"chart is not about tether at all;) it about usd (fiat) and btc"?
Title is theter and on your chart is "theter"
ArShevelev
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@webmi, if I called it the dollar, then everyone would shout it's not a dollar bro, it's a tether... ;D
j0nesy1977.mj
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Well its defintely not oversold, could have possibly reversed and found a new support line. Not sure, can't see it well enough, whether there is a death cross in there. All in all it looks like a possible reversal.
However, there is a lot of fear in the market caused by tether and bitfinex and now they have been subponeaed. I wouldn't be brave enough to buy right now.
josephtse
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This chart explains the entire Ponzi. It is complete now. If you don't understand what I'm saying, I can draw the economics and put here later. Basically, BTC inelastic supply. Tether inelastic demand. Together, you can achieve price equilibrium, but one without the other, you cannot achieve price equilibrium. As BTC crashes, tether will print more to fill its gap. This is one gigantic ponzi scheme, and I don't think the regulators will continue to allow it. It is fractional reserve banking on fake money.
ArShevelev
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@josephtse, look at DJI at Monthly Timeframe - ponzi?
josephtse
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@a.shevelev002, DJI/fiat/global credit definitely a ponzi!!! I never said it wasn't. But Bitfinex/Tether is creating a ponzi on top of a ponzi, which is unsustainable. They are using fiat money (yours and mine), issuing their own currency (tether), and creating their own ponzi and levering even more. Unsustainable, especially if they are borrowing from the real Taiwainese banks at say 2% interest.
SignalTraderX
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@josephtse, tether cap is less than 1%. This will test how many weekhands there are left!
SignalTraderX
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@calculator, with other words if we completely delete tether the price of bitcoins should not fall more than 1%. Look how much we feld already with this tether nonsense carbage.
KISStheProfit
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@calculator, You are not on the right path. Tether was used for wash trade with BTC to rise the price since autumn, and soon I believe it is going to be revealed by the regulators, if they would not be bribed. The rise of BTC gave floor to the other ponzi schemes to rise as well. It is a whole scheme for draining the fiat on large scale. Probably one of the biggest scams in human history. The Tether may be 1% but used with wash trading it can make the price of BTC even 1 000 000. Actually you need only about 200 million dollars to rise price of BTC from 7 000 to 20 000 in the current volums. Yet, when you can print your own money, and wash trading on your exchange, you can build it up with 1 dollar! Litterally! The several good projects will suffer from it soon or later. I believe that many governments are already aware of it, they just do not want to make people panic.