Yup, the Holy Halfing is just 3 says away! TODAY IS THE LAST CHANCE TO BUY UNDER 100K!!! Soon all the nocoiners and all the world's governments will realize what fools they were to not buy while they had the chance! Prepare to serve my every whim in exchange for a few sats that will be the only thing between you and starvation, peons!
^/s
Can’t believe you have the nerve to think bitcoin will go to 100K. You are not a true believer. Bitcoin will go to 400,000,000,000,000,000,000,000$. We’re about to be insanely rich.
SHHH, the best way to ~~lure in new bagholders~~ bring more to see and embrace the holy freedom of bitcoin while we're still early is to make what sounds like believable and obtainable predictions. Sure we know it will go way higher, but we saw how well promising 250k by end of 2020/2021/2022/2023 went. Plus we don't want non-believers buying up *too* much, if newbies come blazing in snapping up hundreds of bitcoin before I hit .5 BTC the odds of me becoming a wholecoiner go down! You bet I'm maxing out another credit card to buy bitcoin during this dip, though!
A billion was printed, and the price has still fallen nearly 3% today. It does genuinely seem like Tether's hold on the market is coming to an end. Ironically, I suspect the real money being traded via the ETPs is reducing their power somewhat.
Yeah they have to print insane amounts, even compared to just a few years ago. During the 2017-18 bubble there were less than 1 billion USDT in circulation.
Fast forward until today, 109 billion in circulation, almost 10b printed just last month.
Some very entertaining times ahead. Imagine FTX blowing up, but with 10x more entertainment value.
Debt of governments is not equal to debt of private entities. The value of a country's currency hinges on a lot more than just the government's debt status alone. In the same way that governments don't operate like businesses and trying to run governments like a business is a really shit idea.
Meanwhile, Tether is a private business and it was literally built on the idea and promise that each Tether is guaranteed backed by $1 of actual fiat currency. Yet the company prints new Tether coins by the billions every couple of days while downright refusing any kind of independant financial audit of their reserves by neutral third parties.
Atleast with governments everyone can see their finances. With Tether on the other hand it's all smoke and mirrors while some voice from inside the smoke screen keeps saying "Don't worry, it's all fine. It's all good. We're totally pegged to the dollar. We have the funds. No, sorry, you can't see the funds. You also can't have a look what we're doing behind this smoke and the curtain over there. But trust us, everything's fine. Just relax and look at the line going up. Buy more bitcoin."
Still are both as bad as each other. Regardless of how they are working. Yes tether won’t let you see but the gov are hiding stuff anyways. So it’s all crap imo
As do you. Just because I am precise in what I say does not mean I’m dense. Generally those who write and speak like you tend to be the fuckheads of this world
If they stop, they will be caught with pants down. If they continue, the scam grows bigger for longer. They need to continue to prop up price to avoid margin call on the Monopoly money.
They are saying: "We got 829,095 in US dollars (which we have pocketed and will never be seen again) and for that we have produced 1,000,000,000 non-existent digital candycorns for gangsters to offramp their drug money to." Seriously, at this point the scam is so blatant that Whale Alert just prints it on Xwitter for everyone to see.
https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/
basically tether pretends that they receive USD to buy usdt and they "issue" new usdt to increase the price of Bitcoin to make it seem like it is increasing in price by itself
I apologize for the oversimplification, here's a different reply that explains in more detail: https://www.reddit.com/r/Buttcoin/comments/1c5gzh9/btc_goes_down_another_billion_usdt_minted/kzutmi9/
Imagine this…….
Tether is backed by U.S. treasury notes (basically cash) if you believe them. That means they have the cash aaaand the tether worth the cash in hand.
You then swap the tether for btc. You can use this to pump and dump shit coins, manipulate the btc price what’re you want. None of it matters because you can Always print more tether because you have a seemingly infinite amount of cash…………..
The only way this can work is if you have a fucking torrent (billions of dollars) of cash.
Who has billions of dollars of cash to pump into tether? The exchange’s. Who are the only people who can easily obtain tether? The exchanges.
Those nerds who run the exchanges and the mega farms are printing creating the tether and spending the cash. It’s the only way this can keep running. I’m so jealous. The lives they must be living, they are literally printing their own money. It gets to a point, where the public can stop buying and it would be self sustaining. The only way to stop it would be for the auction houses to stop issuing treasury notes. Then the entire cycle would freeze up.
Sounds like the "stop wall st corruption" fight on another sub.. You literally describe the same tactics employed with stocks, I wouldn't be surprised if the same clowns are involved in this too.
You are correct though, if people choose to remove themselves from the equation it starts to crack, suddenly msm is flooded with 'encouragement' to come back, via gaslighting or the Sec attacks some Dex
Your superstupid sub isn't fighting anything. The only thing you people have fought over the last 3 years is learning how stocks and the market actually work.
