Again some "experts" have something very "smart" to say.
I stopped to read such things long time ago because often it doesn't have any connection with real situation and often this opinions or conclusions are deliberately set to fit one option and create public opinion against cryptocurrencies or in most cases to create panic on the market and lack of trust among users.
Don't take such news for real.
Topic: Bitcoin could drop 80% due to possible tether fraud, experts say - page 2. (Read 509 times)
January 30, 2018, 08:37:10 AM
January 30, 2018, 08:31:05 AM
Bitcoin already dropped 60%, from 20k to near 8k.
A drop of 80% from here would result in a drop of 92% since previous ATH. This would break all support levels, and price would be around 1k, a prediction usually made by banksters.
Not gonna happen.
This site is a tabloid, is sensacionalist. This is just another bitcoin obituary, another article paid by the likes of Soros and Buffet.
A drop of 80% from here would result in a drop of 92% since previous ATH. This would break all support levels, and price would be around 1k, a prediction usually made by banksters.
Not gonna happen.
This site is a tabloid, is sensacionalist. This is just another bitcoin obituary, another article paid by the likes of Soros and Buffet.
January 30, 2018, 08:25:04 AM
Actually, in my opinion, Tether failure will not affect any Bitcoin price. well, how could it affect the market?.
Read the article, it explains it quite well. Of course, it's yet to be seen if tether really is a fraud. It might be legit, although it really looks quite bad. January 30, 2018, 03:10:10 AM
"Experts" have been saying a lot of things, most of them incredibly stupid.
Agreed.I have learned the hard way about how bad Tether is. So I'm rarely used Tether.
Actually, in my opinion, Tether failure will not affect any Bitcoin price. well, how could it affect the market?.
Tether is at 1.03$ every time bitcoin crashes, but back to 1.00$ when he stabilized again.
it's a bit hard to understand but this how it works, USDT worth more than USD (Meaning that we are actually getting less USD), when its time for bitcoin to recover USDT suddenly equal to USD or very close of it. So how do you think, who get the 3% difference in the end?
I noticed it the hard way, now when I predicted bitcoin is coming down I immediately send my bitcoin to the exchange that offers real USD.
it's a bit hard to understand but this how it works, USDT worth more than USD (Meaning that we are actually getting less USD), when its time for bitcoin to recover USDT suddenly equal to USD or very close of it. So how do you think, who get the 3% difference in the end?
I noticed it the hard way, now when I predicted bitcoin is coming down I immediately send my bitcoin to the exchange that offers real USD.
January 30, 2018, 03:00:04 AM
I have to say, even though I don't really believe much of this, the graph of Tether on coinmarketcap is quite crazy..
With the price being stable and the graph going exponential, this indeed means a lot of new coins have been entering the market.
If it is really backed by real dollars though, this may reflect the influx of new money into the crypto sphere.
With the price being stable and the graph going exponential, this indeed means a lot of new coins have been entering the market.
If it is really backed by real dollars though, this may reflect the influx of new money into the crypto sphere.
January 30, 2018, 02:40:34 AM
I don't think bitcoin is going to get drop about 80% and I think many of these news and articles has been there since the beginning of crypto currencies. If bitcoin drop 80% it will pull down almost all the crypto currencies and this might lead to the death of crypto currencies.
January 30, 2018, 01:02:44 AM
Read this quote from the news story.
Is he saying that Bitcoin's high price is maintained by Bitfinex through USDT? Does Bitfinex really have that much influence in the whole market?
I believe that is the whole point of the article which most of you did not read.
Quote
Nicholas Weaver, a professor from UC Berkeley’s International Computer Science Institute, declared that a “bloodbath” would ensue if tether fails to hold its value and reassure investors.
He tweeted: “At current prices, net new bitcoin requires $18million of net new dollars flowing in to maintain the price.
“Yet there is a net $100million a day of fake dollars in the form of Tethers...
“If that tether printing press ever breaks, there will be a true bloodbath on the cryptocurrency prices. Good.”
He tweeted: “At current prices, net new bitcoin requires $18million of net new dollars flowing in to maintain the price.
“Yet there is a net $100million a day of fake dollars in the form of Tethers...
