What if this is being hold as a controlled bomb against the inevitable bitcoin price rise? It's difficult to say what will happen when USDT does finally implode. Obviously there is an awful lot of fake USDT being printed out of thin air, which has been used to pump the market at various times for the benefit of iFinex/Bitfinex/Tether. The Leibowitz v iFinex Inc. case spells it out pretty well: https://www.classaction.org/media/leibowitz-et-al-v-ifinex-inc-et-al.pdf. So when USDT collapses, all that artificial pumping will disappear and a lot of people will lose a lot of money, which could obviously lead to bitcoin's price falling. However, prior to the complete collapse of USDT, there will be millions of users trying to offload 16 billion USDT in to other assets, the majority of which will be bitcoin. It will be a volatile time, that's for sure, but just like every other hack or scam it won't kill or irreversibly damage bitcoin. I think it would be better for it to happen sooner rather than later. I disagree. I speculate that exchanges might be ordered immediately to stop accepting Tether deposits, withdrawals and trades by regulators. Also, if everyone was given time to offload Tether to hold bitcoin before taken down, I reckon that everyone in the cryptospace might also be at risk because we hold cryptocoins without the liquidity that supports its markets. In any case, what are the news updates on Bitmex? The website is still working. I speculate a settlement. |
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@Harlot. Agreed. Similar to all of the financial crisis of the past that were caused by the banks' own doing, they will again create a another bubble, burst that bubble and be again bailed out by tax payers.
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How would it not be a liquidity crisis if leading exchanges that has billions in their orderbooks before Tether takedown would only have millions after takedown? The cryptospace markets will be shocked.
Who said a Tether takedown would only be news?
I hope I will not be right, however, I reckon I would only be right because of fear, panic and low liquidity caused by a Tether takedown.
Agreed hehe.
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I don't see why people would use PayPal as it is now to purchase bitcoin since it is locked into PayPal. Hopefully they correct that issue eventually, but if they do, that is when I'd worry about the "frozen account" issue if someone sends it to an unapproved web site directly from PayPal. e.g. gambling or some site that someone doesn't allow.
Let's hope adoptees don't get their messages mixed. I can well imagine mindless druggists logging into Paypal thinking 'oh wow, no one can stop the bit coin, right?' and then lasting a few seconds before their door is booted in. It would be very difficult for mindless druggists to mistake bitcoins in Paypal from the real bitcoin unless there is a mindless vendor that accepts bitcoins in Paypal payments. |
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I reckon that the many celebrators of Paypal's acceptance of bitcoin might not be completely informed that their bitcoins in Paypal are issued entries on a centralized ledger controlled by a company.
What is better? Tether or bitcoins in your Paypal account?
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You might be wrong in speculating that exchanges are completely insinuated if Tether collapses. Many of them depend on the liquidity to maintain their orderbooks. I would speculate that a liquidity crisis might force some exchanges to suspend and close their service.
Also, why would it depend if it is a bull or bear market? I would argue a Tether takedown would be the beginning of a new bear market.
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@Yaunfitda. It is the only fight to organize especially after the way Tyson Fury and Anthony Joshua showed their superiority over Wilder and Ruiz.
Also, who would like to watch a trilogy? Maybe only angry Wilder fans hehehe.
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@ETFbitcoin. I know, however, Tether allows you some control to withdraw your USDT from an exchange and you can trade them on another exchange that accepts them. In Paypal, your bitcoins are not bitcoins anymore. They control it and would do something to them as they want.
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@zasad@. Other mainstream news media outlets reported that the hacker returned some if the stolen coins. I reckon that this might be evidence that the hacker was their own developer. Does everyone expect the hacker to return some of the stolen coins from the goodness of his heart hehehe? Hacker returned $2.5 million while Harvest Finance authors put out a $100,000 reward for anyone who can return the rest of the funds.Source https://www.zdnet.com/article/hacker-steals-24-million-from-cryptocurrency-service-harvest-finance/
This statement tweeted by Jesse Powell, Kraken's CEO. It appears Kraken might become the hackers paradise for stolen Defi tokens and ETH hehe. However, if the hackers were smart, they should convert their coins to Monero only through Bisq. It asked eight major exchanges to blacklist Bitcoin addresses used by the hacker, which at least one exchange was reluctant to do. Subtweeting the protocol, Kraken founder Jesse Powell wrote: “Stop fucking up your bullshit DeFi scams and expecting exchanges to bail you out. I will not accept your attempt at externalizing the cost of your hasty, reckless rollout.”Source https://decrypt.co/46679/harvest-finance-offers-1-million-get-stolen-34-million-back[moderator's note: consecutive posts merged] |
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@exstasie. However, an overstatement or not, an immediate Tether takedown will cause a liquidity crisis. How so? Could you elaborate? The immediate liquidity crisis, as I see it, would be out of USDT and therefore into cryptocurrencies. How fast will real dollars and Tether's competitors swallow up its market share without causing a big short? I speculate not fast enough. We cannot assume that the billions in Tether will be transfered to other stablecoins or real dollars in 1 day.