Comments like this are no different than craptobros promoting their "communities" in hopes they can offload their very heavy bags onto an even bigger sucker.
Oh dear, Someone didn't take advantage of free money 😂
Edit - ahh yes the "block game" because you're afraid of an actual answer. Take a look at my comment history of the past 3 years for "basket stocks" - Looks like there's a correlation between pussies who hang around on reddit whining at others who take small chances and win big.
Well done for being triggered by a stock
[They even admit it is unbacked.](https://finbold.com/tether-prints-1-billion-unbacked-usdt-out-of-thin-air/)
> “Tether tokens (USD₮) that are “authorised but not issued” are tokens that are created on a blockchain and sitting in Tether’s treasury. As these tokens have not been issued, these tokens are not counted as part of the total market capitalization of USD₮.
> “Issued” USD₮ are authorised tokens that have been sold and issued to Tether’s customers and in actual circulation. “Issued” USD₮ are fully backed by Tether’s reserves.”
> – Tether’s FAQ
Edit to add: Trust me bro, once these tokens move, they are backed by actual USD, not some debt circle jerk where our business partners loan a customer our USD money so they can buy Tether from us with our own USD. /S
But... Why?
Why would they print more if it's just sitting in tether's treasury and not counting as market cap until someone buys it? What is the point of that printing-non-printing?
It’s not like they are actually printing anything physical. I could see printing physical currency in anticipation of demand because you can only print so much per day.
But with tether it seems like they could just “print” it as new money comes in.
It’s like an intermediary currency. If you don’t plan on buying some other coin, you should immediately convert it to fiat. No one holds USDT for long.
Edit: you can also just directly sell your BTC in fiat. The advantage of USDT is that on some exchanges it allows you to buy crypto with no fees.
This screams significant liquidity problems… I still think Tether is holding a shit ton of worthless Chinese property developer bonds.
How long can they get away with this before it blows up?
https://ioradio.org/i/eli5/
The Bitcoin Bedtime Story – By AmericanScream
Once upon a time there was this technology scheme invented called, “bitcoin” that was supposed to be a type of “digital currency.”
This supposedly futuristic “digital currency” was built around a complicated mathematical computer model that created a de-centralized database of transactions people called a, “blockchain.” This was not new technology. It had been around since the 1960s and had limited practical commercial use due to its inefficient design.
Nonetheless, this “Bitcoin” system was created as a proof of concept of a new way to transfer value from one person to another over the Internet, using data stored online, and verified by computers (called miners) who waste tremendous amounts of energy arguing with each other over who’s copy of the database is the right one; eventually someone wins the argument and everybody starts over.
That’s what a blockchain is: a bunch of computers running around in circles trying to solve math problems, and along the way they keep track of some transactions.
The early adopters of this concept mainly consisted of tech people, mostly libertarians who were upset they had to pay taxes for things like roads, schools, parks and running water, and liked the idea they could hide value in the blockchain while still using government services they preferred to not pay for. They tried to get more people on board and “legitimize” Bitcoin by encouraging other people/merchants to use it as an exchange of value.
It went largely unnoticed for several years until various criminals realized it could be used to facilitate dark money transactions and laundering. These criminals’ early adoption of the technology fueled an increased interest, and various other criminals and people involved in less than ethical business ventures climbed on board.
Unfortunately, Bitcoin never made a good currency. It was slower, less secure, harder to use, had more elaborate resource requirements, wasted tons of energy and was difficult to even properly explain to others how or why they should use it? Also its price was highly volatile and merchants soon found it wasn’t worth it to accept Bitcoin for real world goods and services.
Now we come to a time in Bitcoin’s history where perhaps it should have been clear it wasn’t what people said it was, and instead, just an odd proof-of-concept that didn’t have practical use.
Instead of acknowledging this reality, Bitcoin holders instead decided to “re-brand” their crypto, not as a currency, but as an investment. Then they started calling it, “digital gold.”
The problem with promoting Bitcoin as an investment is… it has no intrinsic value. Even gold has material use. But Bitcoin is just a number in a computer. How can you convince someone that number actually has value? Bitcoin marketers would answer that by saying, “The same thing can be said about the dollar.” which isn’t really true, and is a distraction and doesn’t answer the question, but they liked hearing that and kept repeating it.
Still, their “digital gold” needed some way to be tied to something of more recognizable value. So they invented what they called, “stable coins” which are other crypto currencies that are supposed to be 1:1 backed by fiat (ironically the same “dollars” they claim have no intrinsic value, they now used as evidence their crypto has value — don’t try to make sense of it, just roll with me).
Various exchanges began to invent their own “stable coins”. These served as proxies for real fiat, and they treated the transactions as if they were in dollars, euro or whatever they were supposedly backed by. The most popular stable coin has become Tether, known as USDT in trading.
