Topic: Bitcoin could drop 80% due to possible tether fraud, experts say (Read 509 times)
Hi, there's so many exchanges using USDT (aka Tether), and so many traders owns USDT. It seems so dangerous. If US government will decide, that USDT is scam and will arrest suspects, many exchanges will not be able to withdraw fiat US dollars for there traders. Does I am right? Please, I need an advice. I need exchange without BTC/USDT, only BTC/USD.
February 01, 2018, 10:14:32 PM
Fake news which is the common reason why the price of bitcoin decreasing. ,stop spreading some false information of the volatility mate. why not try to promote it instead of posting negative news which is clearly fake, because its impossible that bitcoin valued will fall 80% and that's too much . And perhaps that is the most worse dip ever. And it seems all of the investor totally declined bitcoin if that times happen.
February 01, 2018, 05:36:45 PM
More and more doubts are being cast regarding Tether being actually backed by real dollars.
Muha !
Bitcoin, the entirely unbacked token to do away with "fiat fraud that is backed by nothing", is at risk because another crypto token, tether, is not entirely backed by real dollars ! ROFL 
But the big difference is Bitcoin is a trustless cryptocurrency with no middle man, secured by Proof of Work and supported by community consensus. In Tether/USDT, you have to trust Bitfinex holding the USD to back up all the issued USDT. Who is supposed to stop them from issuing USDT with no backing? Another 3rd party?
Would you trust them to act as a central bank?
February 01, 2018, 05:13:46 PM
I never believe in USDT that they had backed US dollars physically with them. Increasing demand and market cap of USDT make this impossible for USDT management to back such huge amount in Dollars.
But I really like Tether as it made trade convenient to perform. It eliminates confusion in trading and also made profit calculation easy.
But I really like Tether as it made trade convenient to perform. It eliminates confusion in trading and also made profit calculation easy.
February 01, 2018, 04:56:33 PM
USDT passed the -1%
February 01, 2018, 01:42:14 PM
The question is who is buying all the bitcoins? Are they being traded against USDT or USD? Is someone going all in on USDT? Trump? There's still no significant alteration of the USD/USDT ratio, though just the media coverage alone would create sell orders.
February 01, 2018, 01:39:37 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
I'd say that it's an exaggeration. First of all I still think that bitcoin will hang around $10k at least for the time being. And second of all even if bitcoin does break down back to $10k, it wouldn't be at $4k. That is way too low, and tether or not, will inspire a lot of people who are just waiting for the chance to buy cheap coins to get into the market while it is still cheap.
I think that the value per bitcoin should stay around $9k-$11k for the next month, or so.
$4k... If it does come, then that would be a heck of a price to buy at. Usually mainstream media is way too bearish on bitcoin, and it rarely turns out that way.
Lol if it is at 8 I will sell my house and buy in more. If it then drops to 4 I will start selling myself and buy more.
February 01, 2018, 01:39:24 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
I have been involved in reading about USDT more and more and everytime I really have to come to this conclusion that USDT is a big scam going on and its nothing better than fiat. There have been many evident incidents that have been supporting this point. Somehow we need to agree that a supply of 2 Billion is stored in somewhere in form of USD without even proper knowledge to US authorities and banks a place where bitcoin doesn't has that much autonomy is a pretty weird thought in itself. February 01, 2018, 01:30:53 PM
Is there any form of guarantee that the Tether company itself doesn't just makes USDT out of nothing and uses that for own investments? Meaning if I buy Tether, they indeed put the dollar in a safe, but they just print extra USDT for themselves.
February 01, 2018, 04:49:11 AM
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
I'd say that it's an exaggeration. First of all I still think that bitcoin will hang around $10k at least for the time being. And second of all even if bitcoin does break down back to $10k, it wouldn't be at $4k. That is way too low, and tether or not, will inspire a lot of people who are just waiting for the chance to buy cheap coins to get into the market while it is still cheap.
I think that the value per bitcoin should stay around $9k-$11k for the next month, or so.
$4k... If it does come, then that would be a heck of a price to buy at. Usually mainstream media is way too bearish on bitcoin, and it rarely turns out that way.
