Topic: Bitfinex daily volume (+1.5B USD!) (Read 593 times)
Checkout this thread on Twitter: https://twitter.com/OguzSerdar/status/938093415581061121
It's the power of Tether. If you're able to obtain basically an unlimited number of Tethers, and people just blindly assume that they actually have that much in actual USD in reserve, you'll be up for a shocking surprise at some point.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
This. Tether is dodgy and so is bitfinex.
What's more, the mainstream press is starting to notice, see this article from Bloomberg:
https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange
I'd advise people to get their money off that exchange, just in case. Keep your coins safe in your own wallets.
I agree BFX is shady af but I would ignore Bloomberg because almost all of their articles about bitcoin and crypto in general is bullshit and FUD
It's the power of Tether. If you're able to obtain basically an unlimited number of Tethers, and people just blindly assume that they actually have that much in actual USD in reserve, you'll be up for a shocking surprise at some point.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
This. Tether is dodgy and so is bitfinex.
What's more, the mainstream press is starting to notice, see this article from Bloomberg:
https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange
I'd advise people to get their money off that exchange, just in case. Keep your coins safe in your own wallets.
I mean, every exchange can lie about their fiat funds, the only difference is that with Tether this lie can spread between other exchanges that also use Tethers.
Aside of just printing Tether out of thin air, I read some rumors that they could be issuing tokens as collateral for margin trading... in any case this is really fucked up imo
Aside of just printing Tether out of thin air, I read some rumors that they could be issuing tokens as collateral for margin trading... in any case this is really fucked up imo
It is interesting, we are worried about Tether being printed out of thin air, but what about USD being printed the same way and to the tune of billions per month?
I understand we have faith in one system, but barring Tether being used by Bitfinex the company itslef to raise the price of Bitcoin (A bit Mt Gox ish), what difference does it make if people
sell e.g. LTC for Tether, and then buy Bitcoin with those Tether? Regardless of those Tether being backed by USD or not, it depends how they are used I think.
This seems to be a discussion about belief systems.
Just don't forget that this 1.5B usd volume increase doesn't mean that there is the same amount of new money are traded in this exchange. The real increase is probably about some hundreed circulation on the market.
Remember that they do not comply with regulations in claiming so and they will not always necessarily be able to redeem the coin for USD. How can then be created some free tethers out of nothing and pump the volume of bitfinex?
It might not be made out of nothing. Tether devs claimed that they have big reserves to back the coin with real usd. What Tether is trying to be is a currency board for the crypto market, much like the one that Hong Kong has to help preserve the value of their currency.
Without the guarantee that you can redeem the coins both ways, it's completely dysfunctional.
There’s an $814 Million Mystery Near the Heart of the Biggest Bitcoin Exchange:
https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange
I found Oguz Serdar's story interesting: the dude have $1m in tethers that Tether Limited wont trade for real USD due to "ongoing banking difficulties".
https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange
I found Oguz Serdar's story interesting: the dude have $1m in tethers that Tether Limited wont trade for real USD due to "ongoing banking difficulties".
Just don't forget that this 1.5B usd volume increase doesn't mean that there is the same amount of new money are traded in this exchange. The real increase is probably about some hundreed circulation on the market.
How can then be created some free tethers out of nothing and pump the volume of bitfinex?
It might not be made out of nothing. Tether devs claimed that they have big reserves to back the coin with real usd.
Bitfinex doesn't trade BTC with USD. They trade USD with USDT, which claims to be pegged to the value of a dollar.
However, USDT does not guarantee the ability to convert 1 USDT to 1 USD, and they have not been properly audited. It's possible (actually very likely, considering that Bitfinex has been promising audits for about a year and never going through with it) that they don't have access to the funds they claim to have.
A huge amount of new USDT has been created in the past couple of months, and a Bitfinex employee recently said that the Tether may be created by converting crypto to USDT rather than check writing.
This could suggest that Bitfinex is a huge house of cards waiting to come down, and potentially that they have been manipulating the market to keep the USDT price high enough.
If true, it would be pretty terrible for the entire crypto market in general.
However, USDT does not guarantee the ability to convert 1 USDT to 1 USD, and they have not been properly audited. It's possible (actually very likely, considering that Bitfinex has been promising audits for about a year and never going through with it) that they don't have access to the funds they claim to have.
A huge amount of new USDT has been created in the past couple of months, and a Bitfinex employee recently said that the Tether may be created by converting crypto to USDT rather than check writing.
This could suggest that Bitfinex is a huge house of cards waiting to come down, and potentially that they have been manipulating the market to keep the USDT price high enough.
If true, it would be pretty terrible for the entire crypto market in general.
Of course, i do not understand how people doesn't realize that the price of bitcoin has been inflated by millions of dollars coming from the air (tether, of course), the bitfinex volume is fake, it all is coming from tether and sooner or later it will explode.
can you explain this a little for me? i am not saying it is wrong, but i don't understand how!
they create Tether out of thin air not USD, and the chart is showing USD volume which means there is USD being traded not Tether.
additionally i don't get how it will explode? when they create new Tether it just adds to the circulating supply of it. if anything is to explode that would be price of USDT versus USD not BTC versus USD.
Oh boy!
Are we seeing all this reddit and twitter nonsense now here getting pushed as well?
You don't trust Tether? Then don't use it. Use no exchanges involved with it.
You think Tether will be another Mt.Gox or even bigger and blow up the whole space?
Well then sell your coins and just leave. No one is forced to stay. Take your profits, or losses and say goodbye.
There is an audit undergoing as far as I heard. If you follow Chris Ellis and listen to what he has to say in Whalepool regarding this topic you would be much better than just listening what some idiot (@Bitfinexed) on twitter is pushing. Chris Ellis is working for iFinex!
