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  1. #1
    sweetbet's Avatar
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    Default Bitfinex / Tether issue could crash Bitcoin

    Is anyone worried about the possibility of Bitcoin and the entire crypto market crashing hard thanks to Bitfinex and the Tether issue. If you don't know what I'm talking about, read this article http://www.news.com.au/finance/money...92847a0b59a23b

  2. #2
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    fake news... more accusations and speculation, conspiracy theorists ...

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    I'm not sure if it is fake news.

    These Tether are supposed to be backed by USD on a 1 for 1 basis - that's the whole point - but it's doubtful that they do actually have a series of bank accounts with $2.2 billion in them. If they did then the company would be on the front foot.

    While $2.2 billion doesn't sound much compared to a $575 billion total market cap - it is a significant issue given that many low rent exchanges that do limited KYC actually use USDT rather than a direct conversion to fiat. A collapse of USDT would shake up US confidence in crypto quick significantly.

    It could send BTC (and all alt-coins) back 12-months ... and if you look at the valuations of 12 months ago ... then that's quite scary.

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    Cash Bonus (29 January 2018), eaton2003 (31 January 2018), sweetbet (29 January 2018)

  6. #4
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    I am not worried, but the FUD is real, so that was part of the reason why the party is temporarily over.


    I mean Tether can be still fraud, but I am rather sticking with Occam's razor. I did not read anything that can not be explained by common sense by tether.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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  8. #5
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    U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether
    https://www.bloomberg.com/news/artic...oenaed-by-cftc

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    ... 2 months (or so) old new: Subpoeana was sent on December 6th 2017.
    Target acquired, price down. Spreading FUD for free.

    From the link posted by sweetbet:

    "The U.S. Commodity Futures Trading Commission sent subpoenas on Dec. 6 to virtual-currency venue Bitfinex and Tether..."

  10. #7
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    It's not about when the subpoenas were sent, but rather what they will find out.

  11. #8
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    A useful and balanced Youtube video expo on the current state - posted today - Jan 30th
    https://www.youtube.com/watch?v=T8LPUaFqSgg

    It explains how inflow of funds is important and how $2b can have an much more sizable impact on market cap than it's face value.

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    dfiocch (31 January 2018), sweetbet (30 January 2018)

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