Tether holders would absorb losses, whether by panic buying out of USDT or by waiting for a bankruptcy or similar action. I still maintain that whether this causes a serious crash or prolonged downtrend depends on the underlying market trend. If they take Tether down in the middle of a bubble (like 2017) it won't stop the bulls, anymore than when the Chinese exchanges were shut down. However, you do not see the other side of the argument. Tether could arguably be the one that supports or one that mostly supports the cryptospace market. Taking it down would be similar to taking away the foundation and cause it to fall. How would the Tether holders exit Tether if it was taken down by the exchanges? Also this article. Did you know that each time Tether is traded a small fee is charged, and that they can just change the fees and terms of their contract at any time??
There is no possibility for transparency because this contract has a backdoor that allows the owner to change the terms at any point:Source https://inst.medium.com/tethers-fees-4f1ce048bfbaTether in Ethereum might be easy to takedown if declared illegal and if ordered to cease operation by the government. @Fortify. Agreed. This is only the cryptospace edition hehe. Also, markets always recover. |
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@Abiky. It was never going anywhere without the support of the original developers. Ethereum Classic, similar to Bitcoin Cash and others, I have never seen a project that forked without its original developers that became successful.
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@exstasie. However, an overstatement or not, an immediate Tether takedown will cause a liquidity crisis. How fast will real dollars and Tether's competitors swallow up its market share without causing a big short? I speculate not fast enough. We cannot assume that the billions in Tether will be transfered to other stablecoins or real dollars in 1 day.
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@bryant.coleman. It is not similar to Tether. Tether allows you to hold your own coins in your own wallet with the private keys also in your control. Your coins in Paypal are 100% under their control.
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Payment company PayPal is considering options for absorbing cryptocurrency companies to expand its product line. Among them is the BitGo custodian, Bloomberg reports, citing knowledgeable sources. This is a big deal. BitGo is a giant in the institutional custody space, probably the largest after Coinbase. Some of the world's biggest exchanges are their clients. They also launched an institutional trading service earlier this year, although I'm not sure how much traction it has gained. With PayPal's existing customer and merchant base, they're already positioning themselves to be a giant in the Bitcoin exchange and payment processing industries. If they absorb BitGo on top, they could be right up there with Coinbase in terms of overall industry influence and market share, almost overnight. I don't love it, if I'm being honest. Agreed. This will begin to be more dangerous for our freedom on the internet when more people begin to depend on 3rd parties to hold and use their bitcoins. This will give them the power to terminate you from making your online payments which bitcoin was supposed to fix.Do not deposit or buy your bitcoins in Paypal. |
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Dana will certainly create a new storyboard for lightweight after Khabib's retirement. This might be Conor's chance again or it might not hehehe.  |
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However, a Tether takedown will not be some bad news that we can ignore carelessly. The whole cryptospace and most of its liquity depends on Tether. Bull markets cannot be created without it unless real dollars or another stablecoin also reaches a similar amount of liquidity.
Also, the essence of my argument is not fud. It is to warn us from making similar mistakes made by those overconfident people during the real big short.
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As an Eagles fan I'm happy they got the win but watching the game was terrible and I'm glad that I didn't place a bet on them even though they won. I think most here had a win with most taking the Giants to cover which they did. I do agree that the NFC East table looks very bad right now but it can all change as there is time for at least one or two teams to get .500 hopefully lol.
I predict the Cowboys to win the division with or without Dak Prescott. The other teams are worse in many ways hehe. The Cowboys at the very least have their offense. |
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@condoras. Are you telling everyone it is good because you like to trust Paypal in holding your coins for you?
Also, paypalcoin is not an assumption. Every bitcoin in there is only a representation that you hold bitcoin, however, it is controlled by Paypal.
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@xxjumperxx. The Giants +4.5 against the spread have won, however.
Next must win game in that division is the Cowboys versus the Washington Redskins with the Redskins giving -1. I am shaking my head. Football experts, why is this?
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Everyone might be overestimating Justin Gaethje's capabilities because of how he appeared to dismantle El Cucuy. We should remember that El Cucuy made 2 different weight cuts in 1 month for 2 different fighters. This certainly affected his body negatively.
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