“If that tether printing press ever breaks, there will be a true bloodbath on the cryptocurrency prices. Good.”
Is he saying that Bitcoin's high price is maintained by Bitfinex through USDT? Does Bitfinex really have that much influence in the whole market?
I believe that is the whole point of the article which most of you did not read.
January 30, 2018, 12:47:29 AM
it has been a couple of months that Tether has turned into the "new China". of course the FUDsters have to replace the main source of their FUD when China closed exchanges and disappointed them. and what better than a shitcoin created by a shitty company that everyone knows it is shitty....
and there is a good chance that Tether fails at some point in the future and because of it bitcoin price will drop but it certainly won't be 80% because despite what they want you to believe people in the past years have been buying bitcoin with fiat and only using USDT whenever they wanted to transfer money between exchanges, had no other option like being on poloniex and wanting fiat, or having bitfinex as their only option. but their real entrance and exit has always been through fiat.
and there is a good chance that Tether fails at some point in the future and because of it bitcoin price will drop but it certainly won't be 80% because despite what they want you to believe people in the past years have been buying bitcoin with fiat and only using USDT whenever they wanted to transfer money between exchanges, had no other option like being on poloniex and wanting fiat, or having bitfinex as their only option. but their real entrance and exit has always been through fiat.
January 30, 2018, 12:44:37 AM
The only reason Bitcoin could drop %80 is if the idiots believe these news, and unfortunately there are lot of idiots holding bitcoins which do not deserve to hold them, so if they sell and pass it on onto someone smarter that will not panic sell them it will be a good thing.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
Or it could crash 80% or more because the current price is a product of irrational exuberance and in reality, bitcoin is worthless. Transaction times/costs make it completely unusable as a currency, and it has no intrinsic value to warrant it being kept as a store of value. It's volatility also prevents it from being usable as either a store of value or a currency. If it can't be used for either of these things, it has no value at all. And this doesn't even account for the threat of government crack-down, the problems with network energy usage, the lack of security in bitcoin-related services, etc.
It is possible that one of the alt coins which have solved bitcoin's major, show-stopping problems could rise in the long term, but I don't see any logical reason that bitcoin should not fall 80%, or 100% for that matter.
For the record, I've been following bitcoin since 2013 and I did not always feel this way. I sold my last bitcoin at $17,700.
After selling most at the bottom I'm sure. lolz. Have you even looked at the transaction costs lately? I can send 5 million for a dollar, confirmed within 10 mins. Volatility? Stuck around 11k for a month - ooooh scary!
January 30, 2018, 12:31:43 AM
Most of the crypto are traded against USDT rather than against USD and EUR because not all trading platform have pure fiat pairs. Also the one that have fiat pair is known for strict KYC policy and shady terms so people afraid to use them.
When Tether can't prove their holding, I think Tether will loss its value so crypto's price can be high in terms of USDT but same as before in USD. However if people start to panic more than needed price of crypto can loss value but not 80% like claimed in the article.
When Tether can't prove their holding, I think Tether will loss its value so crypto's price can be high in terms of USDT but same as before in USD. However if people start to panic more than needed price of crypto can loss value but not 80% like claimed in the article.
January 29, 2018, 09:45:18 PM
More and more doubts are being cast regarding Tether being actually backed by real dollars. If it turns out not to be the case, then bitcoin might crash hard, experts say: https://www.express.co.uk/finance/city/911293/Bitcoin-price-crash-cryptocurrency-tether-Bitfinex-dollars-market-investors-value-latest
Is that all you do daily? Spread fud to support your SHORT on BTC? BTW, express.co.uk is a terrible gossipy webisite and not at all reliable.
Who cares about Tether going down? Those who own BTC will continue to own it and can convert to fiat at anytime.
January 29, 2018, 09:14:03 PM
The only reason Bitcoin could drop %80 is if the idiots believe these news, and unfortunately there are lot of idiots holding bitcoins which do not deserve to hold them, so if they sell and pass it on onto someone smarter that will not panic sell them it will be a good thing.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
Or it could crash 80% or more because the current price is a product of irrational exuberance and in reality, bitcoin is worthless. Transaction times/costs make it completely unusable as a currency, and it has no intrinsic value to warrant it being kept as a store of value. It's volatility also prevents it from being usable as either a store of value or a currency. If it can't be used for either of these things, it has no value at all. And this doesn't even account for the threat of government crack-down, the problems with network energy usage, the lack of security in bitcoin-related services, etc.
