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Title: IF USDT would collapse what do you think will happen to the BTC price? Post by: RTR_CH on December 13, 2020, 11:19:11 AM Hey Guys
New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: amishmanish on December 13, 2020, 11:59:29 AM This is something that isn't sufficiently discussed anywhere. Well, Tether and the exchange BitFinex have the same parent company. Most of the trades in bitcoin happen through tether (after customers turn their fiat into that). Yet, that time has gone when Tether or Bitfinex was a matter of concern for just bitcoin. Bitcoin has a diversified set of trading participants which include OTC trading desks and traditional banks getting in to offer BTC to customers. Then there are companies like Paypal. You can safely assume that even if Tether were to face some kind of regulation/ bans; bitcoin would survive as demand will quickly eclipse the supply (after maybe a dump).
What is more at risk are the plethora of ERC-20 tokens and their trading which has been linked to USDT since it moved to cross platform support. If that happens, these Alt-coins and the DeFi platform will quickly become unviable. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DooMAD on December 13, 2020, 12:06:17 PM It's all guesswork. I'm sure there would be some volatility, but it's hard to tell which direction it would go. It might also depend how abrupt the collapse is. I suppose if it was a gradual collapse and people had time to get out of USDT, it might temporarily increase prices if people dump USDT in favour of BTC while considering which competing stablecoin they would use as a substitute. A more sudden implosion would likely cause a loss of faith in crypto by many speculators and that might lead them to exit in the direction of their national currency, causing a price drop.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: nemey on December 13, 2020, 12:22:50 PM It's true that everything is uncertain in crypto. Even past events in 2018 cannot be used as the only guide. I am sure that if a stable coin like USDT collapses then crypto is in trouble so it is very possible that Bitcoin and other coins will also slowly decline.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Upgrade00 on December 13, 2020, 12:27:02 PM So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) A sudden collapse would certainly cause panic in the market, tether is one of the most talked about stable coins (positively and negatively) and accounts for a large chunk of cryptocurrency trades, there would be different fractions that would result from such a situation;• The ones who have always criticized stable coins and would see this as a reason to double down on Bitcoin. • The speculators who even though they trust the Bitcoin network use usdt and other stable coins to trade and lock profits; They would likely also switch back into Bitcoin fully. I'm both scenarios above, Bitcoin would benefit as there would be a spike in demand. • There are also the users who were not so convinced about cryptocurrencies and would see a collapse in tether as a testament of how unpredictable this market is, they could exit out of the space altogether. What direction the market would take depends on which of the above players makes up the majority. Although I would expect volatility in either direction early on. In the long run however regardless of how the market reacts initially, Bitcoin should survive and stabilize, as it is not directly pegged on usdt or any other currency. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Beparanf on December 13, 2020, 12:34:06 PM If USDT will collapse, BTC and the general cryptomarket will follow. USDT already have the majority of the volume of all the stablecoin available right now and collapsing means most of the crypto user that holds USDT will be in a huge loss which means the buy power in cryptomarket will decrease dramatically.
We know that tether is a really shady company but they are not dumb to runaway with a billion dollar market that they are currently monopolizing. There profit here is consistent and huge. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: tyz on December 13, 2020, 12:35:23 PM It is difficult to say whether Bitcoin would collapse. But it would certainly have a huge impact. A lot of traders use USDT as a currency pair with Bitcoin. A loss of confidence there will mean that a lot of money will flow out of crypto and therefore the price of Bitcoin will go down. Similar problems and rumors from Tether have already shown this in the past. Fortunately, there are now many alternatives to USDT which could counter a massive slump.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Darker45 on December 13, 2020, 12:50:25 PM There'd be chaos. The collapse would wreak havoc to the market. Tether is a 20-billion market, after all. But I guess the severity of its effect to Bitcoin would highly depend on whether the collapse is abrupt or gradual and how things would unfold after that.
However, it seems we will not be completely surprised if this day would eventually come. I guess a lot of people have already been given enough heads-up about USDT. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Coyster on December 13, 2020, 01:27:48 PM Bitcoin being the speculative market that it is and how it is to a large extent an unpredictable network, I would not be surprised if it doesn't affect the price of Bitcoin too much, when covid-19 pandemic struck the world and the world economy, bringing it to a huge plunge, quite a lot of people expected and even predicted bitcoin to suffer that same fate, but it wasn't to be, bitcoin instead had a good year and is moving to cross it's ath.
Having said that, I know USDT prolly has more connection to Bitcoin than the traditional economics, but you cannot remove the factor of uncertainty in anything concerning the network, people using USDT should rather be careful, rather than bothering on what will happen to BTC price if it (usdt) collapses, as only them (holders of usdt) could feel the impact if anything along that lines happens. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bryant.coleman on December 13, 2020, 01:31:09 PM What happens to USDT in the future has nothing to do with Bitcoin. As most of us know, USDT is a token issued by the Bitfinex exchange, and is backed up with assets denominated in US Dollar. In short, rather than a decentralized cryptocurrency, it is a digital version of fiat currency in cryptocurrency format. So ideally if it goes down, Bitcoin should not be affected. But since it is traded in various cryptocurrency exchanges, I am assuming that there will be some impact.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Lucius on December 13, 2020, 03:17:30 PM bryant.coleman, 1 USDT should be backed with $1, and at one point it was publicly revealed that as much as 30% of the USDT on the market were not backed with $, but with some other things. If someone powerful (and that's only the US) wanted to go all the way and investigate the whole thing thoroughly, they'd probably find enough reason to shut down the whole thing.
At that point, anyone in possession of the USDT would actually have one big nothing, and that would really be very bad news that would definitely hit Bitcoin. To the average viewer looking at it from the side, it would sound like this: "Coins worth $20 billion printed from nothing, is Bitcoin also fake?" Dealing with stablecoins is far more dangerous than with fiat -> Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055.0) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Kez1817 on December 13, 2020, 03:24:17 PM If USDT will collapse for sure it has an impact in bitcoin and other cryptocurrency because USDT has a higher volume than the other stable coin in crypto market. If ever it will happen ,then for sure many those who hold USDT will be in a huge loss. Crypto market is always volatile but if this will happen then I think there is a dramatically decrease on other cryptocurrency because almost all coins has a pair of usdt.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: poodle63 on December 13, 2020, 03:48:39 PM Depend on what's the main cause of USDT collapsing in this case, if that's because people withdrawing their money from USDT altogether then crypto gonna be fine and there's no impact at all. Maybe minor dump but not gonna bring doom to bitcoin. It's not like USDT is the only stable coin available in the market.
USDC is some promising stablecoin and might replace USDT in the future. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bitkanu on December 13, 2020, 04:03:35 PM I just know that if USDT was the main reason why bitcoin has pumped in the past but for me there could be some reasons to happen with bitcoin
I remember when vitalik says that CBDC will have various ways to be traded with crypto and that could be an alternative solution when USDT would collapse. It looks like so many people are feeling pessimistic after the US congress propose to implement the license for the stable coin issuer. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: masterzino on December 13, 2020, 04:40:47 PM Tether's market cap is gigantic right now. During the previous Bitcoin crash, it was some mere $3B. Now it's close to $20B.
$20B in the private hands-on artificial blockchain. If Tether collapse, all cryptos (not only Bitcoin) will collapse as well. Some of the giant ones like Bitcoin and Ether will survive; others not. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: pixie85 on December 13, 2020, 05:13:27 PM Tether's market cap is gigantic right now. During the previous Bitcoin crash, it was some mere $3B. Now it's close to $20B. $20B in the private hands-on artificial blockchain. If Tether collapse, all cryptos (not only Bitcoin) will collapse as well. Some of the giant ones like Bitcoin and Ether will survive; others not. Collapse meaning crash? That's fair. Collapse meaning go to 0 and get destroyed? Of course not. Tether is a real threat because it's fake money that can be made out of air and this fake money is being used to purchase coins that present real market value and even exchange to fiat money. You're turning something real into a promise made by a company and an exchange that backs it. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: exstasie on December 13, 2020, 07:48:00 PM It's all guesswork. I'm sure there would be some volatility, but it's hard to tell which direction it would go. It might also depend how abrupt the collapse is. Absolutely. If speculators have ample time to dump USDT into crypto markets then arbitrage bots and technical breakouts could cause the rest of the market to spike upwards. This is essentially what happened in the spring of 2017, when Bitfinex and Tether lost banking capabilities and a very large disparity developed between their markets and the rest of the world. Bitstamp, Coinbase, and everyone else eventually followed them up. If Bitfinex and Tether go completely dark, the FBI takes down their domains, large exchanges like Binance freeze USDT markets, etc. then things could play out very differently. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Dragonfund on December 13, 2020, 09:16:33 PM The growth will be exponentially crazy one, just imagine pumping a total amount of $19 billion into other coins, mind you that bitcoin will accommodate lots of share since it has always been the first and most favorite coin in the market. Lots of order books will be bought over time with in a short span.
