Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 17. (Read 723886 times)

About Bitfinex criminal gang:

https://mashable.com/2018/01/29/bitcoin-tether-stablecoin-alleged-scam/#Z2DNmexWIkqU

I've oft suspected a loss of faith or legal pressure would be the end of USDT, not an actual lack of dollars. The scum running BFX have spent so long skipping around the law that all their chickens will come home to roost all at once. They should've kept themselves below the radar.

This is hubris in action, kids.

It'll get really crazy when everyone can't settle in Tethers USDT so they'll go to Alts or USD.  There's also Nubits, but it's only on Bittrex and a legit peg to the USD.  

I've been saying for several months that Bitfinex has created Tethers out of thin air, washed traded on their own site and ran BTC up from $800 to $20k.  

They were idiots to say it's pegged to the USD, they will go the way of Liberty Dollar.  They should have never used the USDT acronym, but criminals really don't care, they just hope they can get away with it if they make enough $$ and stay out of jail and use the excuse, "this is an unregulated industry, regulations and rules don't apply!".  

Well the USD (FRN) is hightly regulated, world reserve currency and backed by the biggest military and judicial system on earth and they don't like competition, no matter how big or small.  

Bitfinex never wanted your BTC or LTC or ETH or USDT, they want your money as in us dollars.  

This will not end well

This will definitely get ugly. I can imagine how people will start selling their BTC when they read this news. Oh wait, the price of BTC just plummeted to 9k area minutes after this article was published. What a coincidence.  This will definitely rile up the cryptosphere is a very negative way.

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Hope they used some of their billions in illegal gains to lawyer up, if any firms will represent them

This will get ugly

The quote says an audit done in a reasonable timeframe is likely unattainable so they are probably not pursuing a new auditor.

The auditor did confirm 9 figure bank balances that matched the number of USDT at the time, which although not an audit, is the information that ultimately proves that USDT is backed by USD on a 1-1 basis.

Good afternoon!
I sent all the documents for verification 6-7 weeks ago.
It was necessary to attach a bill for utilities for the last 3 months. While verified - three months will pass and it will be no longer valid.
Could you help verifying?

With best regards,
Ievgen

I'm wondering whether they have just balanced to bad PR of not doing an audit against the bad PR of @Bitfinexed misrepresenting that audit and it getting blindly repeated everywhere and chosen the lesser of to evils.

---

You need to learn to read. I said 'report'

A new CoinDesk article from today (as far as I know CoinDesk
has been very quiet about the whole Tether rumors so far):

Tether Confirms Its Relationship With Auditor Has 'Dissolved'


...


Link to the full article:
https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/

Given the fact that Tether has not announced a new relationship with an auditor, we probably
won´t see an audit in the foreseeable future. Irrespective of whether the Tether rumors are actually
true, this news will definitely fuel further criticism and encourage guys like @Bitfinexed.

full of BS, as usual.  There is NO AUDIT.

Even Tether admitted the fact that there is NO audit, mr shill TheQuin   

You spread only misinformation about the criminal gang, called Bitfinex.


Friedman was able to provide consulting services for us on an expedited basis, using a procedures date of September 15, 2017. These consulting services do not constitute an audit or attestation engagement...

https://tether.to/announcement-transparency-update/

Probably because of high fees on the BTC blockchain. Last time i sent USDT from Polo to Bitfinex it cost me 25 USDT. I imagine it's probably a lot cheaper on ETH's blockchain.

...or they don't want to support a criminal gang(like Bitfinex/Tether) anymore...

That is probably not a reasonable conclusion. Their page doesn’t list all their clients. I suspect they were either getting smeared by the anti-tether shills or receiving many inquiries from the same.

Friedman LLP no longer lists bitfinex as a client:

https://www.reddit.com/r/BitcoinMarkets/comments/7smm8r/friedman_llp_website_no_longer_lists_bitfinex_as/

>Looks like they've removed the mention of auditing Bitfinex from their website sometime between December and now.

I think we can conclude that the audit will not happen.

I recommend reading the thread linked to above for more info.

No, as I said a couple of days ago Tethers funds come from a mixture of sources. Some from hedge funds, some from traders deposits via Bitfinex and Bittrex and who knows what else. The real point is these are actually relatively small amounts of money in the financial world. I know a lot of people like to point at $2Bn and nudge nudge wink wink, must be a fraud. Trying to guess who the customers are is just a pointless game.

