Uh oh

I wonder how much of that 74% is backed by """""equivalents"""""

Hey dumb dumbs the NY AG is a jew hitman. Unfortunately for them this plan will backfire. The logic is that if Tether goes away as it is dying people will market dump their Tether for BTC. Because there is a finite amount of BTC this will cause BTC to pump. Enjoy

>This is good for bitcoin.

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(((((equivalents)))))

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Wow 74% is a lot I thought they had 0 lol

100% backed by TrueUSD

Please don't worry about Tether, fellow cypherpunks. The Lightning Network will fix this.

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Many held tether at various times to reduce exposure to risk. Tether will be abandoned for other stablecoins or fiat. Smart money got out of tether when this shit first hit the news, r-right?

smart money never got into it

(((equivalents)))

Lmao, Bitcoin is going back to its natural value of $700.

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>Crypto

>Smart money

Bitfinex IS the smart money in crypto. Defrauding NEETs for billions of dollars with no legal consequences is as smart as it gets. Decentralization is for THEIR protection, not yours brainlets, ayyy lamo.

this is bullish

That's purposely obfuscated wording, 74% is backed by cash, the rest is backed by equivalents.

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Ulala...

You’re right! Brb buying 100k usdt

So 1 USDT = 0.74 USD

illiquid equivalents. Worthless Tether shares.

what a coincidence the publication from the jewish media.

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Didn't u orchestrated FUD before this say 60%?

You guys couldn't get it to dump at 60% backed by Tether what makes u think its gonna dump at 74%?

even Brock Pierce used to have Tether CEO on his twitter and now its n hasnt tweeted for a while
the bad part of this whole drama havent really started yet

its literally nothing

qeq

Us Bobo's are in for a real treat these next few months.

US Banks are backed by only 30% of cash they claim to have and you think that is okay?

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74% is much better than any bank that deals with actual fiat, those are closer to 10%, pretty ironic kek

this money is insured. in the event of a bank run the central banks would (in theory) provide the necessary liquidity. the tether white paper states that YOU ARE NOT GUARANTEED REDEMPTION OF DOLLARS FOR USDT. its a fucking scam.

until they change the rules because they can like they did in Greece where people could only withdraw max 100 Euros per day or 300 per week.

love all these fractional reserve arguments appearing overnight lmao

74% backed is better than the shitty US fractional reserve banking system which is around 10% backed.

>Muh fractional bank
why are you defending tether?

So 1 BTC = 3,922 USD

Thanks Adam

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They're valid arguments. If you're calling Bitfinex insolvent when they have a hold of 74% of the funds, and the rest are technically also there, then you by your logic every bank in the world is fucking insolvent.

SELL SEL LSELL SELSELSLADLSE
SLEL
SELSLE

LSELL
SELLLLLLLLLLL

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And that was before the haircut. Now with negative interest rates!

banks are not claiming to be 100% backed. they are also not the ones printing the money

tether claims to be 100% backed, are the ones printing the money, offer no insurance, and now claim to not even have the total amount to back usdt 1:1. what happens when people panic and try and withdraw? spoiler alert: the scam collapses

>hold exactly 0 Tether

Comfy AF in my neck of the woods

banks in developed economies only have ~5% assets in reserve at any given time, doesn't mean shit

You're proof this is the dumbest board. How will they dump tether for BTC if nobody wants tether? A buyer needs a seller

but it looks like it was backed 100% just before that loan. So they have not been printing fake tether after all

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The fiat scam also collapses in such a scenario. Tether is fiat after all, sure it's not controlled by a (((bank))), so people judge it much more harshly. Besides, isn't it due to issues with banks that Tether currently doesn't have access to 26% of their funds?

tether is not fiat. tether is a token that people wrongly assume is redeemable for 1:1 USD (the white paper states this isnt the case)

banks hold money that is insured by central banks that print money which is insured by the government.

tether prints tokens that are not guaranteed redeemable and are not fully backed

>Besides, isn't it due to issues with banks that Tether currently doesn't have access to 26% of their funds?

it doesnt matter what the reason is. the fact is that the money is not all there.

just because you compare it to fractional reserve banking doesnt mean it IS fractional reserve banking.

in frctional banking theres expansion on both sides of the book. theres a guarantee that the money will be insured by the government. They cant keep this game up without pure expansion, that only lasts so long

in this case it was stolen even worse, cant imagine how someone can hide a billion dollars. this has evidence of foreign government involvement

Tether is not fiat you moron.

No government enforces the redemption value of this shitcoin.