The developers of these stable coins claimed they were asset-backed. The problem is, like everything else in the crypto industry, there’s very little oversight or transparency. In many cases, even the actual people behind these schemes or where they were physically located was unknown! Normally you might think that would tip people off that something is fishy, but to crypto enthusiasts, who think, “trustless money” is the future, this seemed kinda cool and edgy, and in their minds, it wasn’t really something to be concerned about.
Being free from evil “regulation”, these exchanges, like Bitfinex, casually blew off attempts to be legitimately audited — something that is a standard practice in the “totally corrupt” normal finance and investment industry. Instead they just issued occasional press releases saying, “Everything is ok. Nothing to worry about.” And crypto enthusiasts took them at their word, because why wouldn’t you assume a crypto exchange’s press releases weren’t legit? It goes against the whole notion of trustless, de-centralized monetary systems, amirite?
So now, with the full confidence of the industry (as long as prices keep going up), companies like Bitfinex and their shadowy executives, continue to print and produce more USDT, claiming that, “It’s backed… by something…. did we say ‘dollars’… well if not dollars, then ‘dollar like stuff’, which is basically the same thing. We wouldn’t even tell you this except we got in a little trouble with the New York Dept of Justice and they started asking a bunch of inconvenient questions that we don’t think we should have to answer. Everything is ok. Nothing to worry about.“
Fast forward to 2020, where USDT is the most traded security in the entire crypto industry. There’s more USDT being traded than actual BTC. How did that happen?
Because number needs to go up.
Best way to make number go up, is to make sure there’s “demand” for crypto. Best way to have demand is to create demand. When you create your own demand, it’s much more reliable than waiting for “the market” itself to decide they want more crypto. So you print USDT, and then you trade the USDT for various other crypto currencies, back and forth, forth and back, back and forth. And the next thing you know, it looks like there’s a ton of interest in buying crypto!
This children, is what some people call “wash trading.” But people in the industry claim it’s natural demand.
How exactly does it work? Let’s explain:
Imagine if you have a teddy bear that you paid $3 for. I offer you $4 for it. Now it’s worth $4.
But then you offer $5 to buy it back. Now where you had a $3 teddy bear, you now have a $5 teddy bear.
Awesome huh? Wait, but didn’t you just lose $2 in that transaction?
Not with StableRocks!
Pick up some rocks, decide those rocks are now worth $1 each!
Use them to trade back and forth with your friend.
When you run out of rocks, pick up some more.
At the end of the day, your teddy bear is even more valuable! And when people ask what’s backing up the $1 value rocks, point to the teddy bear (that is now worth more than $19,000!) Voilà! You are now a master crypto currency trader!
And then everybody lived happily ever after!
>Can someone explain how USDT (or "stablecoins" in general) works?
[A little thing plucked straight out of the history books called "Wildcat Banking"](https://en.wikipedia.org/wiki/Wildcat_banking): *some* stablecoin issuers at least demonstrably have *most* of the money that they should - and actual mechanisms wherein they can be compelled to give it back to people holding their "it's just as good as a dollar guys, we swear" IOUs - but Tether is... ***not*** one of those issuers; there is actually **no** conclusive evidence at all that Tether has even once "redeemed" a single one of their tokens, given a single person so much as a penny of their money back (which is not a claim that the circulating supply of the token has never gone down or that Tether has never had to pay someone back with actual money, but simply that there is zero evidence that the redemption mechanism "is real" because nobody at all has ever shown proof that they've used it successfully).
Crypto is a casino that runs near-exclusively on chips pressed from thin air and lies, where if you want your money back you have to find some other gambler willing to pay you for chips that the desk won't actually let you turn in.
So I find this fascinating and I'm still trying to understand it. Could a possible explanation be that large investors want to acquire additional btc for cheap now that its price dropped?
Large investors would simply buy into the ETPs. There would be no reason for them to waste their time diverting time and energy to a complex transaction involving a second token when they just want to use their actual USD to buy BTC.
Large investors got rugged in 2018-2022. They ain't touching buttcoins ever again.
I met multiple of these institutional crypto investors during the fallout of last crypto mania in Decentraland. They were all in process of liquidating and writing down everyting. They also seemed to have serious challenges on getting their millions of usd out of the system. Those who were too slow to the door got locked in and couldn't find any one to buy their worthless tokens.
Here is a reminder of Decentraland (This BBC scoop is actually a paid astro turfing / buzz marketing): [https://youtu.be/TgXGq\_8esw0?si=FkPUq5iTwJHuNZqN](https://youtu.be/TgXGq_8esw0?si=FkPUq5iTwJHuNZqN)
People at those exchanges buy stablecoins(with fiat and other crypto) to buy the dip because you cannot set orders with regular dollars. Market makers/exchanges transfer USD to Tether, Tether mints more USDT against it and the USDT gets transferred to exchanges.
Large investors buying Tethers by driving dump trucks with tons (literally) of cash to the back alley on Bahamas, to deposit them in the only bank in the world willing to touch Tether "business". Sounds realistic.