I could still remember how Bitcoin moves from $6k to $10k within and hour when China announced uplifting ban of bicoin and other cryptocurrency, the same scenario will likely happen again but this time, it will be continous probably till $100k :-* :-* Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: batang_bitcoin on December 13, 2020, 09:31:31 PM It's true that everything is uncertain in crypto. Even past events in 2018 cannot be used as the only guide. I am sure that if a stable coin like USDT collapses then crypto is in trouble so it is very possible that Bitcoin and other coins will also slowly decline. It is likely that bitcoin would certainly go into a historical decline if that happens. If we compare the 2017 that has a continuous printing of USDT, it has bumping bitcoin's price. And that's why if something goes wrong for USDT and it collapses then we might see the same effect to bitcoin but in the same effect that's also negative. But we have no idea if that would be as quick dump as possible with a large decrease in price. With the nature of being resilient, it will recover. But I just wish that this wouldn't happen or anything the same. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bassbity on December 13, 2020, 10:40:12 PM not only panic, it will undoubtedly destroy the value of other cryptos. and bitcoin will be increasingly in demand in the market. it's hard for a large company like USDT to leave without a reason. must remain successful. The possibilities are always there, although I'm limited to guessing if the USDT collapses.
depending on the collapse, if it happens periodically, then obviously everyone is going to dump bitcoin immediately and wait for the low price. in this case of course there will be a lot of speculation and different views. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Silberman on December 13, 2020, 11:02:20 PM Hey Guys I think a dump will happen but mostly because people will panic, there will be some that will try to exchange their USDT for bitcoin increasing the demand but a great deal of people, weak hands obviously, will begin to sell, whales will see an opportunity and crash the price thinking on all the cheap bitcoin they will get, but then we will see a quick recovery as those investors simple move out to other stable coins or decide to hold the bitcoin they have, so while it will be a traumatic experience for the market the instability will only last a few weeks and then we will need just a few months to recover and the price will go back where it was before all of that happened.New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: MCobian on December 13, 2020, 11:53:20 PM My opinion that if USDT collapses it will certainly affect all coins, including the Bitcoin price there is a possibility of being dumped.
Because nowadays many people trade crypto on exchanges using USDT pairing, moreover, the amount of USDT volume is still the highest. So USDT collapse will panic investors, this is what might cause Bitcoin price to dump. If this happens I am sure it will not last long, because Bitcoin always recover quickly. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bryant.coleman on December 14, 2020, 03:27:39 AM bryant.coleman, 1 USDT should be backed with $1, and at one point it was publicly revealed that as much as 30% of the USDT on the market were not backed with $, but with some other things. If someone powerful (and that's only the US) wanted to go all the way and investigate the whole thing thoroughly, they'd probably find enough reason to shut down the whole thing. At that point, anyone in possession of the USDT would actually have one big nothing, and that would really be very bad news that would definitely hit Bitcoin. To the average viewer looking at it from the side, it would sound like this: "Coins worth $20 billion printed from nothing, is Bitcoin also fake?" Dealing with stablecoins is far more dangerous than with fiat -> Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055.0) Completely agree with your post. Stablecoins such as USDT goes against the very principle of cryptocurrency. The biggest advantage with Bitcoin is that you will be able to store money on your own. This is not applicable to stablecoins, because the exchanges are storing the money and they are issuing a token to you to represent its value. And as you have pointed out, many of these exchanges reject independent audit and therefore we don't know whether these stablecoins are backed up 1 to 1 or not. If any of the larger Stablecoins go down, it can have a very bad impact on the exchange rates and adoption of Bitcoin. It is unfair, as Bitcoin has nothing to do with these stablecoins. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: nrvasquez on December 14, 2020, 04:31:50 AM My opinion that if USDT collapses it will certainly affect all coins, including the Bitcoin price there is a possibility of being dumped. To be honest, it's hard to imagine this will happen, because the foundation of the stablecoin itself is backed up with the original value of USD. maybe there will also be regulations governing stablecoins in 2021, but imagining a USDT colapse is almost inconceivable, and might lead to a massive decline in trust in crypto.Because nowadays many people trade crypto on exchanges using USDT pairing, moreover, the amount of USDT volume is still the highest. So USDT collapse will panic investors, this is what might cause Bitcoin price to dump. If this happens I am sure it will not last long, because Bitcoin always recover quickly. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on December 14, 2020, 04:55:57 AM To be honest, it's hard to imagine this will happen, because the foundation of the stablecoin itself is backed up with the original value of USD. maybe there will also be regulations governing stablecoins in 2021, but imagining a USDT colapse is almost inconceivable, and might lead to a massive decline in trust in crypto. USDT was very close to a collapse in 2019, when the New York Attorney General (NYAG) launched an enquiry directed at a cover-up that involved $850 million loss at Crypto Capital. It was later proved that reserve funds from Tether (USDT) were used to cover the shortfall, which resulted from these losses. In the mainstream market, this would have resulted in the complete destruction of the asset. But on the other hand, Tether actually managed to increase its market cap from $4 billion in 2019, to $20 billion as of now, and the incident had hardly any impact on the Bitcoin exchange rates. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Leviathan.007 on December 14, 2020, 05:38:45 AM It is possible for USDT to collapse. Because the the team wasn't honest enough about the liquidity and there was a collapse back in 2018, so that's possible to see USDT at 0.8 again. USDT is an important stablecoin, I guess because of the panic in the market after collapsing the USDT the market would fall a little bit because the crypto market is all linked together, but in the other hand, bitcoin showed us it can be stay stable even if whole collapses. So, I guess Bitcoin will stay stable after falling for a little bit.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: PonZZ on December 14, 2020, 07:48:50 AM If Tether would crash, people started to move from USDT to another assets, so it pushed Bitcoin.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Psynthax on December 14, 2020, 09:04:15 AM Probably bearish market for temporary because people gonna lose trust to stablecoin asset if its really happening. But, worst case scenario people just gonna move their money to real crypto like bitcoin or eth.
My best case scenario is people just move on to other stablecoin since theres plenty already and probably gonna try out crypto released by the government. i think usdt collapsing seems possible because it's private owned and everything could happen to this kind of company. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: ice18 on December 14, 2020, 09:21:17 AM It will possibly affect the whole crypto market for a short term there are alternatives and most users will move from usdt to other stablecoins like USDC or BUSD but the negativity it will bring to crypto market will impact the price of bitcoin and other crypto so Im hoping that this will not happen.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Lucius on December 14, 2020, 10:47:52 AM If any of the larger Stablecoins go down, it can have a very bad impact on the exchange rates and adoption of Bitcoin. It is unfair, as Bitcoin has nothing to do with these stablecoins. Unfortunately most crypto traders are not even aware of what stablecoin is, and how easy it is to manipulate the way it is created with almost no serious oversight. Their max supply is actually unlimited, just as fiat is unlimited, and thus they share its destiny. People and human greed will always find a way to spoil even the best solution that someone offers them - but that only shows that the human mindset is not yet ready for the degree of financial independence offered by Bitcoin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: fiulpro on December 14, 2020, 10:52:08 AM It will ofcourse have a negative impact but at the same time: "not long lasting"
People who want to engage in BTC would do that through other methods, they will soon find replacement, at the same time we do have a lot of options now one can just find out which one works for them. I won't be surprised if tether crashed at this time because if I remember correctly, it's not just backed by usd but also the loans from companies etc.. therefore during the pandemic there might be higher chances of it happening. Explore your options, it is not the only pair. Plus I do believe that if tether decreased in price drastically people would need some sort of investment to hold onto, btc would be ideal now so thus in few days it would balance the crash out. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: magneto on December 14, 2020, 11:37:50 AM Hey Guys New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) No matter which way you look at it, there will be a short term dump for sure. Tether is an extremely important source of liquidity for bitcoin markets and there is absolutely no doubt that there will be a negative demand shock if USDT goes under. There will also be secondary effects in terms of investor psychology that may not necessarily be backed by solid reasoning (but hey, markets are irrational at the best of times). But in the long run, I think that BTC has shown enough for us to say that it is immune and independent of any external movement. It is indeed a long term store of value. We've seen a bunch of countries, including China, who have vigorously opposed BTC. The same effects occurred - short run dump due to irrational markets, long run rally due to underlying fundamentals and peoples' realisation that they are unchanged no matter what the legislations are. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Vishnu.Reang on December 14, 2020, 01:03:15 PM Unfortunately most crypto traders are not even aware of what stablecoin is, and how easy it is to manipulate the way it is created with almost no serious oversight. Their max supply is actually unlimited, just as fiat is unlimited, and thus they share its destiny. People and human greed will always find a way to spoil even the best solution that someone offers them - but that only shows that the human mindset is not yet ready for the degree of financial independence offered by Bitcoin. I would never use a stablecoin, unless trading between cryptocurrency and fiat is banned in my country. Here, that is not the case and therefore I have never owned USDT or any other stablecoin. But the situation is different in some of the countries such as China. Direct trading between fiat and crypto is banned and therefore the users are forced to use stablecoins. But nowadays, a lot of the traders even in countries with no restriction in trading are also using stablecoins and this actually surprises me. IMO, stablecoins are like ticking timebomb. No one knows when they will go down. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Lucius on December 15, 2020, 11:00:48 AM Vishnu.Reang, it is clear why most are in favor of using stablecoins, in addition to those who are literally forced to do that because it is their only way to crypto trading, to those who just want as fast transactions as possible when it comes to bypassing banks and fiat transactions. Such transactions can sometimes last for several days, which is really something that can be frustrating, and this is certainly not the case with stablecoins.
