If Tether dies, will Bitfinex go with it? and what about our $s?

Slow death

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Quote from: Pipdips on June 03, 2019, 03:08:41 PM

As much as I like trading at Binance every day, the possibility of losing my funds from a hack or something like that is just too much risk. I might stop trading and move all of my funds out of Binance and into a cold storage wallet.

Is FOREX safer?

You should search on google, but be careful because the scammers are everywhere, and about binance ... well, what happened to binance can happen to any site

Quote from: vennali on June 12, 2019, 05:21:01 AM

I think if Tether dies, Bitfinex will go with it.

I agree, but until now they are very strong, they will not be dropped so early.

Do not worry about USDT because nowadays there are many options, so USDT is not the only one on the market

sbogovac

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Quote from: FanEagle on June 13, 2019, 02:35:25 AM

[...] What would happen if 2 billion dollars of stablecoin suddenly goes out of market and everyone who held any tether will be screwed over including traders, holders AND exchanges which will make them basically go "hacked" or whatever and leave not paying anyone their money. I don't know what will happen exactly but the results will be catastrophical.

Welcome to - basically - FIAT currency.

dmty.0809

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If exchange bitfinex goes bankrupt, then all investor money will disappear, you better choose a sure and big exchange. Binance exchange is the main choice.

FanEagle

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In my opinion, we need to focus on the tether outside of bitfinex as well. Look at exchanges that use tether they are everywhere and if tether goes then more places than just bitfinex will have problems. Binance uses tether as well (with other stablecoins too) which means there could be millions of dollars in binance that will just vanish as soon as tether goes bankrupt. That is why I think tether is a bigger problem to the crypto world in general then just a problem of bitfinex.

What would happen if 2 billion dollars of stablecoin suddenly goes out of market and everyone who held any tether will be screwed over including traders, holders AND exchanges which will make them basically go "hacked" or whatever and leave not paying anyone their money. I don't know what will happen exactly but the results will be catastrophical.

vennali

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I think if Tether dies, Bitfinex will go with it. They have a deep connection between each other and Tether had helped fund Bitfinex in the past. I had left the platform a long time ago when all the news about tether not being backed by USD started.

el kaka22

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I think whenever you have a feeling of "this may end up bad" you should always leave and never stay where you are. The question itself is moronic because if you feel like tether may end up bankrupt or whatever and then bitfinex going with it then why are you still there? I mean if this is a potential then just take your money out and use some other exchange?

Not like bitfinex has something superior to any exchange that you must stay, they are not providing anything that is better than all other exchanges, you can switch from bitfinex to binance and you would still be using a great exchange with much better trust.

So, if you think like this and tether is now hated by many people and they are literally losing support every single day, simply just withdraw your cash and leave.

sana54210

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Quote from: beerlover on June 05, 2019, 11:46:58 PM

I believe tether is already dead and I think bitfinex as well. You may see some people and some platforms still using tether but they are looking for a way out. Not that many stable tokens out there that is as good as tether on marketing so there is really not a single one that shines between all other alternatives but as soon as binance says they will be working with something there will be other places using the same and that one will kill tether very quickly.

Bitfinex may look like they still have some trading volume but that is purely because there are still people believing in the exchange and not tether, after tether dies there will still be some volume left but it will never be as good as it used to be and will never have the % of the volume they used to have.

One thing you need to understand is that tether is a product and not the company itself, if the product dies, they have other products that will supplement it and continue building their growth, the only thing I see here is just that tether is the most popular of their product and it may just bring down their reputation temporarily.

If you look at it closely, prior to the invention of tether, they were fully doing fine and after tether they will still continue to do fine, provided the team are still active and able to come up with better ideas, which they would have already learnt from their mistake to, because I see what they did as a very big mistake.

Pipdips

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For the past few days I am trading BTC/USDC and it is working just as good.

Before when I used USDT as the quote I was all over the place using a couple dozen other base currencies in my Binance favorites.

leowonderful

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Quote from: Pipdips on June 06, 2019, 10:04:08 AM

My thoughts exactly. Just switch. The other day I converted all of my trading funds from USDT to USDC.

The pair BTC/USDC is great for my needs. USDC is lower volume but it works just the same. I use Binance.