Yes there are question marks and therefore uncertain people who don't know how they shall act regarding this topic.
However there seems to be some work going on to clarify all this.
Listen to part 1 and 2.
It's not just about the Tether hack. It's about the whole situation in general.
https://www.youtube.com/watch?v=Z8k5ne-iFP0
Are we seeing all this reddit and twitter nonsense now here getting pushed as well?
You don't trust Tether? Then don't use it. Use no exchanges involved with it.
You think Tether will be another Mt.Gox or even bigger and blow up the whole space?
Well then sell your coins and just leave. No one is forced to stay. Take your profits, or losses and say goodbye.
There is an audit undergoing as far as I heard. If you follow Chris Ellis and listen to what he has to say in Whalepool regarding this topic you would be much better than just listening what some idiot (@Bitfinexed) on twitter is pushing. Chris Ellis is working for iFinex!
Yes there are question marks and therefore uncertain people who don't know how they shall act regarding this topic.
However there seems to be some work going on to clarify all this.
Listen to part 1 and 2.
It's not just about the Tether hack. It's about the whole situation in general.
https://www.youtube.com/watch?v=Z8k5ne-iFP0
If Bitfinex is not able to secure tether, then how can i trust about my money with them. i think Bitfinex should announce a proper explanation in this regard.
All of these rumors are pointing only one thing for me. Somebody going to win really big with those fake tethers.
this will be the biggest bomb in crypto world and we will go back to 2012 at price and community support too.
i hope this will not happen but price rising is only cause of tethers.
this will be the biggest bomb in crypto world and we will go back to 2012 at price and community support too.
i hope this will not happen but price rising is only cause of tethers.
Of course, i do not understand how people doesn't realize that the price of bitcoin has been inflated by millions of dollars coming from the air (tether, of course), the bitfinex volume is fake, it all is coming from tether and sooner or later it will explode.
can you explain this a little for me? i am not saying it is wrong, but i don't understand how!
they create Tether out of thin air not USD, and the chart is showing USD volume which means there is USD being traded not Tether.
additionally i don't get how it will explode? when they create new Tether it just adds to the circulating supply of it. if anything is to explode that would be price of USDT versus USD not BTC versus USD.
Can we please speculate how the hell is Bitfinex trading billions every day when they can't even operate with US banks?
I hate to give any attention to that asshole Bitfinexed, but there is definitely wash/churn volume here. Nobody is wiring Bitfinex hundreds of millions of dollars. They are pumping the market. This will end in tears.
Well, instead of doing an audit they will just go and threat some random Twitter user, wtf 
Quote
Bitfinex has hired the law firm of Steptoe & Johnson and is threatening legal action against a pseudonymous blogger and others who it says have made false claims about the bitcoin exchange.
In a statement, Bitfinex said it hired Steptoe to respond to such claims with "appropriate action," including "possible litigation" against "various parties." Jason Weinstein, who leads the blockchain practice at Steptoe, confirmed its hiring by Bitfinex in an email.
https://www.coindesk.com/bitfinex-vs-bitfinexed-exchange-hires-law-firm-challenge-critics/ In a statement, Bitfinex said it hired Steptoe to respond to such claims with "appropriate action," including "possible litigation" against "various parties." Jason Weinstein, who leads the blockchain practice at Steptoe, confirmed its hiring by Bitfinex in an email.
Of course, i do not understand how people doesn't realize that the price of bitcoin has been inflated by millions of dollars coming from the air (tether, of course), the bitfinex volume is fake, it all is coming from tether and sooner or later it will explode.
The question is, when? they are hidding everything, we dont even know if they are going to explode that system. But we all know that when tether reaches 900 million dollars on their capitalization, they are not going to be able to print/issue more tethers anymore.
It's the power of Tether. If you're able to obtain basically an unlimited number of Tethers, and people just blindly assume that they actually have that much in actual USD in reserve, you'll be up for a shocking surprise at some point.
The question is, when? they are hidding everything, we dont even know if they are going to explode that system. But we all know that when tether reaches 900 million dollars on their capitalization, they are not going to be able to print/issue more tethers anymore.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
I mean, every exchange can lie about their fiat funds, the only difference is that with Tether this lie can spread between other exchanges that also use Tethers.
Aside of just printing Tether out of thin air, I read some rumors that they could be issuing tokens as collateral for margin trading... in any case this is really fucked up imo
Aside of just printing Tether out of thin air, I read some rumors that they could be issuing tokens as collateral for margin trading... in any case this is really fucked up imo
It's the power of Tether. If you're able to obtain basically an unlimited number of Tethers, and people just blindly assume that they actually have that much in actual USD in reserve, you'll be up for a shocking surprise at some point.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
I strongly believe that Bitfinex is up to something that the market will at some point pay the price for. Everything around that exchange just reeks of shady behavior, and this is something that more people start to notice.
There are so many solid exchanges to choose from, and yet people go for Bitfinex for whatever reason. They should never been granted a second chance after their staged hack that gained them hundreds of millions.
this massive increasing make some exchange sites block account with no reasons , by other words this increasing will end this sites.
Bitfinex is big trading site and they will increase them bitcoin co funding.
i am trading using that site and ready to pay more if i want to sell or buy using them.
you can choose them or any other new site.
Bitfinex is big trading site and they will increase them bitcoin co funding.
i am trading using that site and ready to pay more if i want to sell or buy using them.
you can choose them or any other new site.
Here is another chart showing how much they have grown this year just with Bitcoin:
EDIT: To get some perspective, exactly one year ago their 24hs volume was about 3 million dollars.
EDIT: To get some perspective, exactly one year ago their 24hs volume was about 3 million dollars.
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