The problem is that their creation is not transparent and can be abused, and of course at any time they can be completely frozen and become completely worthless. I hope that this will not happen, and that people will eventually become more cautious in dealing with any stablecoins. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Silberman on December 17, 2020, 08:42:08 PM Vishnu.Reang, it is clear why most are in favor of using stablecoins, in addition to those who are literally forced to do that because it is their only way to crypto trading, to those who just want as fast transactions as possible when it comes to bypassing banks and fiat transactions. Such transactions can sometimes last for several days, which is really something that can be frustrating, and this is certainly not the case with stablecoins. Which is why it is difficult to understand the posture of banks, one of the main reasons people use stable coins is because it is easy to get in and out of the market with them and it allows you to protect yourself in the case of a crash, if banks were faster in the way they operate and they did not put as many roadblocks for people using cryptocurrencies then all of that business could have gone to them but instead exchanges were smarter and kept that business for themselves.The problem is that their creation is not transparent and can be abused, and of course at any time they can be completely frozen and become completely worthless. I hope that this will not happen, and that people will eventually become more cautious in dealing with any stablecoins. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: HaXX0R1337 on December 17, 2020, 11:54:35 PM If USDT collapse then we would see a major disruption in the market and we might even seen a major correction as the confidence of the investors will be affected if there is a situation like that and we might see institutional institutions booking their profit if there is a negative news like this magnitude. That does not mean that the entire bitcoin price will be affected but the entire market but bitcoin will rise again eventually.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Maxre on December 18, 2020, 03:30:34 AM If the value of USDT collapses, I don't think it will affect Bitcoin which can stand alone, maybe there will be other alternatives such as stable coins that have been circulating a lot today to replace USDT, and this momentum can be used to gain the trust of users.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Wingsbtc on December 18, 2020, 07:28:40 AM This is just a guess honestly, even if USDT goes down it will affect the whole crypto market for a while and bitcoin will get back on its feet, bitcoin is more than capable to handle any bad situations, we have seen how strong bitcoin is and it has died a thousand death before and still come back alive
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: stompix on December 18, 2020, 07:43:55 AM It's all guesswork. I'm sure there would be some volatility, but it's hard to tell which direction it would go. It might also depend how abrupt the collapse is. If Bitfinex and Tether go completely dark, the FBI takes down their domains, large exchanges like Binance freeze USDT markets, etc. then things could play out very differently.I would say it's a bit more important what would trigger the collapse rather than how fast it will go. If it's bitfinex deciding to close down and allow users to redeem all USDT (lol, like that would ever happen) it might not be that bad as if the FBI taking them down and freezing their whole business. That would hurt so much short term the March drop will look like a walk in the park. But I think the biggest loser will not be BTC, there are hundreds of shitcoins who have no other trading pair, those are doomed, just as exchanges that deal with stable coins avoiding fiat because of regulations. They will have to switch to a different stable coin and hope users will somehow be convinced to use this one after losing billions with tether. And thinking of this, the collapse doesn't seem that bad anymore If Tether would crash, people started to move from USDT to another assets, so it pushed Bitcoin. When you lose all your savings with one business you start a different business, right? With what money???!!!!! Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: jubalix on December 18, 2020, 10:03:58 AM Tether was so FUD years ago I thought It was going collapse.
I think it has collapsed, just no one noticed or can prove it. I am pretty sure it's fractional. Now there are plenty of other USD coins to take over, but honestly, until they have a transparent real-time issuance and burn mech it not trustworthy. I guess this kind different point but the USD is collapsing faster so even if tether fails, sure short term there will be issues but another better solution will arise and BTC will continue. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: figmentofmyass on December 18, 2020, 10:21:42 AM I am pretty sure it's fractional. oh it's provably fractional: Tether Lawyer Admits Stablecoin Now 74% Backed by Cash and Equivalents (https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents) tbh, i don't believe the FUD about tether printing though, and i don't think it's fractional reserve by design. however, the crypto capital seizure did showcase the inherent risks underlying tether's dollar peg. a single law enforcement seizure ate up 1/4 of their entire banking liquidity. that should be terrifying for USDT holders, but somehow they keep the faith. tether's market cap just grows and grows. ::) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: teosanru on December 18, 2020, 10:45:26 AM Hey Guys Actually the repercussions of USDT collpasing would be that every one who is holding USDT on exchanges would immediately try to sell it off thereby increasing the volume on bitcoin immediately which could shoot up the price. But as now there are many other Stablecoins based on USD so this might not take place to that extent to which people think. Talking about USDT scam I think it's been in market for sometime now and I think it's difficult to imagine a thing like USDT blowing off in a day or two.New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) Talking about which side would win. There is what you call a psychological effect. People would think if USDT can be blown off so easily what's so different with Real USD or any other stable USD coin pair so it's better to be in any crypto rather than being in a stupid stable coin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: shoreno on December 18, 2020, 11:13:52 AM whats the connect ? i know. your thinking that btc hodler traded thier coin to usdt but i think not all btc hodler are doing it and not only those who hold btc can convert thier asset to usdt but they can be eth or other crypto hodlers .
i havent seen usdt collapse before but is that even possible for such stable coin but what could really collapse is the coin that are being converted to stable coin but collapse arent unusual . if its in btc i dont believe btc will back to 3 or 4 digits but it can be 5 something . Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Karartma1 on December 18, 2020, 02:48:11 PM I am pretty sure it's fractional. oh it's provably fractional: Tether Lawyer Admits Stablecoin Now 74% Backed by Cash and Equivalents (https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents) tbh, i don't believe the FUD about tether printing though, and i don't think it's fractional reserve by design. however, the crypto capital seizure did showcase the inherent risks underlying tether's dollar peg. a single law enforcement seizure ate up 1/4 of their entire banking liquidity. that should be terrifying for USDT holders, but somehow they keep the faith. tether's market cap just grows and grows. ::) For that reason, I hold 0 usdt. I've never trusted it (let alone the guys who backed it). Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: mindrust on December 18, 2020, 03:03:51 PM Tether's marketcap was 20B USD last time I checked it. (maybe it is more now I don't know and lazy to see it again)
But marketcap is not really where you should be looking at. (aside from the fact that it x5'ed itself since the beginning of this year) It is the trading volume of BTC/other crypto against USDT. That's where the real party's at. Few days ago I looked at the BTC/USD trading volume on major exchanges and it is nearly non-existent. People almost only do USDT-BTC trades. There could be several reasons and excuses for this but it is the way it is right now and I don't think this is the healthy way. What would happen if Tether goes down? Probably moon-shot first, dump later. That's because the insider people would want to leave tether and while some of them would want to have USD immediately, some others would be after one last fuck. (the moon shot I am talking about) Insiders and big whales would make money from that collapse. Right now the most important question that keeps my mind busy is that why don't the US authorities make Tether official as a digital USD? If they don't do that, then why don't they raid Bitfinex and audit them? Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Nhor1011 on December 18, 2020, 03:46:31 PM Almost all crypto exchange are using USDT as a pair to other digital currency even in bitcoin. USDT is a stable coin but it is not really reliable because it has a chance to collapse.
If ever it will happen, of course everything in crypto will become affected specially those who hold USDT on their wallet for long term. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Findingnemo on December 18, 2020, 07:22:47 PM The collapse of USDT is not too far from now in my opinion but before that people will diverse into many stable coins which are actually better than Tether so there will be a dump in four digits for sure as immediate effect but this won't take too long to get recovered to the original state when USDT started to collapse.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: zasad@ on December 18, 2020, 08:23:45 PM $ 20 billion is a very small amount for the crypto market, and as long as 1 tether is equivalent to 1 US dollar, it cannot be called a scam. Most of the tokens are involved in speculation or are stored in users' wallets. Users are not going to exchange their tokens for fiat, because they can already be paid in many payment systems.
In the near future and with the constant growth of the market, the collapse of the tether is unlikely Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: ven7net on December 18, 2020, 08:43:14 PM Hey Guys New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) I believe that if Tether crashes, then BTC will rise in price. In simple words, inflation (depreciation) of Tether will occur, and if we are talking about the BTC / USDT pair, then when one of the assets depreciates, the price of the other rises. While this is an unlikely scenario, I believe it could lead to big events in the crypto market. Perhaps the major players have such a plan, and we may well be able to see it in reality. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DooMAD on December 18, 2020, 09:15:08 PM $ 20 billion is a very small amount for the crypto market, and as long as 1 tether is equivalent to 1 US dollar, it cannot be called a scam. Not even a scam (https://bitcointalk.org/index.php?topic=1881199.0). ;) At the very least, it can be called a broken promise. It was launched under the assertion that 1 USDT would be backed by 1 USD and this is no longer the case. The goalposts have been dramatically moved because a company couldn't keep its word. There are no guarantees they won't change things for the worse again. People are just too trusting and complacent to see it for the ticking time-bomb it is. Tether, the company, are now in a position where they can see most of the people trading their IOUs couldn't care less when they print another billion or two into existence, so that's what they'll continue doing. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: exstasie on December 18, 2020, 09:46:02 PM $ 20 billion is a very small amount for the crypto market, and as long as 1 tether is equivalent to 1 US dollar, it cannot be called a scam. At the very least, it can be called a broken promise. It was launched under the assertion that 1 USDT would be backed by 1 USD and this is no longer the case. The goalposts have been dramatically moved because a company couldn't keep its word. There are no guarantees they won't change things for the worse again. People are just too trusting and complacent to see it for the ticking time-bomb it is. I would guess USDT holders are mainly concerned with the ability to redeem 1 USDT for $1 (i.e. that the peg remains intact) and not whether reserves are 100% backed. I know this distinction seems trivial, but it's all about the (often urgent) need to hedge fiat value with minimal KYC. That's how Tether builds so much liquidity: large players arbitrage the peg (you may notice USDT spends lots of time trading above $1) and act as market makers on the OTC market and exchanges, while the retail market uses USDT on secondary markets to avoid KYC. It's a symbiotic relationship where there is always robust demand for USDT both on and off exchanges. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bearexin on December 21, 2020, 05:10:30 PM I really hope this never happens. I want to see USDT slowly going down, not crash but slowly, like how people would prefer some other coin. Litecoin is still superbly high for example, but once upon a time it was the second ranked coin in the market, right now it is not and Ethereum and XRP passed it long time ago.
