0c53fd No.2237
As reported here
>>>/n/574172
The crytocurrency exchange Bitfinex is often accused of artificially inflating the price of bitcoin with USDT, a blockchain asset made to represent the U.S Dollar. Recently that the company issuing Tether has a balance of 30 million dollars.
https://archive.fo/4cMe8
The same page now displays as unavailable
https://archive.fo/TGxUS
What do you think is the future of cryptocurrency, bitcoin and alts alike should Bitfinex be found guilty of fraud?
Since there are many alts, we can consider the following categories
>Alts with only BTC market
>Alts with ETH, LTC or other crytocurrency only markets
>Alts with non-tether fiat markets e.g GBP, EUR
____________________________
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0c53fd No.2238
>>2237
>Tether has a balance of 30 million dollars.
negative 30 million dollars ^
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6d4814 No.2243
Many people are likening it to Mt Gox but that was kind of the opposite. They were missing bitcoin so they couldn't honour the deposits and caused a massive crash, tether on the other hand has probably made a fake fiat pair and bought btc with it. As the run on tether starts, they won't be able to cash out into usd and will attempt to buy the only thing they can with it- inflated crypto. People have been selling their scarce bitcoin for a non scarce token. There will be a fire sale on usdt and people will be buying whatever they can with it because usd fiat exits are quite limited for most people especially with the tax man waiting for them.
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0c53fd No.2245
>>2243
Yes that appears to be the only option for USDT holders as withdrawals have been restricted. That might cause the tether-crypto price to increase; however I think it may cause a loss in faith in the current price. Generally tether has been influencing respective fiat prices.
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50bb2a No.2257
Events like this and Mt.gox are necessary evils. They must occur so that the crypto community adapts if its to retain legitimacy. I actually posit that the mtgox ordeal was good for crypto in the long run. I know the tether issue pertains to some exchanges, not all. I personally use coinbase and can directly cash out so I'm not worried but I worry what this does in the short term.
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0c53fd No.2260
>>2257
Do elaborate for the sake of the discussion. I wasn't trading around the time of Mt. Gox to really feel the effects.
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2d4ddd No.2266
>>2260
MtGox was hacked, they kept quiet about it, turned to running the exchange as a fractional reserve, turned out BTC-e was laundering that stolen bitcoin for a long fucking time.
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7f136a No.2267
I also think it's a big bad event that is looming on the horizon. The only possible way it is alright is if some entity is trying to enter the market, and they are paying Tether Incorporated huge amounts of money every few days. The likelihood of that scenario is about 15 percent in my eyes. If not, we're fucked for a whole, except for maybe good alts, like XMR or ETH. I think there's a lot of new money that is up like 40 percent in BTC in just weeks. When they start losing money, they will panic-sell
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0c53fd No.2268
>>2266
I know that part, but go into detail about the necessary evil. I would think that another major bitcoin crash or scandal would do the opposite of lending credibility or legitimacy to cryptocurrency. I.e unregulated, shady business practices of exchanges- the allegations regarding BitFinex- et al.
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260710 No.2287
There was a post on cuckchain detailing the polish bank tether is using and the shell company that both it and bitfinex are associated with. They used a Panamanian accountant that was embroiled in the Panama Papers so it looks like this whole thing is linked together with global money laundering/tax evasion operations. There has been more and more people becoming aware of this fraud with even talking heads like Charlie Lee tweeting about it rather than his normal lame dad jokes. I feel as if they're pumping it up in this fraudulent manner so that when the Chicago Mercantile Exchange comes to play in a couple of weeks time they can expose tether, whip up a frenzy of regulatory FUD and short the shit out of it. This could very well coincide with an attack on the BTC chain by miners who support BCH leaving BTC in a chain death spiral with 50+ days til the next difficulty adjustment.
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0c53fd No.2299
>>2287
https://archive.fo/hTrz1
Bloomberg: There’s an $814 Million Mystery Near the Heart of the Biggest Bitcoin Exchange
Basically reiterates already known knowledge, but I think the suspicion is spreading.
I assume alts with non-tether fiat markets would be safe, except maybe Litecoin since it tends to rise and fall with Bitcoin (that's my fairly short term observation). Alts with only a BTC market, in the worst case will see the activity of people pulling out to BTC, then to fiat; the best case is that they scale around their fiat value. I think that also depends on upcoming news for the coin.
A little earlier I see Vertcoin making consistent gains because of the halving, lightning network, and stealth addresses despite BTC's fluctuations. Largely I see its traders evaluate by U.S dollar price.
