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/biz/ - Business & Finance

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29887580 No.29887580 [Reply] [Original]

tldr: TETHER IS NOT BACKED BY DOLLARS, BUT RATHER CRYPTOS. MAJOR NON-SEC SANCTIONED EXCHANGES COLLUDING TO MAINTAIN 1:1 PEG. USER HAS NO 'RIGHT' TO REDEEM USD FOR THEIR TETHERS.
WILL LIKELY BE FORCED TO DO AWAY WITH "1:1 PEG" ILLUSION

This new #Tetherleaks mails are huge... They confirm everything we've warned of since months/years and indicate that it may be even worse. The priority now should be to verify the material and to get as many retailers out as possible (1/7)

They confirm 1) being backed with crypto and 2) they try to fool regulators about that fact (2/7)

They want to stop #tether being a "stablecoin" (giving up the peg). This is intuitive: theie backing is not worth 1 USD for 1 USDT because it's backed with volatile crypto. But then tether is NOT a stablecoin (NOT today and NOT in the future) (3/7)

Remember: if you hold / trade USDT you've no right to redeem in USD! This implies that if people start to cash out and the value of reserve per issued tether exceeds 1 USD they will eventually pay you in USD (if it was not created out of thin air) (4/7)

and therewith do not reward you for the risk you accepted all the time (you've been basically invested in a bunch of volatile crypto's while they told you you're safe; clearly your payoff needs to be higher because you need to be compensated for the risk; finance 1:1) (5/7)

But what if the value of reserves per coin of tether is below 1$ at the time you want to redeem? Then you bear the whole risk and can't redeem the full amount (if at all)

Great: you bear the risk, paolo gets the returns. That's how it is.
(6/7)

So much more to say here... Especially that they manipulate crypto prices with printed tether.
But the point is we should try to verify the info first. Then we need to spread the word while being careful that Paolo & Co don't accelerate their ponzi and disappear with the bn (7/7)

>https://twitter.com/RiskIndemnity/status/1365887612020543491

>> No.29887683

OP is a retarded faggot

https://www.coindesk.com/tether-settlement-crypto-sell-off

Literally last weeks news. Try again

>> No.29887721
File: 9 KB, 229x221, 1614157378136.jpg [View same] [iqdb] [saucenao] [google]
29887721

And here some thought the tether fud would stop with the NY trial

>> No.29887748

>>29887580
I thought /biz/ was financially savvy enough to understand this is free market banking, if they fuck us they fuck themselves and they have no incentive to do either

>> No.29887810

Please someone post that TMNT meme of tether, greyscale, tesla etc. I saw it earlier and forgot to save it. I need it for posterity and because it's fucking hilarious

>> No.29887889

As the hackernews midwits always point out the Tether thing is jhst part of crypto reinventing modern finance from first principles and (as they never say) it is therefore 1.) based and 2.) a thing that will be allowed to slide so that we can all continue making money

>> No.29887902

>>29887721
>Trial reveals that Tether is backed with crypto which is in turn backed with Tether which is in turn backed with crypto which is in turn backed with Tether...
>"NOOOOoooo why is there still FUD?"

>> No.29887962
File: 105 KB, 597x559, 1611452109130.jpg [View same] [iqdb] [saucenao] [google]
29887962

>>29887580
God electricty fud, tether fud, country banning fud. They literally just recycle the same shit over and over.

>> No.29888008

>>29887683
this is brand new you fucking moron. how fucking stupid do you have to be to realize what's going on with usdt, irregardless of what the SEC says or knows in its preliminary investigation.
sure mate, the same company thats linked to mafias in eastern europe and the paradise papers plus multiple exchange heists just decided to pile 40 billion in cash into a checking account (as they were blacklisted from every non monkey run bank on the planet) and make them totally redeemable and available to the wide world so they could benevolently service the needs and demands of a 2 trillion dollar emerging asset class that they too are dependent upon

>> No.29888211

>>29887902
its actually pretty funny that they can legally back their own fake dollars with other fake dollars

>> No.29888257

>>29888008

Did you forget to take your medication today? Need to cover your short that badly? Shut the fuck up

>> No.29888340

>>29887962
>Load ze same Korea fud again

>> No.29888523

>>29888008
what?

>> No.29888527

>>29887580
I fell for the tether meme in 2017-18 and didnt post up.

all new-fags dont listen to this pajeet shill

>> No.29888560

>>29887580
Yeah, okay, cool!

>> No.29888592

>>29887889
this, its unbelievably based

>> No.29888620
File: 217 KB, 447x438, 7DEEC1A4-872F-4A92-8061-27B64ED8B03A.png [View same] [iqdb] [saucenao] [google]
29888620

>>29887580
How desperate you are to get my BTC?
I’m not selling them, ever
This is some recycled 2017 shit tier fud

>> No.29888739

>>29887748
I am with you on this bro
But it doesn't preclude a 'do what we say not what we do' scenario

>> No.29888740
File: 19 KB, 400x284, 8BBD7A08-5E4C-4E51-AE93-C2E73BA8BFB1.jpg [View same] [iqdb] [saucenao] [google]
29888740

>>29887580
Thank you op, very cool!

>> No.29888758

>>29887580
Show your USDT short position.

>> No.29888908

cool story no one gives a fuck

>> No.29889093

>>29888008
Jesus man you need help.

>> No.29889134

>>29888340
i was in korea in December 2017 it was wild.

