Bitcoin Forum

Whenever you hear about Bitfinex fraud. you never hear it this way: If you issue 700 million USD of some currency, and that currency is on the exchange, surely that 700 million affected the Bitcoin price.  Probably raised it.

Whenever you hear about how much of the world's electricity Bitcoin is using, you never hear how that affects bitcoin price.  Probably pushes it down.  After all, miners have to pay their bills somehow.

For the first, you can watch a whole 60 minutes of video on youtube about it, but the guy will never mention that that made up money will feed into the bubble. Only the fear of how will its collapse cause the price to drop is talked about. Also, once USDT gets on the exchanges and in people's hands, it can never leave.

This leaves me to the third point.  It is not possible, by definition, for everyone to "exit" the bitcoin.  Yes, one can sell it, but that just means somebody else has it now.   Or, a whole group, like "smart traders" can sell it, but, when looking at all the people in total, there is never any "leaving bitcoin" happening.     The same is true for USDT, and surelly that 700 million USDT played a huge part in this rise from 1k to 16k for Bitcoin.

That`s how a speculation bubble works.Smart traders sell their overrated assets/currencies to excited newbie traders ,who think that the price will increase forever.The price does down and all the new traders who enter the market just loose the money they have invested into buying the assets.This will happen with btc some day.
Anyway,your title is wrong.People are talking about Bitfinex fraud,electricity costs and USDT all the time and discuss their influence over the btc price.

It seems to me that the effect of electricity price for a bitcoin is very much exaggerated. Electricity production is a specific business. If there is a power reserve the electricity cannot be saved. It is possible to sell or lose. The less residual energy the cheaper it will cost. Besides, it's jobs and stimulate the economy.

What OP meant was that the miners have to pay the electricity company (they don't get electricity free). This means they need to sell some of their coins to pay for it - which means there is constant selling pressure.

actually the thing that people  forget regarding bitfinex and USDT possible pump is the fact that even if it is true, you are injecting something into circulation not into thin air and make it disappear! and people do sell it for USD.

not to mention that the volume that USDT has is only 6-7% of the whole market. if you want to imply tether is pumping bitcoin first you have to prove that 6-7% which only 0.39%  belongs to bitfinex is the cause of the pump!

There are few people or newbies would invest big money just to sell it right away and lose it. Newcomers of course would study or the thing is they have backgrounds how Bitcoin works. Putting it to myself I won't trust someone that I have just recently met. Those people who you are talking about will be the most dumbest people in the world, well if they ever exist.

I don't know why electricity usage is such an issue . No doubt , the mining consumption is way too much . But everyday people come out with alternatives to deal with the problem . Why not use these alternatives and finish the problem for once and for all ? Using solar energy can stimulate and make the process more cost  effective and efficient .

The "smart traders" will always stay in the market . That is true that there is no term like "exit" bitcoin . They just look out for the best opportunities , ways and customers to sell their coins and get the best profit out of it . The players never leave the field .


   

I don't get it why the electricity usage should be too much. Imo it's definitely worth it when you therefore get a censorship resistant monetary transfer protocol everybody in the world has free access to and can use at any time  from anywhere in the world!
Furthmore do some research how much energy gold mining uses per year converted in electricity. You will be shocked!

Bitfinex has not been playing fair and many of the practicrs the exchange has come across with should be considered unacceptable. Yet people turn a blind eye on what Bitfinex does because their is potential for profit. I really hope that SEC issues a warning against this particular exchange so US customers will have to be forced out of it. It'd be devastating for the exchange and we'd likely be saved from a ton of fraudulent trades instantaneously.

For the most part, they themselves have already forced most if not all of their US customer base out. No margin, no bank transfers for US traders, so it becomes pointless to use them now. I traded there since they were brand new and after the hack, everything changed, so I left.