Tom Lee also mentioned in a tweet that this will have a negative impact unless the purchasers of the IEO are new to the cryptospace. Also, as already reported, $600 million of the tokens have a ready been allocated to bitcoin whales and Asian venture capital firms. How much of that investment is new money?  Dovey Wan, the founding partner of Primitive Ventures, revealed that Bitfinex was planning to raise $1 billion through the sale of company-branded crypto tokens through an on-platform initial coin offering, more commonly referred to as an IEO.
Per a document published by Chinese cryptocurrency investor Zhao Dong, first reported on by The Block, however, the IEO is entirely legit. As Wan revealed, Bitfinex does intend to sell $1 billion of the cryptocurrency. Funnily enough, however, Larry Cermak of The Block has said that $600 million of the funding round has already been allocated to private investors, reported to be industry insiders, Bitcoin whales, and Asian venture capital firms.
While this news seems to be independent of the broader cryptocurrency market, Tom Lee, Fundstrat’s head of research, has postulated that this $1 billion raise could actually be a negative price action catalyst for Bitcoin. The prominent commentator explains that $1 billion worth of new tokens will have a negative impact on BTC and other digital assets, as the market needs to “absorb” an influx of LEO tokens.
As Lee notes, “Bitcoin miners sell $7mm per day, so a $1 billion IEO is essentially 142 days worth of miner selling taking place in one day.”Source https://www.newsbtc.com/2019/05/05/fundstrat-bitfinex-1b-ieo-raise-could-pressure-bitcoin-lower/ |
|
|
|
This is a very good article, I reckon. I am not certain if it is entirely accurate but its idea as a whole connects with what I said in the QuadrigaCX news thread that some exchanges in the cryptospace might be part of a global money laundering ring. Might this be what the New York attorney general is going after? It might be under the orders from politically connected bankers to kill their competition in money laundering hehehe.  Crypto Capital is slowly emerging as the central bank of the crypto industry. It facilitated banking services from one end of the industry—major crypto businesses and exchanges including Binance, Kraken and BitMEX—to the other, including the now-defunct QuadrigaCX and a number of smaller companies implicated in money-laundering schemes and fraud. And according to the the New York Attorney General, it still serves crypto exchange Bitfinex, where by the end of 2018, it was managing more than $1 billion of the exchange’s client and customers funds.Read in full https://decryptmedia.com/6824/crypto-capital-follow-up-article |
|
|
|
I reckon that it has become very clear that the issue is not about Tether printing USDT out of nothing. That was fud. I'm not so sure. Tether quietly changed their terms and conditions a few weeks ago from "every USDT is backed up 1-to-1 with USD" to "USDT is backed up with a variety of other assets which may include other cryptocurrencies" (obviously I'm paraphrasing here). If you are backing up Tether with other cryptocurrencies, then what is stopping them printing some USDT out of nothing, using it to buy bitcoin, and then claiming the USDT is fully backed up with said bitcoin as per their terms and conditions. Given the seemingly endless list of shady activities that Bitfinex and Tether seem happy to engage in, how can you be sure they haven't done what I've just described? I reckon Tether changed their terms when Bitfnex was already certain that they would not easily get the $850m of Bitfinex funds entrusted to Crypto Capital and begun to loan some money from Tether's funds. |
|
|
|
All traders know that Tether is much better than many other stablecoins, even now when it became known that it is backed by USD by 76% ( in this I see only advantages). USDT has become more transparent for everyone. What are you talking about? In what way is having 25% your tokens completely unsecured advantageous? In what way is continually refusing to allow an independent audit transparent? In what way does lying to your customers for years, silently changing your terms and conditions, backing away from your promises, and printing money out of thin air, make you better than your competitors? Tether is looking more and more like a scam every day. I can't understand why anyone in their right mind would continue to use it. He will think it's all fine until he decides to withdraw to USD and finds out he's in that 25% with no backing and he's money is gone. You lend someone some money and he brings back 75% and says he lost the rest. When does it become a bad thing when you kick his ass for it? When he loses 30% or 35% because 25% is fine for some people so maybe their limit is at 30?  If USDT is OK now when does it stop being OK? Agreed to the suggestions that Tether needs to be more transparent and should be audited, however, I reckon that it has become very clear that the issue is not about Tether printing USDT out of nothing. That was fud. The real issue is Bitfinex's $850m was taken by a questionable money processor and covered it by taking a loan from their Tether fund. Also does the New York attorney general have the power to charge Bitfinex with something? Can they enforce New York regulations on a company based in Hong Kong? What caused this, are there Bitfinex users from New York? I reckon this might be gross overreach by the US government. Let us celebrate if Bitfnex wins the case hehehe. |
|
|
|
|
@bigslimvdub. What mirage are you seeing, I do not see it hehehe. I reckon this project might be almost dead and if there was not a group of motivated bagholders resuscitating it, this would be dead already.
