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Torque
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Activity: 3822
Merit: 5504
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January 30, 2018, 06:40:20 PM |
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"We routinely receive legal process from law enforcement agents and regulators conducting investigations," Bitfinex and Tether said in a statement to Bloomberg. "It is our policy not to comment on any such requests."
routinelyRoutinely: on an ongoing basis. Like all the fkn time. |
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fabiorem
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January 30, 2018, 06:40:31 PM Merited by BobLawblaw (1) |
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Tether is only 2.3 billion in a market of more than 500 billion.
Think about it for a minute.
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jojo69
Legendary
 Online
Activity: 3458
Merit: 4900
diamond-handed zealot
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January 30, 2018, 06:43:44 PM |
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whew
got out of my ill-advised BCH position at break even by the skin of my teeth, thank goodness for this dump
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Lopumbo
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January 30, 2018, 06:43:54 PM |
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Tether is only 2.3 billion in a market of more than 500 billion.
Think about it for a minute.
Think about 2.3 Billion of liquidity is going to be removed from 10 billion... Think about that 20 Million $ can move the market by 5-10%, then a 2.3 Billion Market order (in the worst case) will move bitcoin where? |
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Sitarow
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Activity: 1792
Merit: 1047
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January 30, 2018, 06:45:04 PM |
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Now that Bitcoin is gaining tracking traction by the old boy's expect to see more of these overlooked Loopholes plugged.
My only advice is to avoid exchanges that don't comply with common sense rules that crack down on fraud and other "market" exploits such as insider trading.
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toknormal
Legendary
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Activity: 3066
Merit: 1188
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January 30, 2018, 06:45:41 PM |
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I blame the exchanges for the Tether nonsense.
They could have listed a genuine trustless, market backed fiat proxy such as BitUSD which would have been far more reliable and bullet proof than some corporate emperor's clothes crap like tether.
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Biro Bob
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January 30, 2018, 06:46:18 PM |
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$1500 drop in 24 hours? Excellent!! Please let me know when the bottom is in so I can sell...
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rezurect007
Jr. Member
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January 30, 2018, 06:46:21 PM
Last edit: January 30, 2018, 06:57:27 PM by rezurect007 Merited by ErisDiscordia (1) |
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1000 BTC wall @9500  |
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RejectedBanana
Sr. Member
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Activity: 406
Merit: 551
I am a banana.
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January 30, 2018, 06:46:55 PM |
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Tether is only 2.3 billion in a market of more than 500 billion.
Think about it for a minute.
Tether is not intended to be speculative. There's supposed to be $2.3B actual fiat backing it. vs crypto "market cap", which is hugely speculative. It's not an actual valuation, it's simply supply x price. So yes, the collapse of Tether could have a hugely disproportionate effect on the whole crypto market if it's backed by little to nothing. |
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enter`name`here
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January 30, 2018, 06:48:47 PM |
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Tether might be a scam, quick sell your bitcoin for Tether! /bitfinexTraders
EDIT: I suppose you could transfer the tethers to an exchange that offered USD/USDT trading... If the market is actually concerned about tether it is on that pair we should see panic selling I would imagine... current USD price on kraken at time of this post: $0.9899
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fabiorem
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January 30, 2018, 06:51:18 PM |
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Tether is not intended to be speculative. There's supposed to be $2.3B actual fiat backing it.
vs crypto "market cap", which is hugely speculative. It's not an actual valuation, it's simply supply x price.
So yes, the collapse of Tether could have a hugely disproportionate effect on the whole crypto market if it's backed by little to nothing.
Do you think theres enough fiat on the exchanges to cover 500 billion? Do you think theres enough fiat in the entire world to cover the 1.2 quadrillion derivatives markets? |
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AlexGR
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January 30, 2018, 06:51:19 PM |
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Tether might be a scam, quick sell your bitcoin for Tether! /bitfinexTraders
That's what I was about to comment. I mean if Tether has a problem, the rational thing is to dump tether => buy bitcoins => exit the exchange asap. Obviously, demand for bitcoins should move btc price up as tether is dumped. |
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Karartma1
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Activity: 2310
Merit: 1422
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January 30, 2018, 06:52:59 PM |
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As many pointed out the timing couldn't have been better. I'll simply hold my coins. During these days I say to myself that 1 BTC is 1 BTC.
Our time has yet to come.
If Bitfinex and Tether blow up, I just don't care
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Lopumbo
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January 30, 2018, 06:53:01 PM |
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Tether might be a scam, quick sell your bitcoin for Tether! /bitfinexTraders
That's what I was about to comment. I mean if Tether has a problem, the rational thing is to dump tether => buy bitcoins => exit the exchange asap. Obviously, demand for bitcoins should move btc price up as tether is dumped. People are in tether to avoid bitcoin. So a rational gambler would indeed buy bitcoins but would dump them later for cash. |
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jojo69
Legendary
Online
Activity: 3458
Merit: 4900
diamond-handed zealot
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January 30, 2018, 06:53:37 PM |
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toknormal
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Activity: 3066
Merit: 1188
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January 30, 2018, 06:55:28 PM |
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d_eddie
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January 30, 2018, 07:03:01 PM |
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My lowest limit buy order triggered and filled. I managed to slip another one just a little lower  BTFD |
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Torque
Legendary
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Hey quick, Someone wake up JJG so he can tell me again that there are no pre-planned, coordinated attacks on Bitcoin.  |
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LFC_Bitcoin
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#1 VIP Crypto Casino
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January 30, 2018, 07:06:53 PM |
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As many pointed out the timing couldn't have been better. I'll simply hold my coins. During these days I say to myself that 1 BTC is 1 BTC.
Our time has yet to come.
If Bitfinex and Tether blow up, I just don't care
Pretty much my thinking ^^ I’m happy with my ‘HODL’ stash & this doesn’t worry me, it’s just a bit annoying. 1 bitcoin is still 1 bitcoin, I’m planning to HODL until around a year after the next halving any way so about 2021. This is just a small speed bump on the way to the moon, besides who doesn’t think 1 bitcoin will be worth north of $50,000 at some point? Good things come to those who wait. |
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