Could be. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days. BTC_BENNY. It's just brainlets trying to pretend that a cryptocurrency which is primarily used by shitcoin traders to swap in and out of pump-and-dump scams has something to do with Bitcoin's rise. Tether lacks the influential sphere of Bitcoin, so if it runs into any hot water, Bitcoin’s price will not be affected. The real threat is that it artificially inflates the price of any and all crypto. I'm curious about it too. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. What makes you think all that Tether volume is legitimate in the first place? Bitfinex and Tether Lawsuit Analysis: The Severity of Roche Freedman’s Case. Tether has competitors in the stable coin business. Stablecoin firm Tether and its associate exchange Bitfinex have received a suit filed by a New York-based legal firm Roche Freedman against Tether token (USDT, stating that it is engaged with market manipulation as the consequence of an unpublished paper. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. I am also just waiting for the other shoe to drop at this point since the value has nearly tripled in just two months... not entirely convinced that this is only because of the halving and institutions investing. Tether and its sister company Bitfinex have been accused of creating “the largest bubble in human history” in a lawsuit filed in New York this week. The new lawsuit was filed on November 22, and addresses both Tether and Bitfinex. The question is how temporarily painful it could be. The dollar is backed by nothing except the confidence in the US government. Remember: Not your keys, not your Bitcoins. In there i guess supply and demand takes over. That BTC is now worth $23,736 at a price of $25,800 per BTC. On to my favorite topic: Tether—a firm that mints a dollar-pegged stablecoin that’s hugely popular on unbanked exchanges. Possibly the one doing that is Bitfinex themselves in order to recoup the cost of their insufficient "reserve", And what if you realize the actual trade volume and demand is only a fraction of what it appears to be without the Tether wash trading. Lehman and others sure did "high level risk assessment analysis" when buying AAA rated subprime mortgage bonds. This meritless lawsuit is an insult to the ingenuity of Tether’s customers, as well as the success and innovation of the industry and all who play a role in it,” the announcement states. Plaintiffs allege Tether of creating USDT out of thin air. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome. Tether was created out of a need for a smoother and faster method to move fiat currencies in between exchanges. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Press J to jump to the feed. Tether Expects New Lawsuit. It should affect BTC's price imo because the whole pump which happend back in 2017 for e.x. Imagine Regulators Shutting Tether Down - What Happens to Bitcoin? In a recent announcement made by Tether, they “vigorously” dispute the findings and conclusions claimed by the aforementioned paper. Doubt it. I personally think it is only a question of time before the more broader lawsuits against Tether will get through and the whole thing will collapse. Tether and cryptocurrency exchange Bitfinex must face trial in a case regarding the loss of more than $850 million co-mingled client and corporate funds, a NY state appeals court ruled on Thursday.. Bitfinex is accused of engaging in a massive cover-up after it allegedly lost $850 million and then attempted to use funds from sister-entity Tether to cover up the incident quietly. Why Tether might tank the Crypto Market on Jan 15th. This lawsuit is attacking the very legitimacy of Tether, the number #3 ranked cryptocurrency by market cap. I think people have to realize that institutions have people doing investments that often get it wrong too. Granted nothing is bulletproof in finance, but it gives me hope that the tether noise is just a bunch of FUD. This is reassuring, thank you. Example if I was given $100k of tether but only gave tether $80k USD and then bought up Bitcoin with my $100k USDT I have now bought $100k USD worth of Bitcoin for $80k and also created a higher demand for Bitcoin. But USDT is the biggest. Leveraged positions getting wrecked beyond imagination, Long term> nothing, a scam gets driven out of the market for better options. People who think of Bitcoin as "crypto" would probably panic and sell, but in the long run we'd all be much better of if all these shitcoin scams imploded as they deserve to. (0.92 BTC to be exact). I was awarded 80k reddit moons earlier this year which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. According to the company behind the stablecoin, they fully expect lawyers to use the paper and start a lawsuit. How much of that is fraud bots ? The Tether FUD has been around for at least four years now, probably longer. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. In the case the market would decide to get out of tether for the reason that it isnt backed to the degree the market has assumed, in my opinion that would mean you wouldnt find any buyers of tether. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Yeah, sounds great but BSVtards are forgetting that BSV = CSW. Tether lawsuit tomorrow. Or am I making a mistake in my thought process. At the time of writing Tether is almost hitting a $23b Market Cap, an increase of around $18b USD since the beginning of 2020. Short term> Massive price volatility, maybe a nice little sell off to buy an incredible dip sale. This meritless lawsuit is an insult to the ingenuity of Tether’s customers, as well as the success and innovation of the industry and all who play a role in it. Fiat is used to purchase Bitcoin the fed is currently being traded about 7x per day on.... Community dedicated to Bitcoin, the shitcoin markets would be a doomsday scenario reasons! Its tokens out of the cryptocurrency coin whopping $ 1.4 trillion before punitive or treble damages, bank... 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