Is BitFUnix and the Tether dollar USDT about to crash the Bitcoin market? - page 2.

Herbert2020

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Quote from: Wind_FURY on January 30, 2018, 02:10:17 AM

...
Two months later the FUD is turning out to becoming real from the perspective that Bitfinex is maintaining Bitcoin's high price by printing USDT and using that to buy Bitcoin.

But does Bitfinex really have that much of an influence in the whole Bitcoin market? I do not believe so.

the FUD by OP was never real and will never become true. as i said before OP is just spreading it at certain times with different topics because he wants to make money, stupidly i should add. and it is not just tether, not long ago he was advertising the shit out of Bitcoin Cash and how that is going to kill "SegWit coin" (as he called it), only because at that time bcash was getting pumped.

not to mention that bitcoin price is generally higher on Coinbase than it has been on bitfinex. so how can bitfinex be "maintaining high price of bitcoin" where USDT is not even on coinbase? plus there have been a lot of other places with higher prices such as the Korean exchanges which had $1000-$2000 higher price than USD markets! with bigger volume too.

Wind_FURY

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Quote from: Herbert2020 on November 22, 2017, 02:26:05 AM

Quote from: sangwookie on November 22, 2017, 12:41:12 AM

Well shit. This happened 2 morning months ago and nothing happens so it looks like all is well. Even with the NYT story breaking the market is unaffected.

the only reason why this topic was created by OP (who is permabanned for spamming but still has alt accounts and spams same bullshit) is because at the time he was trying to short bitcoin and he was losing money as bitcoin price kept going higher. soon after this topic was created price went up another 30% and in a month $2000 was broken. and the rest is history. and all the while OP was saying bitcoin will crash down to $600 again Cheesy

in the end even if tether collapses, bitcoin won't be harmed. maybe 2 weeks to 1 month of downtime with a 20% drop tops happens but that won't be because of USDT, it will be because of FUD and since bitcoin price is not sustained by USDT but with USD, JPY, CNY, RUR, EUR, GBP and those are not collapsing the price of bitcoin will continue on its way.

Quote from: Wind_FURY on November 22, 2017, 02:14:10 AM

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

he is still around with different account names spreading the same FUD as ever Cheesy

he is like an intense version of kwukduck
here is one of his many alts: https://bitcointalksearch.org/user/hypermesh-1112762

Two months later the FUD is turning out to becoming real from the perspective that Bitfinex is maintaining Bitcoin's high price by printing USDT and using that to buy Bitcoin.

But does Bitfinex really have that much of an influence in the whole Bitcoin market? I do not believe so.

g-uid

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Would love to see this thread revived right about now. Bump for justice.

si1va

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Quote from: Wind_FURY on November 23, 2017, 02:37:27 AM

I believe iamnotback's posts are fringing on being conspiracy theories than FUD in my opinion. But taken in the right context some of them are already happening, like his beliefs on Bitfinex for example.

"in the right context"....meaning current circumstances?

I've been thinking about the Tether/BFX situation for the past few weeks and I can't rid myself of concern.

Bitfinex is in bed with Tether (managerial structure has previously been posted in this thread), and Bitfinex is currently the largest crypto exchange by volume. As of right now, their cold wallet is the largest single bitcoin wallet in existence (
Tether has no obligation to redeem USDT tokens for money. While this phrasing can be construed as clever wording to avoid being classified as securities....it also leaves any USDT holders in the dust if Tether decides to tell everyone to go shove it
A document released by Tether claiming to be an "audit" is not an audit at all. It is generally an auditor's job to express an opinion on whether the statements conform to the rules of accounting. This was not the case. Friedman LLP, the law firm that produced the document, provided a snapshot of a single point in time of a bank account related to Tether. There is explicit language in that document stating that Friedman LLP makes "no reservations about [Tether's] ability to access funds" and that they do not "express an opinion on whether the statements conform to the rules of business accounting". They could have wired money into an account the day before the "audit" and wired money back out the next day.

