Fucking LOVE this battle

7% of supply
>They're just phasing it out in favor of dark tether

ASUKA WILL PREVAIL

THE PROPHET IS TRUE.

SAY IT WITH ME! 100K JULY NEXT YEAR!

Supposedly they were only 70% backed by USD. Some people suggested that doesn't necessarily mean the other 30% are completely unbacked. Could have had money market funds backing it which is just as good as cash I'd think.

That wasn't an actually move though. That was just a test move and burn.

that doesn't make sense
as you can see tether is no longer worth 1usd that's the real reason why they are burning, trust is dropping

Okay but I always see the fake Tether printing accusation. Is this just the Tether equivalent of "BAT can't go above $1"? Or is there actually something to it?

it's not a huge battle but clearly some kind of exit scam.
alts are bleeding so hard because whales are obviously using their alt-bags to artificially pump it further and further - at some point that option will be depleted and it will drop like a stone

because they never prove that is was backed
and the nyag investigation dug up proof that some of the allege backing were gone if they ever existed in the first place

"mistake" in pic related proove they can print billions of tether with no backing on a keystroke

pic related?

pic related

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Assume I am pic related. Explain to me how this proves it can just be printed with no backing.

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because they were performing a coinswap from tron to USDT but instead of printing 50M USDT they printed 5 Billion
meaning there is no real secure process where a given amount of USD or other coin is necessary to allow them to create new tether, they can just type whatever they want and create value out of nothing

If you have an ice cream machine and you're being accused of giving out free ice cream cones to your friends you can avoid those claims by having a special machine that won't fill a cone until payment is received.

But then after you claim you have such a feature on your machine, you're caught red handed "accidentally" giving your friend a quintuple scoop cone without them paying anything.

Gotcha. Certainly goncerning and definitely proves they can print with no backing, under any reasonable burden of proof.
However beyond the capability to do so, is there any evidence they are utilizing this capability? Or is it simply speculation based on the sizes of large batch Tether prints?

Why don't they stop being faggots and just fucking pump it instead and everyone wins

Shorting BTC makes you more BTC
Longing is the bears move.

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There will be oscillating squeezes in both directions after one side wins. It will not go to either extreme because people are margin gambling and not simply buying with printed funds. There's also a shit-ton of minnows trading at unhealthy margin who become lottery winners at the market makers' expense if the MMs don't go stop loss hunting in both directions to clear the books.

The only way it moves, because of said lottery winners, is if dumb money enters the market to pay them out.

pic related show that tether moment foreshadow BTC price, ie: if they burn the price drop, if they print the price pump
they are the one who should be coming up with proof of backing not the other way around, there's quite a lot of evidence this shit isn't backed and zero that it is, tether has never been audited by a third party

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but there's a lot more money to make liquidating bull right now since 75% of the market is long
by that logic this shit should dump

Because there’s too much at stake

That's a fair point and I think you have a legit case. You have convinced me it's not all FUD.

Of course one could argue that it is possible that large buyers just buy tether then BTC, but it does seem a bit too coincidental.

Problem is leverage
If 70% of the market is 2-5x long and 30% is 10-25x short, then it's the opposite.
It's even more complicated than that because on any given exchange orderbooks can be wiped in either direction with trivial amounts of funny money.
Also
>The market can stay irrational longer than you can stay solvent.

maybe they know nobody will actually buy it at a higher price ...
if you want to do a p&d you need buyer at the top to drop your bags

WTF THE TETHER IN MY WALLET GOT BURNED

FUCK, I KNEW I SHOULD'VE BOUGHT BURN INSURANCE!!!

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That's a losing bet.
People will absolutely fomo in with some media attention and a run to 20k (which wouldn't be hard to start)
This is effectively why this halvening can't be effectively priced in. There is a great deal of fear that 20k was the top.
Once over 20k, you'll see Bitcoin skeptics talking about how they believed all along.

Love the battle too, because I'm not in it. Tether is gonna be the wrecking ball with Miley on it that makes thousands of neets cry when they realize...I really do have to get a job.

Conversely, if we break below 6k, you will see massive capitulation because it’s supposed to be “impossible” now

Keeping the lid on BTC is a priority for TPTB because owning BTC is effectively an acct of resistance against global tyranny.
The more people who own BTC (or any sufficiently decentralized crypto asset) the more likely for humanity to break free of some very old, heavy and rusty chains.

They're afraid.

With the current (and near future) macro climate things are getting very interesting.

>dumb money
Dumb money got into the market in 2018, and got anally reamed in January 2019. They already know that crypto is dumber than they are.

that's just wishful thinking
bull said the same when we passed 6k then 10k then at 13.8k, but all that happen was peoples selling their 2018 bags
if pumping to 20k was that easy they would have done it already, so I stand by my idea that they may have realized that normies are just not taking the bait anymore

Woah it's almost like tether are printed in response to fiat inflows which seek to buy bitcoins. No fucking shit it moves with tether since those are funds earmarked for buying BTC

People believing tether is legit like this low iq fuckhead here us why this scam has gone on so long.

The perfect scam.
However, if I had fake money I'd use it for hookers

Pumping to 20k is easy, just like dumping to 6k is fairly easy as well.
10k did bring in a lot of fomo, there's a lot more bulls now than there were at 10k, 8k and 6k.
Best way to price out normies out of the new financial revolution is to pump it as fast as possible.
Some will get rich, but that's preferable to the many many people already accumulating safely instead of margin trading like degens.
The market is getting smarter.

> I want to buy BTC how do I do it ?
> 1 use one of the fiat exchanges
> 2 buy large amout OTC
> 3 go to a previously hacked exchange, banned for US citizen, which will give me, allegedly backed token, for my money and then market buy the coins

yeah that make perfect sense

Believing this shit is a Financial Revolution with assholes like Giancarlo and CZ at the top is the ultimate cringe. It’s a way to make fast money is all. Fuck off back into your hole.

I got burned bad in 2013 and bought back in in 2016 after "learning my lesson"

This is a good point. Who tf even buys on Bitfinex

Checked.

Crabs win

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