You can also just trade USDT/BTC on Binance and convert back over to USDC through the USDT/USDC pair if you don't like the lower volume on the USDC pair, though you will obviously pay fees by doing this and fees do stack up over time. I've been trading the USDC pair recently as well, and besides wicks going a little farther or shorter than on the USDT pair, things are about the same.

sbogovac

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I don't believe in denial.

Quote from: The Sceptical Chymist on June 06, 2019, 10:24:18 AM

[...] I [...] use Binance and they are my preferred exchange. I don't trade with fiat, so I've never had to deal with any of this Tether shit, and it sounds like it's becoming a real problem from what I've read recently.

Watched a video on Youtube recently about Tether and after I saw it, I'm pretty much convinced that it's useless. There isn't and shouldn't be a need for a cryptocurrency pegged to any fiat currency. Either use the fiat or don't. Exchanges ought to be able to let you store your fiat and use it as you like without having to deal with something like Tether.

There's the whole problem, isn't it...? Binance doesn't let you use fiat... Lips sealed

The Sceptical Chymist

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Quote from: thegoatiest on June 01, 2019, 03:30:32 PM

holy cow. Thanks for the information on that.
Off to Binance I go. Wink

Smart man. Never used Bitfinex and probably never will, but I do use Binance and they are my preferred exchange. I don't trade with fiat, so I've never had to deal with any of this Tether shit, and it sounds like it's becoming a real problem from what I've read recently.

Watched a video on Youtube recently about Tether and after I saw it, I'm pretty much convinced that it's useless. There isn't and shouldn't be a need for a cryptocurrency pegged to any fiat currency. Either use the fiat or don't. Exchanges ought to be able to let you store your fiat and use it as you like without having to deal with something like Tether.

Pipdips

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Quote from: GregH37 on June 06, 2019, 02:36:44 AM

Prevention is better than cure mate, rather than disturbing yourself and cracking your brain in researching if they will have issue through their tether product, since the court case is not over yet, you would have just moved your funds to exchanges that you know is functioning perfectly well now and void of issues like this which I will like to recommend Binance.

My thoughts exactly. Just switch. The other day I converted all of my trading funds from USDT to USDC.

The pair BTC/USDC is great for my needs. USDC is lower volume but it works just the same. I use Binance.

GregH37

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Prevention is better than cure mate, rather than disturbing yourself and cracking your brain in researching if they will have issue through their tether product, since the court case is not over yet, you would have just moved your funds to exchanges that you know is functioning perfectly well now and void of issues like this which I will like to recommend Binance.

People has really been expecting such challenge to befall them, and if not for the court case they have presently, I am sure many people would have changed their USDT back to bitcoin, but you know out of curiosity, we would like to know how their case will be judged, but while waiting, we can still move our fund to binance.

beerlover

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I believe tether is already dead and I think bitfinex as well. You may see some people and some platforms still using tether but they are looking for a way out. Not that many stable tokens out there that is as good as tether on marketing so there is really not a single one that shines between all other alternatives but as soon as binance says they will be working with something there will be other places using the same and that one will kill tether very quickly.

Bitfinex may look like they still have some trading volume but that is purely because there are still people believing in the exchange and not tether, after tether dies there will still be some volume left but it will never be as good as it used to be and will never have the % of the volume they used to have.

guoyu78

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Quote from: cryptic4000 on June 02, 2019, 07:58:26 AM

Quote from: Ferris419 on June 02, 2019, 06:40:48 AM

This is why I avoid bitfinex exchange! This exchange, Tether USDT and the new the LEO coin, everything seems suspicious to me! To avoid the recent USDT pressure they asked crowdfunding! I don't know who invested there 1 Billion USD where this exchange is doing suspicious things and has a very low volume! However, it is good that people are moving forward to Binance, Binance is the exchange everyone should care!

Bitfinex is under great pressure from US policy and that is what makes this exchange so difficult to balance financial and Tether in the recent period of constantly having bad news that makes invester at this exchange there are many problems in withdrawing money. I think it's time for us to choose a better exchange because European related exchanges really put enormous pressure on investors and I personally will only choose the exchanges that are available at Asian.

