Bitcoin Forum

So, let’s say I want to buy a new car. The new car is $50,000. I could print 50,000USDT, send it to Binance and convert it to 10 BTC. Than I can send that 10BTC to a shady fiat gateway, and cash it out for $50,000 real USD...and buy a car.

Bitfinex found a loophole. They have a license to print money and we are allowing it to happen!

#DelistTether now!

Normally, Printing tether itself shouldn't have any impact on bitcoin's price. Think it like this, if I print my own version of tethers, let's call it USDx, who's going to take my shitcoins and give me their dollars? Nobody right?
The problem here is, some people are willing to take tethers for their bitcoins. Even if there isn't any, finex can make it look like they do since they can do wash trading with tethers.
I never touched tether and never will. I know many people avoid that shit too.

Delisting will hurt tether and it is a must. But then, those exchanges need to delist other stable coins too. (UsdC, tUSD etc...) If finex can manipulate tether, what makes you think that coinbase won't do the same to USDC?

After all, I still think as long as you control your private keys, tether's damage will be limited. It'll come and go eventually. If you keep your coins on an exchange however, you are at huge risk.

I mean how low can bitcoin go because of tether? Back to $2k? There will be shitton of people who'll come to our aid and collect cheap coins.

If you think tether can send bitcoin to zero, that's not a realistic expectation.

Your funds can only go to zero if you get gox'ed. Or in this situation, bitfinex'ed.

I think most people are really bothered by tether since the controversy started.  It's best to keep away from it and just keep your money somewhere else than keeping it in any exchange. 

I have never hard the information before that bitfinix print currency and what currency are they printing because most time f the altcoin all the left over from the ICO is always burnt and for tether to be print illegally by bitfinix is very wrong and can affect the whole cryptocurrencies market in the future.

Even if it doesn’t sink Bitcoin, it’s just not fair. People complain about the US govt printing money. Why should these fools just get to print money and own bitcoin?

Check out my video, I have the solution to this, the post is (bitcoin/gold) Limited Supply Problem, so now we all make are own currency. Now everyone can print ^_^
Also bitcoin itself is another mans money supply, Sure there was mining but they got in early.

currently www.coinmarketcap.com (http://www.coinmarketcap.com) shows the following below:

 Tether    $2,833,165,389    $0.995200    $10,889,763,981    2,846,831,291 USDT *    0.60%

So ASSUMING that 850 million is in the wind/doubt on this. Tether has 10.889 Billion Dollars, they likely will 'weather' this storm.

As to the 'backwash' to the rest of us in BTC and or whatever..remains to be seen...

i have been in bitcoin for nearly 5 years too and Tether is the biggest threat to altcoins that i have seen. basically if you check the market, apart from Bitfinex everyone is only using tether to trade altcoins. all these big altcoin exchanges who were not capable of adding fiat have added tether. if it disappears all of these markets vanish whereas bigger bitcoin markets are still in USD such as Coinbase, Kraken, Bitstamp,...

there is no doubt that tether has damaged bitcoin and will do so if when it disappears but i still wouldn't call it the "greatest threat to bitcoin"!

I agree with OP that Tether will be the biggest threat not only for Bitcoin but for the whole crypto space. It's likely to be another way for government to control people's money, even it's not govt who created it. We don't want to rely on fiat, why do we rely on Tether? I hope Tether will have its end, and disappear from this community.

Stablecoins are one of the "tools" speculators / day traders use. Stable coins are great for arbitrage, since they move much faster than fiat. Since there's demand for them, I don't expect them get delisted, unfortunately.

I would have preferred to see other coins used for this, proper coins, not the centralized fake coins. In the past I've used Dogecoin for this.
When you use stable coins you have to trust the issuer. Crypto currencies are about not trusting anyone. I've never trusted nor used USDT.

There is a good way to stop tether, just don't use it. Me personally have never bought any tether and i suggest to everyone doing the same. if no one use it, the problem will solve by itself. Tether is no stable coin, just look at the volatility... price for tether is 1.04$ at the moment...  ::)

True and sad to say that there are people who do just set aside the true essence or usage of crypto just for the sake of easy arbitrage which would give out benefits when they do trade up without
minding the thing behind Tether.Im not against on it but i havent considered on landing my own hands with it.Delisting would really be impossible unless if the demand would
crash but as of this moment we are seeing the opposite thing.

this is most people have forgotten. before coins like Tether became a popular thing everyone was using coins like Doge which had a low fee and higher speed with a relatively stable price (relative to the time they kept them which was until the funds moved from one place to another). that is why it still has a high volume.
the funny thing is, nobody ever said Doge increased the price of bitcoin! but they do say it about Tether although they both have nearly the same supply and exact same usages.

When BTC price went above $19k, it was tether who printed more money (IIRC then it was $850m+) and pumped the BTC price to its ATH.
It's not a solid claim of mine, but I read this in social groups and it is baseless without proofs imo.

But if it is true then USDT made people go bankrupted by creating artificial price spike for BTC. Sometimes I wonder about those peoples who entered the BTC market over $18k prices.

it such a great risk just keeping coin in exchange, not even at this time, i have experienced sudden wipe of my coin after the long term dump, which should have been a big gain to me. secondly, tether has been the constrain for exchange, iot is not reliable and trustworthy at all.

I don't know exactly what happened but this article I found recently says otherwise.
https://archive.is/lk1lH

It basically tells you that those printed tethers was used to short bitcoin and pump shitcoins like ETH, EOS, LTC etc.

I just found this article while lurking on that shithole called rbtc so put your skepticism glasses on while reading it.

Thanks for the article. It's too long, I didn't read yet but I will go through it.


Then what influenced bitcoin price to be that much high at that time? Any idea? As of now, I was thinking that's the tether who played it behind.


https://s7347.pcdn.co/incredulous/files/2016/10/skep.jpg Do you like my glasses?  :D

they want to make tether look easy for everyone to using crypto and convert it to real money. then become blamming, when they ink different to print it for us

Same here .  i dont also use tether but others will continue to use tether especially if they are traders/investors that wants to protect their assets in the dangers of volatility  . what i know is that tether is a useful coin  so there will always a demand for it but i dont think that it will be a threat to bitcoin . there are lots of cryptos out there but why people arent afraid with them ?  Same should also go with usdt  .

Everyone looks at Dogecoin now as the meme coin of the crypto market, yeah no one has ever said that it will increase more than bitcoin has.  ;)

I've never used USDT either but I'm aware of the fact of the issue that it is being involved right now, not really now but from the past. The bad part has been gradually exposed and more and more crypto folks are starting to realized that they shouldn't support it. We're all aware of it here but for those folks that will continue to support it, they can't see the other side of it.

Not all of the stable coin has a lousy history, but tether has it. Tether is a flawed company because they don't even wanna do an audit to their reserved funds. You are wrong because we need stable coin and that should be the real stable coin that backed by the dollar. They have been seeing it for a long time ago, but not so many exchange sites are accepting various stable coins. That forced them to use tether but not this time.

This sounds like money is coming from out of thin air and that's what is our centralized govt doing, which is not liked by the most crypto enthusiast, I believe. So, Bitfinex can print tether anytime and act as our govt? Fuck this loophole.