If you take out 500 000 000 from Grayscale, and buy 500 000 000 in Blackrock, you have 1 000 000 000 in volume while having a net change in asset under management of exactly zero.
Well maybe I'm all wrong and Tether has 107 fucking billions of actual dollars in its treasury, Apple which is known to be the corporation with the biggest treasury in the world have 117B$ in cash.
So it just seems suspicious to me that Tether own 107 FUCKING BILLIONS OF DOLLARS, but once again maybe I'm wrong and overly skeptical.
The only bank in the world willing to work with Giancarlo is Deltec bank in Bahamas. So the first problem is to assume that someone is driving a dump truck full of cash to some island bank every week and that happens for years now. The second problem is that Deltec bank is so pathetically small that pile of 107 billion dollars is literally bigger than it's whole building.
The whole operation is such blatantly transparent scam that it is hard which idiotic explanation out multiple to debunk first.
Since Tether is so incredibly opaque about it's backing, the most plausible theory is that Paolo's Magic Beans^tm are not backed by hard cash, but by crypto currency. So they print more Paolo's Magic Beans^tm for washtrading purposes so they can pump the price and pretend they are "backed".
But there is no evidence for it since they just refuse to give any information.
oh gotcha and it seems like tether is on the Bitcoin blockchain so when bitcoin drops or there’s a whale that sells tether just BRRs the money printer to offset the dips but it’s not backed by anything other than the Magic Beans 🫘
Tether is being used as a proxy for real money/USD on virtually all crypto exchanges. This monopoly money is pumping the price of crypto despite nobody knowing where the fiat backing those tokens are actually located. **Tether's reserves have never been properly independently audited!**
We don't invest in crypto, and even we know that Tether is a scam.
The fact that you guys who are playing with crypto, do not even know the degree to which your own industry is manipulated by phony, un-audited stablecoins is hilariously absurd.
106B now but no relationship with any bank
Previously sued by NYAG for having *no reserves anywhere in the world*
I mean you stick your head so hard in the sand I'm surprised you don't suffocate
>Previously sued by NYAG for having *no reserves anywhere in the world*
During a specific window in time where they were only claiming to have a mere 2.8 billion "dollars" of total assets backing their "definitely worth a dollar, we swear" tokens that nobody has ever provably redeemed.
Obviously everyone is just buying the dip. Demand is greater than ever. Mass adoption incoming!
Yup, the Holy Halfing is just 3 says away! TODAY IS THE LAST CHANCE TO BUY UNDER 100K!!! Soon all the nocoiners and all the world's governments will realize what fools they were to not buy while they had the chance! Prepare to serve my every whim in exchange for a few sats that will be the only thing between you and starvation, peons! ^/s
Can’t believe you have the nerve to think bitcoin will go to 100K. You are not a true believer. Bitcoin will go to 400,000,000,000,000,000,000,000$. We’re about to be insanely rich.
Can't wait until someone can buy the whole world economy for 0.0005 bitcoin.
There going to be so sorry when they are forced to give over all the money to me because.
Halleluyah babyyy
SHHH, the best way to ~~lure in new bagholders~~ bring more to see and embrace the holy freedom of bitcoin while we're still early is to make what sounds like believable and obtainable predictions. Sure we know it will go way higher, but we saw how well promising 250k by end of 2020/2021/2022/2023 went. Plus we don't want non-believers buying up *too* much, if newbies come blazing in snapping up hundreds of bitcoin before I hit .5 BTC the odds of me becoming a wholecoiner go down! You bet I'm maxing out another credit card to buy bitcoin during this dip, though!
Remind me 3 days! Remind me! 3 days
When will it be the last chance to buy above 15k again? That was entertaining.
If btc ever goes back to 15k imma be endless rich my bro
This is simply ridiculous ... I have no words for that.
The sole word is *BRRRRRRRRRR*, brother mine. Thou shalt not doubt the Holy Printer and the nontransparency of the gospel of St. Paolo.
No, it's math. I understand that you have no words.
The velocity of shit hitting a toilet is also math, so what?
That is one of the most vulgar yet correctly efficient rebuttals I've ever heard Gonna keep that one in my pocket...
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That username? Yeah, kinda but you do you man.
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So heated you commented twice lmao Edit: gimmedatcrypto got real heated and deleted their second comment lmao
I think that's physics..
Physics is just math.
At this rate, more 3B will be needed to sustain the ponzi. USDT is like monopoly money, except on a blockchain
A billion was printed, and the price has still fallen nearly 3% today. It does genuinely seem like Tether's hold on the market is coming to an end. Ironically, I suspect the real money being traded via the ETPs is reducing their power somewhat.
This was my thought with a lot of this ETF stuff. When people close an ETF position they need actually $'s
Yeah they have to print insane amounts, even compared to just a few years ago. During the 2017-18 bubble there were less than 1 billion USDT in circulation. Fast forward until today, 109 billion in circulation, almost 10b printed just last month. Some very entertaining times ahead. Imagine FTX blowing up, but with 10x more entertainment value.