I only mention these coins specifically because I traded in their markets and observed them, not because of overall insight of altcoins.
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260710 No.2310
>>2299
Interesting if they've hired a law firm to battle false accusations. The case will go into discovery and they'll have to be audited yeah?
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0c53fd No.2312
>>2310
I think they're trying every possible option to avoid getting audited. Otherwise, the cheapest & simplest outcome would be to get audited and prove oneself solvent. This would dismiss all accusations and settle everything without a lawsuit.
The other mindset could be that "just because there's an accusation, doesn't mean it should be entertained".
Either way, the lawsuit is a interesting choice of action. I'm not sure if it'll turn out to be a frivolous one like in the case of Wells Fargo, for the sake of buying some kind of time.
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8f61c6 No.2314
>>2243
>There will be a fire sale on usdt
hhalp
<address removed>
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a8e198 No.2335
The bitcoin transaction fees now are outrageous. Exchanges typically have a 1 mBTC (~$17) now. I think regardless of Tether printing, that is going to put people off.
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d3c662 No.2385
>>2335
It will get better as more switch to segwit, I've been able to get transactions through with .0002 BTC fee in under an hour. Even at $17 that's still comparable to bank wiring fees.
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53c6f2 No.2424
So far the boats are still afloat.
https://medium.com/@untetheredbtc/how-the-tether-usdt-distribution-system-works-84a5c673bec0
The whistleblowing is starting to extend to the other big exchanges.
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012fac No.2452
>>2243
How would taxing cryptos even work?
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a8e198 No.2457
>>2452
Nowadays exchanges ask for ID. That combined with transaction history on a public blockchain, trade history on a exchange, and the withdraw to bank account it's fairly straightforward.
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b60f27 No.2480
This is actually much, much worse than Gox. All the price gains since august across all Cryptos have been pumped by fake worthless Tether. Everyone's going to lose 90%. And if you'll notice the exits are being sealed around you.
I emptied all the btc ATM's of cash, all day. This will be epic. There is going to be a wave of suicides around the world.
Hate to say it, but screenshot this post.
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348477 No.2481
>>2237
>just when they start pumping BTC they stop the audits and transparancy
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55497f No.2496
All crypto became ponzi scams from the moment they began trading like stocks/forex. The reason is simple: crypto has no value on its own, and its price relative to fiat is entirely arbitrary.
Think about the STATED PURPOSE of crypto as being some way to liberate people from the shackles of fiat, yet to do so it would need to be recognized by govts as a legit currency…and for a currency to be a currency, it must have a trusted authority issuing it.
The TYPE of currency is not and never was the problem, currency, or money itself, is the problem.
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d82d56 No.2504
SHA-256 algorithm compromise when?
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845ce0 No.2707
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1cd496 No.2714
>>2496
>Non FIAT crypto currencies
>require government sponsorship or approval for legitimacy
Yep, you're brainlet as fuck.
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23429a No.2724
Robinhood is getting FeeLESS crypto transfers in February
get in on this shit and avoid the tetherpocalypse
btw you get a free stock if you sign up
https://share.robinhood.com/ryanc3531
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d82d56 No.2736
>>2724
>referral
Glad to meet you, Ryan C. Wow, I'm meeting a lot of new people on /biz/! And such friendly people, too!
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eb7f87 No.2737
>>2736
The referral link was edited.
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d82d56 No.2740
>>2737
Fuck, I'm retarded.
I might as well shill my own referral then.
https://share.robinhood.com/shlomos6000000
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d82d56 No.2741
>>2740
What's wrong with the CSS and spoilered links?
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b21073 No.2749
>be cautious about bitcoin prices in November knowing fully about the suspicions with Tether
>price was approaching 7k
>price soared to 19k anyways
>now Tether is a big deal because major news hit of Bitfinex/Tether getting a subpoena, almost 2 months after the fact
>bitcoin "crashes" to 8k
I'm just fine, but maybe right now is the dead cat bounce.
What I really want from bitcoin is just an online way to spend money pseudonymously (without credit card or Paypal). The ones I have are from faucets years ago, so I'm not wholly concerned about blockchain investigation and whatever to track identities.
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d82d56 No.2750
>>2749
>ones
You have >$8k worth in Bitcoin right now? Have you ever thought about taking some of that shit out in case it goes to sub-$1000 levels? Hell, APMEX lets you pay for stackable silver bars with bitcoin:
https://www.apmex.com/product/51412/1-kilo-silver-bar-apmex-stackable?utm_source=connexity&utm_medium=cpc&utm_campaign=shopping_engine#
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