Bitcoin is in a bubble

>steemit.com/bitcoin/@cryptobrodog/usdt-the-biggest-scam-in-crypto-history

Theres a crypto thats printed hundreds of millions of coins that are "backed up" by the US dollar, turns out thats a lie and its all a scam. This means theres billions of dollars in bitcoin which are COUNTERFEITED!

Other urls found in this thread:

youtube.com/watch?v=kbR1SXIje1U
youtube.com/watch?v=JaAWdljhD5o&t=177
en.wikipedia.org/wiki/Tulip_mania
twitter.com/NSFWRedditGif

forgot to mention this means bitcoin might crash hard, and with it our chances of being free from the federal reserve.

How? How the fuck do you "counterfeit" a currency, that is digital and has a serial number that outclasses 1000 fucking Nazi enigma machines?

How's bitcoin involved in this, shit for brains
Fucking murritards at it again

This is retarded, but you see an article like this every week in crypto. There is always somebody predicting the end of days for it who cannot see the big picture.

what a retarded thread

if you want to make real money invest in bitconnect

not fudding. im saying a crypto group called tether made their own crypto, that is recognized as being backed up by the USD in their bank account, and big exchanges like poloniex and bitfinex recognized their legitimacy. then they sold those tethers for bitcoin, inflating the market capitalization of the coin, which means in the future there could be a correction to many altcoins who's price has been propped up by tether. also they made millions off it.

that has nothing to do with bitcoin though.

all it means is theres a load of people bagholding USDT shitcoin

How do digital bitlets circulating between users magically increase in value - the same number of electrons move, the numbers and the 'value' of the transactions are irrelevant.
Value goes in as units of real/bank currency buying bitcoins, at the other end a different number of bitcoins get used to buy things of 'value' so where other than speculation and overpricing is there a mechanism for the external value of each bitcoin to increase?

P-O-N-Z-I

>turns out thats a lie and its all a scam
Except that's not what the article says at all you retard.
It says that's it theoretically possible since we can't verify how much USD they're actually holding, and this has been a well known and regularly discussed fact since tether was first founded.
What you're pulling here is genuine shill-level misinformation.

they use it to margin trade bitcoin. i support bitcoin, btw

bitcoin will go upp to 150k per coin.

It will replace all world currencies one day. And hopefully jews will become a footnote in history.

>so where other than speculation and overpricing is there a mechanism for the external value of each bitcoin to increase?
How about infinitely printed fiat currencies inflating, causing a relative increase in value of otherwise stable cryptos?

What does it have to do with Bitcoin? It's a different coin nigger

exactly my point, croatbro

im a semi bitbrainlet
you mean bitcoin in wallets on these exchanges possibly dont exist in reality? (they are showing customers have funds that they cant back up if there was a run on the bitbank)

That could make sense. They are essentially using fractional reserve lending to trade for other coins, and since their coin is defined to be equal to one dollar, its price relative to the other currencies could push up the others relative to USD.

it means people are trading their bitcoin, which is real, for tether, which allegedly is backed up by us dollars but in reality is not backed up by anything. the tether creators then sell it for real money/real bitcoin. so basically if everyone tries to cash their tether in for bitcoin or USD they wont have enough to cash everyone out.
Plus, because exchanges support tether, tether creators are putting millions into various altcoins to pump the price then sell it for bitcoin, meaning their market capitalization ie. the amount of money they have in there is false, and higher than what we thought. this means there could be a big contraction in the price of altcoins and even bitcoin.

oy vey better dump all your coins goyim so Shlomo here can get in at the next low.

No, the USDT coins exist, but their 1:1 fixed relationship with USD might be manufactured.
What USDT does is track the amount of both BTC and USD in circulation, and controls the coin supply to ensure that 1 USDT always equals 1 USD by keeping 1 USD in a bank account for every USDT coin they release.
What OP is saying is that they've been releasing coins without having enough USD in the account to support it, effectively turning it into a scam.

>but in reality is not backed up by anything
Post proof or get the fuck out you misinfo shill.

ok so just the tether is fake, but the exchanges are enabling it

Tether is not Bitcoin

"BITCOIN IS GOING TO CRASH" says increasingly nervous man for one thousandth time.

im saying we cant know that they actually have the money to back up cashing out all tethers because they are printing more tethers than they have money, which means tethers are really valued at less than a dollar. bad phrashing on my part in the previous post.

Yeah, but read the rest. It's essentially the same scam that central banks use that caused the great depression. Fractional reserve causing big bubble and then a pop. Bitcoin is like virtual gold, but tether is like virtual fractional reserve bank notes.

Still has nothing to do with bitcoin. The people holding tether are the ones that are fucked if the tether bubble pops.

>tether is fake
That still remains to be proven.