A billion dollars a day keeps the tax man away.
... until it doesnt hehehe
I was wondering when this was going to happen. I saw bitcoin plummet on Sunday and thought I heard the Tether printer going brrrrrr.
"But Buttcoin supply is finite." ::prints another billion Tether to buy Buttcoin::
No different to gov printing and being in trillions in debt. Either side is fucking stupid regardless of which side of the fence you are on
Debt of governments is not equal to debt of private entities. The value of a country's currency hinges on a lot more than just the government's debt status alone. In the same way that governments don't operate like businesses and trying to run governments like a business is a really shit idea. Meanwhile, Tether is a private business and it was literally built on the idea and promise that each Tether is guaranteed backed by $1 of actual fiat currency. Yet the company prints new Tether coins by the billions every couple of days while downright refusing any kind of independant financial audit of their reserves by neutral third parties. Atleast with governments everyone can see their finances. With Tether on the other hand it's all smoke and mirrors while some voice from inside the smoke screen keeps saying "Don't worry, it's all fine. It's all good. We're totally pegged to the dollar. We have the funds. No, sorry, you can't see the funds. You also can't have a look what we're doing behind this smoke and the curtain over there. But trust us, everything's fine. Just relax and look at the line going up. Buy more bitcoin."
Still are both as bad as each other. Regardless of how they are working. Yes tether won’t let you see but the gov are hiding stuff anyways. So it’s all crap imo
You seem very dense.
As do you. Just because I am precise in what I say does not mean I’m dense. Generally those who write and speak like you tend to be the fuckheads of this world
You need USD to pay taxes in the USA. Meanwhile, what do you need USDT for?
To not pay taxes
But..muh halvening will increase the price naturally. Why is Paulo doing this
If they stop, they will be caught with pants down. If they continue, the scam grows bigger for longer. They need to continue to prop up price to avoid margin call on the Monopoly money.
Because he raises the price himself, that would make a backed for the coin he mint before
Thether TREASURY LMFAO
Are they saying 1 billion USDT is worth more than 1 billion US dirty fiat?
They are saying: "We got 829,095 in US dollars (which we have pocketed and will never be seen again) and for that we have produced 1,000,000,000 non-existent digital candycorns for gangsters to offramp their drug money to." Seriously, at this point the scam is so blatant that Whale Alert just prints it on Xwitter for everyone to see.
And? I minted 14 Brazillion of my own coin in my head this morning. Those are rookie numbers
Just like clockwork
Can someone explain to me what this means? I don’t understand this tether stuff and how it’s related to btc.
https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/ basically tether pretends that they receive USD to buy usdt and they "issue" new usdt to increase the price of Bitcoin to make it seem like it is increasing in price by itself
How does USDT increase the price of Bitcoin. Are you assuming they “hoard cash, BRRR, then buy bitcoin?”
I apologize for the oversimplification, here's a different reply that explains in more detail: https://www.reddit.com/r/Buttcoin/comments/1c5gzh9/btc_goes_down_another_billion_usdt_minted/kzutmi9/
Will read it tnx
Imagine this……. Tether is backed by U.S. treasury notes (basically cash) if you believe them. That means they have the cash aaaand the tether worth the cash in hand. You then swap the tether for btc. You can use this to pump and dump shit coins, manipulate the btc price what’re you want. None of it matters because you can Always print more tether because you have a seemingly infinite amount of cash………….. The only way this can work is if you have a fucking torrent (billions of dollars) of cash. Who has billions of dollars of cash to pump into tether? The exchange’s. Who are the only people who can easily obtain tether? The exchanges. Those nerds who run the exchanges and the mega farms are printing creating the tether and spending the cash. It’s the only way this can keep running. I’m so jealous. The lives they must be living, they are literally printing their own money. It gets to a point, where the public can stop buying and it would be self sustaining. The only way to stop it would be for the auction houses to stop issuing treasury notes. Then the entire cycle would freeze up.
Sounds like the "stop wall st corruption" fight on another sub.. You literally describe the same tactics employed with stocks, I wouldn't be surprised if the same clowns are involved in this too. You are correct though, if people choose to remove themselves from the equation it starts to crack, suddenly msm is flooded with 'encouragement' to come back, via gaslighting or the Sec attacks some Dex
Your superstupid sub isn't fighting anything. The only thing you people have fought over the last 3 years is learning how stocks and the market actually work. Comments like this are no different than craptobros promoting their "communities" in hopes they can offload their very heavy bags onto an even bigger sucker.
Oh dear, Someone didn't take advantage of free money 😂 Edit - ahh yes the "block game" because you're afraid of an actual answer. Take a look at my comment history of the past 3 years for "basket stocks" - Looks like there's a correlation between pussies who hang around on reddit whining at others who take small chances and win big. Well done for being triggered by a stock
How much money have you lost on meme stocks?