I want the same thing to happen to tether as well, I want to see something like DAI to actually spend a bit more time at top and drop tether inch by inch and in 5 years it should be out of top 10. Of course this is not going to happen, of course we are going to see more and more tether but that scares me a bit, I do not want it to happen but unfortunately it will happen no matter what. In any case we are just going to live with the fact that tether now is hug and if it ever crashes we are going to see bitcoin go down 50%+ and probably even 80%+ levels. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: meanwords on December 21, 2020, 07:14:40 PM I believe that if this happens we will see one of two things. Considering that most of the cryptocurrency transactions are associated with USDT, then we will not be able to quickly switch to a new stable coin, which means that the USDT will be exchanged for Bitcoin and other currencies, which will lead to a wild jump in their prices, and an equally rapid collapse in favor of other stable coins. I believe so too. Altcoins like ETH, DOGE, or even XRP would have a sharp increase because they are the ones who are mostly being traded pairs in the market. Either that or investors would be forced to find an alternative stablecoin or an alternative exchanges that houses this alternative stablecoins. If not, then they would be forced to use fiats again. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Dragonfund on December 21, 2020, 09:47:13 PM Almost all crypto exchange are using USDT as a pair to other digital currency even in bitcoin. USDT is a stable coin but it is not really reliable because it has a chance to collapse. If ever it will happen, of course everything in crypto will become affected specially those who hold USDT on their wallet for long term. It's not really reliable but do you think this minted tokens are done unpurposely, I don't think Tether will be so careless and foolish without making more development and proper regulation to allow minted USDT to reach $20b usd and one day allow it to crash, what I'm saying is that crypto market always does the opposite, there is possibility and probability of doing necessary changes without informing the public. This would give them hedge to accommodate bitcoin and pump the market, one can never tell. Anything is possible in cryptocurrency. If USDT ever collapse, Bitcoin will gain more shift with inflow of cash and liquidity. A added advantage for bitcoin lovers and maximalists. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: vaultman on December 21, 2020, 10:49:37 PM If the dollar plummets in value, then hardly anyone will accept it as an exchange currency for bitcoin, it will be too late. But it is obvious that the demand for bitcoin will grow exponentially, which will give rise to a colossal rise in its price. Therefore, in the survey, I chose the last option. You should always think in advance and it is worth keeping your savings in various types of assets, then you will not have to suffer from the collapse of a particular currency in the market.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Argoo on December 22, 2020, 07:34:44 PM First of all, here you need to clearly find out what we are discussing - the fall of the US dollar or the bankruptcy of the USDT as a stablecoin. I think that the fall in the dollar rate should increase the overall price of bitcoin even in comparison with other world currencies of states. People will save themselves from the depreciation of the dollar and invest in cryptocurrency and, above all, in bitcoin. If, for some reason, USDT disappears from the market as a stablecoin, this should not significantly affect the price of bitcoin.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on December 22, 2020, 07:44:35 PM The bitcoin price goes up according supply and minting of
USTD or usdc or pax but mostly USDT. So without usdt the btc would be 200 usd i guess so But i dont mind we dont mind as long as profit coming i dont care how ethical or how fair it is . Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: lixer on December 23, 2020, 12:53:02 PM Two digits? Do you seriously mean that bitcoin could drop to under 100 dollars just because USDT suddenly crashed? That sounds way too serious. I would say 4 digits are the realistic place and it will not even become three digits if you ask me. Over 3-4 thousand dollars is the bottom that we have failed to break under for years now, we have tried it multiple times over course of 3 years and we have failed it every single time.
This is why I think it is obvious that even if USDT crashes which is a big deal, the price will definitely not drop to anywhere near the three digit level let alone two digit level. However I am not against the idea that bitcoin will crash because of it, I understand the value USDT brings and I dislike it but I understand it and I know it will go down. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: PerfectCircle on December 24, 2020, 06:27:49 AM It will affect bitcoin and every altcoins in crypto space but I'm sure that many will be waiting for such opportunity to buy more bitcoin, every downfall of Bitcoin in value always leads to more adoption rate if we look at things from past histories
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: slapper on December 24, 2020, 07:43:50 AM Tether is a part of the crytpo world. You can not deny the fact. It has involved in many exchanges and many different crypto aspects with or without our agreement. Many people like Tether because it helps us to easily trade bitcoin to the dollar without having any problem, or KYC. Others say that tether is a big scam since Bitfinex keeps printing new tether without giving any proof that they have enough real USD for reservation. Those people also forget the fact that some tethers are burnt after the trading volume decreases
From my perspective, bitcoin will be dumped when Tether is damaged or collapsed. But soon, bitcoin will recover after this big alteration. Bitcoin is and will always be the strongest cryptocurrency on this planet. People know what they have to do when they see the fall of Tether. 11-year is enough for people to have an advanced viewpoint upon this event Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: adzino on December 24, 2020, 07:55:22 AM Not sure what is going to happen, but I guess there will be a huge volatility at first due to people panicking. And then there will be more stability than before. I mean shouldn't bitcoin be more stable then? Since no one will be able to sell their coins instantly and will be bound to keep on holding it? They hear a bad news, they won't be able to panic sell their coins to tether. No more safe haven for them.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Taskford on December 24, 2020, 03:57:10 PM Not sure what is going to happen, but I guess there will be a huge volatility at first due to people panicking. And then there will be more stability than before. I mean shouldn't bitcoin be more stable then? Since no one will be able to sell their coins instantly and will be bound to keep on holding it? They hear a bad news, they won't be able to panic sell their coins to tether. No more safe haven for them. Possibly but in other hand we might gonna see an additional demand to bitcoin since imagine this the demand that instead will go to USDT it will be shifted to bitcoins since for sure the holder will find another valuable coin to stake with. Although there will be no safe haven since the value is stable but this will be the possible scenario if we will not face the worse. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Vishnu.Reang on December 24, 2020, 04:00:40 PM Now we are witnessing the collapse of one of the top 5 cryptocurrencies before our own eyes (Ripple or XRP). This has impacted most of the other altcoins, but the Bitcoin prices have remained stable. On the other hand, the Bitcoin dominance has increased from 67.6% to 68.6%. If the USDT collapse in the near future, the same pattern will be witnessed. The users will move to BTC, and as a result the Bitcoin dominance is going to increase.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: BITCOIN4X on December 24, 2020, 04:04:21 PM Volatility will occur and this is a normal reaction in my opinion. It's hard to say that there wouldn't be any impact on the price of bitcoin if the USDT collapsed. USDT has been used as a bitcoin trading pair on a variety of exchange and I really believe the impact will be there. However, bitcoin does not depend on the growth and existence of any asset as its price is determined by supply and demand regardless of whether the USDT collapses or not. So even though there will be volatility, price will be difficult to predict which way.
Apart from USDT, I think there are many other stablecoin that can also be used as trading pairs on the exchange. So this definitely wouldn't be a problem that could damage bitcoin if it did. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DrBeer on December 24, 2020, 04:11:01 PM What does USDT have to do with the value of Bitcoin? If I have 100 times less money in my wallet, how will the value of bitcoin change? :) WILL NOT CHANGE IN ANYONE! Neither my wallet nor YUSDT have any influence on the capitalization and / or value of an independent cryptoasset, which, moreover, is the basic element for evaluating all other cryptocurrencies. Another example - how will the value of the dollar change if, for example, the ruble collapses? NO! Nothing depends on the ruble, and it has no effect on the dollar. Exactly the same relationship between Bitcoin and USDT
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: ardentvolcanoes on December 24, 2020, 04:36:25 PM Now we are witnessing the collapse of one of the top 5 cryptocurrencies before our own eyes (Ripple or XRP). This has impacted most of the other altcoins, but the Bitcoin prices have remained stable. On the other hand, the Bitcoin dominance has increased from 67.6% to 68.6%. If the USDT collapse in the near future, the same pattern will be witnessed. The users will move to BTC, and as a result the Bitcoin dominance is going to increase. If there's an impact majority will be in the positive side, just like how we are seeing things right now. XRP are falling and it's not doing any harm with Bitcoin, still residing with strong value. And from what you've shared the dominance is keep growing, investors are more concern with Bitcoin and nothing else. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Silberman on December 24, 2020, 07:55:11 PM $ 20 billion is a very small amount for the crypto market, and as long as 1 tether is equivalent to 1 US dollar, it cannot be called a scam. Most of the tokens are involved in speculation or are stored in users' wallets. Users are not going to exchange their tokens for fiat, because they can already be paid in many payment systems. The problem is not the market cap but the huge 24 hour volume of tether which is roughly 50% above the one bitcoin has, this is massive and if tether were to collapse overnight then we are bound to see a huge disruption in the market as people scramble to find a way to exchange their coins, now some suggest that some other stable coin could take its place but after such a collapse who in his right mind will want to use stable coins? A thought process that may cause even other stable coins to collapse as well.In the near future and with the constant growth of the market, the collapse of the tether is unlikely Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on December 25, 2020, 12:48:37 AM World elite are very interested to keep btc good.