February 01, 2018, 12:39:31 AM
More and more doubts are being cast regarding Tether being actually backed by real dollars.
Muha !
Bitcoin, the entirely unbacked token to do away with "fiat fraud that is backed by nothing", is at risk because another crypto token, tether, is not entirely backed by real dollars ! ROFL But the big difference is Bitcoin is a trustless cryptocurrency with no middle man, secured by Proof of Work and supported by community consensus. In Tether/USDT, you have to trust Bitfinex holding the USD to back up all the issued USDT. Who is supposed to stop them from issuing USDT with no backing? Another 3rd party?
Would you trust them to act as a central bank?
January 31, 2018, 06:04:47 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
And why will bitcoin go that low if Tether crashes? What it is the relationship between bitcoin and Tether to make bitcoin lose 80% of its value? Bitcoin may not remain unaffected but 80% is simply not possible this is just an attempt to FUD and it is not even a good one, we need to remember that there are a lot of investors doing everything they can to make the price of bitcoin to go lower not because they hate bitcoin but because they have no intention of paying 10k for each bitcoin. 
January 31, 2018, 12:01:01 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
Tether isn`t professional.
I assume this is a FUD as it is said notaek, I don`t believe in this news, even though it came from an expert, he may be an expert paid by a banker or government. The expert is just a title anyone can get it easily.
Bitcoin will not go down that low, 80% is a very unrealistic 'decline'. Well, maybe the rice has become mush, tether has become the source of FUD.
But I`m very optimistic with this news
https://www.ccn.com/south-korea-no-intention-ban-cryptocurrency-exchanges-finance-minister/
Maybe this will answer the bitcoin development on the upcoming day.
January 31, 2018, 10:49:52 AM
How many people so many are the opinions regarding the price of bitcoin. We can never know the future. Each of us needs to be able to act in any situation. I am sure that bitcoin is not a bubble. For me the most important thing. How much is a bitcoin doesn't matter. This is my extra income. I hope to live till that time when I have the opportunity to buy bitcoins goods in any store.
January 31, 2018, 09:33:01 AM
"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.
Williams, back in 2013, underestimated the amount of greater fools that can be mobilized... and we're counting on still many, many, many more in a few years...
He should know, he was a professional of the greater fool business. We're not stopping at geeks, or at house fathers. We want the whole planet finance as greater fools !
January 31, 2018, 09:31:30 AM
More and more doubts are being cast regarding Tether being actually backed by real dollars.
Muha !
Bitcoin, the entirely unbacked token to do away with "fiat fraud that is backed by nothing", is at risk because another crypto token, tether, is not entirely backed by real dollars ! ROFL January 31, 2018, 08:43:56 AM
Not possible ...i guess
January 31, 2018, 01:00:06 AM
Not sure why. I think it's because people sell to tether (USDT) often in exchanges. Without tether being there, a fear of it going away, they feel less confident trading, which can decrease bitcoin trading. Long term, though, I don't think this will be a problem for bitcoin.
January 31, 2018, 12:57:28 AM
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.
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.
But this time around this some "expert" has some facts backing up the claim. I am not saying the "claim" itself is true, but the story about Bitfinex and the unbacked USDT in the market might be proven true.
If it is, I hope the newbies who bought at the all time highs last year will not overreact and panic sell bringing Bitcoin down to $5000.
January 30, 2018, 08:56:46 AM
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.
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.
It might not be correct. However most of the research is based on this analysis: http://www.tetherreport.com/ which looks like a very solid analysis to me. Tether recently 'dissolving' the relationship with their auditor (https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/) and refusing to given openness adds fuel to the fire. It seems they're just printing Tether's without any dollars backing it up and that they've just have been buying tons of BTC with that 'fake' money. If that tether influx stops, then BTC will crash big time, that's the reasoning.
The whole idea is just bizarre. I mean there's this company who can print a coin that's always worth $1, that they can buy other crypto's with and nobody oversees them? Haha, that's just too bizarre to believe that it's even THEORETICALLY possible. That's just seriously f*cked up.
January 30, 2018, 08:37:10 AM
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.
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.
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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