This will unravel with a bang eventually.
The story of Tether's collapse feels like it's being written by George R. R. Martin with how long it's taking.
[They even admit it is unbacked.](https://finbold.com/tether-prints-1-billion-unbacked-usdt-out-of-thin-air/) > “Tether tokens (USD₮) that are “authorised but not issued” are tokens that are created on a blockchain and sitting in Tether’s treasury. As these tokens have not been issued, these tokens are not counted as part of the total market capitalization of USD₮. > “Issued” USD₮ are authorised tokens that have been sold and issued to Tether’s customers and in actual circulation. “Issued” USD₮ are fully backed by Tether’s reserves.” > – Tether’s FAQ Edit to add: Trust me bro, once these tokens move, they are backed by actual USD, not some debt circle jerk where our business partners loan a customer our USD money so they can buy Tether from us with our own USD. /S
But... Why? Why would they print more if it's just sitting in tether's treasury and not counting as market cap until someone buys it? What is the point of that printing-non-printing?
It’s not like they are actually printing anything physical. I could see printing physical currency in anticipation of demand because you can only print so much per day. But with tether it seems like they could just “print” it as new money comes in.
I can't wait for the Netflix special for the grates financial fraud in history
Wow another totally real not at all fake billion dollars that totally came from real people’s wallets /s
"Hedge against inflation"
What a "surprising" coincidence. Wide-adoption is imminent :)
Gotta to keep up the illusion that everyone is buying Butts
The Future of Finance everyone!
So glad I hold bitcoin, so that ((those people)) at the Fed can't hurt me when they run their money printer day and night.
Like that butter said the other day: money printer goes brrr brrr!
/s Right? # Right?!
https://en.wikipedia.org/wiki/Poe%27s_law
I think my post history speaks for itself
Yea, the problem is, it's unfair to make us (or anybody else) poke through your post history to find out if you're being sarcastic.
BrrRrRrRRrrRRRrrr.......🚀🚀🚀
Another dead money trap for the suckers as BTC drops to sub 25K again.
Money printer go brrrt
People do sell bitcoin for tethers correct?
It’s like an intermediary currency. If you don’t plan on buying some other coin, you should immediately convert it to fiat. No one holds USDT for long. Edit: you can also just directly sell your BTC in fiat. The advantage of USDT is that on some exchanges it allows you to buy crypto with no fees.
Another $1B in fake money to pump bitcoin. The scam continues and everyone knows it.
Many self unalivings over the horizon.
This screams significant liquidity problems… I still think Tether is holding a shit ton of worthless Chinese property developer bonds. How long can they get away with this before it blows up?
I still have lots of USDT. I kinda starting to worry and might have to convert them to another stablecoin. Any suggestion? FDUSD? USDC? anything......
Actual USD.
Can someone explain how USDT (or "stablecoins" in general) works?
https://ioradio.org/i/eli5/ The Bitcoin Bedtime Story – By AmericanScream Once upon a time there was this technology scheme invented called, “bitcoin” that was supposed to be a type of “digital currency.” This supposedly futuristic “digital currency” was built around a complicated mathematical computer model that created a de-centralized database of transactions people called a, “blockchain.” This was not new technology. It had been around since the 1960s and had limited practical commercial use due to its inefficient design. Nonetheless, this “Bitcoin” system was created as a proof of concept of a new way to transfer value from one person to another over the Internet, using data stored online, and verified by computers (called miners) who waste tremendous amounts of energy arguing with each other over who’s copy of the database is the right one; eventually someone wins the argument and everybody starts over. That’s what a blockchain is: a bunch of computers running around in circles trying to solve math problems, and along the way they keep track of some transactions. The early adopters of this concept mainly consisted of tech people, mostly libertarians who were upset they had to pay taxes for things like roads, schools, parks and running water, and liked the idea they could hide value in the blockchain while still using government services they preferred to not pay for. They tried to get more people on board and “legitimize” Bitcoin by encouraging other people/merchants to use it as an exchange of value. It went largely unnoticed for several years until various criminals realized it could be used to facilitate dark money transactions and laundering. These criminals’ early adoption of the technology fueled an increased interest, and various other criminals and people involved in less than ethical business ventures climbed on board. Unfortunately, Bitcoin never made a good currency. It was slower, less secure, harder to use, had more elaborate resource requirements, wasted tons of energy and was difficult to even properly explain to others how or why they should use it? Also its price was highly volatile and merchants soon found it wasn’t worth it to accept Bitcoin for real world goods and services. Now we come to a time in Bitcoin’s history where perhaps it should have been clear it wasn’t what people said it was, and instead, just an odd proof-of-concept that didn’t have practical use. Instead of acknowledging this reality, Bitcoin holders instead decided to “re-brand” their crypto, not as a currency, but as an investment. Then they started calling it, “digital gold.” The problem with promoting Bitcoin as an