It is possible that one of the alt coins which have solved bitcoin's major, show-stopping problems could rise in the long term, but I don't see any logical reason that bitcoin should not fall 80%, or 100% for that matter.
For the record, I've been following bitcoin since 2013 and I did not always feel this way. I sold my last bitcoin at $17,700.
January 29, 2018, 08:45:40 PM
abracadabra
https://bitcointalksearch.org/topic/m.27017214
shop closes soon come back 2021
https://bitcointalksearch.org/topic/top-in-come-back-mid-2021-2832181
If im wrong ill be rich(er), over and out.
https://bitcointalksearch.org/topic/m.27017214
shop closes soon come back 2021
https://bitcointalksearch.org/topic/top-in-come-back-mid-2021-2832181
If im wrong ill be rich(er), over and out.
January 29, 2018, 08:38:37 PM
More and more doubts are being cast regarding Tether being actually backed by real dollars. If it turns out not to be the case, then bitcoin might crash hard, experts say: https://www.express.co.uk/finance/city/911293/Bitcoin-price-crash-cryptocurrency-tether-Bitfinex-dollars-market-investors-value-latest
Nah. That's just a FUD from a news source that doesn't even know what Bitcoin is.
BTC's price will remain flat and unreactive.
There's currently around $2,278,090,823.52 of tethers in existence (this will keep on rising, which doesn't even matter btw). This is too tiny compared to bitcoin's overall marketcap.
It would be very hard and practically impossible to inflate the price with such a small amount. If tethers suddenly become worthless this would be a small dip in the bitcoin market (assuming people act rationally).
Worst case scenario would be a big exchange like Bitfinex goes down. That would be bad and would cause a decent sized impact to the market. But not even close to the magnitude of the earlier Mt gox crash. There are a lot of other exchanges (that don't use tethers) around these days and even decentralised exchanges. I could see a maximum of 40% dip, taking extreme FUD into account.
January 29, 2018, 08:38:14 PM
"Experts" have been saying a lot of things, most of them incredibly stupid.
Have you forgotten already about what the "expert" Mark Williams said in 2013?
Of course, as we all know, it never happened.
The only reason Bitcoin could drop %80 is if the idiots believe these news, and unfortunately there are lot of idiots holding bitcoins which do not deserve to hold them, so if they sell and pass it on onto someone smarter that will not panic sell them it will be a good thing.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
Have you forgotten already about what the "expert" Mark Williams said in 2013?
Quote
Williams, a former trader and bank examiner for the Federal Reserve, argues that in 2013 the 47 powers coordinated to push prices up. They counted on what economists call Greater Fools. Investors make money when someone is willing to pay a higher price for a security than you did -- Greater Fool Theory states that there is always someone willing to pay a higher price. But Williams sees the broader market wising up to Bitcoin’s limitations and taking back control in 2014.
Quote
As the currency-commodity-technology’s true character comes to light, however, at least one finance expert feels it is set to drop to as low as $10 by the middle of this year.
Of course, as we all know, it never happened.
The only reason Bitcoin could drop %80 is if the idiots believe these news, and unfortunately there are lot of idiots holding bitcoins which do not deserve to hold them, so if they sell and pass it on onto someone smarter that will not panic sell them it will be a good thing.
Tether is irrelevant and only a small amount of the bitcoin economy. Tether isn't backed by real dollars? dollars aren't backed by real money, it's all the same.
January 29, 2018, 07:45:11 PM
Fake news
January 29, 2018, 07:39:49 PM
Hmm, I thought this myself but now that the mainstream media is saying it, I am second guessing myself.
January 29, 2018, 07:32:15 PM
More and more doubts are being cast regarding Tether being actually backed by real dollars. If it turns out not to be the case, then bitcoin might crash hard, experts say: https://www.express.co.uk/finance/city/911293/Bitcoin-price-crash-cryptocurrency-tether-Bitfinex-dollars-market-investors-value-latest
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