And crypto so nothing not gona happening with crypto. Crypto are safe ! Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on December 25, 2020, 04:44:08 AM If there's an impact majority will be in the positive side, just like how we are seeing things right now. XRP are falling and it's not doing any harm with Bitcoin, still residing with strong value. And from what you've shared the dominance is keep growing, investors are more concern with Bitcoin and nothing else. XRP seems to be recovering now and the exchange rates are up by 22% during the last 24 hours. And as expected this has caused a dip in Bitcoin dominance from 69.0% to 68.2%. But this trend will continue. At some point, the overpriced altcoins will undergo corrections and a part of the funds which are locked up with them will move towards Bitcoin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: milesfull on December 25, 2020, 06:25:17 AM USDT collapse means crypto industry collapse. This will hurt really hard
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Oshosondy on December 25, 2020, 06:37:54 AM USDT collapse means crypto industry collapse. This will hurt really hard USDT can collapse but it if it collapse it can happen in a way nothing will happen to crypto industry, my reasons are 1. USDT is said to be owned by an exchange bitfinex which was hacked few years ago and believe to have manipulated tether to pay their dept (the bitfinex hack) 2. Knowing that their are government organizations that are investigating this, although it can be underground 3. Tether is not only the stable coin, it can be delisted on exchanges and be replaced by other stable coins. Only coin that can collapse and result to the collapse of crypto industry generally is bitcoin, but this has not be seen to be able happen in future. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: JeffBrad12 on December 25, 2020, 07:27:56 AM USDT collapse means crypto industry collapse. This will hurt really hard It looks like you were not a part of crypto old adopters and if you are old crypto adopters and then you have seen that if even when the stable coin was not yet created and crypto industry already exists. The purpose of the stable coin to give a solution for the traders who were facing a lot of problems caused by the volatility. It will not hurt crypto dude and this will never happen. Crypto can exist even without the support from the stable coin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: doomloop on December 25, 2020, 08:59:23 AM If the USDT happens to collapse the cryptocurrency market will be affected in a lot of ways.
Explaining this will be a long story, although I wouldn’t be that really good in explaining it. But the whole cryptocurrency market is relying on USDT and we all know very well the amount of money that goes into USDT everyday, and we know that USDT is no longer hundred percent backed by the USD as they used to claim at first, and this time around it can be backed by anything at all, it can be Bitcoin any asset and even air and pumped by them anytime they want, and if it happens to collapse it’s going to affect the cryptocurrency market, including Bitcoin. Though it’s not going to be a situation that the market won’t be able to get out from, but it will take time. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: XZERO1 on December 25, 2020, 12:50:59 PM If that happens I'm guessing crypto market will experience some downtrend movement but nothing that can affect the long-term uptrend of Bitcoin or anything like that.
After all there are many stable coin alternatives in almost all exchanges, DAI, PAXOS, TrueUSD and USDcoin are just a few of them, so I highly doubt that it will cause any significant impact on whole crypto market. I believe crypto market is not that easily affected by any kind of news like that in 2020 or 2021, if it was a few years ago back in 2017 or 2018 even things were different and even a little nonsense baseless fud could affect btc price significantly and bring down all altcoins with it but it hasn't been like that for a year or two now. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: RealMalatesta on December 25, 2020, 05:08:54 PM Crypto will not collapse after USDT goes away, obviously it will hurt economically speaking, the price of bitcoin will definitely go down, thats not really a shock, but its not going to impact it all that much.
Let's try to imagine that USDT crashes right, the USDT you have suddenly doesn't worth anything anywhere and Tether said they just took your money and left with it, seems reasonable enough? Well, in that case everyone will try to sell their USDT right? Who would want to keep USDT after something like that? Well when they sell their USDT, what are they going to sell it to? They are going to trade it with bitcoin, everyone will sell their USDT no matter what the price will be, to Bitcoin. Shouldn't that actually improve the price of bitcoin? I mean if anyone has any other idea I am willing to listen but one of the biggest competitions of bitcoin crashes and all its money becomes bitcoin, that sounds profitable for bitcoin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: FireBallex on December 26, 2020, 06:28:50 AM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;)
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: VDraci on December 26, 2020, 09:35:07 AM USDT carries a huge marketcap, if something bad happens it will affect the whole crypto space big time but I'm sure bitcoin will be the first to recover, we can't deny the fact that Bitcoin is well adopted than others and some are even waiting for a golden opportunity to buy bitcoin for cheap price
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on December 26, 2020, 03:36:17 PM Bitcoin went up coused of USDT PUMP .
If usdt fail then btc price will be ...how we know what? Bitcoin price comes: binance kraken hubo bi ,polox... If one of them something happens its fine. But if all them disapeares bitcoin will be zero. Or very low . Gold market are same it works the same way Usdt is main thing if one day it will disapeares then btc price will falll quickly. 10-20k . And there is no other response then panic selling to usdc dai or pax or others. I belive this they do it . The authorities are slick they manipulate with market to buy cheap together with their friends ! Its been like this with metals gold silver and all others even stocks and btc will be same . Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Reid on December 26, 2020, 04:47:41 PM Stay unaffected is still winning.
I am glad about how optimistic our forum members here with the strength of Bitcoin. It might just be 11 votes but it's still something else. IMO, USDT is just a tool for traders who want to make a faster sell point without worrying about the fluctuation and that's it. Also, taking out the risk of buying an altcoin that might be dumped. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: jaysabi on December 26, 2020, 04:54:22 PM If the US dollar collapses, the price of bitcoin is going to be the least of everyone’s concerns. It will likely skyrocket, but your gains are moot in an economy where everything has gone out the window and there’s now political and social unrest on a wide scale.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: zasad@ on December 26, 2020, 06:43:36 PM Fighting to be STABLE: the Evolution of Stablecoins
https://medium.com/dragonfly-research/fighting-to-be-stable-the-evolution-of-stablecoins-aca81fb432f9 A very interesting article about stablecoins, their evolution and what will happen in the future. Many interesting thoughts about their regulation. I agree with the opinion of the author: "And the bigger Tether gets, the bigger the target on its back grows." Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Lhaine on December 26, 2020, 06:48:15 PM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;) Yes, but is everyone sure that the USDT will collapse? because stable tokens are always valued in accordance with the dollar currency in general, the use of the dollar currency is still very large and the pairing for new tokens and coins is still very much, so are you sure that USDT will collapse?Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: acquafredda on December 26, 2020, 06:54:21 PM Fighting to be STABLE: the Evolution of Stablecoins Sadly yes. Whatever we may think of Tether we should recognize its role in the last years: it helped many traders, holders and users to go in and out of btc/fiat to allow fast transfers across different platforms. What Tether represent today is what it is scaring us all as its collapse will be a sort of nuke bomb on the crypto world. Yes, there are already alternative in place yet UDST is the biggest and most used.https://medium.com/dragonfly-research/fighting-to-be-stable-the-evolution-of-stablecoins-aca81fb432f9 A very interesting article about stablecoins, their evolution and what will happen in the future. Many interesting thoughts about their regulation. I agree with the opinion of the author: "And the bigger Tether gets, the bigger the target on its back grows." Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: konflikkastil on December 26, 2020, 07:46:41 PM I discussed something similar to this with my friends few days ago. Then, we were arguing on which of the country in the world that their economy determine or plays a major rule in deciding the cryptocurrencies price. And I could still remember an amateur that's just learning said China. I looked at him and ask what was his reason for picking China. He told me that they has one of the largest economy in the world with the way their economy is growing faster. But we later conclude that if any country will determine the BTC price, that will be USA. USD plays a major role. And it's a major big player in determining the BTC price.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Dragonfund on December 26, 2020, 11:21:17 PM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;) I want to be guided in cryptocurrency since my last mistake, I really hope I don't make silly mistakes like in the past and I don't wish other to do the same but if Usdt should collapse today, it will bring lots of people and not just that alone including organizations and companies that are holding Usdt because most of this minted Usdt aren't all use in the market. My fear is when this kind of incident happen, it will affect crypto in general, all the coins and token on the market will have blood on their time line before another quick recovery like this covid-19 we all experience this year. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: acquafredda on December 27, 2020, 10:10:01 AM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;) I want to be guided in cryptocurrency since my last mistake, I really hope I don't make silly mistakes like in the past and I don't wish other to do the same but if Usdt should collapse today, it will bring lots of people and not just that alone including organizations and companies that are holding Usdt because most of this minted Usdt aren't all use in the market. My fear is when this kind of incident happen, it will affect crypto in general, all the coins and token on the market will have blood on their time line before another quick recovery like this covid-19 we all experience this year. Owning bitcoin is much safer on the long run, because if USDT dies BTC will certainly survive. How can I be so sure? Just look at what happened in the past. ;) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Vishnu.Reang on December 27, 2020, 12:49:15 PM Simply do not own any USDT. Nobody can guide you here as we are sailing the most remote crypto market areas: we have never been here before but remembering history I can clearly see that if something happens to Tether, the whole market will be affected. Owning bitcoin is much safer on the long run, because if USDT dies BTC will certainly survive. How can I be so sure? Just look at what happened in the past. ;) There are millions of cryptocurrency users out there, who think that Bitcoin is a bit overpriced right now. They believe that a major correction can take place sometime soon, and the exchange rates can go down by a large amount. These are the people who still own USDT, and we can't really blame them. But then, USDT is just a token issued by the Bitfinex exchange, and it is not as secure as Bitcoin. Cryptocurrency exchanges get hacked and go down all the time, and Bitfinex is not 100% immune from such incidents. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on December 27, 2020, 04:36:13 PM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;) I want to be guided in cryptocurrency since my last mistake, I really hope I don't make silly mistakes like in the past and I don't wish other to do the same but if Usdt should collapse today, it will bring lots of people and not just that alone including organizations and companies that are holding Usdt because most of this minted Usdt aren't all use in the market. My fear is when this kind of incident happen, it will affect crypto in general, all the coins and token on the market will have blood on their time line before another quick recovery like this covid-19 we all experience this year. Owning bitcoin is much safer on the long run, because if USDT dies BTC will certainly survive. How can I be so sure? Just look at what happened in the past. ;) Simply i rather own USDT. If usdt goes down ill go to usa goverment door officials and ask where the f is my money homie ! With bitcoin ? Who to ask ??? Ill be right and knocking door and asking yo men where is the money bro real talk Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DooMAD on December 27, 2020, 04:45:55 PM Simply i rather own USDT. If usdt goes down ill go to usa goverment door officials and ask where the f is my money homie ! Yes, I'm sure they'll get right on that after they've referred you to the IRS for a nice little chat. They've got a fantastic track record with this sort of thing. ::) Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on December 27, 2020, 05:09:52 PM Simply i rather own USDT. If usdt goes down ill go to usa goverment door officials and ask where the f is my money homie ! Yes, I'm sure they'll get right on that after they've referred you to the IRS for a nice little chat. They've got a fantastic track record with this sort of thing. ::) Well i tell to IRS homie where is the money bro...real talk where is money ? Money can not just fly away .... when i put money in coinbase they got my cash i deal with them .... how cam someone who got money tell you i dont have ??? No way homies thsts not a way we do here Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: jaberwock on December 28, 2020, 05:47:15 AM If the USDT happens to collapse the cryptocurrency market will be affected in a lot of ways. I am not going to lie, even though USDT looks like it has a huge market cap, and they have a lot of money, in reality I think it is not really looking like they are that big, they just look big but do you really believe that tether has over 20 billion dollars of USDT sold on the market and some people paid real money for it? I really do not believe that at all, there is no way people would have given them 20+ billion dollars. This is why I think it is obvious that they are just making themselves look bigger than they really are in order to get more hype around the crypto world.Explaining this will be a long story, although I wouldn’t be that really good in explaining it. But the whole cryptocurrency market is relying on USDT and we all know very well the amount of money that goes into USDT everyday, and we know that USDT is no longer hundred percent backed by the USD as they used to claim at first, and this time around it can be backed by anything at all, it can be Bitcoin any asset and even air and pumped by them anytime they want, and if it happens to collapse it’s going to affect the cryptocurrency market, including Bitcoin. Though it’s not going to be a situation that the market won’t be able to get out from, but it will take time. I have seen so many people realize that USDT is not cool, I finally realize that people are actually not that deep into USDT hole and if it crashes that will change bitcoin price but probably not as much as we all think considering they are probably not as big as they say they are. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DeadCoin on December 28, 2020, 07:38:11 AM hard to say something about the condition of BTC so that until now it is under the volatility which is due to unexplained reasons and then it is destined to actually happen in the present or in the future, I think eventually the USDT will be collapse if the management will be sloppy to its design,aside from that by now they also depend on their growth which is any time through a short mistake they can be put in jeopardy Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: ololajulo on December 28, 2020, 08:05:32 AM If USDT collapsed it will bring new opportunities to those that want to buy bitcoin at a cheaper rate and that will make bitcoin recovers, whatever comes bitcoin will recover because of adopters, many will be waiting for some opportunity to buy ;) ;) Have seen this USDT collapse speculation throughout the year but no one has explain what they expect or mean with USDT collapse. USDT is still the most used currency around the world, among countries even in Europe. Highly used in Cryptocurrency, Gold exchange, Reward and purchase in sport (especially sport), trade of crude oil even in money laundering. As long as these continues the type of collapse for other currency cant happen to USDTTitle: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: doomloop on December 29, 2020, 01:42:15 PM USDT carries a huge marketcap, if something bad happens it will affect the whole crypto space big time but I'm sure bitcoin will be the first to recover, we can't deny the fact that Bitcoin is well adopted than others and some are even waiting for a golden opportunity to buy bitcoin for cheap price Yeah, crypto world should stop considering all the bad things that could happen and should focus on what awesome things could happen. We are already doing great right now, which means we do not have any reason to fear what could potentially hurt us, why would we need to focus on that?The difference between 2017 peak and today's is obvious, back in those days when price went up, we didn't consider how much it can fall, which is why it went low when people least expected it, today we are all ready for a big fall and that is exactly why we end up with these good results, because people are aware that bitcoin price could fall and they act accordingly. Plus we now have huge corporations with us, they didn't buy bitcoins with USDT neither, so why are you worried that bitcoin price will crash if USDT collapses? Most of the bitcoins bought are not bought with USDT at all. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bittick on December 29, 2020, 11:26:20 PM Goverment never let usdt to collapse !! But the government will be forcing the stable coin issuers to be compliant with all of regulation. I have heard that US congress already proposed the regulation to force all of stable coin issuers to get the banking license. The government will trigger the stable coin issuer and that might give impact to the stable coin too. it's not true if the government was supporting the stable coin. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: OpenCryptoSystem on January 01, 2021, 06:57:54 PM Fed are connected with USDT.
After printing also the USDT cloud based server sustem gets signal from fed to print . Palo alto there middle server for usdt if Bi the going in so if the protocol tells if no xero the btc will go up only if no burner Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Shasha80 on January 01, 2021, 09:32:39 PM If we look at the very high USDT market cap, even according to data on the CMC site USDT is stablecoins that have a volume that exceeds
Bitcoin volume. This proves that many people make transactions with USDT, so if USDT collapses it will at least affect the Bitcoin price. I predict there is a possibility that the Bitcoin price will dump, but it will recover quickly. Maybe the decline in the price of Bitcoin is just a panic that occurs in the market, but investors will soon start looking for a substitute for USDT and as we know there are several other options for stablecoins besides USDT. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on January 02, 2021, 04:11:25 AM If we look at the very high USDT market cap, even according to data on the CMC site USDT is stablecoins that have a volume that exceeds Bitcoin volume. This proves that many people make transactions with USDT, so if USDT collapses it will at least affect the Bitcoin price. I predict there is a possibility that the Bitcoin price will dump, but it will recover quickly. Maybe the decline in the price of Bitcoin is just a panic that occurs in the market, but investors will soon start looking for a substitute for USDT and as we know there are several other options for stablecoins besides USDT. Trade volume for USDT will always be high, because it was specifically designed for trading. Nowadays most of the cryptocurrency trading is done through stablecoins such as USDT and USDC, as the users don't want to get involved in fiat due to regulatory reasons. But that doesn't mean much in the market. If USDT is available, then the users are obviously going to return to fiat, or use equivalents such as USDC or BUSD. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: posi on January 02, 2021, 04:45:02 PM If we look at the very high USDT market cap, even according to data on the CMC site USDT is stablecoins that have a volume that exceeds Bitcoin volume. This proves that many people make transactions with USDT, so if USDT collapses it will at least affect the Bitcoin price. I predict there is a possibility that the Bitcoin price will dump, but it will recover quickly. Maybe the decline in the price of Bitcoin is just a panic that occurs in the market, but investors will soon start looking for a substitute for USDT and as we know there are several other options for stablecoins besides USDT. Trade volume for USDT will always be high, because it was specifically designed for trading. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: cheezcarls on January 03, 2021, 12:32:48 PM One concern that I have for USDT is if the SEC would classify this stablecoin as a security. I know that they are possibly working on that case, but let’s just hope that SEC would not target USDT next. I know that XRP has gone down the wire because of their pending lawsuit from the US SEC, but USDT’s collapse would be total chaos for Bitcoin, Ethereum and other cryptocurrencies.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: bryant.coleman on January 03, 2021, 01:01:07 PM One concern that I have for USDT is if the SEC would classify this stablecoin as a security. I know that they are possibly working on that case, but let’s just hope that SEC would not target USDT next. I know that XRP has gone down the wire because of their pending lawsuit from the US SEC, but USDT’s collapse would be total chaos for Bitcoin, Ethereum and other cryptocurrencies. I don't think that USDT can be defined as a security. It is the digital equivalent of US Dollar, or it is what the Tether foundation claims it is. XRP was always in a difficult position, because they had a 100% premine and more than half of all the tokens were being held by the Ripple Foundation. In short, XRP was like low hanging fruit and made an easy target for the SEC. I don't think that any of the other cryptocurrencies (including USDT) are in immediate danger. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Akiko on January 03, 2021, 02:20:45 PM One concern that I have for USDT is if the SEC would classify this stablecoin as a security. I know that they are possibly working on that case, but let’s just hope that SEC would not target USDT next. I know that XRP has gone down the wire because of their pending lawsuit from the US SEC, but USDT’s collapse would be total chaos for Bitcoin, Ethereum and other cryptocurrencies. Yes thats the problem if SEC is also looking to file a case against USDT then many coins will be affected not only BTC since USDT is also have their own market pair all of them will all be affected in price . maybe 20-30% dump will happen to many crypto currency if SEC sued it the same with XRP. But bitfinex already answered why USDT will not be targeted of SEC and its explain here https://cointelegraph.com/news/relax-tether-won-t-be-targeted-by-sec-says-bitfinex-cto/amp . Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: jacafbiz on January 03, 2021, 07:58:48 PM The collapse of USDT will set the space back for at least two years, the money that is being used to pump BTC comes mainly from USDT and when the source of the fund is gone the house will collapse, I just hope Tether team settles their issue with SEC this year because USDT has done more good than bad for the space