I stand a lot to gain from bitcoin succeeding, but I'm also troubled by this situation. The BTC bull run leading up to it breaking $10k has put it into the greater public's eye more than ever before, and another Mt Gox scenario could severely damage bitcoin's reputation. Bitcoin's price is no longer dictated by cypherpunks who can easily shake off an exchange going down because they're able to see the greater good. Mass adoption will not happen in a decentralized way if the public is worried about everyone stealing their money. It will happen through intense regulation from existing governments, unless we are able to govern ourselves and kill any fraudulent cancers like the one that Tether may be.

Wind_FURY

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Quote from: Herbert2020 on November 22, 2017, 02:26:05 AM

Quote from: Wind_FURY on November 22, 2017, 02:14:10 AM

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

he is still around with different account names spreading the same FUD as ever Cheesy

he is like an intense version of kwukduck
here is one of his many alts: https://bitcointalksearch.org/user/hypermesh-1112762

I believe iamnotback's posts are fringing on being conspiracy theories than FUD in my opinion. But taken in the right context some of them are already happening, like his beliefs on Bitfinex for example.

On the contrary, kwukduck is an artless fudster without any care if he is right or wrong.

vapourminer

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what is this "brake pedal" you speak of?

Quote from: Wind_FURY on November 22, 2017, 02:14:10 AM

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

https://medium.com/@shelby_78386

https://busy.org/@anonymint

https://steemit.com/@anonymint

https://github.com/shelby3

Herbert2020

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Quote from: sangwookie on November 22, 2017, 12:41:12 AM

Well shit. This happened 2 morning months ago and nothing happens so it looks like all is well. Even with the NYT story breaking the market is unaffected.

the only reason why this topic was created by OP (who is permabanned for spamming but still has alt accounts and spams same bullshit) is because at the time he was trying to short bitcoin and he was losing money as bitcoin price kept going higher. soon after this topic was created price went up another 30% and in a month $2000 was broken. and the rest is history. and all the while OP was saying bitcoin will crash down to $600 again Cheesy

in the end even if tether collapses, bitcoin won't be harmed. maybe 2 weeks to 1 month of downtime with a 20% drop tops happens but that won't be because of USDT, it will be because of FUD and since bitcoin price is not sustained by USDT but with USD, JPY, CNY, RUR, EUR, GBP and those are not collapsing the price of bitcoin will continue on its way.

Quote from: Wind_FURY on November 22, 2017, 02:14:10 AM

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

he is still around with different account names spreading the same FUD as ever Cheesy

he is like an intense version of kwukduck
here is one of his many alts: https://bitcointalksearch.org/user/hypermesh-1112762

Wind_FURY

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Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

sangwookie

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Put it all on the line and go for broke

Well shit. This happened 2 morning months ago and nothing happens so it looks like all is well. Even with the NYT story breaking the market is unaffected.

Samarkand

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Quote from: wgd on September 03, 2017, 02:41:52 PM

...

https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

until the USA turn off bitfinex light Cool

Why would they have any interest in doing this? As far as I know, BTC-E was shut down by US agencies, because of the heavy involvement
of the exchange in money laundering (e.g. of ransomware proceeds) and other criminal activities.
However, Bitfinex doesn´t seem to be involved in this and therefore I think that the USA are not even investigating them.
Bitfinex may have lost their banking partners due to the USA and their regulations, but I really don´t see an exchange shutdown.

Bitfinex operates out ot Hong Kong and accordingly I´d expect the local authorities to lead the crack down. If I remember correctly,
Mtgox was also closed by the local Japanese authorities and not by US agencies.

wgd

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Quote from: Samarkand on September 03, 2017, 02:10:32 PM

Quote from: wgd on September 03, 2017, 01:57:52 PM

The tethers are probably uncovered true usd, many people already see that bitcoin was inflated with fictitious money

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

next 25mln usdt on board

According to the official Tether "transparency" website the total amount of issued USDT has reached a
staggering 364 million $.

https://wallet.tether.to/transparency

How long can this behavior continue? What would be the level of Bitcoin price without these
fake money being funneled into the market at critical times? Is there a remote possibility that these
newly issued USDT are actually backed by real money by institutional investors?