But that's not what OP or several other of your posts said.
You've explicitly called it a scam several times now trying to convince people that it's a confirmed fact, which it is not.
>tether, which allegedly is backed up by us dollars but in reality is not backed up by anything.
As I said, disinfo shill

its backed up by people sharing a screenshot of a bank account value. do you realize how easy it is to inspect element a bank account?

It does have to do with Bitcoin when the tether is used to pump up the price on the exchanges.

>it's possible for it to be a scam therefore it absolutely certainly is a scam
You just keep repeating yourself

30 million tethers were printed before the bitcoin cash pump.

bump

No, not really. For one reason, those tethers are not counterfeit they are not printed. They were still bought. They are just not redeemable for real dollars. The money that went in to bitcoin is unchanged. Bitcoin will drop when tether pops but not any more than it normally does when FUD happens. Thether will be ruined.

they use tether to margin trade bitcoin, and also have bought smaller altcoins with it. it wont destroy bitcoin, but smaller coins may die because of it.

Thats going to happen eventually no matter what. The crypto bubble will pop and any coin thats not worthy will die. Theres way to much garbage out there right now.

Bitcoin may or may not be overvalued, we have no idea what it’s value is once there is widespread adoption. I’d wager it’s higher than now. Also, it does not represent freedom. It’s not fungible and it’s traceable. The elite are now involved in it. Miners are not kiddies burning out their GPUs. They are multi million dollar outfits with government regulation and I’d wager a not insignificant portion are under the direct control of various governments. If you think it was meant to free is, it is being coopted, and quite easily. I don’t think it was ever meant to free us. Who is Satoshi Nakamoto? Ask yourself that.

true that shit.

this nigga gets it

dis nigga does not

it's a giant nothingburger. don't put your money in shitcoins, kids.

(((They))) can expect to lose 30% of coins immediately on issue to idiots leaving bits in their account or forgetting the passwords. Expect half of coins to never be claimed against, (((they))) do.

tether is not regarded as a shitcoin in the crypto community. It has hundreds of millions backed up, and the major exchanges all accept it.

Not the most trusted exchanges.

poloniex, bitfinex, etc use it. i know bittrex doesnt, at least i think, but there are many who use it. im not saying its going to crash bitcoin but its cause for concern.

I said trusted. Those places are used for lack of a better alternative.

i have my shit in coinbase. they are insured like a bank, by an insurance company.

again - nothingburger.

coinbase is still somewhat sketchy. if you have lots of coins you should make a paper wallet bro.

How long until the kikes decide bitcoin is ''''''funding terrorism''''' and say THE GOYIM KNOW SHUT IT DOWN?
My feeling is within 7 years or so it'll be banned, can't have a value based currency taking off now

Around the same time they ban Tor.

kek you shitcoin shills will use any excuse to account for its failure, now you are even blaming "DA JOOOOOZ", weapons grade cognitive dissonance

PTA bide tt

>DA JOOOOOZ
Fuck off back to plebbit idiot, you can't print more bitcoins and the central banks don't make anything from it, if it takes off they're fucked.

Fuck off pajeet, not buying your shitcoin

you niggers have been saying this since at least 2011
you're worse then /biz/

As an exchange owner, I don't give a fuck. Keep trading goyim and give me those fees.

It's not backed by USD. It's backed by the rarity of the coin and the fact that it can't be duplicated and has a fixed maximum on distribution.
But I hope it pops so ethereum can grow more.

>But I hope it pops so ethereum can grow more
This
[hand rubbing intensifies]

>if it takes off
Except it can't. Due to it's block size there's a soft limit on how many transactions you can do in a specific amount of time, and we've more or less already reached it.
Bitcoin Cash (BCH) is one attempt at fixing this, by raising the block size from 1mb to 8mb, but even this is just a temporary solution.
If bitcoin is to have a future, something more radical will need to be done.

>Make a crypto that is seen as real currency
>Taxed on the income of it
>Exchange of it highly regulated
>Taxed again when you change it to USD
Way to miss the point.

>bitconnect
lmao
youtube.com/watch?v=kbR1SXIje1U

Buy Monero

Also, don't let ETH hodlers near your kids

bitcoin? hahaha more like jews.
ethereum? hahaha more like commie pedo money skeleton.

buy chainlink.
you want to save starving kids in somalia?
buy btc. and BCASH.
taceo bell cryptocoins....


you want to drive a new lambo everyday?
buy chainlink.

>unironically falling for the Bitcoin meme
You deserve all the bad things that are happening to you.

Op you fell for fud thats been posted for months now. This is the bad kind of fud too. If you fud tether nobody has anywhere to hedge their btc when btc has a crash meaning everyone loses every cent.