When it comes to government involvement, we all know that we cannot fight government and whatever has to do with government and court case is also a slow one, which is how I believe this coin will start dyeingdown gradually.

Like you said, it is really high time most of its users quickly start looking for another better alternative to move their funds away from them before it becomes too late now, when they eventually collapse without announcing, by then, they will restrict available investors then from pulling their fund, although it will be impossible to do so now that government is involved in this one.

Pipdips

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As much as I like trading at Binance every day, the possibility of losing my funds from a hack or something like that is just too much risk. I might stop trading and move all of my funds out of Binance and into a cold storage wallet.

Is FOREX safer?

79b79aa8d5047da6d3XX

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I personally dont use bitfinex because i have little trust for them. I use binance because its reliable and the CEO is trustworthy. Bitfinex has to build enough trust for people to trade freely with them. And of recent the news surrounding their Tether has not been encouraging

Pipdips

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Here is fresh news

"Bitfinex Reveal Tether Is To Launch On EOS Blockchain"

https://cryptodaily.co.uk/2019/06/bitfinex-tether-launch-eos-blockchain

Pipdips

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Thank you for bringing this topic to our attention thegoatiest. I always traded using USDT pairs. Today I switched it all over to USDC... so long old friend...

ricardobs

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We don't really know that yet, if tether we are not sure if it's going down with Bitfinex or not, but if you are worried about that then there are lots of other exchanges you can be making use of for now. I will advise you to take a quit from Bitfinex for now sk you don't take the risk. There are lots of other good exchanges one can rely on. So withdraw your money and switch to another good exchange and start trading with them while you wait. But it is likely that nothing is going to happen to Bitfinex if tether finally happens to go down after all these.

cryptoknightt

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Quote from: Genemind on June 02, 2019, 11:16:54 PM

I trust Binance more than Bitfinex when it comes to trading altcoins. I find the trading of Binance more reliable than bitfinex. However, you should know that there's a risk in trading no matter what exchange you'll use but it's better to choose a more reputable exchange.

Currently, binary exchanges are a favorite and many people believe in binance, because currently the most trading volume is a binary exchange place, their platform has just been released a few months ago but the trading volume can beat the old exchange platform.

Genemind

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I trust Binance more than Bitfinex when it comes to trading altcoins. I find the trading of Binance more reliable than bitfinex. However, you should know that there's a risk in trading no matter what exchange you'll use but it's better to choose a more reputable exchange.

Harlot

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I think for users who are still into Bitfinex and still your account balance is able to move freely outside from their exchange it's best if you do it as soon as possible because sooner rather than later when things go down deeper with their situation the worst thing that could happen is all of your accounts will be freeze from all the commotion that is happening with them. There is really no reason now to lie idle with them because if you qant to protect your capital you better do the smart thing and move it out from them.

stfN2128

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Thanks for sharing this link. I personally have never used tether and on bitfinex i made my last trade like 2 years ago. the whole tether shit should be cleared out in an official statement.. i hate this lies and trying to hide the real informations...

Ucy

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Quote

Here's one such thread where the support staff - literally evade the direct question to them:
https://www.reddit.com/r/bitfinex/comments/8un7fa/usd_or_usdt

Looks like he tactically avoided the question or maybe he didn't understand it. But his reply to a part of the question is clear enough. Whether it is true or not is a different issue.

If tether loses all its dollar reserve to government seizure or something it will most likely affect the USDT too.
The truth is tether is heavily dependent on the dollar reserve. The company should have diversified the reserve incase fund seizure happens.

coolcoinz

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Quote from: Ferris419 on June 02, 2019, 06:40:48 AM

This is why I avoid bitfinex exchange! This exchange, Tether USDT and the new the LEO coin, everything seems suspicious to me! To avoid the recent USDT pressure they asked crowdfunding! I don't know who invested there 1 Billion USD where this exchange is doing suspicious things and has a very low volume! However, it is good that people are moving forward to Binance, Binance is the exchange everyone should care!

