[2019-04-26] CNBC: Bitcoin price falls on NY AG Bitfinex probe - page 3.

1Referee

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Quote from: riritsurya1202 on April 26, 2019, 10:33:09 AM

I still don't understand why people would sell their crypto when the subject being discussed/judged here is one exchange and one stable coin. I mean, if they eventually go down, won't that mean USDT and Bitfinex will just disappear but BTC will stay?

Bitcoin will obviously stay, but there are close to 2.9 billion Tether tokens in circulation; if that exits the market entirely, we're going to take a massive plunge, and I am quite certain that if it was to happen today, sub $3000 is what we will be looking at.

The thing however is that people don't seem to care anymore about Tether. People as stupid as they are will keep using it because of the utility it offers. I have seen even influential people on social media admit that Tether is very likely a scam for the most part, but it offers a good hedge, therefore they will use it.

The situation as it is right now = we finally have the evidence we need to know that Tether is a fractional reserve financial institution.

Never in a thousand years will I ever sell one single satoshi for USDT. Fuck that.

Slow death

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Quote from: figmentofmyass on April 26, 2019, 03:59:04 AM

more unwanted attention for bitfinex and tether.

Bitfinex is always getting involved in controversies and these controversies appear whenever the price increases a lot. this becomes very annoying and creates fear in people... we need to use other stablecoin to replace USDT

Quote from: hatshepsut93 on April 26, 2019, 11:10:40 AM

Sad to see Bitcoin's price still being shaken because of one big company, to me it's a sign that Bitcoin ecosystem is still very far from being mature.

I agree, but one day this will all change, we just have to be patient

cr1776

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Quote from: hatshepsut93 on April 26, 2019, 11:10:40 AM

Sad to see Bitcoin's price still being shaken because of one big company, to me it's a sign that Bitcoin ecosystem is still very far from being mature. Regardless whether accusations against Bitfinex are true, today the fear and uncertainty that surround Tether and Bitfinex are strong enough to cast shadow on Bitcoin. I hope Bitcoin is strong enough to not plunge into a bear market if the worst outcome will come true.

I think it is one of those "sell the news" events where people hear the news and panic.

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Quote from: IconFirm on April 26, 2019, 04:42:51 AM

Good, it's about time someone took Bitfinex down - totally untrustworthy exchange with a history of scammyness & dodgy dealings. Pretty sure this has nothing to do with BTC price though, they're simply not big enough to have any impact.

I don't trust the exchange in subject either but I'm still surprised that a lot cryptoneir still make use of the exchange despite their previous history and for Tether to be inconjuction with the is something that will make Tether team loose their reputation. I hope justice prevail this time but the situations was not the reason for the dump in price.

hatshepsut93

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Sad to see Bitcoin's price still being shaken because of one big company, to me it's a sign that Bitcoin ecosystem is still very far from being mature. Regardless whether accusations against Bitfinex are true, today the fear and uncertainty that surround Tether and Bitfinex are strong enough to cast shadow on Bitcoin. I hope Bitcoin is strong enough to not plunge into a bear market if the worst outcome will come true.

riritsurya1202

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I still don't understand why people would sell their crypto when the subject being discussed/judged here is one exchange and one stable coin. I mean, if they eventually go down, won't that mean USDT and Bitfinex will just disappear but BTC will stay?

Sometimes the market is really weird. As long as it's bad news for whatever reason it can move the sentiment quickly.

Kemarit

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Price seems to be fluctuating after the release of this news. So I'm not really sure if this is the main culprit although another news has surfaced that the coins from Bitfinex hacked has moved, (coincidence?). I agree with @IconFirm, time for someone to look at Bitfinex, also need to look at some bad actors from behind. Maybe this case would drag in years, so just brace ourselves if ever there is a negative effect from this news.

CryptoBry

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Quote from: IconFirm on April 26, 2019, 04:42:51 AM

Good, it's about time someone took Bitfinex down - totally untrustworthy exchange with a history of scammyness & dodgy dealings. Pretty sure this has nothing to do with BTC price though, they're simply not big enough to have any impact.

I am also sure that this development has not been the reason for the recent slide of Bitcoin as it is now back to the $5100 level but still it is fine as there should be some contractions from time to time allowing some good momentum to develop naturally. Now, about Bitfinex there seems to be some problems with this exchange and I hope the people behind this firm should work hard to make their image or reputation be good again. We need more and more players in this industry who are not clouding their business with stupid decisions and bad reputation.

IconFirm

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Good, it's about time someone took Bitfinex down - totally untrustworthy exchange with a history of scammyness & dodgy dealings. Pretty sure this has nothing to do with BTC price though, they're simply not big enough to have any impact.

figmentofmyass

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more unwanted attention for bitfinex and tether.

the new york attorney general has filed court orders against bitfinex and tether. the state alleges tether is defrauding clients, citing an $850 million "loss" that bitfinex allegedly covered using tether customer funds. more fuel for the fire re the tether insolvency rumors eh?

https://www.cnbc.com/2019/04/26/cryptocurrency-bitcoin-price-falls-on-ny-ag-bitfinex-probe.html

Quote

The cryptocurrency market shed about $10 billion in value in the space of an hour late Thursday, CoinMarketCap data showed.
New York’s top lawyer alleges Bitfinex used at least $700 million from Tether’s cash reserves to cover up an $850 million loss.
Questions have arisen over whether Tether has enough dollar reserves to justify its token’s dollar peg and whether it was used to manipulate prices.

bitfinex quickly issued a response: https://www.bitfinex.com/posts/356

Quote

Earlier today, the New York Attorney General’s office released an order it obtained – without notice or a hearing – in an attempt to compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.

The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded. We are and have been actively working to exercise our rights and remedies and get those funds released. Sadly, the New York Attorney General’s office seems to be intent on undermining those efforts to the detriment of our customers.

Bitfinex and Tether have been fully cooperative with the New York Attorney General’s office, as both companies are with all regulators. The New York Attorney General’s office should focus its efforts on trying to aid and support our recovery efforts.

Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this, and any and all other actions, by the New York Attorney General’s office.

Topic: [2019-04-26] CNBC: Bitcoin price falls on NY AG Bitfinex probe - page 3. (Read 546 times)