Only somebody extremely evil who didnt mind causing a million lives to be ruined would fud tether - which by the way is actually completely on the level.

BICONEEEEEEEEEEEEEEEEEEEEEEEEEEK

>Liquidity NO

$4,208,990,000 daily volume isn't enough?

the article is about Tether, you drooling retard

tether is the one printing fraudulent tethers in the tens of millions to pump bch.

do you even know what liquidity means? bitcoin has no liquidity.

>bitcoin has no liquidity.
lolok
>go on coinbase
>sell btc for cash

Why the fuck did I even bother to open this thread.

yeah, thats why you can sell bitcoin for cash on multiple websites and exchanges that are registered with the government.

Yes, I know what it means. Clearly you don't if you think BTC isn't liquid.

Problem is USDT is just one crypto. I would say 99% of btc transactions occur outside of USDT

Basically you are just describing every physical currency. The USD, Euro, RMB are all fiat currencies with no fixed backing either and are therefore worthless unless people believe there is a value to them.

Tether is not a very big deal. People only use it to store value in a non volatile asset while the markets are bearish. Nobody holds tether long term or would try to exchange it for dollars.

yeah but they are adding fake value to coins, and margin trading with bitcoin which makes it go up in value tremendously.
true, but if people find out tethers are not actually backed up by USD, it could crash

The very fact that external market forces have been able to swoop in and artificially inflate the value of bitcoin by several orders of magnitude is in and of itself proof that it doesn't work for it's intended purpose.

Oh ffs BTC has and will survive, you faggots dont even realize how far its come, and what its went through. As for the USD counterfeit claim
>implying all fiat isnt fake

This is exactly what banks do. Banks only need to have 10% of the cash they loan out.

This. I trade with USDd daily and never even thought about trying to 'withdraw' them, since it's easier to exchange for BTC -> EUR then withdraw EUR.

USDt*

>ID is basically Orwell

Funny how shills got directed to start attacking literally the best chance we've ever had decentralize money

Thus, banking = scam

not a shill senpai. im not saying bitcoin is tanking, im saying there are people artificially pumping the price to increase their hold of bitcoins.

There is only one thing you can do:

youtube.com/watch?v=JaAWdljhD5o&t=177

Bitcoin is a LARP

go back to (r)eddit faggot

bump #2

>Bitcoin is a LARP

Do you even know what that word means? Seems like you don't.

>go back to (r)eddit faggot

buttcoin was popular on Sup Forums long before plebbit fags got involved, but of course you didn't know that because you're a newfag.

bitcoin is great, but its like the model t. eventually better cryptos will come along and replace them.

Live action role play?

It actually sounds pretty fitting. Bunch of kids playing economy, taking the general population for the ride.

So far I have not seen any use cases for Bitcoin that were not illegal or illicit. It's an overblown niche market.

Hard to tell really, keeping in mind that Ford still produce cars. TCP/IP hasn't been replaced yet. Again, hard to compare to anything else.

>kids playing economy
i dont think kids have enough money to be doing this. Bitcoin has over $100 billion invested. Major players are in this now. There are other cryptos like request network and ethereum that will change the fucking internet and the world. and you will be one of the many who lag behind.

If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.

All this means is that you should avoid trading into usdt user, if you want USD, trade for USD. Problem solved

Doesn't mean shit like this. It just means there's another altcoin that's a scam and people will stop using it. Case closed

Who said I'll be left behind? I've already recouped my investments in Bitcoin.

And keeping some for buying weed. What it was meant for.

I'm selling gradually off the rest, just as you should before bubble, laughing at all the Uber drivers and shoe cleaners telling me now is the time to buy. Plebs.

Would you be interested in buying a Lilly bulb?

Bitcoins largest flaw is its resource consumption could lead to a tragedy of the commons

i think bitcoin is revolutionary and still has a lot more money to invest in before theres a bubble.
energy consumption is going to be a big problem that not a lot of people are talking about

>Would you be interested in buying a Lilly bulb?

Can I spend it anywhere? No? Ohh, so it's nothing like Bitcoin then.

I definitely agree that we have not reached the top yet. There are still some fast food workers, mailmen and cleaning ladies left, who don't need Bitcoin, but who will be convinced by the news, and people like you, they need to buy it NOW, otherwise they'll miss the sick gainz. That's the only thing driving the price up.

The price bottom is set by drug dealers. Everyone else is there for the Ponzi scheme.

I find your knowledge of financial history disturbing.

en.wikipedia.org/wiki/Tulip_mania

It didn't work with Tulips, but Lillies are completely different I tell you!

Imagine if bitcoin catches on and the entire human race, and instead of using our advanced technology exploring the galaxy, we end up using it to mine shitcoins.

Maybe that's why we haven't seen any aliens yet. They're too busy mining shitcoins on their planet.