According to Morgan Stanley hedge funds have invested 2 billion $ in total in 2017
into cryptocurrencies:
https://www.coindesk.com/morgan-stanley-hedge-funds-poured-2-billion-into-cryptos-in-2017/

Let´s assume that these numbers are accurate for the sake of argument.
Do you really think that more than 2/3 of this amount have been wired to Tether?
Isn´t it more likely that most hedge funds wouldn´t touch an entity like Tether with
a ten-foot pole - let alone wire hundreds of millions of $ to them?

Yes, traders, who know what they are doing are likely working for themselves due to
various reasons. However, it is likely that the entities, who allegedly wire hundreds of millions
to Tether are not individuals due to the size of the alleged tranfers.

There's more than one type of institution. I'm usually thinking of secretive hedge funds hiding out in Connecticut when I use that word in relation to crypto. Also, traders who know what they are doing usually work for themselves.

As nrd525 pointed out if you're skilled enough you can make statistics say anything you want. If the person publishing that can't even put their name to it I'm not going to waste my time talking about it.

Possible. However, Tether has closed registrations for months now. I´d argue that it is likely
that this isn´t institutional money, because an institutional investor, who decides to invest 50M $
right now would still be buying at a magnitude of the price levels a year ago. Institutional investors
are mostly conservative investors, which is understandable because most have strict investment guidelines and
are not in the business of buying things that are up more than 10x year-on-year.

Besides, I´d speculate that they would use a custodial service like the ones offered by Coinbase
or Xapo instead of using Tether as an intermediary.

In case you (or other readers of this thread) missed the link posted by nrd525 in his Market Tracker thread:
http://www.tetherreport.com/

A few really interesting observations:

Of course statistics can be used in a misleading way (just like quotes @TheQuin  ), but this
data supports the logarithmic chart of BTC price action to Tether issuances that I posted
a few weeks ago.

No worries, as I said I was giving you the benefit of the doubt. I was just a bit annoyed as I thought I had convinced you the last time we went through this.
The idea that any accountancy firm would be fooled by a trick like that seemed so ludicrous to me as to be laughable before I even read the report. I just find it frustrating to see people still repeating it.


It could be helpful in some respects but as above would also just give the bloggers more source material to misrepresent.


My bit of conjecture. This is exactly where traders that know how to trade are building their positions.


I'd like to read those reports to see exactly what they mean by that before commenting. It doesn't really strike me as something that is measurable.
Given the combined size of the exchanges using Tether, $2Bn seems like a small number to me. As you say marcap is irrelevant, it's not a stock, it's currencies. Compare $500Bn to money supply numbers and get some real perspective as to how small this still is. It's less than half a percent of the world's M2 money supply.

It was definitely not a deliberate attempt by me to quote out of context. I admit
that I´m not as familiar with memorandums like these as you are and I was wrong there.
After reading your post I read the memorandum again and it seems that you are right and
that I was wrong.

I also agree that privately held companies are under no obligation to publish audits.
However, the business of Tether is not your standard business and is founded on the belief
that the outstanding USDT are actually backed. Don´t you think that it would be in their best
interest to provide audits regularly? Especially, because they claim right on their website that
they are subject to "frequent audits". Isn´t it noteworthy that there never was a single
audit released since Tether was founded in 2015?. Maybe I just have a different understanding
of the term "frequent" than the guys at Tether.

Besides, I agree that large amounts of money poured into Bitcoin due to the bull market
and the increased media coverage. However, Bitcoin has lost nearly 50 % since its ATH
and the media coverage has receded. Therefore it is not entirely logical to me that Tether has actually
ramped up their USDT issuance since the start of 2018.
Additionally, I remember reading a report of Morgan Stanley (not 100 % sure, it could have been
JP Morgan as well?) were they suggested that only 6 billion $ of real fiat money have actually
found their way into the cryptocurrency markets and the rest of the 495 billion $ crypto marketcap
is basically paper gains (we all know how ridiculous market caps are in the cryptocurrency scene).
I find it extremely unlikely that more than 30 % of this amount should have found their way into
the cryptocurrency scene using Tether.