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@malevolent. Agreed! January 15 will only be a submission and presentation of documents. The NYAG cannot declare their next recommendation before the review. The documents might contain pages of millions of blockchain transactions, I reckon. This might take the NYAG many months of careful review and double checks hehehe.
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@dbshck. Thank you for the complete and informative review. I was looking at their 3x leveraged BEAR tokens and I reckon that this might be a good speculative investment during unfavorable markets similar to 2018 when we witnessed bitcoin lost more than 75% of its value. I want to be ready on the next bear visit hehehe.
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@exstasie. Systemic risk is when a market is open to risks of collapse or instability because of interdependecies within. I'm aware of what the term means. I'm asking what you mean when you apply it to Tether and the Bitcoin market. What would a Tether collapse look like? How exactly would it affect the Bitcoin ecosystem? You vaguely assert it would crash the BTCUSD price. Why? How? Similar to what we have been arguing before, USDT’s share of the total volume and liquidity is more than 50% of the whole cryptospace market. Take down USDT, the market will become unstable or begin another bear market. How do you know? Maybe value would quickly converge on another stablecoin like USDC. The market uses USDT as a hedge and for stability; if it no longer serves that purpose, the market will go elsewhere. Also, in my experience, no bad news can stop a raging bull market. If Tether goes down during the current bubble (at least during the early stages) I don't think it will cause the crash you''re hoping for. Many exchanges (including Binance and Bitfinex) likely couldn’t function. Binance and other altcoin exchanges would quickly recover. The market would price USDT on secondary markets like Binance based on the prospects of monetary recovery. Bitfinex would probably be affected, yes, because they are an affiliated company with the same owners and directors and they obviously share banking liquidity. You know what this would mean. Tether has become a necessary part of the cryptospace market. Taking down Tether might pop the bubble and might begin a new bear market. There is nothing vague about this. Exactly how like a storybook, I am not certain. How do I know? Unless we witness the exchanges begin to converge on USDC now then I would not change this bearish speculation. I am also not hoping for a bear market hehe. I am holding bitcoins and speculating on altcoins like everyone. Also, I cannot speculate how fast each exchange would recover, however, bitcoin bear markets of the past are minimum 2 years long. @pooya87. Are you implying there is wash trading? The biggrest exchanges hold the biggest volume of USDT. |
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@squatter. Are you referring to wash trading? I would argue that because of wash trading and with this, price and volume manipulation, I reckon the cryptospace market capitalization should be smaller than what it presently is.
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Also their official twitter account. https://twitter.com/cex_io@yigsel. CEX is an old exchange that might also be tapering off. It would not be shocking for me if they announced termination of service and told users to withdraw their funds. |
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News update. It appears that because of the new SEC appointees of the incoming Biden administration, Ripple might be saved and allowed to settle their case hehehe. Relist and pump? Marc P. Berger, who was named Deputy Director of the Division of Enforcement at the US Securities and Exchange Commission (SEC) in August 2020, is leaving the agency before the end of the month, according to an SEC press release. He was appointed acting director of the division after Stephanie Avakian departed from the SEC in December.
Though Berger’s time in the top position was short, it bears at least one major highlight: the SEC’s $1.3 billion lawsuit against Ripple Labs, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen.
The lawsuit, which was unveiled at the tail end of Avakian’s tenure, alleges Ripple did not register the sale of XRP, the third-largest cryptocurrency by market capitalization.Source https://decrypt.co/53897/sec-enforcer-behind-1-3-billion-ripple-lawsuit-stepping-down |
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@figmentofmyass. I assume you are talking about Bitfinex? The people behind this one exchange is being investigated by the NYAG for fraud. Their stablecoin USDT is more than 50% of the volume of the whole cryptospace. Much of it is underpinned by USDT. There is systemic risk.
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@ exstasie. Systemic risk is when a market is open to risks of collapse or instability because of interdependecies within. A collapse of one part of the market where the whole is interdependent, can cause instability or collapse on the whole market. Similar to what we have been arguing before, USDT’s share of the total volume and liquidity is more than 50% of the whole cryptospace market. Take down USDT, the market will become unstable or begin another bear market. In any case, this is an old article where I saw this idea of USDT as a systemic risk for the first time. All investors, institutional or otherwise, have a duty to try to see the world as it truly is. Not as they wish it to be. This is especially true when putting investment dollars at risk. One needs to ask questions to understand elements influencing the outcome of an investment.
