12 votes

Tether Price Manipulation Thread

Posted by skybrian
Tags: cryptocurrency, bitcoin, tether, author.jacob oracle, source.twitter
https://twitter.com/JacobOracle/status/1346133062204198917
@Jacob Oracle:
Tether Price Manipulation Thread:Tether has been manipulating #Bitcoin's price upwards for years now by printing unlimited, and unbacked $USDT.This thread will cover the controversial aspects surrounding Tether, and how it will eventually meet its demise. pic.twitter.com/vMwJxG35gF

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Authors
Jacob Oracle

10 comments

  3. [3]
    streblo
    Link
    So that graph is pretty interesting. So they print Tether and buy bitcoin with it? Wouldn't this scheme require a lot of people wanting to convert BTC to Tether? Who is providing that liquidity?

    So that graph is pretty interesting. So they print Tether and buy bitcoin with it? Wouldn't this scheme require a lot of people wanting to convert BTC to Tether? Who is providing that liquidity?

    2 votes
    1. [2]
      skybrian
      (edited )
      Link Parent
      I don't know. Apparently there is a lot of volume but if people trade Bitcoin for Tether and then Tether for something else then they might not be holding Tether for very long? The graphs don't...

      I don't know. Apparently there is a lot of volume but if people trade Bitcoin for Tether and then Tether for something else then they might not be holding Tether for very long? The graphs don't include all the flows into/out of Tether.

      In retrospect, I'm not sure this was a good link to share. It doesn't explain enough.

      1 vote
      1. streblo
        Link Parent
        That makes a lot of sense actually. So it would be people day-trading bitcoin jumping to and from a 'pegged' currency rather than the US dollar to avoid capital gains taxes.

        That makes a lot of sense actually. So it would be people day-trading bitcoin jumping to and from a 'pegged' currency rather than the US dollar to avoid capital gains taxes.

        1 vote
  4. [4]
    Eabryt
    Link
    Interesting thread, no idea who Jacob Oracle is or if he's even remotely reliable. The fact that Paypal and JP Morgan have shown interest in Bitcoin is more likely to have caused jumps than...

    Interesting thread, no idea who Jacob Oracle is or if he's even remotely reliable.

    The fact that Paypal and JP Morgan have shown interest in Bitcoin is more likely to have caused jumps than anything else.

    1 vote
    1. [3]
      skybrian
      Link Parent
      Yeah, I don’t know either. Just a reminder that with cryptocurrency, exchanges are very likely to go bust without warning, and Tether’s peg to the dollar could easily turn out the same way.

      Yeah, I don’t know either. Just a reminder that with cryptocurrency, exchanges are very likely to go bust without warning, and Tether’s peg to the dollar could easily turn out the same way.

      5 votes
      1. [2]
        nacho
        Link Parent
        If one could predict how cryptocurrencies move (lol), I'd say today is as good a day as any to get out and get cold, hard USD for your troubles. Volatility is huge, and maximizing profits will...

        If one could predict how cryptocurrencies move (lol), I'd say today is as good a day as any to get out and get cold, hard USD for your troubles. Volatility is huge, and maximizing profits will likely come at the expense of huge risk. Bitcoin et. al. are going to drop quickly, soon. There will be a sell-off around the start of Biden's presidency. Things will calm down. Gold prices will sink.

        It is as you say, exchanges are likely to go bust, and the Tether-bubble is more likely to burst than the other over-ripened gigantic bubbles various cryptocurrencies represent as assets. They aren't functioning as currencies at least.

        1 vote
        1. skybrian
          Link Parent
          I expect there will eventually be a run for the exits, but nobody can say whether it's weeks, months, or maybe even years. Market timing is always difficult. As they say, the market can stay...

          I expect there will eventually be a run for the exits, but nobody can say whether it's weeks, months, or maybe even years. Market timing is always difficult. As they say, the market can stay irrational longer than you can stay solvent. It's not really a problem that Tether isn't fully backed, until it becomes one.

          I think a good attitude is to treat it like gambling. Some people can do it without getting into too much trouble, others should stay far away.

          2 votes