He put his money on a Chinese exchange

YEAH NO SHIT

THANKS CHINK SCAMMERS

retards
nobody is selling their tethers, that is my point

This would be absolutely fucking hilarious desu. People JUSTed across the board because they tried to maximise gains instead of being patient and holding. Pls let it happen basedgod.

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Load ze tether fud

ok enjoy holding your monopoly money

BUSTED!!!!

Why wouldn't you sell tethers? They inflated the supply. 850 million tethers is backed up by nothing.

What do you think tethers are going to be sold for? I'll give you a guess, it starts with a B.

is this bad or something

gee I dunno what do you think

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what makes you think I hold tether

you tell me
people should be buying btc en masse right now to migrate off exchanges

holly shit the finex premium is gone

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shieeeeeeeeeeeeeeeeeeeeeeeeeeeeeet

why is btc price in tether dropping then? isn't it supposed to actually pump in usdt if people get out of it to buy btc?

Guess that was the Kraken sell-off someone knew.

HOLY SHIT GUYS QUICK SELL INTO TETHER GOGOGO!

Binance is next.

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right

buying BTC = more BTC buy orders, more demand, should lead to higher prices

That's after the retards realize this

Imagine my shock.

because people are retards and still think its smart to turn their precious BTC into worthless tethers

also BTC/USD is crashing on real exchanges thanks to shaken confidence

LMAO THIS NIGGA CAN'T WINK

Yeah, confidence maybe. But surely people will realize people will sell Tethers for BTC and BTC's price will increase.

holy shit literally $2k incoming lmaooo

Buying more btc with something that has no value. USDT≠USD. That btc will be sold into illiquid currency exchanges like kraken. When you realize over 90% of the volume in these markets is with tether you understand that fiat will not hold up the market.

expect this premium to grow by a lot as people flee USDT

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So USDT is no longer the stable coin, and the only other possible coin to hold value on these exchanges is bitcoin. Doesn't that mean bitcoin prices go up?

No it's probably going back to 3k again. We are fucked

So tether is literally worthless and people can't move to Fiat directly. They're gonna all go into Bitcoin.

No because people holding tether do not want to be holding bitcoin. It's the start of a panic exit. BTC is purely speculative, time to hop off the hopium, you alongside many others clearly haven't even thought about this seriously. If the market did tether would have lost all its value a year ago.

Hey faggot, for USDT holders to go into bitcoin somebody will have to be willing to trade their BTC for worthless USDT. Tether holders are fucked, BTC holders are going to take shelter in USD by selling on legit exchanges. Want to know how much buy pressure there is on a genuine exchange? KEK

Perfect news to finally kill the pump. If you're selling your tethers you're not playing the game right.

I would think so too. All those retards that thought they could have comfy crypto-USD will soon try to exchange these illusions of money into something more tangible like Bitcoin.

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That only makes sense if people are selling BTC and withdrawing to fiat.

But that's not necessary to get out of tether. All you have to do is sell tether for BTC and get off of bitfinex.

Ok, if they don't want to hold bitcoin, they hold any other alt, or they sell their USDT for USD. How does selling USDT for USD affect bitcoin negatively? USDT isn't even a crypto. In other words, how does an altcoin tank bitcoin when bitcoin can only be a savior in this case?

Yea, no...smart people realized BTC price was propped up by non backed up imaginary tokens and will sell for real $$ on real exchanges.

I can't make it any simpler for you if you don't understand you never will

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nobody is going to want your tethers

lol, any instability is ironed out by basic economics.

Bitfinex just needs to buy 850M tether from the market and then destory it to balance there books. Funny thing is that the pajeets will sell it to them at a discounted rate; the likelihood is that Bitfinex will profit from this.

what's gonna happen to tether, just sold at 5400$ few hours ago on binance

There's a bank. The bank trades euros, USD, japanese yen, etc.

Authorities find out that this bank has been printing fake japanese yen.

So if you have japanese yen from this bank, what do you trade it for? Anything but the japanese yen right? That's all you have to do to solve the problem of fake japanese yen.