It's literally a digital IOU shitcoin, with ALLEGED reserves held by some flakey banks in Panama which claim their money has been seized by other banks and governments, and now it's also secured by a Line of Credit which Bitfinex issued TO THEMSELVES, from the ALLEGED reserves that were held in trust by Tether, who are in fact one and the same entity.

AYYY LMAOOO

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Banks are making tether look bad by jewing them out of the funds which they hold.
>it doesn't matter what the reason is
okay bud

If you think this isn't bullish for bitcoin you're autistic. I should disclose that I don't hold, never held and don't plan on holding tether because it's the same garbage as fiat. Never the less at least it's comforting to know it's backed by a large margin.

>fiat scam
>buys food in fiat
not going to make it

>why are you defending tether?

because its infinitely better than (((the dollar)))

Sure, money will always be issued by the government, but if they have to print an assload of money to fulfill that promise, the money will be worthless. Look at Venezuela, enjoy buying a roll of toilet paper for a wheelbarrow's worth of money.

Just because everyone is in on a massive ponzi scheme doesn't make it right, user. Eventually it'll collapse and we'll move on from fiat.

than why is it valued at a dollar mongoloid

That is actually not true ur fiat deposit in bank is quaranteed by gubbermint up to 100k... Rest can just be taken away if bank goes to shit, as it happened in cypruss... So yeah, finex dun goofed, 26% of their shit is locked somewhere, but don't act as if everyone didn't think they have even less backing

imagine a pie
now take out 25%
analogy over.

it was stolen that doesnt make it fractional lending. the pie is missing

hahahahahahahahahahahaahaha

ambcrypto.com/bitfinex-tether-hits-back-at-ny-ag-says-martin-act-action-will-not-hold-as-usdt-falls-outside-statutes-reach/

mark my words, this is going to get ugly FAST

Bitfinex and Tether is a fraud
streamable.com/l5sup

Remember that you may NOT own Tether if you are a US person. If it becomes worthless over night you may NOT demand any money because you shouldn't hold any tether.
tether.to/legal/

Huge red flag that no exchange respect Tether's own ToS and prevent american accounts from having Tether.

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Also BSV will win, btw.

Seems like they make a pretty good point actually.

its bad

iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=JcKQms/tM52ywY78HUsInw==

start reading from page 12

page 12 of 30

also the same as page - 6- they have it labeled weird

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Wow a literally nothing burger

The absolute state of Jew York

you havent even seen the best part yet

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74% cash + equivilents, who cares.

Everyone whos saying this is a bad thing or hit job by jews is a fucking idiot. In the long term, this is going to make people rightfully question having centralized entities as stewards of their money--- as crypto was always meant to do. It will show the importance of DEXs and always being in charge of your funds so this inevitable exchange misbehavior nonsense can end. Entities like bitfinex and mtgox have always been the real impediments to crypto getting widespread acceptance and high valuation because they are unregulated and can NEVER keep their hands out of the honey pot. Once these are gone, crypto can begin having uninterrupted bull runs and more mild bear markets.

To put things in perspective:
Tether is literally Chuck e. Cheeze arcade token coins so you can play in the bitfinex ball pit. So is the rest of crypto--- but what makes tether worse is that at least with crypto you know its a speculative gamble and that its value is tied either to the coins utility or irrational market forces that can drive it far up or down overnight. People actually believe Tether is a 1:1 guarantee of USD ownership. The whole word believes he USD is valuable and accepts it as a USD--- only the crypto world believes tether is worth 1usd. The purpose has always been so the adults at bitfinex can hold the USD which is accepted everywhere else in the world while the crypto traders in the childrens play pen can hold the monopoly money which they think they can cash out. Good riddance--- the sooner its gone the better off the market is

Oke so if I'm reading this right. Crypto capital has issues and its affecting Finex's solvency and ability to handle withdrawels. A significant sum of $675 mln. that would be roughly 32% of total reserves (2,1bln reserves). And about 45% of the liquid reserves. Aside the fact that that is in of its self worrying. I think it's being blown out of proportion. Everyone wants Tether to fail and fuck off because there's so much trust issues people have with it.

Not just the hate against Tether. But they still have 55% of liquid cash reserves right? Tether is dodgy in and of itself because there's no security when actual insolvency happens. No insurance. Its either Finex does it right and it keeps going or they fuck up and its all gone. But the people dealing with Tether they know this already. So its no suprise. If Tether collapses then I don't see what the fuck everyone's suprised about.