|
|
|
|
Actually, BTC is one of more centralized ones, both by pools (3 or 4 big ones can do 51% attack), and by country (China alone can attack it)
Agreed! Bitcoin mining is becoming centralized. However, this does not change that Ripple is a centralized platform. It will only stop being centralized if Ripple finds a decentralized consensus process on adding nodes in the Trusted Nodes List. For the hundredth time, the nodes that take care of the consensus are decentralized and open to anyone !!! Just have a look at the list of validators here: https://xrpcharts.ripple.com/#/validatorsOut of the total 117 nodes running on the main net, only 7 are controlled from ripple.com ! (yes I actually counted all the nodes one by one to make sure since CTRL+F was returning a little bigger number)This is just 5% of the network controlled by Ripple!! 5%You can read an interesting article and find some graphs about it here: https://ambcrypto.com/uae-is-top-destination-for-token-sales-in-2019-iota-pumps-by-17-as-jaguar-integrates-it-for-data-sharing-access-and-moreAs for the actual coins and who owns them, those are locked behind a smart contract which releases the coins in small amounts every month. Personally I check the " XRP Supply" section found on the bottom of this page: https://ripple.com/xrp/market-performance/, it's updated every month and if you write down these numbers every month (like I've been doing) you'll get a nice picture of how those coins are handled. For anyone interested, here is a 1 year comparison of the XRP, 25/03/2018TOTAL XRP HELD BY RIPPLE 7,097,884,501TOTAL XRP DISTRIBUTED 39,094,520,623TOTAL XRP PLACED IN ESCROW 53,800,000,02414/04/2019TOTAL XRP HELD BY RIPPLE 6,486,676,982 TOTAL XRP DISTRIBUTED 42,004,966,728TOTAL XRP PLACED IN ESCROW 51,500,000,013The above numbers show us that after 1 year... - 2300 million XRP have left the escrow and 2299m of them are in circulation right now, the 1m XRP difference are burnt coins.
- From 15% of the coins held by XRP in the end of March 2018, we're now at 13%.
- Considering the XRP held by Ripple and the XRP distributed as "coins in circulation" and the XRP placed in escrow as "coins to be mined", XRP had a good yearly inflation rate of 4.74% (for comparison, BTC had about 4.5% and ETH about 7%).
Ofcourse Ripple stills has the potential to earn 51billion of XRP , but this will take about 50 more years. Ripple promises that they sell their coins on OTC deals which shouldn't affect the trading price in exchanges, but even if they were to dump 100% of the coins they earn to the market, the impact would still be similar to BTC miners dumping 100% of their coins or Ethereum miners dumping 70% of their mined coins. However does Ripple let everyone or have a consensus process on who to include in the Trusted Node List? Also to who or where did they distribute all the XRP sold by Ripple? I reckon to a few trusted parties by Ripple, correct? Who holds the XRP in escrow? |
|
|
|
It begins. Tether's loss will be its competition's gain. Expect these paid for articles from the other stablecoin issuers who want to see Tether go down and die. They are not real articles. They might be paid for promotional ads that are made to appear like news articles.  Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, is urging cryptocurrency users to use more trustworthy stablecoins such as Coinbase’s own USD Coin (USDC), instead of the Tether (USDT) stablecoin.
Coinbase’s USD Coin is considered to be a far better stablecoin solution than Tether, because it is actually audited and backed 1:1 by US dollars, unlike Tether which is not actually backed 1:1.
The only downside to USDC, when compared to Tether, is that it’s not traded on as many cryptocurrency exchanges. However, it is still traded on the world’s largest crypto exchange, Binance, as well as Poloniex and Coinbase.Read in full https://www.investinblockchain.com/coinbase-ceo-suggests-using-usdc-stablecoin-instead-of-tether/ |
|
|
|
|
Putting the Night King's death aside. Did anyone know where Bran went when he warged away in front of Theon by the weirwood tree?
Bran - I am going now.
Theon - Where?
Bran - To watch Avengers: Endgame.
|
|
|
|
|
@YuginKadoya. Do not be so certain on Jared Canonnier. He might begin having weight cutting problems to fight in the middleweight division hehehe.
@nydiacaskey01. Anderson was the underdog versus Israel Adesanya.
|
|
|
|
I may be in minority here but I didn't really like the fact that Night king died so easily. everyone kept saying from first episode-first season
that "Winter is coming" "Winter is coming" and when it came then poof.... very disappointing!!
Now for me its just a show where bunch of dudes and ladies fighting for very uncomfortable chair- some calls it Throne. zzzzz
Agreed! I wish I had merits left to give hehehe. In any case, the show is not as exciting for me anymore, except for my head to head who will die first bets, which I reckon might also be not that unpredictable anymore. |
|
|
|
Tether could drop to $0.75 or $0, it all depends on whether it is fully backed or they can make people believe so. I would not hold large amounts of tether because it has always been a shaddy operation.
