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+--- Thread: Tether Printing $1,000,000,000 (/showthread.php?tid=6143938)
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Tether Printing $1,000,000,000 - Zoomers - Mar 10, 2021
What do you think the implications will be?
I know they are constantly printing, but do you think they are trying to push the price up currently?
I know its supposed to be used as inventory, but shits kinda scary still to think how they can just generate it.
https://tronscan.org/#/transaction/499b29f665e4f6de84baca7bd20e58a42ada7d2b33fe020019488e3893e4eefd
RE: Tether Printing $1,000,000,000 - ๖ۣۜÑåzgйŀ - Mar 10, 2021
do they need more money because now there's more people?
they did just get audited recently
RE: Tether Printing $1,000,000,000 - Zoomers - Mar 10, 2021
(Mar 10, 2021 03:10 PM)๖ۣۜÑåzgйŀ Wrote: do they need more money because now there's more people?
they did just get audited recently didn't they?
Im not 100% sure if they got audited or not. I think the SEC just said they need to get audited, but I don't think any top accounting firms ever audited them yet.
RE: Tether Printing $1,000,000,000 - pools closed - Mar 10, 2021
This is bullish for bitcoin, that's still 1.89 trillion less than joe biden is about to print
RE: Tether Printing $1,000,000,000 - popZmoke - Mar 10, 2021
I mean if you look at the chart and compare that to tether, you can deff see a positive correlation.
RE: Tether Printing $1,000,000,000 - Ap - Mar 10, 2021
This is a smart contract being executed, I could be wrong.. The coins are still moving as we speak.
RE: Tether Printing $1,000,000,000 - Omniscient - Mar 10, 2021
Tether ended their regulatory problems with a settlement.
https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement
I assume that billion being minted is needed for liquidity.
RE: Tether Printing $1,000,000,000 - Mewtwo - Mar 10, 2021
Yes, let's keep printing and pump this market to 1000%
RE: Tether Printing $1,000,000,000 - _daniel - Mar 10, 2021
Yes, whenever Tether prints, number goes up brrr.
RE: Tether Printing $1,000,000,000 - DrRespect - Mar 10, 2021
This is pretty much normal at this point for tether. They always print more in order to meet demand.
RE: Tether Printing $1,000,000,000 - VarNull - Mar 11, 2021
(Mar 10, 2021 04:01 PM)Omniscient Wrote: Tether ended their regulatory problems with a settlement.
https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement
I assume that billion being minted is needed for liquidity.
What are the future complications?
RE: Tether Printing $1,000,000,000 - SIM-1866423 - Mar 11, 2021
Weird this is not even affect market, hopefully we can see some action on next days
RE: Tether Printing $1,000,000,000 - T0Bi - Mar 11, 2021
(Mar 10, 2021 04:01 PM)Omniscient Wrote: Tether ended their regulatory problems with a settlement.
https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement
I assume that billion being minted is needed for liquidity.
That's simply not true. And the article you're linking (like most articles from crypto-friendly sites) only quote Tethers statements which are very different from the NY AGs press release (https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal).
Example:
Tether: “And contrary to online speculation, there was no finding that Tether ever issued tethers without backing or to manipulate crypto prices.”
NY AG: "And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account. "
Or "In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’"
You can read the whole settlement agreement here: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf
TLDR: Tether was constantly lying and misleading the public about being actually backed. Additionally they might still not be backed 100% by $$, but other assets as well.
And last but not least:
Quote:Nothing in this Settlement Agreement shall relieve Bitfinex or Tether of other
obligations imposed by any applicable state or federal law or regulation or other applicable law
I'm not trying to spread FUD and I think the settlement agreement was/is very good for the bullrun, but if anyone truly believes that Tether was/is acting on legitimate grounds is fooling themselves.
If (imo when) the SEC starts investigating Tether we might see a drastically different outcome.. Or a larger settlement :D
RE: Tether Printing $1,000,000,000 - Zion Williamson - Mar 11, 2021
(Mar 11, 2021 05:43 AM)T0Bi Wrote: That's simply not true. And the article you're linking (like most articles from crypto-friendly sites) only quote Tethers statements which are very different from the NY AGs press release (https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal).
Example:
Tether: “And contrary to online speculation, there was no finding that Tether ever issued tethers without backing or to manipulate crypto prices.”
NY AG: "And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account. "
Or "In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’"
You can read the whole settlement agreement here: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf
TLDR: Tether was constantly lying and misleading the public about being actually backed. Additionally they might still not be backed 100% by $$, but other assets as well.
And last but not least:
I'm not trying to spread FUD and I think the settlement agreement was/is very good for the bullrun, but if anyone truly believes that Tether was/is acting on legitimate grounds is fooling themselves.
If (imo when) the SEC starts investigating Tether we might see a drastically different outcome.. Or a larger settlement :D
This is the right response. No where close to being free from potential legal trouble.
RE: Tether Printing $1,000,000,000 - UnoOne - Mar 11, 2021
Tether scam will blow up very big one day !
They are under FBI and SEC radar from many days..they are the ones hwo pushed bitcoin on poloniex with their own minted USDT, to buy sell their fake money and buy bitcoin
They claimed that every USDT is backed by real USD reserves..when FBI/SEC asked or proof,they produced a sketchy letter from a small bank in a remote tax haven country,that they indeed have billion of USD in the account
recently they changed their back up reserve policy from USD to equivalent assets (which can be anything..) as they though USD cash transactions can be traced/verified and may be difficult to prove if audited