https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

until the USA turn off bitfinex light Cool

Samarkand

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Quote from: wgd on September 03, 2017, 01:57:52 PM

The tethers are probably uncovered true usd, many people already see that bitcoin was inflated with fictitious money

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

next 25mln usdt on board

According to the official Tether "transparency" website the total amount of issued USDT has reached a
staggering 364 million $.

https://wallet.tether.to/transparency

How long can this behavior continue? What would be the level of Bitcoin price without these
fake money being funneled into the market at critical times? Is there a remote possibility that these
newly issued USDT are actually backed by real money by institutional investors?

wgd

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The tethers are probably uncovered true usd, many people already see that bitcoin was inflated with fictitious money

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

next 25mln usdt on board

Samarkand

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Quote from: wgd on September 02, 2017, 12:24:27 PM

Bitcoin price is falling heavily, and what? We have another reprint, 20m usdt goes to market ... Shocked

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

Is there any way to check, if the Tether already ended up on the Bitfinex lending market or the Bitfinex order book?
Additionally, I´m surprised that USD/BTC at Bitfinex is trading more than 80 $ lower than USD/BTC at Bitstamp.
Could this be an indication that most of the selling today has taken place at Bitfinex? Or what has caused
this difference and why hasn´t it been "corrected" due to people taking advantage of the arbitrage opportunity?

Something seems very off to me and the Tether issuance today only intensifies my doubts!

wgd

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Bitcoin price is falling heavily, and what? We have another reprint, 20m usdt goes to market ... Shocked

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

Johanne_Trader

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Quote from: BrewMaster on April 15, 2017, 12:56:55 PM

Quote from: iamnotback on April 15, 2017, 12:44:04 PM

Famous last words. How can you know what Bitfinex is doing? How can you know what the true reserves of Tether's USDT really are?

How can you know what is bitstamp doing?
How about Kraken?
How about the biggest altcoin exchange out there, Poloniex?

Quote from: iamnotback on April 15, 2017, 12:44:04 PM

Did you not click the links in the OP about the recent news stories?

I am well aware of the news, their bank, the withdrawal, ... that is why I said what I said.

The risks, that you are raising today is a drama and nothing more. because nothing has changed in the past 6 or so years with bitcoin exchanges. they are still the same shady businesses that can run away at any moment.

the question is why spread the drama now?

Because people absolutely love drama : before some lunatics kept on predicting the end of the world as a punishment from God. And then, now that doesn't make any sense, they go for imminent market crashes, etc. lol! Really...

BartS

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Quote from: BrewMaster on April 15, 2017, 12:36:11 PM

my understanding is that you have joined the FUD team against bitcoin. maybe a temporary phase but that is what's happening in my opinion.

bitcoin price is not gonna drop unless bitfinex runs away. which is not at all likely. if they wanted to run away they would have done it after the hack not now. not after they paid their users back.
even if they run away, it will be a short drop exactly like when their exchange platform was hacked and price dropped.

I don’ know, people that use FUD most of the time don’t bring too many arguments to the table and just keep repeating the same thing over and over like a mantra, any user reading the forums must be worried that Bitfinex close its doors or scams its users since that mens the price is going to get lower it is as simple as that.

alyssa85

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CryptoTalk.Org - Get Paid for every Post!

It might. The amazing thing is how much volume of trading is still being done on Bitfinex:

https://coinmarketcap.com/exchanges/volume/24-hour/

It's the second biggest exchange. If people could shift their volume to other more stable exchanges, then if bitfinex goes kaput it won't really matter.

york780

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Looks like there are even pages on twitter already called Bitfinex'ed inspite of Gox'ed. Seems that Tether is worth (manipulated) 0,93usd inspite of 1 usd. Crypto keeps being more and more fun. All eyes on LTC now. Rekaton will occur and history will be written by the victor once again.

miscreanity

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Quote from: ?? on ??

