Popular Post hodlefer 91 Posted January 30, 2018 Popular Post Share Posted January 30, 2018 As most of you probably have read by now, Tether is becoming a scary situation. There is speculation that they have been printing counterfeit money to the tune of 2 billion dollars, and injecting it into the market to inflate prices. That 2 billion dollars is also speculated to have inflated BTC 50-80% because in reality only $10 billion of fiat has been invested into the crypto market to date. Because of this, some articles have come out to say that when Tether collapses, BTC will retreat back around $1000 and the rest of the market will come with it. I have been losing sleep at night lately because I honestly believe this to be true. The numbers add up, and USDT is really bad news. But I also had a thought this morning that put me at ease: It doesn't matter... Cryptocurrency is officially out of the bag, and it is becoming easier and easier for investors to get involved. If there has only been $10 billion invested in crypto to date, and even if $2 billion of that was Tether's funny money, that $2 billion isn't going to matter when $100 billion has been invested. Even a couple small hedge funds getting involved could easily pump billions of dollars of real inflow into the market. Now think about when Goldman Sachs opens their crypto trading desk. Robinhood alone has a cryptocurrency waiting list 800,000+ long, and they contain a tiny fraction of the investors in the US alone! I can see the amount of money being invested in crypto this year alone easily being in the hundreds of billions as the barrier to entry becomes equal to that of the stock market. And oh yeah, this is a global market. Japanese, Koreans, Russians, Germans, Brazilians, Americans; We are all in the same market and there is a ton of money out there. Bubbles burst, and people are going to lose a lot of money when our crypto bubble pops. But like the Dot Com bubble in 2000, plenty of companies will survive and thrive. The NASDAQ didn't go anywhere. Neither did Apple, Amazon, Google, Paypal, or Microsoft. Innovators, companies with a clear focus, and companies with great teams will rise from the ashes stronger than ever, and we fit all of those categories perfectly. So when Tether takes a sh*t and everyone on reddit and xrpchat is saying that crypto is done forever, just quietly accumulate and hodl. The market is going to come back stronger and XRP will look like a very attractive investment as it will have real institutional uses and partnerships. Cheers godzerper, Tripple, Seoulite and 7 others 8 2 Link to post Share on other sites
Seoulite 901 Posted January 30, 2018 Share Posted January 30, 2018 5 minutes ago, hodlefer said: So when Tether takes a sh*t and everyone on reddit and xrpchat is saying that crypto is done forever, just quietly accumulate and hodl. The market is going to come back stronger and XRP will look like a very attractive investment as it will have real institutional uses and partnerships. Isn’t it possible that a huge crypto crash could destabilise those partnerships? A very large and public crash in xrp price would surely damage confidence in its utility, no? Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 1 minute ago, Seoulite said: Isn’t it possible that a huge crypto crash could destabilise those partnerships? A very large and public crash in xrp price would surely damage confidence in its utility, no? I can see where you are coming from, it would definitely put a strain on institutional confidence. But another thing to think about is that a large public crash, especially caused by criminal activity, will likely bring regulation to the space. XRP is by far the cryptocurrency best positioned to handle regulation, which will help keep those partners feeling safe. Seoulite 1 Link to post Share on other sites
marousi 193 Posted January 30, 2018 Share Posted January 30, 2018 Perhaps Krugman is correct afterall. Link to post Share on other sites
