After bitfinexed twitter page series of bombardment against Bitfinex pumping Bitcoins price. More people are realizing that Bitcoin is going to collapse anytime. They are the one's who buys investors Bitcoin using USDT that they produce. In my previous post I discuss that USDT doesn't hold any value at all and it's in their terms and agreement.
https://steemit.com/bitshares/@docmastery/usdt-isn-t-backed-with-anything
And, now Bitfinex is mass producing Millions of USDT to buy investors BTC?
https://steemit.com/bitshares/@docmastery/usdt-printing-out-of-thin-air
At first it was suspicious for Bitcoin to reach such heights in just 2 months. I keep telling that there is someone manipulating the Bitcoins price. Now the culprit has appeared. Tether.to and Bitfinex is pumping BTC price with 0 value USDT.
What will happen if this collapse?
Do you know the Bitcoins price before it pumps to $11,000 USD? $3800 USD. 300% increase in total price in just 2 months. This is total bullshit despites Bitcoin marketcap is so massive.
I don't want to burst your bubble but if you have investment in Bitcoin or USDT I suggest going into AEX.COM or Bitshares DEX and exchange them for bitUSD which has a collateral value of 1.75 using Bitshares. Bitcoin is going to explode soon and I hope that you don't have any investment in BTC or USDT in some of your wallet convert them now to something more reliable like bitUSD.
For those who don't want to click the links here's the terms and agreement in Tether.to that is pumping Bitcoin since last 2 months. People please read!
It states that:
PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
Source: https://tether.to/legal/
If you guys are also using this exploit please stop. This will hurt the crypto market really bad and everyone will suffer because of this.
https://steemit.com/bitshares/@docmastery/the-tragedy-of-the-commons
Please kindly read.
https://steemit.com/bitshares/@docmastery/my-goal-to-reach-5000-bts
I am thankful there are so many helping me in achieving this goal. Friends on STEEMIT and those who donates in my Bitshares Wallet. Without you guys I won't be making this far. THANK YOU SO MUCH EVERYONE!
For those who wanted to help me achieve my goal, you can donate Bitshares in my Bitshares Wallet: doc-mac18 and to those who wanted to donate their SBD or STEEM you can directly send them to this account. Thank you!
Nem Dayao,
Your Bitshares Enthusiast
Thanks to @orelmely for the GIF image
Wall Street or other big money has pumped BTC via USDT so they can use the CME futures (which go live Dec 18) to short BTC... expect to see a massive dump/FUD campaign taking BTC down over Christmas. Not investment advice, I could be wrong and BTC could pump like a bastard.
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Thank you @johnsmith for simplifying it. ☺️
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I dont see the problem fully. If i sell btc for tether, they are buying btc, logically...
If everybody now sells their tether, they will buy bitcoin back, sounds like a balanced situation to me...
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Dont have access to twitter though :-(
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The problem is they are producing more USDT to buy investors BTC. USDT on the other hand has no value at all.
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tether are supposed to be backed by USD. if not that would be fraud. The fact that new tether are created should never be an issue unless they are not backed. However is there proof that they are backed or not backed?
I find the notion that this bubble is driven by tether a little far fetched. Most of the volume is not in tether, but certainly printing tether without reserve would be manipulation.
To make the accusation you are making one would have to prove that the reserve is not there. Can you do that?
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PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
It clearly states that it doesn't hold a value. That's from their terms and agreement BTW.
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yes i understand. that does not mean they dont hold reserves or this is fraud. also does not state they can print out of thin air.
proof would be an audit of USD reserves that is less than market cap.
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The easy way to interpret this is they are stealing investors using unlimited USDT to buy Bitcoin and then buy SBD using the Bitcoin they manage to steal using unlimited USDT.
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how do u know they are printing without having reserves?
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https://medium.com/@bitfinexed/spoiler-alert-the-institution-buying-tethers-is-bitfinex-themselves-f56af29ce60c
https://twitter.com/Bitfinexed/status/936354666224463872
They say that they are backed? But what about transparency? Why pump Bitcoin before wall street? Why make so many Tether to pump BTC itself?
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@minnowpond has voted on behalf of @minnowpond.
If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
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I don't agree that BTC is going to explode, it is an expanding market that is reaching for Mass scale adaption. There is now good reason for that to happen, not even another mt.gox event will stop it. Hodl @docmastery
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Uhmmm!? Did you buy BTC at $10,000? Every link is included please stop this nonsense and be the good guy and help the community.
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I bought it at $3600 and I am helping the community. Maybe you mean a pullback or retracement when you say blow up but most people interpret blow up as a total crash and the price will never recover.
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Everything will reconver, remember Ethereum scandal? What I mean is, don't give people more positive idea about Bitcoin for now. I don't want new comers investing in an over pumped Bitcoin. What if the price goes down to $3000 USD? What will happen to those new comers? I'm sorry in my previous statement.
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It really depends on what type of investor you are advising, I would tell a trader to wait for the pull back but if you are a long term investor that does not plan on cashing out for the next 2 - 3 years, I would tell them to buy now.
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For $11,000? Uhmm! Then Bitcoin will suddenly crash for $3000 - $4000. . . . I don't agree.
