REPEAT AFTER ME:

THANK YOU BASED TETHER

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They just proved they are a scam with this. Perfectly timed right at 10k resistance. Only a fool believed tether is backed by dollars anymore.

OOOOOOOOOOOOOOOOOOOOOOOOO

heres come dat boi tether

THAT' SNOT ENOUGH WHERE'S THE LAST ZEROOOOOOOO

The question is what the best way to short it

Kraken has usdt short iirc.

What does this mean? They will sell and cause the price to dump further?

How fucking new are you

It means that on the surface someone gave them 50 million dollars, they put this money in their bank account and print new tethers to be put out into the crypto markets. Most likely it will become buy pressure and increase the price of bitcoin and or possibly alts.

The problem is that they loan some percentage of that money out to places like bitfinex and count that loan/debt as backup for tethers. As long as they're getting paid back with interest then it should be fine, but technically tether is not fully backed by real dollars anymore. Oddly though they actually do have shit tons of money so it's not as big of a nightmare as people make it out to be, still nightmarish tho.

The joke is that now everyone is hiding under mommies skirt (tethers) and praising their freshly printed tethers even knowing that the money used to create those might not be 100% cash (It could be partial debt) because fresh tethers usually means an increase in bitcoin price.

buying rsr

>that loan/debt as backup for tethers
Primarily they are probably doing this because its a tax efficient strategy for the exchange.
If I am an exchange and have 1000 BTC that Ive earned....If I want to utilize the dollar value of those I need to sell which creates a taxable event (I know bitfiniex it outside US, but same accounting principle at work). Whereas if I can internally pledge this asset against a tether liability then I get temporary use of USD equivalent without ever needing to incur taxable movement of funds.

Oh crap, what is up

You guys do realize that banks use a far more egregious form of fractional reserves? Don't necessarily think Tether is doing anything wrong, as long as they don't leverage up enough to cause liquidity issues during a tether bank run

People holding tether are going to be fucked proper very soon. How is it not clearly a scam?

Do you have a link to Bitfinexes banking charter? Couldn't seem to find it.

Another tether defender, another person that doesn't understand fiat.
Don't they teach finance on /reddit/?

I know you won't believe me, but I work in investment banking. I agree that Bitfinex doesn't have a banking charter and that they COULD be issuing tether without any back-up capital, just saying that their practices are not all that uncommon

Remember fren, 90% of the ppl on this mongolian kitten picture forum are 19 yo zitfaced retards. The other 9.999% are fat overweight millenial commies...there is a very very small amount of real ppl on this site that actually matter.

Why does anyone even need tether

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Sad part is that people call me a larper, etc. when I tell them what I do for a living. Is it really that hard to believe that people work in top tier jobs and still enjoy shitposting? There are other successful anons here as well, seems like it is just getting rarer by the day

No one is seeing what is happening right now. You will all be talking about the mempool tommorrow.

>seems like it is just getting rarer by the day
yeah well summerfags are always an issue...come sept they all be back in gender reassignment training center getting pumped full of toxins...so just a few weeks more

Agree, but my concern is that tether is loaning it out to someone who should have never needed that loan in the first place. Basically loaned it to a gambler running a casino.

sorry im fat obese 33yr old millenial national socialist.

Yeah, the fact that they're acting as a bank but don't have any regulations on how leveraged they can be or even on where they are investing the real USD is troubling

No, plz read
its a tax accounting scheme

last 2 zeros, guess they priced the decimals in

I'm a neet millionaire but also a felon for drug possession
I learned everything I know from conspiracy websites and financial conspiracies led me to bitcoin

Here we go again

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Tether makes my dick hard

These recent mints don't seem to go to exchanges...I see them minted, then its like some of the whale wallets, $0.16 cent transactions...
What am i missing?

you do realise crypto was born and popularized largely as a reaction AGAINST the constructions of traditional banking, right?
the argument you're making is not merely as bad as saying "heroin isn't bad, look how many people get cancer from regular smoking". it's like going to a support group for people who had their relatives raped and killed by heroin addicts to say what you say

last tether print was the 13th, right? then we crashed for 2 days. what's the theory of how these prints pump the market again?

Basedboy countries without fiat gateways.

10k rejected, hard.

bitfinex was founded by wall street boys, this was to be expected
having a constant flow of fake cash is all they know

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50/100 million can only do so much
what it did was delay the crash at strategic points

Look, regardless of what you think, the traditional banking system and fiat currencies are not going away anytime soon. The only reason markets (housing, stocks, etc.) are able to rise as fast as they do is through the use of fractional reserves and leverage. If cryptos use this as a catalyst for growth, I'm not complaining.

makes sense, thanks user. i got spooked and didn't short nearly big enough at 10k, sad.

The difference is that bank loans are (in theory) monitored and regulated. Also bank deposits are insured. None of this is the case here. For all anyone knows they could be ingesting in lambos and beach front property. Maby even decides to move there.

>Yeah, the fact that they're acting as a bank but don't have any regulations on how leveraged they can be or even on where they are investing the real USD is troubling

Yeah, I replied with this earlier. Don't get me wrong, its definitely possible that USDT is fucked

They aren't using it to grow retard, they are using it to pump and dump on stupid goyim who put in real money.

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