Tether & bitfinex scam?

Tether's MC is $1,127,644,971 USD, Bitcoin's is $324,572,119,340 with over 12 Billion traded in the last 24 hrs or ten times the MC of tether.

Even if the whole of Tether's market cap was wiped from the value of Bitcoin in an instant, the impact would be negligible.
 
GoldenEye said:
So how does Bitcoin Diamond fit into this?
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just another altcoin fork cashing in on the bitcoin brand, expect a lot more

Bitcoin Diamond (November 24th) - http://www.btcd.io
Bitcoin Silver (December ?) - https://bitcointalk.org/index.php?topic=2311582.0
Bitcoin Platinum (December ?) - https://bitcoinplatinum.github.io
Super Bitcoin (December 17th) - http://supersmartbitcoin.com
Bitcoin Cash Plus (January 2018) - http://www.bitcoincashplus.org
Bitcoin 2x (February 2018) - http://bitcoin-2x.org
 
southerncross said:
Tether's MC is $1,127,644,971 USD, Bitcoin's is $324,572,119,340 with over 12 Billion traded in the last 24 hrs or ten times the MC of tether.

Even if the whole of Tether's market cap was wiped from the value of Bitcoin in an instant, the impact would be negligible.
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Wouldn't be negligible really, not in the short term anyhow. A black cat walking on the street can send bitcoin down 50% let alone a real whale dumping a lot of bitcoin onto the market.

That is the great thing about bitcoin imo, its volatility. If the price never moved no one would be making money with it. Every time bitcoins drops quickly there are thousands of long term holders of bitcoin buying it back up and doubling their holdings. If you are using bitcoin as a currency make sure you trade them quickly into fiat, simple really.
 
Dozers, you forgot about Ultimate Bitcoin

I think it's being run by the same guy who attempted segwit, and based off the review Data Dash did about it, it looks horrible!
 
southerncross said:
Tether's MC is $1,127,644,971 USD, Bitcoin's is $324,572,119,340 with over 12 Billion traded in the last 24 hrs or ten times the MC of tether.

Even if the whole of Tether's market cap was wiped from the value of Bitcoin in an instant, the impact would be negligible.
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Not as simple as that. You first can't just look at the volume of BTC as most of it's volume is due to trading pairs with altcoins. So once a small % of "dollars" enters say Bitcoin, velocity then massively amplifies that cryptos trading volume.
I can't be 100% sure, but i believe Tether is having a sizable effect on the general market.

I highly doubt Tether has over a Billion dollars now just sitting in a bank account somewhere. My guess is Tether is being "backed" by the ability to sell cryptos for real dollars, like how BitUSD is backed by BitShares.
Btw does anyone know how their "audit" is going?
 
why do i have this feeling the timing is getting closer with Tether & bitfinex. It feels like Mt.Gox all over again with them trying to delay delay delay and then BOOM. Game over man.

To make everyone feel better, Tether put an announcement where they said :rolleyes:
The Tether Reserve remains in surplus of the 1:1 backing of USDT and has more than the necessary currency on deposit to redeem all existing tethers.
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Out of interest does anyone know of someone that has ever convert their Tether to USD?

You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.


Last thing I remember, I was
Running for the door
I had to find the passage back to the place I was before
'Relax' said the night man,
'We are programmed to receive.
You can check out any time you like,
But you can never leave!'

 
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leo25 said:
why do i have this feeling the timing is getting closer with Tether & bitfinex. It feels like Mt.Gox all over again with them trying to delay delay delay and then BOOM. Game over man.

To make everyone feel better, Tether put an announcement where they said :rolleyes:
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dont-worry-about-tether-over-105-of-usdt-exist-and-will-be-used-to-pump-shitcoins.jpg
 
Not a big fan of Jerry, but it's a more recent video talking about what's going on for anyone that's not in the loop with what's happening.

 
While I hope tether is like leo25 says it is because it means more volatility, it is somewhat possible they have a billion dollars in a bank. The problem isn't when you hit hundreds of millions it is when you are a smaller fish as the banks like to fuck you over and you can't afford to fix it in a timely manner. If whoever is behind tether has enough lawyers, which they should now they are mega rich, you can easily keep your cash liquid in the banking system.

They are still at the mercy of a government crackdown on their funds though. Personally I would err on the side that they don't have most of their USD in a bank and its spread mainly over cryptos like leo says.
 
government crackdown? if the usd does exist its safely in a holding account in the caymans, they are the government. the amount that these exchanges are earning in trade alone it may not even matter if they have usd backing as they almost certainly have enough liquidity to cover them.
 
I would like to see Tether and bitfinex die off because they are causing too much volatility and unwanted attention to the crypto space. Like with Mt.Gox back in the days, it was better off once they died. Sure the price went way down for a white, but then Bitcoin became stronger then ever.