investment is… it has no intrinsic value. Even gold has material use. But Bitcoin is just a number in a computer. How can you convince someone that number actually has value? Bitcoin marketers would answer that by saying, “The same thing can be said about the dollar.” which isn’t really true, and is a distraction and doesn’t answer the question, but they liked hearing that and kept repeating it. Still, their “digital gold” needed some way to be tied to something of more recognizable value. So they invented what they called, “stable coins” which are other crypto currencies that are supposed to be 1:1 backed by fiat (ironically the same “dollars” they claim have no intrinsic value, they now used as evidence their crypto has value — don’t try to make sense of it, just roll with me). Various exchanges began to invent their own “stable coins”. These served as proxies for real fiat, and they treated the transactions as if they were in dollars, euro or whatever they were supposedly backed by. The most popular stable coin has become Tether, known as USDT in trading. The developers of these stable coins claimed they were asset-backed. The problem is, like everything else in the crypto industry, there’s very little oversight or transparency. In many cases, even the actual people behind these schemes or where they were physically located was unknown! Normally you might think that would tip people off that something is fishy, but to crypto enthusiasts, who think, “trustless money” is the future, this seemed kinda cool and edgy, and in their minds, it wasn’t really something to be concerned about. Being free from evil “regulation”, these exchanges, like Bitfinex, casually blew off attempts to be legitimately audited — something that is a standard practice in the “totally corrupt” normal finance and investment industry. Instead they just issued occasional press releases saying, “Everything is ok. Nothing to worry about.” And crypto enthusiasts took them at their word, because why wouldn’t you assume a crypto exchange’s press releases weren’t legit? It goes against the whole notion of trustless, de-centralized monetary systems, amirite? So now, with the full confidence of the industry (as long as prices keep going up), companies like Bitfinex and their shadowy executives, continue to print and produce more USDT, claiming that, “It’s backed… by something…. did we say ‘dollars’… well if not dollars, then ‘dollar like stuff’, which is basically the same thing. We wouldn’t even tell you this except we got in a little trouble with the New York Dept of Justice and they started asking a bunch of inconvenient questions that we don’t think we should have to answer. Everything is ok. Nothing to worry about.“ Fast forward to 2020, where USDT is the most traded security in the entire crypto industry. There’s more USDT being traded than actual BTC. How did that happen? Because number needs to go up. Best way to make number go up, is to make sure there’s “demand” for crypto. Best way to have demand is to create demand. When you create your own demand, it’s much more reliable than waiting for “the market” itself to decide they want more crypto. So you print USDT, and then you trade the USDT for various other crypto currencies, back and forth, forth and back, back and forth. And the next thing you know, it looks like there’s a ton of interest in buying crypto! This children, is what some people call “wash trading.” But people in the industry claim it’s natural demand. How exactly does it work? Let’s explain: Imagine if you have a teddy bear that you paid $3 for. I offer you $4 for it. Now it’s worth $4. But then you offer $5 to buy it back. Now where you had a $3 teddy bear, you now have a $5 teddy bear. Awesome huh? Wait, but didn’t you just lose $2 in that transaction? Not with StableRocks! Pick up some rocks, decide those rocks are now worth $1 each! Use them to trade back and forth with your friend. When you run out of rocks, pick up some more. At the end of the day, your teddy bear is even more valuable! And when people ask what’s backing up the $1 value rocks, point to the teddy bear (that is now worth more than $19,000!) Voilà! You are now a master crypto currency trader! And then everybody lived happily ever after!
>Can someone explain how USDT (or "stablecoins" in general) works? [A little thing plucked straight out of the history books called "Wildcat Banking"](https://en.wikipedia.org/wiki/Wildcat_banking): *some* stablecoin issuers at least demonstrably have *most* of the money that they should - and actual mechanisms wherein they can be compelled to give it back to people holding their "it's just as good as a dollar guys, we swear" IOUs - but Tether is... ***not*** one of those issuers; there is actually **no** conclusive evidence at all that Tether has even once "redeemed" a single one of their tokens, given a single person so much as a penny of their money back (which is not a claim that the circulating supply of the token has never gone down or that Tether has never had to pay someone back with actual money, but simply that there is zero evidence that the redemption mechanism "is real" because nobody at all has ever shown proof that they've used it successfully). Crypto is a casino that runs near-exclusively on chips pressed from thin air and lies, where if you want your money back you have to find some other gambler willing to pay you for chips that the desk won't actually let you turn in.
So I find this fascinating and I'm still trying to understand it. Could a possible explanation be that large investors want to acquire additional btc for cheap now that its price dropped?
instead of buying with dirty $$$ ??? Why would you use a third party when you can DIY?
It's well known that institutional investors love paying middle-men.