>> No.29889149

>>29887580
We’ve known this since 2019 fren when “Ifinex” (Bitfinex holdings company) went to trial in Florida

>> No.29889181

>oh no tether is resistant to the run away inflation of the us dollar

>> No.29889206

Not reading that fucking novel too busy buying this zesty dip

>> No.29889259

Its the same way if we all went to banks and demanded our money back the banks wont be able to return it. This is modern finance and QE all about. By the way, I live by changing USDT to fiat and I have had no such problem so far.

>> No.29889301

>>29888008
this is the top of the bell curve, but the far left and far right of it are where you want to be. Nothing this post says is wrong. Even the mafia stuff is true. But it will not matter.

>> No.29889334

>>29887810
>>29887889

now wheres my TMNT meme you fucking sorry wagies

>> No.29889585

>>29888008
seethe, dilate and I just market bought 1m tether

>> No.29889623

dudes wassup. what is the annual income from bonuses sent by the trust? at least approximate

>> No.29891140

>>29887748
If your so financially savvy how does tether make money?

>> No.29891167

>>29887962
erry time the only tie they shut the fuck up briefly when we break previous ath.

>> No.29891193

>>29887580
tl;dr I shorted BTC and now it's going up and I'm getting liquidated soon

>> No.29891291

If cryptos were doing exceedingly well wouldn't that mean there would be excess value and couldn't they use that to "back" their liquidity. Seems like a big ponzi

>> No.29891354

Post shorts or fuck off

>> No.29891510

>>29888211
It's just fiat brought to its fullest potential.

>> No.29891529

Lots of holdie cope in this thread

>> No.29891696

>>29887580
I would like to tell you about a story, a decentralized hedge fund story called dHEDGE. head over there and I will tell you more

>> No.29891738

>>29887580
>TETHER IS NOT BACKED BY DOLLARS, BUT RATHER CRYPTOS
it was obvious for some time already. It's a centralized dai backed with btc

>> No.29891851

>>29887580
>TETHER IS NOT BACKED BY DOLLARS, BUT RATHER CRYPTOS
Good. Means every tether is undervalued.

>> No.29892264

>>29887902
you just described the US Debt printing system

next

>> No.29892290
File: 14 KB, 311x162, nedladdning (4).jpg [View same] [iqdb] [saucenao] [google]
29892290

>>29888211
hm where did I see that now again... hmmmmmmm...

>> No.29892292

>Tether fud in 2021

What will you retards do when usdc flips tether ?

>> No.29892414

who literally cares? you can still buy bitcoin with usdt which you then can exchange for usd. and who the fuck actually cashes out? you have crypto cards now

>> No.29892491

>>29888008
>irregardless
Stopped reading right there

>> No.29892560

>>29891851
that's what i thought in a hyperinflating dollar environment usdt should trade above usd

>> No.29892860

>>29888008
Your post ID says 8008 and that looks like boob. You are a boob, LOL!

>> No.29893199
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29893199

>all the moonbois cheering ITT
Kek. You're all gonna be assraped.

The 2008 financial crisis was triggered by an overseas bank not having enough eurodollars to back their 1:1 peg (rather, they could pay 97 ¢ for each 1 $.)

This is going to cause an even bigger crash. That bank at least had Eurodollars to guarantee the peg partially, Tether has nothing but crypto inflated with fake crayon money. A crash or loss of USDT's peg would bring BTC's price down, which in turn would bring USDT's price down.

Not only BTC, big overseas exchanges (Binance, Bitfinex, ByBit) are too exposed to USDT. A USDT crash would not only bring down BTC's price, it would bring down the biggest exchanges and liquidate the whales trading futures with leverage, as well as the institutional investors that relied on BTC to be a 'store of value.'

>> No.29893579

>>29893199
tether crashing is bullish for btc. it's the fastest exit from a collapsing tether. because once tether inc is revealed insolvent nobody will try the queue to the fiat exit.

>> No.29894075

>>29887580

You can fuck off with your Tether FUD, Bitfinexed.

>> No.29894715
File: 99 KB, 639x960, 1610739876511.jpg [View same] [iqdb] [saucenao] [google]
29894715

>>29887683
fpbp

>>29888008
>irregardless

stopped reading there

OP is a fag

>> No.29896075

>>29893199
Boomp for truth

>> No.29896116

>>29887580
literally the most bullish thing every.
Tether being backed by bitcoin and bitcoin being valued by # of tether is an infinite pump mechanism.

Show me where it says stablecoins can't have their reserves in the assets they're valuing.

Bitcoin will literally pump infinitely. The normies don't know about this yet when they do they're going to pump the fuck out of bitcoin.

>> No.29896293

>>29892264
Midwit take
Fed buys **USD-denominated obligations** from an entity that can levy taxes
Tether buys crypto

>> No.29896692

>>29893579
You don't understand. Even if people magically decide to not convert their crypto into fiat (lmao) big exchanges buy, borrow and loan using USDT.

Now they would have to explain to the whales that all their (current) leveraged positions are worthless, to their lenders that they don't have any way to pay them back and most of their pairs would be dead.

It's not a good position. The entire market will crash eventually.

>> No.29896817

>>29894715
Fucking newfags

>> No.29897623

>>29893199
>The 2008 financial crisis was triggered by an overseas bank not having enough eurodollars to back their 1:1 peg (rather, they could pay 97 ¢ for each 1 $.)

do you actually believe this?

you know that the crisis was caused by fraudulent mortgage-backed securities right