All this leverage trading, fractional reserve accounting and now derivatives is going against everything Bitcoin stood for. I would be much happier with Bitcoin around the $3000 level and based on true market demand.
 
leo25 said:
I would like to see Tether and bitfinex die off because they are causing too much volatility and unwanted attention to the crypto space. Like with Mt.Gox back in the days, it was better off once they died. Sure the price went way down for a white, but then Bitcoin became stronger then ever.

All this leverage trading, fractional reserve accounting and now derivatives is going against everything Bitcoin stood for. I would be much happier with Bitcoin around the $3000 level and based on true market demand.
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You sound like you want to buy back into bitcoin? If there is a big hack or bitfinex rubbish then the price will drop a lot and is a good time to buy.

You can still use bitcoin for what it was designed for and there are altcoins which do some things better than bitcoin. Not sure why volatility with bitcoin is a bad thing, the only way you can make money with something without doing something of value is playing the market. If bitcoin isn't volatile we will all have to do real work to earn it. Like wtf! Don't take our jobs!

iu
 
dozerz said:
government crackdown? if the usd does exist its safely in a holding account in the caymans, they are the government. the amount that these exchanges are earning in trade alone it may not even matter if they have usd backing as they almost certainly have enough liquidity to cover them.
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Did you see what they did to the guy they allege ran BTC-e ? 110 million dollar fine and massive laundering charges created out of nowhere. He was in greece, doesn't cayman islands extradite to the US? You can only hope whoever is running tether has a lot of money devoted to lawyers and layers.

The biggest criminal in the world, the united states government, can pretty much get you anywhere on anything.
 
jerrygold said:
You sound like you want to buy back into bitcoin? If there is a big hack or bitfinex rubbish then the price will drop a lot and is a good time to buy.

You can still use bitcoin for what it was designed for and there are altcoins which do some things better than bitcoin. Not sure why volatility with bitcoin is a bad thing, the only way you can make money with something without doing something of value is playing the market. If bitcoin isn't volatile we will all have to do real work to earn it. Like wtf! Don't take our jobs!
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Yep I've always said once most of the craziness is out ill put more money in.

Well i can't use Bitcoin (for obvious reasons), but i can use Bitcoin Cash. Also Bitpay will be adding BHC, so that will make it's acceptance more broad soon. There are no real other options atm, as almost no places accept atlcoins as payment. But feel free to list some if you have found some good places.

Volatility makes it hard for merchants to adopt it as a payment. Can you imagine if the dollar moved that much? how could you ever price something in your shop? Atm no one is really using Bitcoin as payment, rather it mostly gets converted to USD when you use something like BitPay.

haha so what you're saying is we should all get rich for doing nothing and someone else should do all the work we want done. But how do we stop dem immigrants from first getting our jobs and then our cryptos? :p
 
jerrygold said:
hope whoever is running tether has a lot of money devoted to lawyers.
.
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Aww lawyers and accountants, they always get a cut of the pie :mad: They will all be frothing from the mouth waiting for their big pay day.
 
leo25 said:
Yep I've always said once most of the craziness is out ill put more money in.

Well i can't use Bitcoin (for obvious reasons), but i can use Bitcoin Cash. Also Bitpay will be adding BHC, so that will make it's acceptance more broad soon. There are no real other options atm, as almost no places accept atlcoins as payment. But feel free to list some if you have found some good places.

Volatility makes it hard for merchants to adopt it as a payment. Can you imagine if the dollar moved that much? how could you ever price something in your shop? Atm no one is really using Bitcoin as payment, rather it mostly gets converted to USD when you use something like BitPay.
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Everything you say is accurate.

leo25 said:
haha so what you're saying is we should all get rich for doing nothing and someone else should do all the work we want done. But how do we stop dem immigrants from first getting our jobs and then our cryptos? :p
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The way I see it is all those hedge funds, venture capitalists and rich assholes are buying into bitcoin and making the poor rich. Its like robin hood. Have something and ride the wave of dinosaur cash.
 
Tether just created it's biggest "cash" injection so far, a massive $600,000,000 to prop the crypto market up. Though i guess that nothing in comparison to the amount of money central banks create to prop up markets.
 
US Commodity Futures Trade Commission (CFTC) allegedly subpoenaed both Bitfinex and Tether on 6th Dec 2017 - story has just broken. That's why BTC is crashing back below $10k USD right now. Some estimates are that the issuing of unbacked Tether has pumped BTC prices by 80%.

https://www.bloomberg.com/news/arti...itfinex-tether-said-to-get-subpoenaed-by-cftc

Bitfinex and Tether share a CEO.

This might become known as The Untethering.
 
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