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I think it would increase as tether would need to dump into btc on exchanges like bitfinex and most know this dynamic by now. But who even cares. If it crater

I think it would increase as tether would need to dump into btc on exchanges like bitfinex and most know this dynamic by now. But who even cares. If it craters like it did during covid from fear selling it just comes back in a month or so.

arcticbull 5y ago
It only came back because of USDT. This is true according to the chat transcripts in the NYAG filings between Bitfinex’ Merlin and the money launderers they parked money with.
- trident5000 5y ago
  Surely you can provide a source for that (where exactly this was said)? As far as I have seen they dont show anything demonstrating this. And this tin foil hat theory about tether pumping btc has been debunked repeatedly.
  - arcticbull 5y ago
    It was in the NYAG settlement. [1] Transcripts here. [2] Merlin is Bitfinex/Tether CFO Giancarlo Devasini. [3] Oz and CCC is Oz Yosef - their contact at the Panamanian money launderer Crypto Capital Corp. Here, they parked almost $1B of co-mingled funds without a contract at all and had it seized by various world authorities. Merlin [15.10.18 10:01] I need to provide customers with precise answer at this point, can't just kick the can a little more Merlin [15.10.18 10:02] the international I mean CCC [15.10.18 10:02] I will keep you posted here CCC [15.10.18 10:02] On the process of all international payments. Merlin [15.10.18 10:02] please understand all this could be extremely dangerous for everybody, the entire crypto community Merlin [15.10.18 10:03] BTC could tank to below 1k if we don't act quickly For once, I believe Giancarlo. I recommend reading the rest of the transcripts in [2]. > And this tin foil hat theory about tether pumping btc has been debunked repeatedly. I mean, you can keep repeating that, but of course, it hasn't. I don't know there's conclusive evidence at this point although a massive class action suit against Tether for market manipulation was recently allowed to proceed by a judge after rejecting Tether's request for summary judgement. 5 of the 10 claims were dismissed - a few on technicalities - but 5 claims were approved to continue on the basis of suitably compelling evidence and off to court we go. [4] >> The court did dismiss RICO charges against the defendants. However, it found the plaintiffs adequately alleged monopolization, market manipulation, common law fraud, and violation of the Commodities Exchange Act. [4] I'll let the judge decide if it's FUD thanks :) [1] https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... [2] https://cryptonews.com/news/how-merlin-lost-patience-trying-to-save-bitfinex-s-usd-851-m-3760.htm https://cryptonews.com/news/how-merlin-lost-patience-trying-... [3] https://www.ft.com/content/4da3060c-8e1a-439f-a1d7-a6a4688ad6ca https://www.ft.com/content/4da3060c-8e1a-439f-a1d7-a6a4688ad... [4] https://protos.com/tether-market-manipulation-class-action-lawsuit-crypto-trader-new-york-court/ https://protos.com/tether-market-manipulation-class-action-l...
    - trident5000 5y ago
      Just to be clear, none of what you've provided concludes that tether manipulated (pumps) the btc market. Its still a tin foil hat theory from people who just dont like cryptocurrecy.
      - arcticbull 5y ago
        Me: > I don't know there's conclusive evidence at this point... I already said there was no conclusive evidence yet, but that's not the same thing as "debunked." A judge agrees. Had it in fact been "debunked repeatedly" then the lawsuit would not be permitted to proceed. >> The court did dismiss RICO charges against the defendants. However, it found the plaintiffs adequately alleged monopolization, market manipulation, common law fraud, and violation of the Commodities Exchange Act. A judge literally found based on the plaintiffs evidence that they have adequately alleged market manipulation. So, let's see where that goes then, shall we? Either the judge is wearing a tinfoil hat too, or I suggest new talking points. Of course I don't like cryptocurrency, lol, it's hot garbage IMO. However, I wouldn't like it any more or less at $1,000 than I would at $100,000 (well, except that Bitcoin's environmental footprint cap is proportional to its price - so lower is better for the planet).

arcticbull 5y ago

It only came back because of USDT. This is true according to the chat transcripts in the NYAG filings between Bitfinex’ Merlin and the money launderers they parked money with.

trident5000 5y ago
Surely you can provide a source for that (where exactly this was said)? As far as I have seen they dont show anything demonstrating this. And this tin foil hat theory about tether pumping btc has been debunked repeatedly.
- arcticbull 5y ago
  It was in the NYAG settlement. [1] Transcripts here. [2] Merlin is Bitfinex/Tether CFO Giancarlo Devasini. [3] Oz and CCC is Oz Yosef - their contact at the Panamanian money launderer Crypto Capital Corp. Here, they parked almost $1B of co-mingled funds without a contract at all and had it seized by various world authorities. Merlin [15.10.18 10:01] I need to provide customers with precise answer at this point, can't just kick the can a little more Merlin [15.10.18 10:02] the international I mean CCC [15.10.18 10:02] I will keep you posted here CCC [15.10.18 10:02] On the process of all international payments. Merlin [15.10.18 10:02] please understand all this could be extremely dangerous for everybody, the entire crypto community Merlin [15.10.18 10:03] BTC could tank to below 1k if we don't act quickly For once, I believe Giancarlo. I recommend reading the rest of the transcripts in [2]. > And this tin foil hat theory about tether pumping btc has been debunked repeatedly. I mean, you can keep repeating that, but of course, it hasn't. I don't know there's conclusive evidence at this point although a massive class action suit against Tether for market manipulation was recently allowed to proceed by a judge after rejecting Tether's request for summary judgement. 5 of the 10 claims were dismissed - a few on technicalities - but 5 claims were approved to continue on the basis of suitably compelling evidence and off to court we go. [4] >> The court did dismiss RICO charges against the defendants. However, it found the plaintiffs adequately alleged monopolization, market manipulation, common law fraud, and violation of the Commodities Exchange Act. [4] I'll let the judge decide if it's FUD thanks :) [1] https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... [2] https://cryptonews.com/news/how-merlin-lost-patience-trying-to-save-bitfinex-s-usd-851-m-3760.htm https://cryptonews.com/news/how-merlin-lost-patience-trying-... [3] https://www.ft.com/content/4da3060c-8e1a-439f-a1d7-a6a4688ad6ca https://www.ft.com/content/4da3060c-8e1a-439f-a1d7-a6a4688ad... [4] https://protos.com/tether-market-manipulation-class-action-lawsuit-crypto-trader-new-york-court/ https://protos.com/tether-market-manipulation-class-action-l...
  - trident5000 5y ago
    Just to be clear, none of what you've provided concludes that tether manipulated (pumps) the btc market. Its still a tin foil hat theory from people who just dont like cryptocurrecy.
    - arcticbull 5y ago
      Me: > I don't know there's conclusive evidence at this point... I already said there was no conclusive evidence yet, but that's not the same thing as "debunked." A judge agrees. Had it in fact been "debunked repeatedly" then the lawsuit would not be permitted to proceed. >> The court did dismiss RICO charges against the defendants. However, it found the plaintiffs adequately alleged monopolization, market manipulation, common law fraud, and violation of the Commodities Exchange Act. A judge literally found based on the plaintiffs evidence that they have adequately alleged market manipulation. So, let's see where that goes then, shall we? Either the judge is wearing a tinfoil hat too, or I suggest new talking points. Of course I don't like cryptocurrency, lol, it's hot garbage IMO. However, I wouldn't like it any more or less at $1,000 than I would at $100,000 (well, except that Bitcoin's environmental footprint cap is proportional to its price - so lower is better for the planet).