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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25440229 times)
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HairyMaclairy
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February 07, 2018, 07:28:02 AM

Problem is if/when tether busts all exchanges can only pull a BTC-e.  They have to close and hit the crypto holders for whatever value tether now evaporated.

They might choose to honour the value of Tether.  I would carefully watch for exchanges shutting down Tether deposits and withdrawals. That would be a bad sign.
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dieselmeister
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February 07, 2018, 07:28:02 AM

is bitfinex insolvent?



Nope. I think not. It is possible, that a company can have depts. And this depts has to be in some kind of statement of financial position.
But honestly i don't know the financial law in the us. Only in germany a little bit.
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February 07, 2018, 07:34:24 AM

the next leg down is going to crush our souls
bitserve
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February 07, 2018, 07:34:30 AM
Merited by Last of the V8s (1), Samarkand (1)

Tether is a separate legal entity to BFX.  Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)?

If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because:

- It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc)
- Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT).

After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it.

Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto?

If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle.

Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash".
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February 07, 2018, 07:36:28 AM

Tether is a separate legal entity to BFX.  Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)?

Tether is a completely centralized token so the bankruptcy administrator could freeze all Tether (or take it back to a central wallet).
Thanks for clarifying. Had a hunch that would be the case, guess I was right for staying out of Tether as a hedging tool.
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February 07, 2018, 07:39:55 AM

the next leg down is going to crush our souls

Now that’s the capitulation talk we want !
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February 07, 2018, 07:45:38 AM

the next leg down is going to crush our souls

Now that’s the capitulation talk we want !

the false hope is one of the oldest tricks in the torturers tool kit
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February 07, 2018, 07:58:05 AM

7777 today

77777 in 2020
flynn
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February 07, 2018, 08:02:58 AM
Merited by El duderino_ (1)

7777 today

77777 in 2020

24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)
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February 07, 2018, 08:12:07 AM

I voted for end of February too, but I gave up on that long ago. Smiley

Good luck for people who selected summer months, haha!
User705
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February 07, 2018, 08:15:28 AM

Tether is a separate legal entity to BFX.  Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)?

If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because:

- It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc)
- Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT).

After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it.

Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto?

If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle.

Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash".
This should have it’s own post but just remember at the heart of every ponzi is a bad trader.  If he knew how to buy low and sell high he wouldn’t need to print fake money.  Once the printing starts the mistakes just compound so no if tether is unbacked there is no rebuying of reserves because if they knew how to trade they wouldn’t need to print fake money and be unbacked.  It’s the exact same bs as Altucher ads.  If he knew how to make 10000% buying the next bitcoin he wouldn’t need to sell you a fucken trading course.
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February 07, 2018, 08:19:06 AM

Still in a bug trap terrority  Huh IT seems that iT isnt over yett
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February 07, 2018, 08:24:28 AM

7777 today

77777 in 2020

24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)

Going to be a tuff nut too crack , but Just imagining the rally iT would be
The memes the action that iT would bring with it ......
Neo_Coin
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February 07, 2018, 08:37:55 AM

Tether = the perfect Ponzi scheme   Grin
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February 07, 2018, 09:08:43 AM
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Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, done, finito! Get over it!

"It's important to remember that if there were no bitcoin, there would be no distributed ledger technology."

That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin.

............

Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors.

Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal).

"If we get comfortable ... then we can move forward," he said.



Sources:
https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/

https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/
Dakustaking76
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February 07, 2018, 09:12:59 AM

Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, get over it!

"It's important to remember that if there were no bitcoin, there would be no distributed ledger technology."

That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin.

............

Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors.

Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal).

"If we get comfortable ... then we can move forward," he said.



Sources:
https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/

https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/



Oke So what do you mean?


We Will go up now And not going down anymore? Bottom is in??
TERA2
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February 07, 2018, 09:24:13 AM
Merited by infofront (1)

Why is it now all these bears are allowed to run free without getting scolded by JayGuanGee
BTCMILLIONAIRE
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February 07, 2018, 09:25:01 AM


Nice decoupling.



Gotta love reciprocal correlation in volatile markets.
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February 07, 2018, 09:26:12 AM

Seems pretty stable now. Good, let it be stable for a couple of days.

Oh and then please MOON, just to piss off that guy Roubini.
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February 07, 2018, 09:29:30 AM

New poll: glade or no glade
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