Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[HairyMaclairy]

That’s the 1BTC question isn’t it. Will Tether FUD create a pump? It looks like it is doing that right now. Except someone has to pay the piper at the end.

The brutal part is, a pump makes it worse due to FOMO out of Tether into crypto. 

[1634740239]

1634740239

[Samarkand]

That’s the 1BTC question isn’t it. Will Tether FUD create a pump?  Even if it does, someone has to pay the piper at the end.

Wouldn´t a removal of bad actors (let´s assume that Tether is indeed a fraudulent operation and not legit
for the sake of argument) from the Bitcoin ecosystem be a good thing for the long-term future of Bitcoin?
If the big nefarious actors (e.g. fraudulent exchanges) are removed from the market this would
increase the likelihood of the approval of things like a Bitcoin ETF or even better news like the inclusion
of Bitcoin into the SDR basket of the IMF.

Besides, this could allow a user like BobLawblaw to retire with a much bigger nest egg
if this pushes Bitcoin above the 25000 $ threshold (or even higher) temporarily.
This of course assumes that other exchanges will still follow the price rise of the BTC/USD trading
pair of Bitfinex to some extent (e.g. due to arbitrage bots).

[HairyMaclairy]

Long term yes it’s good, we need to flush bad actors.  Short term it might sting a bit.

[TERA2]

How high will the BTC/USD price go at Bitfinex when all people will try to buy Bitcoin
in order to get their funds off the exchange? This could provide us with
a crazy BTC/USD price rise (at least temporarily) if this is indeed the end of Bitfinex
and Tether.

I remember that some people floated the theory that parts of the recent Litecoin price
run-up where caused by people, who wanted to withdraw from exchanges in a reasonable
timeframe during the recent Bitcoin network congestion and therefore bought LTC with their funds.
This encouraged new investors, who saw the LTC/USD price gains and piled their funds
into Litecoin, which also increased media coverage, which resulted in even more investors.

This could get really crazy if this is indeed the end of Tether.

Never a dull day in Bitcoin land  

Wouldn't ETH be better than LTC for that? I wonder if that's why ETH is still rising now.

[Samarkand]

...
Wouldn't ETH be better than LTC for that? I wonder if that's why ETH is still rising now.

This was just a rumor that was spread by some people. It was also during the peak of Bitcoin
network congestion with 200k+ unconfirmed transactions. I could be wrong, but I remember that
the Ethereum network had similar problems with congestion during this time due to stuff like CryptoKitties?

I think there is at least a bit of truth to the rumor, because using LTC you could cash out your whole
balance from an exchange for less than 1 $ while Bitcoin confirmation times and transaction fees were through the roof
due to the spam attacks by the nefarious actors from the BCH fan club.

edit: I should clarify that I was talking about a period of time that was a few weeks ago and
not any current price action

[HairyMaclairy]

Bitfinex has a minimum withdrawal of 0.02 BTC meaning you can’t withdraw small amounts in BTC.

[mike4001]

12k still cannot be broken.

Hopefully this happens sometime soon and more importantly we don't crash right back to 10-10,5k after touching 12k+.

On a sidenote: What's up with Ethereum? Rose 10% in the last 5-6 hours.

[Ludwig Von]

Ok I just read the latest article about Tether on Coindesk. I read between the lines that Theter did not want Friemann to dig too deep. That 's it guys, Tether is over and out. Now what will be the consequences?

[FractalUniverse]

Tether is over and out. Now what will be the consequences?

.. Won't believe it until it happens.

[realr0ach]

Everyone affiliated with Bitfinex should be in prison:

Bitfinex is a replica of MtGox

Zerohedge just posted a story in mainstream news about what I've been talking about for years now:

http://www.zerohedge.com/news/2017-08-06/mysterious-trader-nearly-unlimited-bankroll-said-be-manipulating-bitcoin-price

I first wrote about how it appeared Bitfinex had someone with unlimited amounts of money that traded exactly the opposite way of anyone who would be trying to make a profit during the halving/brexit period.  My hypothesis was that Bitfinex owners were trading on their own exchange and got caught on the wrong side of the trade due to Brexit and rendered insolvent, so they then claimed they were "hacked" and lost all the bitcoins.

There's a link to my post and picture/commentary from over a year ago:



http://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

And another one of my posts from over a year ago right after they came back online:







https://steemit.com/money/@r0achtheunsavory/the-r0ach-report-vol-3-bitfinex-scamming-intensifies-and-more-on-the-silver-and-gold-markets

[Neo_Coin]

Everyone affiliated with Bitfinex should be in prison:

[realr0ach]

~>"Be Your Own Bank"<~

By buying silver or gold because bitcoin has built-in middlemen and doesn't remove counterparty risk.  Since transactions aren't blinded and transaction validators are designed to centralize, it's a permissioned ledger in practice.  The G20 then labels whoever they want "terrorists" and instructs the centralized pools to not process any transactions for them so your money is essentially deleted and you no longer exist, just like the system Aaron Russo warned about.