I've also been steering away from it since they were exposed for lying about USDt 1:1 backing. Once a liar always a liar. Of course, I'm not saying that you should avoid bitfinex. You can still use it and it's a rather fast and reliable exchange, but try not to hold money there. This is a rule for all exchanges but when one is caught lying the rule gains on importance.

cryptic4000

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Quote from: Ferris419 on June 02, 2019, 06:40:48 AM

This is why I avoid bitfinex exchange! This exchange, Tether USDT and the new the LEO coin, everything seems suspicious to me! To avoid the recent USDT pressure they asked crowdfunding! I don't know who invested there 1 Billion USD where this exchange is doing suspicious things and has a very low volume! However, it is good that people are moving forward to Binance, Binance is the exchange everyone should care!

Bitfinex is under great pressure from US policy and that is what makes this exchange so difficult to balance financial and Tether in the recent period of constantly having bad news that makes invester at this exchange there are many problems in withdrawing money. I think it's time for us to choose a better exchange because European related exchanges really put enormous pressure on investors and I personally will only choose the exchanges that are available at Asian.

Ferris419

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This is why I avoid bitfinex exchange! This exchange, Tether USDT and the new the LEO coin, everything seems suspicious to me! To avoid the recent USDT pressure they asked crowdfunding! I don't know who invested there 1 Billion USD where this exchange is doing suspicious things and has a very low volume! However, it is good that people are moving forward to Binance, Binance is the exchange everyone should care!

Astvile

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Quote from: elda34b on June 01, 2019, 10:18:23 PM

Quote from: Ailmand on June 01, 2019, 08:02:44 PM

Even if binance qas hacked lately, they have upgraded their platform to better serve their users and there are also stable coins in binance.

How do you make sure that the upgrade is adequate, or really happening? Who knows exactly in details what happened behind it?
Not saying Binance is playing us but never put too much trust on an exchange. Anything can happen overnight, so keep your funds out of exchange if possible.

Don't be the next victim of the hack.

We still dont even know if the "hacking" was real or just a played news to trick,Yes you are right binance is by far the best and on the top crypto exchange thats why people put too much trust on them and just leave their holdings in the exchange wallet we cant blame them then if another hacking happen then its their money whos gonna be stolen being smart is best hold your coins on personal wallet

Tytanowy Janusz

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Quote from: thegoatiest on June 01, 2019, 02:41:45 PM

So far my conclusion is - Tether is far from safe.
However.... if Tether goes down would it take Bitfinex with it?

What is tether? Stable coin which is based on:

-Give me your$$ and ill store them for you and here are your tokens.

How is it possible to go down? Storing my $$. That's the only job you have.

But actually there is a possibility that it will go down ... when bitfinex will go down and take tether with him. So your question should sound:

If bitfinex goes down will it steal tether founds taking it down too? In my opinion there is high probability of that. But storing your money on bitfinex than will affect in loosing all your money no matter in which asset you store them

D3m1r4wanti

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It seems that the problem with Bitfinex has exacerbated the exchanger's condition, I have long since left the exchanger. and now prefer Binance and Okex to be used as trading exchangers for some of the crypto assets that I have.
because they also become the best ranking according to the coinmarketcap

https://coinmarketcap.com/rankings/exchanges/

PuertoLibre

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If Bitfinex management can't comply with the upcoming rules by local regulation, there will be a huge storm in the markets.

Quote from: Lakai01 on June 02, 2019, 12:53:21 AM

I withdrawed everything from bitfinex back in 2018, I dont trust them anymore. I currently only European exchanges like Bitstamp and Bitpanda to buy or sell coins.

Nevertheless: Don't use any exchange to store your coins. Transfer them out immediatly if you dont want to trade them anymore. Hacks/exit scams/... can happen to any of those exchanges out there, your coins are never safe if you dont have the private key to access them anytime.

The trading volume and liquidity is second to none in Bitfinex if we ignore the Tether issue for a moment. I have used both Bitstamp and Bitpanda but you will understand my point when you get re-quote for several times. Bitfinex now requires at least $10k for new accounts in order to activate the deposit/withdrawal.

Lakai01

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I withdrawed everything from bitfinex back in 2018, I dont trust them anymore. I currently only European exchanges like Bitstamp and Bitpanda to buy or sell coins.

