>"If Tether implodes, everybody will pile into Bitcoin leading to a huge run up in price!"
I see this around so much and I always laugh. I don't know whether there are people who are this stupid, but given how many of you lost money on shitcoins I am betting you really are this fucking dense.
Let's just run through this argument. Imagine it finally comes out that Tether is unbacked and has mostly just been used to stimulate fake buying demand, the sale of fictional BTC, and that Bitfinex is a gigantic fractional reserve Rube Goldburg machine. The news goes across the internet at the speed of light. Tether's value immediately falls from $1USD each to $0.001USD each, within an hour or so.
Tell me: how many Bitcoins do you think will be now be bought using Tether that is now deemed to be worthless? Have a think about it and try to see where you might be going wrong.
Here is what will actually happen: the price of Bitcoin will fall through the fucking floor. There is no more fake buying demand and fake volume to prop anything up. There was no rush into Bitcoin, because those holding Tether have just had their purchasing power immediately evaporated.
If the Tether ruse is finally found out, $3K BTC is basically a certainty, and it'll happen fast. And I know this would happen because everybody is in 'hush no tears now' denial mode.
>$3K BTC More like $1k The manipulation started below $1k and even considering that more people are in crypto right now, this might be a too high estimation.
And we dont even consider the danger of the difficulty actively killing the blockchain, in which case BTC drops straight to zero.
Elijah Wood
>tfw holding 35 btc in cold storage np i'd just kill myself there's literally no reason to live anymore if that happens
Austin Walker
How about selling it? There is literally no rational reason to keep it.
I have a -30% ETH/BTC position on bitfinex. Surely ETH will not fall as far as BTC if tether is to collapse right? I don't know if I should just take the loss and get out of bitfinex or whether I should try ride it out.
Kayden Hill
Of course it will... you've been in crypto for how long?
Ah yes, the golden age of 2017, wish I could go back.
Aaron Mitchell
Alts (including ETH) will most likely dump even harder than BTC if tether implodes. If finex provides proof that tether is backed it would most likely lead to a (small) pump where alts would outperform BTC. BTC usually outperforms when the market is fearful.
David Murphy
nah, remember when bittrex got hacked, and they lost 200k btc? remember how the price didn't do much?
its even easier when there are still btc you can withdraw. you're too obsessed with this non-issue.
Blake Hill
Everytime BTC crashes 1%, ETH crashes 4% You better capitulate already
Cooper Gomez
no one cares about tether
David Ortiz
>difficulty actively killing the blockchain this probably wont happen. bitcoin went from $30 to like $0.10 and miners still mined.
Aiden Baker
That was before you needed a warehouse in china full of asics to mine. You’re argument is invalid.
Angel Long
This. The difficulty made mining way more expensive. It might already be way above the costs it had before the manipulation - which would kill the blockchain.
And people stoped laughing when I mention this for a couple of months now... might be because it is in fact a real danger...
>be NPC >"embrace" crypto by investing in a coin that is pegged to USD
Shiggy muh diggy wiggy
Blake Price
LMAO you guys are solid entertainment
Jaxon Reyes
heh. we will see. if worse comes to worse, there will probably be just a hardfork to move the difficulty adjustment target block to the current block.
Tyler Martinez
If you do that, set up a timer that will release your private key in 7 days or something That way if you fail you can get them back, but if you succeed you won't be just dropping even more Bitcoins into an irretrievable hole
Matthew Phillips
Same feel
Wyatt Edwards
Tether not backed by enough dollars....hmm so just like all the banks then.
Jeremiah Reyes
How about arguments?
The only possible solution. But it needs agreement, implementation, testing... decentralization is a concept that moves slowly. And if it is forced by a single party, it is not decentralized. In any case, this will impact the price extremely and shake many ideological idiots out of the industry.
Wyatt Johnson
What happens when all the Bitcoins are mined? How are the confirmations done etc.?
Alexander Howard
>tfw still have 100k in tether what should I switch to?
Tether is a derivitative of the US dollar, except unlike a normal derivative in a regulated market there is no trusted third party to audit that the actual reserve for the derivative exists. You simply have to trust Bitfinex, whose past actions and current legal structure indicate every reason not to trust them.
There isn't 100 billion (or whatever the market cap is) in real money, if we're lucky there is maybe $1 billion in real cash invested. The rest has been ridden up by the billions printed in fake Tether.
Just like with Bitconnect, the people who are saying its all legit and makes sense are in for a rude awakening when it eventually goes bust and you lose your money gambling on internet money that nobody uses for anything.
Crypto started off well and was at one time a real hope of taking down the current federal reserve system, but it is not that anymore. Greed and promise of quick gains in dollar terms turned it into something worse than the very thing it was meant to replace.
It has now become a scam.
Lucas Hill
Why do I get the strange feeling you are about to start talking about Bcore.
Angel Mitchell
lmfao if youre not buying in now then you're doing it wrong
How can tether price go as low as 0.97? I'm thinking about buying some at this price and then sell them at 1 USD to tether company. If it works, price should go back to 1 quickly. If it doesn't it should drop to zero
>sell them at 1 USD to tether company. Please do and elaborate on the process you had to go through. You actually would be the first person to exchange USDT into USD and tell about it without being related to Bitfinex.
Anthony Stewart
You misunderstand. This warning applies to all the overleveraged dumbasses that will be destroyed by the initial massive BTC pump as all orderbooks are cleared out. Then it drops to 3k.
Kayden Cooper
Here is what noobs don't understand. Even if tether is 101% legit, the feds can freeze their assets quietly overnight (see Bitgold, btce etal). Tether has been providing anonymous banking to drug lords, terrorists etc ... institutions don't use something that shady and yet they have 2 BILLION. Assuming they are backed, 2 BILLION may be worth 40bil in market cap.
A lot of the noobs don't remember fenix 35% haircut. This could all go away. It could also be very very bad. Why people holding tethers don't 1/1 short on bitmex is beyond me
>if tether falls by 10000x, btc will fall by 2x 0/10
Logan Robinson
> doesn't understand 10% fiat leaving overnight will drop market cap by 50%
Christian Phillips
>You don't understand how markets work. Enough to get paid for my opinion on cryptocurrencies, quit the market in early December, completely pay my student debt and buy a flat in my hometown from my profits after tax.
Hell, some of my public analyses were even posted here on /biz back in 2017.