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DooMAD on January 03, 2021, 10:46:42 PM But bitfinex already answered why USDT will not be targeted of SEC and its explain here https://cointelegraph.com/news/relax-tether-won-t-be-targeted-by-sec-says-bitfinex-cto/amp . And you don't think his perspective might be just a tiny bit biased? Of course the people selling you the dodgy token are going to tell you it's fine. They're hardly going to turn around and say "yeah, you should avoid buying our product". Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: pixie85 on January 03, 2021, 10:52:40 PM One concern that I have for USDT is if the SEC would classify this stablecoin as a security. I know that they are possibly working on that case, but let’s just hope that SEC would not target USDT next. I know that XRP has gone down the wire because of their pending lawsuit from the US SEC, but USDT’s collapse would be total chaos for Bitcoin, Ethereum and other cryptocurrencies. Is this really the only concern that you have? :D My concern would be that USDT is not backed. Even if they were backed my concern would be that they lied about being backed! This is a serious red flag that completely disqualifies USDT in my eyes. I know that many people here think that since tether people were doing fine for the last 2 years they will continue to be and keep printing money indefinitely but it doesn't work like this! Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on January 04, 2021, 03:48:10 AM The collapse of USDT will set the space back for at least two years, the money that is being used to pump BTC comes mainly from USDT and when the source of the fund is gone the house will collapse, I just hope Tether team settles their issue with SEC this year because USDT has done more good than bad for the space First of all, Tether is just a token issued by the Bitfinex exchange. If the SEC classifies USDT as a security, then Bitfinex needs to take back all the USDT tokens and reimburse the users with actual US Dollar funds. This won't be difficult, as they already claims that 100% of their tokens are backed up with real assets. There is only a very small chance of SEC targeting Tether, but even if that happens there is not much to worry about. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: darewaller on January 05, 2021, 09:24:56 AM The collapse of USDT will set the space back for at least two years, the money that is being used to pump BTC comes mainly from USDT and when the source of the fund is gone the house will collapse, I just hope Tether team settles their issue with SEC this year because USDT has done more good than bad for the space First of all, Tether is just a token issued by the Bitfinex exchange. If the SEC classifies USDT as a security, then Bitfinex needs to take back all the USDT tokens and reimburse the users with actual US Dollar funds. This won't be difficult, as they already claims that 100% of their tokens are backed up with real assets. There is only a very small chance of SEC targeting Tether, but even if that happens there is not much to worry about. However I still think the "demand" for USDT is not as high as they claim to be, they keep printing USDT and probably buying bitcoin with it, which made them richer than the amount they probably printed, but it also doesn't mean that they will end up with any legal problems neither. Even if they were delisted from all USA exchanges, it is still not going to crash the market too much. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Smartprofit on January 05, 2021, 03:02:44 PM Hey Guys New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) I also believe that the collapse of Tether will not lead to a drop in the price of bitcoin, but an increase in its price. Why do I think so? There are several reasons for this: 1) Prior to the creation of stablecoins, all altcoins were traded in pairs to Bitcoin. This did not hinder the growth of the Bitcoin price, but rather added value to it. 2) Tether is not the only stablecoin in the world. Besides it, there are many other stablecoins. 3) Tether is a direct competitor to Bitcoin. For example, at one time, usdt was used in international trade between China and other countries. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: TheGreatPython on January 05, 2021, 05:12:02 PM Tether is also keeps all their money on bahamas, which means that bitfinex can't and won't deal with USA authorities, if SEC decides that USDT is an illegal thing, the worst thing that could happen would be the fact that they can't deal with american companies and that's it. You will not have usdt in places like Coinbase for example, but as long as it is out of USA you could still continue to work with USDT without a problem and they won't need to shut down or reimburse anyone at all. But, I am going to go out on a limb and say that nothing major will happen. You may think that it could change a lot but look at the bitcoin price today, how many people do you really think owns USDT at this point?However I still think the "demand" for USDT is not as high as they claim to be, they keep printing USDT and probably buying bitcoin with it, which made them richer than the amount they probably printed, but it also doesn't mean that they will end up with any legal problems neither. Even if they were delisted from all USA exchanges, it is still not going to crash the market too much. Everyone is buying bitcoin with their money so I do not think that people are really buying USDT all that much, and there isn't all that much USDT in the market neither, people are selling so someone must be buying but considering the BTC price I assume maybe Tether has collected more and more considerably to make it stay at 1 dollar, there aren't enough money in people to keep it at 1 dollar at this point since they all went to BTC, so it must be Tether that keeps the price this way. This is why I think there is a bit of damage obviously, it is part of crypto, there is no doubt about that, but it is not going to be anything major at all. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Karartma1 on January 05, 2021, 05:16:05 PM One concern that I have for USDT is if the SEC would classify this stablecoin as a security. I know that they are possibly working on that case, but let’s just hope that SEC would not target USDT next. I know that XRP has gone down the wire because of their pending lawsuit from the US SEC, but USDT’s collapse would be total chaos for Bitcoin, Ethereum and other cryptocurrencies. Is this really the only concern that you have? :D My concern would be that USDT is not backed. Even if they were backed my concern would be that they lied about being backed! This is a serious red flag that completely disqualifies USDT in my eyes. I know that many people here think that since tether people were doing fine for the last 2 years they will continue to be and keep printing money indefinitely but it doesn't work like this! Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: exstasie on January 05, 2021, 07:50:34 PM However I still think the "demand" for USDT is not as high as they claim to be, they keep printing USDT People keep saying stuff like this, but the data actually shows incredibly strong demand for USDT, particularly in East Asia. Consider this report from Chainalysis: Quote East Asia is the world’s largest cryptocurrency market, accounting for 31% of all cryptocurrency transacted in the last 12 months. As we touched on above, stablecoin usage is especially high in East Asia, making up 33% of all value transacted on-chain. That share has been rising over the last few months though, with Tether — a popular stablecoin pegged to the U.S. dollar — actually beating out Bitcoin to be the most-received cryptocurrency by East Asia-based addresses in June 2020. As we discussed in our 2019 APAC report, much of stablecoins’ popularity in East Asia stems from the Chinese government’s decision in 2017 to ban direct exchanges of yuan for cryptocurrency. As a result, Tether has become the de facto fiat stand-in for Chinese cryptocurrency users and primary means of on-ramping to Bitcoin and other standard cryptocurrencies. Though yuan-for-Tether trades are also not allowed under the ban, it’s common for users to buy Tether under the table from OTC brokers or through other means such as by using a foreign bank account. By using Tether as a fiat stand-in instead of, say, Bitcoin, traders can lock in gains without off-ramping into fiat by simply converting other currencies into Tether and leaving the Tether in their wallet or exchange account. Bitcoin, by contrast, has too much price volatility for this to be feasible. https://blog.chainalysis.com/reports/east-asia-cryptocurrency-market-2020 There are legitimate secondary use cases emerging too: Quote While traders, specifically prop traders, represent Tether's primary use case, we have identified significant secondary use cases as well. Krishna Sriram at Quantstamp told us that ordinary users in emerging markets both in and out of East Asia use Tether as a means of value storage, as well as for cross-border remittances. As we’ll explore in greater detail later, some of those international payments may represent capital flight from countries like China. When we spoke to Dovey Wan about East Asia’s outsized Tether usage, she agreed the yuan trading ban was a major factor, and also pointed out Tether’s effectiveness for carrying out everyday transactions. “Tether has become a U.S. dollar replacement for many people in China. Lots of Chinese businesses and merchants, especially those working overseas, now accept Tether from customers,” she told us. Not to mention its emerging use in money laundering operations: Quote USDT is widely used in money laundering, gambling and other illegal activities, an executive at a blockchain platform told Caixin. In October, a local branch of the People's Bank of China in the southern Chinese city of Huizhou conducted mass arrests related to cross-border online gambling, the first crackdown on activities involving USDT. In a blog post, the central bank said 77 suspects were arrested for using USDT in cross-border transactions to launder gambling proceeds worth nearly 120 million yuan. Most USDT transactions in the Huizhou case were made on Huobi, a Seychelles-based cryptocurrency exchange founded by Tsinghua University graduate and former Oracle engineer Leon Li. Online gambling sites use gamblers' funds to buy USDT on Huobi and then sell the cryptocurrency, thus "washing" the funds into legitimate cash flow, Huizhou police told Caixin. https://asia.nikkei.com/Spotlight/Caixin/How-illegal-online-gambling-launders-150bn-from-China In this context (and considering how much USDT liquidity remains on exchanges) is $20 billion issued really that surprising? Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on January 06, 2021, 06:05:35 AM However I still think the "demand" for USDT is not as high as they claim to be, they keep printing USDT and probably buying bitcoin with it, which made them richer than the amount they probably printed, but it also doesn't mean that they will end up with any legal problems neither. Even if they were delisted from all USA exchanges, it is still not going to crash the market too much. Well... here is the problem. If they use their reserve funds to purchase BTC, then how they can claim that USDT is fully backed up with USD? Right now the BTC prices are going up and everyone is happy about it. But what would happen in case the Bitcoin prices drop and the USDT tokens are not actually backed up to US Dollar one to one? IMO, they are supposed to keep their backup funds in USD. They can't use it for any other purpose. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: DooMAD on January 06, 2021, 08:25:11 AM Well... here is the problem. If they use their reserve funds to purchase BTC, then how they can claim that USDT is fully backed up with USD? They aren't claiming that anymore. They haven't been for some time now. I thought people knew that? Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on January 12, 2021, 05:40:59 AM Well... here is the problem. If they use their reserve funds to purchase BTC, then how they can claim that USDT is fully backed up with USD? They aren't claiming that anymore. They haven't been for some time now. I thought people knew that? OK. So they are no longer claiming that their tokens are fully backed up with real USD. Great! And most of the people continue to hold USDT, despite knowing that these tokens are not fully backed up. In that case, if USDT becomes worthless and everyone loses their money, then they should just blame themselves. And meanwhile the USDT market capitalization has jumped to $24.2 billion. They are just creating money out of thin air. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: South Park on January 13, 2021, 10:24:55 PM USDT carries a huge marketcap, if something bad happens it will affect the whole crypto space big time but I'm sure bitcoin will be the first to recover, we can't deny the fact that Bitcoin is well adopted than others and some are even waiting for a golden opportunity to buy bitcoin for cheap price The huge market cap of USDT should be the least of our worries, USDT has the combined volume of BTC and ETH, that should tell you how big it is and t makes sense, when people sell their crypto ideally they will like their fiat to go to their bank accounts, but with banks flagging and closing those accounts and taking days to get your money back to exchanges in which you can miss a big movement people prefer to use USDT instead so they can always jump back in the market and without it we will lose the best source of liquidity we have.Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: error08 on January 13, 2021, 11:14:27 PM USDT carries a huge marketcap, if something bad happens it will affect the whole crypto space big time but I'm sure bitcoin will be the first to recover, we can't deny the fact that Bitcoin is well adopted than others and some are even waiting for a golden opportunity to buy bitcoin for cheap price The huge market cap of USDT should be the least of our worries, USDT has the combined volume of BTC and ETH, that should tell you how big it is and t makes sense, when people sell their crypto ideally they will like their fiat to go to their bank accounts, but with banks flagging and closing those accounts and taking days to get your money back to exchanges in which you can miss a big movement people prefer to use USDT instead so they can always jump back in the market and without it we will lose the best source of liquidity we have.if USDT would collapse, which means tether will lose its value, then people who hold usdt have to sell it and buy something better, for instance; bitcoin or any other stable coin. in this case, bitcoin value wouldn't be going down rather gain value thus the price of bitcoin and altcoins will increase. The collapse of the usdt will have an impact on the companies that issued it, as usdt backed by real USD or they claimed backed by [traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”] so they have to exchange their reserves in order to cover every sellout of usdt. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Sithara007 on January 14, 2021, 04:03:49 AM The huge market cap of USDT should be the least of our worries, USDT has the combined volume of BTC and ETH, that should tell you how big it is and t makes sense, when people sell their crypto ideally they will like their fiat to go to their bank accounts, but with banks flagging and closing those accounts and taking days to get your money back to exchanges in which you can miss a big movement people prefer to use USDT instead so they can always jump back in the market and without it we will lose the best source of liquidity we have. For me, it is the market cap that is the primary concern. USDT was originally designed to act as an intermediate medium for trading, and therefore it is expected that the trade volumes would be higher. As the volatility increased, a lot of people were storing a part of their wealth in the form of stablecoins. And this is the most risky part. Storing your wealth in USDT is just like storing your cryptocurrency in an exchange wallet. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: lonelygrimm on January 14, 2021, 07:18:44 AM In my opinion, bitcoin price will not be affected if the USDT price collapses, yes it maybe a little bit affected, but it won't have much effect. bitcoin and usdt are different currencies. from a different world too. less likely to be affected. but yes it maybe have a big effect on the price of bitcoin, for example the price of bitcoin will get higher if the usdt collapses. or more and more new investors are buying bitcoin because it is more suitable for investment. but yeah don't know, I can't predict.
Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Smartprofit on January 14, 2021, 06:40:58 PM Hey Guys New here but not in the Space. What's always annoying me about the whole Tether discussion is the fact that everybody that talks about the topic mostly assumes that if usdt collapses (not saying that it will) bitcoin would dump harder than ever before. While I can see that a lot of volume is through tether ( I would say its the majority) the collapse would by no mean be a small event. If you look back tho to end of 2018 when the whole Crypto Capital saga took place and usdt "dumped" into the .80s the only thing that really happened was that btc immediately spiked by a good amount simply because if you price btc/usdt if one collapses the other rises. So let's just assume that the day when tether would collapse actually comes and it's not just a few days of uncertainty. What side would win. A) everybody just want's to flee usdt (into btc) or B) everybody want's to flee crypto as a whole (through btc into "real usd" / coinbase) If tether is destroyed, Bitcoin's price will rise (at least double). In my opinion, this is an obvious fact. Usdt users will start buying bitcoin en masse at the highest possible price. The capitalization of bitcoins and many of the best altcoins will grow. Tether is a direct competitor to Bitcoin. Previously, alternative cryptocurrencies only traded in pairs with bitcoins. Now Tether is even being used in cross-border payments with China (instead of Bitcoin). Tether is not the US dollar, but in the crypto industry it represents the power of the US dollar. When Tether crashes, people will realize that Bitcoin is self-sufficient. It is the base currency, a measure of the value of all other assets. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: CryptoLogo on January 15, 2021, 03:02:12 PM The collapse of USDT will set the space back for at least two years, the money that is being used to pump BTC comes mainly from USDT and when the source of the fund is gone the house will collapse, I just hope Tether team settles their issue with SEC this year because USDT has done more good than bad for the space It is not known whether this will actually be the case. And the collapse is a big question. Remember the time when USDT was already close to collapse, nothing happened. Lawsuits against Bitfinex? It didn't work. Even if this happens now, we have many alternatives that can correct the situation to one degree or another. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: eaLiTy on January 15, 2021, 03:44:21 PM It is not known whether this will actually be the case. And the collapse is a big question. Remember the time when USDT was already close to collapse, nothing happened. There is an investigation going on by the New York attorney office and it is a fact that they are minting coins and whenever the price of BTCitcoin increases you will see billions of new USDT minted and in recent months there were a huge influx of newly minted coins flooding the market. With regulation coming up we should anticipate something that will directly or indirectly impact the market.Lawsuits against Bitfinex? It didn't work. Even if this happens now, we have many alternatives that can correct the situation to one degree or another. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: Argoo on January 23, 2021, 06:03:56 PM If USDT will collapse, BTC and the general cryptomarket will follow. USDT already have the majority of the volume of all the stablecoin available right now and collapsing means most of the crypto user that holds USDT will be in a huge loss which means the buy power in cryptomarket will decrease dramatically. Bitcoin existed without stablecoins and will exist even if they all disappear in an instant. Of course, stablecoins make it very easy to use cryptocurrencies, however, without them, Bitcoin and other cryptocurrencies will not die. Bitcoin is not directly related to stablecoins, but if something happens to tether, then in the first period this should affect its price, since everything in our world is interconnected. However, I find it difficult to even say in which direction - an increase or decrease, while the price of bitcoin will change.We know that tether is a really shady company but they are not dumb to runaway with a billion dollar market that they are currently monopolizing. There profit here is consistent and huge. Title: Re: IF USDT would collapse what do you think will happen to the BTC price? Post by: mindrust on January 23, 2021, 06:09:49 PM If USDT will collapse, BTC and the general cryptomarket will follow. USDT already have the majority of the volume of all the stablecoin available right now and collapsing means most of the crypto user that holds USDT will be in a huge loss which means the buy power in cryptomarket will decrease dramatically. Bitcoin existed without stablecoins and will exist even if they all disappear in an instant. Of course, stablecoins make it very easy to use cryptocurrencies, however, without them, Bitcoin and other cryptocurrencies will not die. Bitcoin is not directly related to stablecoins, but if something happens to tether, then in the first period this should affect its price, since everything in our world is interconnected. However, I find it difficult to even say in which direction - an increase or decrease, while the price of bitcoin will change.We know that tether is a really shady company but they are not dumb to runaway with a billion dollar market that they are currently monopolizing. There profit here is consistent and huge. Bitcoin won't die of course but what is going to happen to those people who bought bitcoin from $30k+ if tether disappears today? I don't think they will be happy. Where do you think the support is? at $5k? 4? 1? $500? We don't really know where the support is because 70% of the trading volume is being done with tether now. |