Nevertheless: Don't use any exchange to store your coins. Transfer them out immediatly if you dont want to trade them anymore. Hacks/exit scams/... can happen to any of those exchanges out there, your coins are never safe if you dont have the private key to access them anytime.

elda34b

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Quote from: Ailmand on June 01, 2019, 08:02:44 PM

Even if binance qas hacked lately, they have upgraded their platform to better serve their users and there are also stable coins in binance.

How do you make sure that the upgrade is adequate, or really happening? Who knows exactly in details what happened behind it?
Not saying Binance is playing us but never put too much trust on an exchange. Anything can happen overnight, so keep your funds out of exchange if possible.

Don't be the next victim of the hack.

Ailmand

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It's time to switch to binance, haven't used bitfinex since last year. Even if binance qas hacked lately, they have upgraded their platform to better serve their users and there are also stable coins in binance. So, I think your best choice if you are going to switch is binance.

thegoatiest

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I was drawn into Bitfinex by them dropping their nonesense 10k$ minimum equity.... like a moth to the flame.
They have great order types, pretty exchange. But yeah, See ya Bitfinex!

I don't have enough money at all for the liquidity to present even a remote problem. My issue with the alternate stable-coins is; the charts are different. Bigger or smaller wicks... Usually messing up my trades that'd otherwise have been fine with tether, USD or Euros.
When there's low-volume it's a lot easier/cheaper for whales - with a good idea of where the markets headed to reach down that little bit deeper on a stop-loss hunt. At least that's my understanding.

BitHodler

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Bitfinex has been an exchange to avoid for a couple of years now, so you're indeed better off to use Binance. Good thing is that the other stablecoins there start to pick up in popularity, which means more volume and liquidity.

I would say that the alternative stablecoin pairs against Bitcoin offer enough liquidity for most people by now. I doubt that there are that many people here needing millions in liquidity on both sides of the order book.

thegoatiest

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holy cow. Thanks for the information on that.
Off to Binance I go. Wink

exstasie

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Quote from: thegoatiest on June 01, 2019, 02:41:45 PM

Anyone know for sure if your balance at Bitfinex is Fiat or Tether?

Bitfinex redeems USDT deposits for USD and allows USD withdrawal in the form of USDT, so it doesn't really matter. They are essentially interchangeable, although there are slightly different withdrawal policies and fee structures at either site for the redemption of actual fiat.

Both companies are joined at the hip.....same directors, same banks, the line of credit extended from Tether to Bitfinex, etc. The same legal risks apply to both of them equally.

Quote from: thegoatiest on June 01, 2019, 02:41:45 PM

if Tether goes down would it take Bitfinex with it?

I guess it depends on the exact circumstances, but quite possibly. Regulators in the US are investigating both of them, so we might see actions that target both of them simultaneously.

Quote from: thegoatiest on June 01, 2019, 02:41:45 PM

If your balance at Bitfinex exchange is actually tether... then that would be very bad.
If your balance at Bitfinex is legit fiat USD - then would that be as bad?

Yes. Bitfinex lost $850 million (in legit fiat USD) to a law enforcement seizure last year and is still trying to recover. They are at risk just as much as Tether.

thegoatiest

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Started this thread trying to work out:
Is our Balance at Bitfinex exchange - Tether, or Fiat USD?
I'm not sure anymore.
I've been looking through the internet and it's surprisingly hard to find out.
Bitfinex dodge the question repeatedly.
Anyone know for sure?

Here's one such thread where the support staff - literally evade the direct question to them:
https://www.reddit.com/r/bitfinex/comments/8un7fa/usd_or_usdt/

---

I'm in the process of trying to work out if Bitfinex is at all safe with the New-york judge / tether business hanging over us.
So far my conclusion is - Tether is far from safe.
However.... if Tether goes down would it take Bitfinex with it?

If your balance at Bitfinex exchange is actually tether... then that would be very bad.
If your balance at Bitfinex is legit fiat USD - then would that be as bad?
I don't quite know the scope of this, I know nothing about law really...
But if Bitfinex had to declare bankruptcy then our 'Fiat' would no longer be safe.....?
I know they sold a bunch of 'tokens' for Bitfinex after the latest fiasco but that hasn't convinced me of anything.

Topic: If Tether dies, will Bitfinex go with it? and what about our $s? (Read 522 times)