That would actually be fucking hilarious. If they all just exitscam giving nobody the opportunity to even swap it lmao.

bitcoin should pump as it did back in october, nobody is expecting it to hold that price
unless nobody bothers to cash out which is what seems to be the case right now

>worthless usdt
it's worth $0.99 as of right now and the news hasn't had a significant impact at all
this is very surprising

bitfinex should have no problem paying back the money since they make bank on fees.
the """lost""" $850m should be the main concern right now

jezus christ tether trade is frozen on binance

tether big scam

That bitfinexed twitter guy will be having a field day.
Also
>using the tether fud at 5k instead of 50k

instability sure, that only affects things in the short term. However, long term it shouldn't affect bitcoin negatively... in fact it should help bitcoin

Never gets old

>THIS IS ACTUALLY GOOD FOR BITCOIN

we never should have let the chinese become so dominant in this space.

WHAT'S GONNA HAPPEN TO TETHER

Buying tether now is like buying dollars for 99 cents.

Probably why Bitcoin support disappeared, all the whales will buy back in shortly for further % gains

probably nothing

People will forget about this in a day like they always do while the exchanges keep the gap closed. Long term you get exit scammed once they can no longer continue the game and get left with monopoly money.

Literally nothing. If you have other stable coins it'll give you a good opportunity to buy more tether. Only about 3% so far, but it could go up some more.

no its like buying a $1 IOU for 99c

but trade is frozen on binance. I sold all my BTC to tether at 5400$

People that have been in bitcoin say keep your money off of exchanges, they say don't buy cryptos that's made by companies. Decentralization is the most important.

Yet retards don't listen and this happens. They print money for free and people buy it up. If you traded bitcoin for USDT with this news, you're retarded. Only going the other way around makes sense.

except USDT was just shown that it wasn't backed up by the US dollar. They printed 850M USDT from thin air.

no I'm dumb af. It's not frozen kek

I should go back right in BTC ?

>babbys first tether scare
dont worry its gone be fine. until its not. but until then we are fine

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tether holder cope

bitfinex is kill and so is tether. Imma grab some popcorn, dis gonna be good

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It never was. It's always been backed up by an equivalent value of crypto and fiat. Not as liquid as just usd, but it's there. Also i'd like to know what they mean by 'lost' 850 million.

should I go back in BTC from tether now ?

God damn is this a coincidence or fucking manipulated fud to dump BTC because of the golden cross and the 50MA resistance ?

Holy fuck

been waiting for this shit for too long

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the golden cross timing is TOO suspicious

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btw, btc is gonna paint a bearflag for a few more hours and then dump again. I'm looking for a retest of the long term downtrend line to buy again.

I don't hold any USDT lol

agree

ya this should be causing bitcoin to pump. unless there are enough usdt/usd offramps?

FAQ
>Why is Tether not crashing?
Wash trading bots. Once those go off it's game over.
>Should I get out of Tether?
Yes.
>Is BTC going to crash
Relief rally because people cash out of Tether and after that likely back to 3k support.

AND I JUST BOUGHT BACK IN TODAY AFTER LIKE A YEAR

Calm down guys, CME bitcoin futures end today. They just want to manipulate the price to maximize gains.

China ban fud when?

who the fuck was still using USDT anyway? after all the scandal?!?!

retards there were other decent stablecoins

So, what's the best stable coin ?

Already happened like two weeks ago lol

just looked further into it
essentially this is what is happening
>bitfinex is being sued for supposedly offering its services to NY residents
>as part of the lawsuit it has been revealed that finex got robbed by crypto capital for $850m and used tether's funds to cover the loss
>headlines are screaming about tether when it has nothing to do with the lawsuit
>this information proves that tether has reserves which is why tether is not imploding despite what all of the FUD that you morons are being fed

don't post a faq as if you're not a clueless drone.

orderbooks will be cleared then at minimum. RIP idiots who go to sleep with open usdt buys.

oh yeah :))
jews at it again
cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html

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USD

and where did the $850m for the cover up come from?

t. Mr. Life Savings in usdt

Now that's a good joke.

LTC? XMR?
That's where I am hiding some rn

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tether reserves

Tether Inc already admitted that tether isn't 1:1
breakermag.com/tether-now-admits-its-not-fully-backed-by-dollars/

and where do they get tether reserves from?

They say it's backed by assets and that its value is PEGGED to 1 USD because Tether regards 1 Tether of the equivalent value of 1 USD. But it doesn't actually have the cash reserves. It is pegged cause they're washtrading it.

Long bitcorn, short tether

>i'd like to know what they mean by 'lost' 850 million
Hmmm.. tricky one to decipher alright. What could they have meant by this, 'lost, 850 million' ?

what was the original $850M though? users funds? if so then it's not necessarily that bad as long as their isn't a run on the exchange.

tether is fucked though
>850M unbacked tether floating around