@Bitfinexed makes some solid points sometimes that really makes you agree with him but then he'll go on a massive anti-crypto rant that makes absolutely no sense because it's just blind hatred and bitterness
That radical mindset renders any valid argument he makes, null and void
Your name is literally ignorant. If you ignore the influence that Tether has had on crypto, and ignore the fact that the only reason anyone cares about crypto right now is because of a massive fraud at Bitfinex for the past several years... you'll be wiped out.
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We're all ignorant but towards different things. Tether has no-doubt had a huge influence on BTC recently but it's certainly not the only reason people care and is definitely not the only reason BTC is worth what it is today.
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That said, a Tether collapse would be catastrophic for crypto, but not apocalyptic. Tether is not the be all end all of crypto. But it is a large part of it currently and the sooner we start getting away from it, the better. Either way crypto will survive and prosper immensely
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I disagree, check history of Bitfinex in 2013, before MtGox. They were faking everything.
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While that may be true, the whole market does not rely solely on
@bitfinex If you bash Bitfinex and not crypto, you'll get far more people to support you. The people you're trying to convince love crypto and when you bash it, your valid argument gets thrown out the window -
Bitfinex & Tether make up over 80% of the entire market, and the Tether fraud drew everybody else into the market, thinking everything was organic. Just like when MtGOX started printing fake money to inflate prices, everyone thought Bitcoin was new paradigm.
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And when MtGOX went bankrupt it was making up around 70% of all transactions. Price tanked but market recovered, albeit with both organic and inorganic growth. Of that 80%, how much do you think isn't real? The demand is there it just needs a new more reliable USD pegged coin
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It recovered because Bitfinex reinflated everything
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Unless you are Bitfinex, there is no way to tell what amount of Tether is being used by real money to buy BTC and what amount is Bitfinex itself just buying up the whole time.
End of conversation
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