their argument.

>> No.6785837

>>6785544
Your predicating all this on there actually being USD on hand at Tether to back the USDT they print and it not just being monopoly money created with no backing. What makes you think they have $1.6 billion USD on hand?

>> No.6785895

>>6785626
>just trust us dumb fucks
Yeah no

>> No.6785958

>>6785626
answer my this you cunt
>>6785093
earn your goddamn USDT paycheck

>> No.6786299

This is the Tether """audit"""
https://steemit.com/bitcoin/@catintokyo/an-interview-to-mr-giancarlo-cfo-of-bitfinex-and-tether
http://archive.is/2SOxX