[Ludwig Von]

Tether is over and out. Now what will be the consequences?

.. Won't believe it until it happens.

The question for me is : how to prepare for it to happen? Not just sit and wait.

[realr0ach]

The question for me is : how to prepare for it to happen? Not just sit and wait.

Yes, that's the hilarious part.  The last time there was a Bitfinex scare and everyone KNEW they were a fraud, Bitfinex DOUBLED DOWN on fraud.  They knew everyone would convert everything to BTC to try and withdraw, so what do they do?  They pumped BTC on their own exchange right beforehand to make sure everyone is forced to buy the bitcoins at TOP DOLLAR HAHA.  That's how big of crooks everyone affiliated with that exchange is.

[fabiorem]

The difference between Mt.Gox and Bitfinex is that, at that time, bitcoin had few use cases, and few exchanges, whereas now, is much more widespread, with lots of use cases and exchanges (there are even people using it to buy cars and houses).

So a Bitfinex scandal would not affect the price as much as Mt.Gox did.

[Lopumbo]

The difference between Mt.Gox and Bitfinex is that, at that time, bitcoin had few use cases, and few exchanges, whereas now, is much more widespread, with lots of use cases and exchanges (there are even people using it to buy cars and houses).

So a Bitfinex scandal would not affect the price as much as Mt.Gox did.

Its not about bitfinex, its about tether. Count the number of exchanges with real! USD support - Coinbase, Bitstamp, Gemini and Kraken - thats it.
Now imagine "the market" realizes that there are 2.2Billion worthless "USD" in the system, which where used to pump up the price from 1k$ to 20k$.
Somebody will be the bagholder for those 2.2Billion.

[AlexGR]

Personally I don't see much of a difference between tethers and "real" dollars displayed on an exchange after you sell btc or a shitcoin. I mean they are both virtual until you get the money on your hand. Many insolvent exchanges showed dollar balances that weren't reflecting the reality of the USD holdings of the exchange, whether it was MtGox or more recent ones.

So no matter if it says "USD balance" / "EUR balance" / "CNY balance", "USDT balance" or even "BTC balance", it always has a risk when you are dealing with an exchange.

Having said that, I think one of the best applications of lightning-type channels would be the ability to instantly remove BTC funds which aren't actively traded, through the use of the channel. Since exchanges represent a big source of on-chain transactions, it would quickly make transactions cheaper, while also reducing the dangers involved with  keeping bitcoins on exchanges. Want to go off for a weekend? Withdraw the money to the channel. Want to trade on Monday? Resend the money back to the exchange - through the channel... do I want to get the btc right now? I just close the channel... etc etc... It should also theoretically reduce the exposure of exchange hot wallets to hackers - which should move less funds in and out, on-chain.

edit for something irrelevant: I did a <20sat/byte tx earlier in the day to consolidate some funds, it cleared within a couple of hours... don't even remember when I went *that* low...

[fabiorem]

Its not about bitfinex, its about tether. Count the number of exchanges with real! USD support - Coinbase, Bitstamp, Gemini and Kraken - thats it.
Now imagine "the market" realizes that there are 2.2Billion worthless "USD" in the system, which where used to pump up the price from 1k$ to 20k$.
Somebody will be the bagholder for those 2.2Billion.

The bagholders would be the ones holding tether, not bitcoin.

In relation to bitcoin, this looks like a orchestrated FUD. It already happened before, when price was starting to rise.

[Ludwig Von]

The difference between Mt.Gox and Bitfinex is that, at that time, bitcoin had few use cases, and few exchanges, whereas now, is much more widespread, with lots of use cases and exchanges (there are even people using it to buy cars and houses).

So a Bitfinex scandal would not affect the price as much as Mt.Gox did.

Its not about bitfinex, its about tether. Count the number of exchanges with real! USD support - Coinbase, Bitstamp, Gemini and Kraken - thats it.
Now imagine "the market" realizes that there are 2.2Billion worthless "USD" in the system, which where used to pump up the price from 1k$ to 20k$.
Somebody will be the bagholder for those 2.2Billion.

Isn 't the majority of Tethers not sitting on Finex? On Kraken, there is very little volume with it.

[Ludwig Von]

Its not about bitfinex, its about tether. Count the number of exchanges with real! USD support - Coinbase, Bitstamp, Gemini and Kraken - thats it.
Now imagine "the market" realizes that there are 2.2Billion worthless "USD" in the system, which where used to pump up the price from 1k$ to 20k$.
Somebody will be the bagholder for those 2.2Billion.

The bagholders would be the ones holding tether, not bitcoin.

In relation to bitcoin, this looks like a orchestrated FUD. It already happened before, when price was starting to rise.

We should not mistake between smoke from the BBQ and smoke from a starting fire... .