Quote from: miscreanity on April 15, 2017, 09:33:04 PM

Quote from: iamnotback on April 15, 2017, 01:08:35 PM

Because Bitfinex is making news that they can pay back the former thefts which no one thought to be mathematically possible, so it means that Bitfinex is trying to raise confidence so more people will put their money there, so it indicates they need money. It also indicates they stole the money from Peter to pay Paul. The likely source of the money is perhaps coming from printing USDT out-of-thin-air.

The conversion of BFX tokens to shares of Bitfinex completed and was the catalyst for full token redemption on the exchange. Interestingly, the amount of capital raised is 54513657[1]. This number is quite close to the total authorized line and, since Bitfinex is associated, I have to wonder whether there's any connection.

I've been opposed to the idea of a pegged unit well before Coinapult had its "locks" and still view such a system with suspicion for anything beyond very short-term utilization.

[1] https://bnktothefuture.com/search/pitches

Is your thought process including the possibility that USDT was issued surreptitiously by paying USD to themselves, then traded to repurchase the BFX tokens which were subsequently redeemed for equity in Ifinex? With the final redemption of remaining BFX tokens by paying themselves.

Quote from: http://themerkle.com/converting-bfx-tokens-to-ifinex-equity-is-not-as-lucrative-as-it-seems/

While it is true Ifinex is the parent company of Bitfinex, they are also a subsidiary of another company. DigIfinex is the name of this conglomerate, which has relations with RenRenbee Limited, Tether Holdings Limited, and various other Bitcoin corporations. No big surprises there, although it makes one wonder how useful ownership in Ifinex will be in the long run.

(chart of alleged corporate structure)

So a possible scenario which could explain recent events is Bitfinex pretending to be blocked from sending USD so as to force those who want to trade BTC to USD to either trade for USDT or move BTC to an exchange which can do USD withdrawals. So if exchanges have fractional reserves of BTC, then Bitfinex for example could be employing the hypothesized USDT hoard to purchase BTC to maintain sufficient reserves for increased (possibly accelerating) BTC withdrawals. The rapidly accelerating BTC price over the past days concomitant with the widening USD/USDT spread could potentially be explained this way, combined with specifically timed miner manipulation of the public confidence leading to wild price swings. OKCoin blocked USD deposits, which could potentially have the motive of increasing perceived legitimacy of Bitfinex's claim, and more plausibly to block Bitfinex withdrawals in BTC from being exchanged for USD on OKCoin (since no new USD can enter to offer on bid) thus to keep more cows locked inside the hypothesized USDT slaughterhouse of this hypothesized speculative explanation.

Quote from: http://www.nasdaq.com/article/bitcoin-price-analysis-exchange-rates-vary-but-remain-bullish-cm776349

Knowing that Bitfinex is having trouble processing USD means that in order to leave the exchange, you must first buy a digital currency and move the money off. For most people, this is just easier than dealing with the current USD restrictions.

Although it's unlikely the bullish move is entirely due to users exiting the exchange, it likely plays a role and may partly explain why Bitfinex's price is so much higher than the other exchanges.

If Bitfinex and USDT default, would Poloniex also default? Thus far, the evidence presented by @tunctioncloud seems to suggest that Poloniex's exposure is small. But what if there is a generalized stampede of withdrawals from exchanges employing USDT as the only mechanism for trading BTCUSD pairs. Could there be a domino effect on Poloniex if Bitfinex defaults? I'm trading tokens on Poloniex so I am genuinely concerned. I'd appreciate all well reasoned discussion of this matter.

I cannot rule out suspect activity on the part of Bitfinex through use of USDT. There are questions about Poloniex as well, though again uncertain about the veracity. I do not think Poloniex would default and the relative holdings of USDT are minor compared to other coins, the exchange being primarily crypto-crypto and explicitly showing USDT as such whereas Bitfinex only displays it as USD.

Regardless, I am highly cautious at this point regarding having funds on exchanges. If Bitsquare had volume, I would certainly be using that instead of most others.

Topic: Is BitFUnix and the Tether dollar USDT about to crash the Bitcoin market? - page 2. (Read 6972 times)