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Tether price manipulation

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Re: Tether price manipulation

#31

Post by jcpham2 »

shuntress wrote: post #14

Can someone please explain to me how Tether is "injected" into Bitcoin? The entire argument seems to hinge on this but it is not (as far as I can see) explained. Are people accepting Tether in trade for BTC under the assumption that Tether will always be exchanged 1:1 for USD when this is not actually the case? EDIT: The answer seems to be yes Tether is 1-to-1 with "I O U $1" and enough people are accepting these IOU…

Tether is the liquidity solution to the lank of United States Dollar withdrawal ie, a bank account.

No bank, no problem! Tether on Wayne,Tether on Garth.

But seriously, this old news. All of these stable coins and alt coins are just big pools of liquidity to swim in.

Re: Tether price manipulation

#32

Post by sneak »

qeternity wrote: post #15

The problem is that in the early days of @Bitfinex'ed this was all a bit of a sideshow because there was genuinely large interest from retail and the outcome of crypto was far less certain. However three years on, crypto still does not have a "killer app" and is 99.99% used for speculation. Bitcoin's narrative has had to morph from "digital currency" to "digital gold". But in the depths of the March panic, Tether jum…

1 BTC will still be 1 BTC after the Tether scam and scammers are all history.

Re: Tether price manipulation

#33

Post by mmiliauskas »

qeternity wrote: post #15

The problem is that in the early days of @Bitfinex'ed this was all a bit of a sideshow because there was genuinely large interest from retail and the outcome of crypto was far less certain. However three years on, crypto still does not have a "killer app" and is 99.99% used for speculation. Bitcoin's narrative has had to morph from "digital currency" to "digital gold". But in the depths of the March panic, Tether jum…

Did you copy/paste this from 2017? :D

Re: Tether price manipulation

#34

Post by c-fe »

shuntress wrote: post #14

Can someone please explain to me how Tether is "injected" into Bitcoin? The entire argument seems to hinge on this but it is not (as far as I can see) explained. Are people accepting Tether in trade for BTC under the assumption that Tether will always be exchanged 1:1 for USD when this is not actually the case? EDIT: The answer seems to be yes Tether is 1-to-1 with "I O U $1" and enough people are accepting these IOU…

So far the explanation I’ve come across goes as follows: someone creates tether. They use this tether to buy bitcoin, which drives up the prices of bitcoin. The more they buy, the more value their purchased bitcoin has. The trick seems to be that generating this tether should decrease the value of tether, however since everyone thinks its a stablecoin that is backed by usd 1:1, its value remains the same. The worst is that the purchased bitcoin increases in value, so technically they could sell that bitcoin for usd, then use that usd to temporarily back their printed tether...

(This is my understanding of the situation and from the reading the explanations of other people, but please take this with a grain of salt, im not sure if everything is true)

Re: Tether price manipulation

#36

Post by raesene9 »

xur17 wrote: post #30

The graphs show a strong correlation between printing of USDT and the Bitcoin price rising, but it's not clear to me which one triggers the other. Interestingly, USDC seems to follow similar minting patterns, and they post quarterly audits of their books / are much better regulated.

They are better regulated and therefore less risky than Tether, which raises the interesting question, Why is USDC circulation only 20% of Tethers...

Re: Tether price manipulation

#37

Post by SNetForLife13 »

Speednet wrote: post #25

What a ridiculous Twitter thread showing absolutely no causality between Tether and Bitcoin. You might as well show that SpaceX rocket launches coincide with a rise in Bitcoin prices. There was a successful SpaceX launch yesterday, and Bitcoin went over $40,000 for the first time. In 2020, SpaceX had its best year ever for successful launches and returns of the first stage, perfectly coinciding with Bitcoin's meteori…

Upvote this gentleman for being the final trinity-piece in this mystery! HN-user Speednet is 1/3 rd of bitcoin's success!

Re: Tether price manipulation

#39

Post by qeternity »

mmiliauskas wrote: post #33
qeternity wrote: post #15

The problem is that in the early days of @Bitfinex'ed this was all a bit of a sideshow because there was genuinely large interest from retail and the outcome of crypto was far less certain. However three years on, crypto still does not have a "killer app" and is 99.99% used for speculation. Bitcoin's narrative has had to morph from "digital currency" to "digital gold". But in the depths of the March panic, Tether jum…

Did you copy/paste this from 2017? :D

The fact that the above still remains true 3 years later is pretty damning.

Re: Tether price manipulation

#40

Post by Cthulhu_ »

I'm kinda glad BTC is up, this means I can do an exit with break even or a little profit. I just sold half my crypto assets on the two exchanges I have an account on, I just hope I can have the money transferred out before they become insolvent when the next great crash happens.
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