USDT was always backed by real US dollars. The issue was not about Bitfinex was printing money from nothing. This is fud sensationalized by the bitcoin news media. The real issue is Bitfinex have their $850m taken by a questionable money processor and Bitfinex covered the loss with real US dollars from their Tether fund without informing their users and investors. |
|
|
|
This institution is funded by a lot of firms like Google, Philips Morris, Airbus, even by the USA department. This think tank is not so independent. (It's the same problem with Interpol) Always the same story: Bitcoin and illegal activities, a pure fear business.
The administrative loopholes could be quite easily fixed with adapted laws, Asian countries will feel 'safe' somehow. But from the North Korea point of view, it won't change a lot, they will 'exploit' another channel, and there are a many (OTC, etc,) they're sure other countries doing the same but nothing about them btw.
However, we do not need fixes. It is the people who run the world who need these fixes to make it easier for them to control bitcoin and stop it from being a real threat on one of the big banks' biggest business. Money laundering. |
|
|
|
|
Spoiler. Stop reading if you have not seen the 3rd episode.
I reckon when the writers chose to kill the Night King, the show will be very predictable from the 4th to the last episode. Jaime will die first, Sandor will kill Gregor and Jon Snow will sit on the iron throne. Lazy writing.
The writers wanted to finish it with the easiest storyline to make.
|
|
|
|
My skepticism might sometimes get the better of me. However, my first reaction to this article is that some people in power will spread fear to manipulate everyone to support in having what they want, to pass the legislation that they need to formulate their corrupt polices. I predict another fud article about the North Korean nuclear program is funded with bitcoin coming soon hehehe.  North Korea could represent a danger to nations over Southeast Asia as it hopes to misuse digital currency trades because of loopholes in administrative systems.
The exploration from the Royal United Services Institute (RUSI)finds that as North Korea keeps on dodging worldwide approvals. It’s directing its concentration toward cryptographic forms of money like bitcoin. Because of the nearness of Southeast Asia to North Korea, this makes it helpless against the country’s digital currency action.
“Since Southeast Asia also features a nascent but burgeoning cryptocurrency industry, local law enforcement agencies will likely require further knowledge and resources to ensure that they can successfully respond to cryptocurrency-related criminal activity over time should the local cryptocurrency industry continue to grow in scale,” the report reads.Read in full http://www.coinnewsasia.com/north-korea-exploits-southeast-asian-cryptocurrency-exchanges/ |
|
|
|
|
@gentlemand. I agree, however, between Bitfinex and the big banks JPMorgan and Goldman Sachs which might be the hidden executors behind this case, I choose Bitfinex to win. It would send a message that the cryptospace will not be impaired by them with all their political power and connections.
|
|
|
|
@figmentofmyass. How about Goldman Sachs, which has an investment in Circle, which also owns Poloniex and has issued its own stablecoin USDC?
There is also JPMorgan that will be releasing its own coin which might be another stablecoin. I reckon the 2 of them have the political influence in New York to use to attack Tether.
maybe but honestly, i don't think it's a conspiracy. i think they just see the writing on the wall and plan to swoop in on tether's market share when the feds eventually take them down. it's only a matter of time. they're mixed up with drug cartels and hide everything they do behind shell companies with zero transparency. i'm not sure the NYAG can do much, but the launch of CFTC-regulated futures markets put bitfinex/tether in the sights of the CFTC and DOJ, who are investigating them as we speak. Agreed, only another business decision to kill the competition by the ruling class and the politically connected with the help of a corrupt government hehehe. I stand for Bitfinex to win this case. It will be good for the freedom of the cryptospace and Bitfinex is the lesser evil compared to JPMorgan or Goldman Sachs. I hope some people know this and do not listen to too much mainstream media. |
|
|
|
I am sorry for your loss. Is it the money or the character, I shall not spoil it hehehe.
No spoilers. It was a good episode, however I was a little disappointed. I reckon that storyline should have been expanded. I reckon they can make it a season long storyline.
Spoiler discussions tomorrow hehehe.
Will update the odds tomorrow as I don't want to give any spoilers away for now, but that was one hell of an epic episode. Will be interested to see how some of the previous bets are settled! Ronnie @ CloudbetAgreed! However it was disappointing that his storyline has ended. I thought we were going to see him chase everyone while our heros were retreating from kingdom to kingdom and he destroys all the castles in his way before arriving to King's Landing. @Jgod. No. @mich. She might already be pregnant hehehe. |
|
|
|
|
@gentlemand. Bitfinex had no choice, however. Their banking partners of the past always relieved themselves and stopped further dealings with Bitfinex to avoid being the target of regulators.
@1Referee. Would you say that a direct attack on Tether is an indirect attack on bitcoin and the cryptospace market?
|
|
|
|
Why the heck are you people talking about $ value?
Makes zero sense for grin.
50k sat broke, we are looking for a new bottom :S
Why is it zero sense? Miners pay for their mining costs in fiat. The lower grin's value in fiat, the more coins the miners require to dump and the more pressure that creates on the market. |
|
|
|
|
Show Posts