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How much are you willing to bet that it will crash to $3000 - $4000 because USDT is not going to bring it down. If you have not noticed the whole market is moving towards decentralized exchanges.
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I'm betting everything to stop this nonsense. See https://twitter.com/Bitfinexed to see what bitfinex is doing to pump BTC price.
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Yes, this is a clue that shift to the DEX is happening.
BitShares and Steeem blockchains have very high activity, but market capitalization share have a lot if reserve.
High blockchain activity will inevitable trigger wealth transfer from BTC blockchain to BSH and Steem blockchains
si my post: https://steemit.com/cryptocurriences/@tombort/bitcoin-is-on-olympus-but-what-hat-come-up-must-once-come-down
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Good one gurl
Dayum! How long do you think before there is a correction?
Is it really not real people that drove the price this high?
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It's bitfinex pumping BTC with their mass production of USDT see my previous post
https://steemit.com/bitshares/@docmastery/instead-of-being-informative-people-rather-invest-in-ponzi-schemes
They are saying Bitfinex will continue to operate this untin Dec. 18.
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Thanks for the information
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Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-3-2017 ?
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This article is FUD and probably wasn't event written by the account holder. I'll tell you what, look up my profile for steem and medium and let's compare reputation, experience, and knowledge.
The writer of this piece doesn't understand tether, doesn't understand exchanges, and doesn't understand bitcoin.
Allow me to explain: https://medium.com/@rextar4444/an-overview-of-cryptoexchangelandea-9455bca60663
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So you are saying real people are pumping Bitcoin? This is a joke right?
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One of us knows what we are talking about. I have a deep and long reputation in the bitcoin community. I am known for honesty, integrity, and intelligence. You have none of those traits. People who want the truth can read my articles.
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Guess money is now reputation thanks! Just because I am new doesn't mean I don't have the rights to speak for myself. You are clearly biased by your statement. Know who is more reputable than us? You who thinks high of yourself or me who is open to any discussion??
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I say didn't money backed my reputation. I am well known for my insights in this field. You have spread FUD about an important program in the crypto industry. You are part of a campaign that is rooted in ignorance. You don't know what you are talking about.
What kind of a discussion could we possibly have that is rooted in such ignorance?
Don't spread lies.
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Lies with proof? Or statement with hidden agenda? Then show me list of USDT withdrawals transactions list with $25,000 and more then we'll talk.
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You think because a bank doesn't show you their transaction that your word that its a scam becomes gospel truth? You are a troll and a shill. And my reputation will all people to see this.
They won't believe you when they see my responses.
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Wow now I'm a troll? Thanks! BTW where is the list? I thought everything is transparent in cryptocurrency?
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And I don't less care if Bitcoin goes anywhere. I only speak what I see, what I hear and what I feel. I'm not a mole that is planted in any discussion to calm people because the truth is clearly reaching everyone.
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You are spread lies as part of a social media campaign. What you don't realize is you can't sybil attack a strong reputation. Cause the strong reputation reveals what you are doing.
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OK! Show list then.
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Unfortunately, I agree with you. We are in a huge bubble and it will collapse at some point. BTC won't disappear, of course, but it will fall to 3k or lower, erasing the massive gains of the past few months. In doing so, it will destroy a lot of the small cryptos and panic takes over.
Smart investors keep saying Tulips. Indeed, that's the classic one everyone learns in school. But this reminds me more of 1929. Bubbles are all the same, but it's the attitudes of the common people that remind me of 1929. At the time everyone thought they were going to get rich, they were investing their life savings in the market even tho they really had no idea what they were doing. Anyone who claimed that bad days were coming was told they were a fool, that this market is new and doesn't follow the rules of the old, that this time it's different. There was incredible anger against anyone who wasn't 100% enthusiastic about the market.
Just like now.
I could be wrong. I would be happy if I am wrong. I am invested in BTC and don't want to see it crash. I mean even if I can get out on top and profit, I still don't want to see the past few months disappear. But ultimately that will be healthier for the market, as it shakes away all this FOMO, hype, and greed
Human nature and market patterns don't change. We should be prepared for the worst.
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It's possible that bitcoin could go for a correction and resume quickly thereafter...
Unlike the crash of 1929, Bitcoin is still relatively small-stuff compared to the global economy or even American economy...
It would be as if the milk industry collapsed... The rest of society would go in virtually unscathed, only milk producers and traders would be devastated.
As such, I think we will see a big transfer of wealth.
Many people who have bought bitcoin for 8k+ will undoubtedly lose most of their investment, and that's what the market does... It rinses people who are ignorant...
People who saw the price of bitcoin at 8k and decided to buy thinking it would go up to the moon are suckers and therefore deserve to have their money taken away from them by vultures...
If the vultures in question happen to come from Bitfinex this time then fine!
This won't be the first or the last time that the common denominator gets his money taken from him by a smooth operators
Therefore, let the correction come, let all these people who rushed into bitcoin without knowing a thing about it learn an expensive lesson, let those who have gamed the system and played their cards right make an absolute fortune, and let's let the world continue to go round.
Hopefully this will serve as a lesson to future adopters of cryptocurrency not to get into it because they think they can make quick gains! But to get into it because it's the future of money and has virtually endless potential and applications!
My 2c on this recent fiasco, does anybody disagree?
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