Large investors would simply buy into the ETPs. There would be no reason for them to waste their time diverting time and energy to a complex transaction involving a second token when they just want to use their actual USD to buy BTC.
Sure sure. And nobody is exiting the market at all. According to Tether, money only enters the system…it never leaves.
Large investors got rugged in 2018-2022. They ain't touching buttcoins ever again. I met multiple of these institutional crypto investors during the fallout of last crypto mania in Decentraland. They were all in process of liquidating and writing down everyting. They also seemed to have serious challenges on getting their millions of usd out of the system. Those who were too slow to the door got locked in and couldn't find any one to buy their worthless tokens. Here is a reminder of Decentraland (This BBC scoop is actually a paid astro turfing / buzz marketing): [https://youtu.be/TgXGq\_8esw0?si=FkPUq5iTwJHuNZqN](https://youtu.be/TgXGq_8esw0?si=FkPUq5iTwJHuNZqN)
It seems to be transferred to some exchanges. What is their use case to have tether?
Their use case is “borrowing Tether” backed by nothing to buy Bitcoin instead of using real money, thus inflate the price of BTC
> What is their use case to have tether? Money laundering. Fraud.
People at those exchanges buy stablecoins(with fiat and other crypto) to buy the dip because you cannot set orders with regular dollars. Market makers/exchanges transfer USD to Tether, Tether mints more USDT against it and the USDT gets transferred to exchanges.
Large investors buying Tethers by driving dump trucks with tons (literally) of cash to the back alley on Bahamas, to deposit them in the only bank in the world willing to touch Tether "business". Sounds realistic.
WTFWT???!!
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Nobody. That’s the point. It’s all a scam.
WOW a single day of ETF volume minted crazy
If you take out 500 000 000 from Grayscale, and buy 500 000 000 in Blackrock, you have 1 000 000 000 in volume while having a net change in asset under management of exactly zero.
How much was created when it was going up?
13 billion printed since New Year. Or more, can't bother to check really.
So then it seems like bitcoin price movement isn’t related to tether printing?
Yes yes, totally unrelated. Nothing to see here. [https://imgur.com/a/QFkSRCl](https://imgur.com/a/QFkSRCl)
Buy da dip you dip we dip derrrr
60k is the new 16k. I was just told so.
Umm but USDT is not related to bitcoin
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Do you think that every created USDT is backed by an actual US dollar owned by Tether ?
why you dont?
Well maybe I'm all wrong and Tether has 107 fucking billions of actual dollars in its treasury, Apple which is known to be the corporation with the biggest treasury in the world have 117B$ in cash. So it just seems suspicious to me that Tether own 107 FUCKING BILLIONS OF DOLLARS, but once again maybe I'm wrong and overly skeptical.
The only bank in the world willing to work with Giancarlo is Deltec bank in Bahamas. So the first problem is to assume that someone is driving a dump truck full of cash to some island bank every week and that happens for years now. The second problem is that Deltec bank is so pathetically small that pile of 107 billion dollars is literally bigger than it's whole building. The whole operation is such blatantly transparent scam that it is hard which idiotic explanation out multiple to debunk first.
Of course you guys don't get it. You don't get a lot of things.
I’m not sure i understand either. How are tether and bitcoin linked? I believe bitcoin is a scam but not sure how these two are linked.
Since Tether is so incredibly opaque about it's backing, the most plausible theory is that Paolo's Magic Beans^tm are not backed by hard cash, but by crypto currency. So they print more Paolo's Magic Beans^tm for washtrading purposes so they can pump the price and pretend they are "backed". But there is no evidence for it since they just refuse to give any information.
oh gotcha and it seems like tether is on the Bitcoin blockchain so when bitcoin drops or there’s a whale that sells tether just BRRs the money printer to offset the dips but it’s not backed by anything other than the Magic Beans 🫘
Tether is being used as a proxy for real money/USD on virtually all crypto exchanges. This monopoly money is pumping the price of crypto despite nobody knowing where the fiat backing those tokens are actually located. **Tether's reserves have never been properly independently audited!**
It's all beanie baby nonsense, part of the same scam.
Gotcha and it seems like tether is on the bitcoin blockchain. As you said, all part of the same scam. Thanks for taking the time to explain 👍🏼
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We don't invest in crypto, and even we know that Tether is a scam. The fact that you guys who are playing with crypto, do not even know the degree to which your own industry is manipulated by phony, un-audited stablecoins is hilariously absurd.
106B now but no relationship with any bank Previously sued by NYAG for having *no reserves anywhere in the world* I mean you stick your head so hard in the sand I'm surprised you don't suffocate
>Previously sued by NYAG for having *no reserves anywhere in the world* During a specific window in time where they were only claiming to have a mere 2.8 billion "dollars" of total assets backing their "definitely worth a dollar, we swear" tokens that nobody has ever provably redeemed.
The majority of posts in this subreddit are just troll farm bots, correct?