Blown out of proportion. Made worse than it appears. Don't want to worry? Don't deal with Tether.. simple as that. But it does actually show that their cash reserves have been there. And perhaps for the longest time and there isn't any breach of trust from Finex's side. It's actually not their fault. And the whole Tether artificially propping up the market is likely not even remotely true.

Normie meme checked
"Lmao" checked

First time on Jow Forums faggot?

Can someone please explain to me how the Attorney General of New York state has any jurisdiction over an exchange based in fucking China?!?!?!?!?

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So people hear that exchange had been scamming them and the answer from some folks is.
>It's ok if the exchanges scam people because that's what the banks are doing.
>Just forget it and continue as if nothing happened. Whatever
Are you fucking insane?

We have now seen that tether should be at $0.74 at best meaning BTC measured in it would be around $3800.
And who knows what the fuck "equivalents" really consists of.
Also if these guys turn out to be anyhow insolvent or at least having trouble with money as their chat logs hint, pic related.
We're potentially looking at another Mt.Gox type collapse and it's going to fuck everyone over and again chip away at the legitimacy of this market.
It's not just a "lol whatever, ur just a bear" situation. It's a potential shitstorm.
Of course shaking out the sketchy exchanges is good when you look at the very long term picture, but this can seriously harm the market for a good while to come.

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A simple solution would be to allow Finex banking access to protect clients and investors. But I don't see the NY AG proposing that now do they? I don't really like the style of Finex with all these shell corporations and likely illicit practices. But I kind of side with them on this matter. They are respectively right even if they're wrong.

Much easier again, would be for them to get banking access and being audited to within the laws and regulations so that investor and market worries can be eased and the law can properly audit and track to see if everything happens within legal boundaries. But I really wonder what ulterior motives are at play in this case (both sides).

Don't be dramatic. The totality of tether in BTC's value (tether market cap divided by Btc market cap) is only about 3%. This is nothing burger. I predict that Btc will make it up for cleansing the filth from the market in the day after initial panic.

kek, btc will have real price discovery now. Have fun when it's trading back in the $500 range

Like they have any jurisdiction lmao

I hope they blow it off

>Banks are not the ones printing the money

The absolute state of Jow Forums

They have more than enough cash to cover tether to anyone who even has it idiot

BFX will buy back tether on the cheap. Roll into a ieo for their exchange token, then redistribute fresh tether to start the golden bull.

You are a literal retarded faggot. USDT/USD is trading a .99 on Kraken and 1.05 on Poloniex. Yes, that's right, after all this fear mongering Tether is trading at a 5% PREMIUM to its pegged asset. No one cares about your gay ass opinion of what something is worth, all that matters is the market, and the market does not give a fuck about this FUD. You can prognosticate that in the future, the value of Tether will be X or Y, but for a faggot retard like you to claim that your opinion of the current price is the correct one, and a market that trades hundreds of millions of dollars is wrong, shows just how much of a fucking retard you are. Do the world a favor and buy some rope.

I wonder what role recent events, ie the kidnapping of huawei ceo's daughter by canada in the interests of USA and trade war, will play in HK willingness to acquiesce to these demands. After all this is a mole hill compared to the toxic debt USA unleashed on the world.

the plot thickens

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u mean 7.4%

>“Reginald Fowler and Ravid Yosef allegedly ran a shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges,”

m-m-m-m-moster kill

If 74% is true, that's way more than enough. Several large exchanges hold tether and thus back it through trust. It's more than any retail bank holds in reserves.

The USA owns the world nigga

oh shit

(((they))) are Fudding like crazy but market sentiment is clearly changing.
All this fud and we held 5k like Champs. All my crypto. Mainstream sources are spouting fud.
We are already on the bullrun. Strap in boys

Why isn't tether $0.74? wtf

>b-b-but not muh US jurisdiction
based

Meanwhile JP Morgan openly manipulates various markets and nobody gives them shit for it

this

USA runs the show

>we held 5k like champs

who is "we"

you realize that nobody is buying, right? the whales are keeping the price propped up so that they can dump their bags on the few retards that are dumb enough to fomo into this shit. this is nothing new. look up a wyckoff upthrust, its been happening in markets forever, except in crypto we can literally see that they did an algorithmically managed buy equally across the 3 exchanges that would liquidate shorts on futures platforms.

if you arent selling this (or even worse buying it) then you are just a fucking retard beyond help

IT BEGINS

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>thinks its still a bear market
>believes in tether fud
haha you done goofin bear.