One of those questions is: How could things go wrong here?
Investment guru Charlie Munger, for example, says: “Invert, always invert: Turn a situation or problem upside down. Look at it backward. What happens if all our plans go wrong? Where don’t we want to go, and how do you get there?”
There is potential for catastrophic, systemic risk in crypto right now. Recent events surrounding Binance, Bitfinex and the stablecoin Tether necessitate this conversation.
Yet it is strange how infrequently one hears the concept of systemic risk mentioned in this space.
Remarkably, USDT is still the most widely used stablecoin. Traders use it extensively to move into and out of positions on crypto exchanges across the globe.
However, it’s possible USDT could get locked up or otherwise become unusable. There would likely be a cascade of activity following that. This could cause massive, ecosystem-wide harm to the entire crypto space.
Many exchanges (including Binance nd Bitfinex) likely couldn’t function. Assets would likely get locked up in court battles that could take years to resolve. Think Lehman Brothers.
When they fell, the rest of Wall Street felt the pain.Source https://www.coindesk.com/binance-bitfinex-and-tether-whats-the-worst-that-can-happen |
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@Jennifer Lee. The Grin development team has placed importance on issuance, distribution and price stability first before getting rich quick. They want Grin to be different and more useful as a currency and a medium of exchange. Read the monetary policy.
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@jubalix. Tether has become a systemic risk for bitcoin. We can only ask questions and speculate on its legitimacy, however, the NYAG is after it and it would not be surprising if other government agencies would also begin their own investigations because of money laundering, fraud, illegal security issuance and market manipulation.
I am shaking my head because USDT is 50% or more of bitcoin's volume. Amusingly, this questionable company called iFinex has bitcoin underpinned.
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CNN has also published an article that the bear market has begun hehehe. What is happening to these journalists? They should investigate more important issues in the cryptospace like Tether and have those issues' questions answered.
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Can anyone tell me their experiences in using FTX exchange? How is the site’s software, KYC process, withdrawals and what do you think of safety of users funds on the site? https://ftx.com/ |
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There is a big dump on the whole cryptospace market and this is breaking all price support. Might this be because of iFinex, Bitfinex and Tether’s deadline of submission of financial documents on January 15?
There are people who like to spread FUD that January 15 is the judgement day if Tether is taken down or not. This is FUD. It is only a day of submitting documents and I speculate that Tether will submit a big data dump of millions of blockchain transactions to stall the investigation hehehehe.
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His larping and optimism will be tested if bitcoin was dumped back to $10k where his position will certainly be on a loss. I speculate he might be one of the first whales to dump because of fear that it might affect Microstrategy negatively hehehe.
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I cannot disagree if you are implying that bitcoin is being glaringly manipulated. Tether is 50% of bitcoin’s volume and they can infinite print USDT without regulation to continue the pump. However, it appears everyone in the forum will call it FUD if I ask questions about this. I wasn't specifically talking about tether but, FUD or not, I believe that the same that's been done by central banks with markets can be applied to what UDST printing is doing to the bitcoin market. I'm basing my thoughts on what I see and, hopefully, these facts can't be denied. How that is going to unfold? Who the f knows! You were not talking about Tether, however, Tether printing might be one of the causes of why bitcoin is presently pumping. Many people would tell me this is FUD, however, where are the audits and other documents? Why is Bitfinex and iFinex taking very long in presenting them? @cr1776. Do you trust Bitfinex, iFinex, Tether and think they never printed unbacked USDT? |
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Redskins defense has no pass rush? They are giving Tom Brady much space to throw the ball. 10 minutes more, I worry Redskins might not cover +8.5.  Also, why did the Colts choose to throw the ball on the 4th down instead of the field goal to force an overtime? |
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Bills -3.5
I'm off to a good start LOL Now I gotta root for seachickens ugh Hehe yes. 4th quarter was for the Colts. This is the perfect result for me, however. Colts +6.5 covers the spread and Mr. MVP Josh Allen goes to the divisional round. |
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It appears the regulators are pushing anonymous coins to grey market exchanges without KYC and decentralized exchanges hehe. This will be their mistake hehe. This will cause the grey markets to grow as the demand for anonymous coins grow. Regulators should want them in compliant exchanges where they can monitor them.
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I will give a shot. Thanks a lot for replying 