flanman 428 Posted January 30, 2018 Share Posted January 30, 2018 (edited) The crash will drop prices anywhere from 30% to 80%: http://www.tetherreport.com https://twitter.com/bitfinexed Fellow zerpers, get your XRP and $ out of Bitfinex, Kraken, Binance, Poloniex, and all exchanges that use USDT. Using any tether enabled exchange is the same as using bitfinex. When the crash happens there's a good chance you lose everything. Here's a full list of toxic exchanges: https://coinmarketcap.com/currencies/tether/#markets And spread the news! The sooner the crash happens the LESS devastating it will be. Edited January 30, 2018 by flanman CryptoGerrie, BBS and xh3b4sd 1 2 Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 3 minutes ago, flanman said: Fellow zerpers, get your XRP and $ out of Bitfinex, Kraken, Poloniex, and all exchanges that use USDT. When the crash happens there's a good chance you lose everything. While I agree with your message, it sounds a little frantic and panicky, which the whole point of this post is that panic is not necessary and will only cause poor decision making. Yes, if you store your zerps on an exchange that used USDT (or any exchange in general honestly) you should go ahead and move them to Toast or some other off exchange wallet. As these exchanges will likely experience unprecedented volume in the case of a large crash and could possibly fail. That being said don't panic, read the initial post and repeat after me: "accumulate and hodl" Link to post Share on other sites
RippleHerToShreds 164 Posted January 30, 2018 Share Posted January 30, 2018 27 minutes ago, hodlefer said: The market is going to come back stronger and XRP will look like a very attractive investment as it will have real institutional uses and partnerships. Absolutely spot on - but the problem is how low will "good" cryptos (eg. XRP) go before it can recover and thrive? 0.50 definitely, 0.20 probably, 0.10 possibly......scary thoughts! Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 Just now, RippleHerToShreds said: Absolutely spot on - but the problem is how low will "good" cryptos (eg. XRP) go before it can recover and thrive? 0.50 definitely, 0.20 probably, 0.10 possibly......scary thoughts! This is why I plan to do some dollar cost averaging when things get low and it may never drop below $1 or $.50, we just don't know. Remember that time you thought "man, I wish I had bought more in November when the dips were around $.15", well if you still believe in the tech and the company you would be crazy not to buy more at the bottom, wherever that may be. XTRA_HRDCOR_XRP 1 Link to post Share on other sites
RippleHerToShreds 164 Posted January 30, 2018 Share Posted January 30, 2018 Another thought - why is the Tether "problem" any different form other crypto pairs (eg. BTC/XRP). There is nothing under-pinning XRP (unlike Tether which is supposed to be Dollar backed). Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 Just now, RippleHerToShreds said: Another thought - why is the Tether "problem" any different form other crypto pairs (eg. BTC/XRP). There is nothing under-pinning XRP (unlike Tether which is supposed to be Dollar backed). I don't want to go too far in depth about why tether is a problem in this thread. But here is a reddit thread that will explain it in detail if you have the time: https://www.reddit.com/r/Bitcoin/comments/6ypy58/the_truth_about_bitfinex_and_tether/ Sparknotes version is that Tether is created by Bitfinex and then used to buy BTC. So they print $100,000,000 in USDT and buy $100,000,000 worth of BTC without any new money entering the ecosystem. Driving the price of BTC up with buy pressure that should not exist. Link to post Share on other sites
Premium 62 Posted January 30, 2018 Share Posted January 30, 2018 If this was really happening why is bitcoins price not rising to new highs Link to post Share on other sites
flanman 428 Posted January 30, 2018 Share Posted January 30, 2018 (edited) 6 minutes ago, Premium said: If this was really happening why is bitcoins price not rising to new highs It did, that's why it hit 20k. Now they have to print hundreds of millions of tether to just keep it above 10k. Expect an increase in tethers today as btc begins to drop again: Http://Twitter.com/tetherprinter Edited January 30, 2018 by flanman Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 7 minutes ago, Premium said: If this was really happening why is bitcoins price not rising to new highs Correlation does not imply causation, but these charts are highly correlated. Look at the market cap of tether(blue in first chart) and price of BTC (second chart). This is for 2017-present. Link to post Share on other sites
Premium 62 Posted January 30, 2018 Share Posted January 30, 2018 Maybe that's why Charlie lee sold all his litecoin missdaboat 1 Link to post Share on other sites
hodlefer 91 Posted January 30, 2018 Author Share Posted January 30, 2018 Again, this thread is not intended to be a "Why is tether bad?" debate. If you don't see a problem with tether than great, don't post here. This is intended to be for those people who do see a problem and have begun to stress about it. So if we could refrain from the debate over whether Tether is a problem that would be awesome. Link to post Share on other sites
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