Now with this tether hack bitcoin may go to 9k fast

[SpaceCowboy1]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

[cryptodrunk]

Hi! I am just a newbie, but can be the "hack" just the starting of an exit scam on bitfinex? I have read that withdrawals are not working well, maybe a Mt.Gox 2.0?

[damberg]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road. 

[SpaceCowboy1]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road. 

Sure, and that is the scary part in my opinion, boosting the supply, creating money out of thin air. I think this event will raise many questions about tether and we'll not like the answers.

[mk4]

In my opinion it really could actually bump bitcoin's price higher IF a good amount of cryptocurrency holders actually read this news. I'm pretty sure a few people holds Tether(USDT) as a sort of "safe haven" when expecting dips in certain altcoins; but they would probably lose trust in Tether after the news and they would leave their funds in BTC instead. Just my 2 satoshis.

[Harlot]

I think that the opposite will happen people who have received the 30,000,000$ worth of Bitcoin will be looking to liquidate it to Fiat currency as fast as they can before they can be trace by authorities. With them selling 30 million dollars worth of Bitcoin they will be pushing the price down as the sellers will most probably take out all the price that is being offered followed by other people who will also start selling their Bitcoin causing a panic selling, but I really hope that this news will not affect the price that much.

[BrewMaster]

i don't think so because if they were doing it, we would have started to see the price of Tether drop by now but it is still staying at $1 and not moving at all.

remember last time there was some issues with bitfinex and people feared about Tether's future they started dumping it and price crashed down to $0.91 in about 24 hours. and last year when bitfinex was hacked same thing happened, in less than 24 hours price crashed to $0.95
but so far i don't see any indication of any drops.

[omonuyak]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

The tether hack news is already impacting bitcoin price and we are currently having a serious pump on most of the exchangers platform all over the globe. Bitcoin is currently trading on most of the exchange sites over $8,500 and I think the next resistance is going to be $9,000! Some speculators are saying bitcoin is going to be above  $10,000 before end of this year.

[crairezx20]

Well according to the news if you receive tokens from this address 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r it will not redeemable..
I thought that Tether is the safiest token to save your bitcoin or money..  and i think people who are using tether will convert in bitcoin this is i think why the price was increased until $8k plus and i think it will no longer more increase unless the hacker could make a way to exchange the usdt..
I thought $30 million was stolen but that address received only 7.98505373 btc?

[BrewMaster]

I thought that Tether is the safiest token to save your bitcoin or money..

well you have been mistaken.
tether has never been safe. it is a centralized altcoin backed by nothing except a shady company. they don't even guarantee tether to be exchanges with fiat and not even the price of it to be 1 dollar!
they just keep issuing new tokens...
nearly everyone knows they are shady.

I thought $30 million was stolen but that address received only 7.98505373 btc?

i am not sure what the terminology is exactly but these are called "omni layer tokens" or something like that. it is something on top of bitcoin. you need to search for USDT on it not bitcoin.
like this: https://omniexplorer.info/lookupadd.aspx?address=16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r
and there are currently 30,950,000.00 in it

[okala]

Waoo! I think that is the reason why the volume of trade on most of the trading platforms keep increasing since this morning. I have thought that price are increasing because of the discovery by some traders that bitcoin.com has converting they bitcoin holding to bitcoin cash. Tether hacked is actually going to impact bitcoin price positively.

[erre]

I was thinking this was a bad news for the ecosystem, but now that i read it is not so bad.
Just a centralized coin being hacked, and the robbed coin are already marked as not fungible.
The real problem about tether is that is backed by promises and not properly audited, this hack doesn't matter at all. Stop using this shit and everything will be fine.

[anitaraymonds]

Your are right I share same feeling on the price. Today we saw $8250. This is an indication that $9000 is in the horizon around next week. bitcoin rocks.

[cindygirl]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road. 

Sure, and that is the scary part in my opinion, boosting the supply, creating money out of thin air. I think this event will raise many questions about tether and we'll not like the answers.

And that right there is the problem many have with tether, Theymos (the highest ranked guy on this forum who's basically in charge) wrote some interesting posts about it just the last couple of days. With regard to the OP, tether collapsing will almost certainly lead to a fall in bitcoin price and definitely not an increase. Unless you are talking about BTC to USDT, but that will not be a good measure because if tether collapses then it will be worth nothing in terms of USD.

[BitMaxz]

Looks like there are some people right now are having problem to buy bitcoin using USDT from this thread https://bitcointalk.org/index.php?topic=2437369.0
And i don't think because of this that the price could increase until 9k fast.. i'm sure it would be hard to increase because of this news since other people holding USDT to  exchange it in bitcoin..
Tether is very stable price value that most trader use for trading or saving their profit from bitcoin.. if this will fix sooner expect those people who are holding usdt will convert it into bitcoin.

[An0nyMoose]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road. 

Sure, and that is the scary part in my opinion, boosting the supply, creating money out of thin air. I think this event will raise many questions about tether and we'll not like the answers.

And that right there is the problem many have with tether, Theymos (the highest ranked guy on this forum who's basically in charge) wrote some interesting posts about it just the last couple of days. With regard to the OP, tether collapsing will almost certainly lead to a fall in bitcoin price and definitely not an increase. Unless you are talking about BTC to USDT, but that will not be a good measure because if tether collapses then it will be worth nothing in terms of USD.

That's right any time the USD fails or a big cryptocurrency fails the BTC price goes higher. This is because they are all speculative and have no real long term value. Bitcoin is sound money and it's the universal ledger right now. You haven't heard it in the news, and you won't get a letter in the mail, but BTC is the universal ledger because it is immutable. No other money type can be that

[richlipkin]

Welp... If everyone all of a sudden decides to stop using tether, then in the short term, it would cause the value of BTC to skyrocket, because to get your funds off of the Bitfinex exchange, you must change them into crypto-denominated assets first (they do not allow USD withdrawals anymore). So a mass flight away from tether would create enormous buy pressure for BTC in the short term.

[cindygirl]

After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?

Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road. 

Sure, and that is the scary part in my opinion, boosting the supply, creating money out of thin air. I think this event will raise many questions about tether and we'll not like the answers.

And that right there is the problem many have with tether, Theymos (the highest ranked guy on this forum who's basically in charge) wrote some interesting posts about it just the last couple of days. With regard to the OP, tether collapsing will almost certainly lead to a fall in bitcoin price and definitely not an increase. Unless you are talking about BTC to USDT, but that will not be a good measure because if tether collapses then it will be worth nothing in terms of USD.

That's right any time the USD fails or a big cryptocurrency fails the BTC price goes higher. This is because they are all speculative and have no real long term value. Bitcoin is sound money and it's the universal ledger right now. You haven't heard it in the news, and you won't get a letter in the mail, but BTC is the universal ledger because it is immutable. No other money type can be that

I do not see that this is true, if a large crypto collapsed, say ethereum for example, this would lead to large panic in the community and many would cash out of bitcoin, this would cause the price to fall not increase.