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

[jonoiv]

4. There are some well researched articles showing that the Bitfinex/USD Tether operation has essentially been responsible for the ENTIRE price rise in bitcoin right from $180 to where we are today

Having said that they do claim to have proven the funds and even if tether is worth 0, it still only accounts for only 2.1% of the total market cap of bitcoin, so appart from the FUD value, it's relitivly meaningless.

I don't understand why people continue to make this argument as if it's significant.

2% of bitcoin's marketcap is HUGE and easily enough to control the entire market, since only a tiny proportion bitcoin's supply is ever to be found on orderbooks. The significant ratio is not Tether Marketcap/Bitcoin marketcap but Tether Marketcap/Bitcoin Orderbook size.

Anyway, it doesn't matter. Just the fact that there's an arbitrarily controlled counterfeit money supply that requires no backing, is supported by the biggest exchanges, and is created at will by a private entity in the Cayman Islands is easily enough to scam the entire industry and implode the market if and when it goes tits up.

Here in fact is the "MT Gox" effect right in front of our faces:

Your fear is well founded.

But Bitcoin is stronger and more important than Tether.  Tether going tits up as you say would have a significant negative impact.  But I think it would be less than the impact of Gox in the past.

Bitfinex and their USDT should be shaking in their boots with Fidelity, Bakkt etc coming on board.  The tiddlywinks days of shady exchanges and monopoly money are coming to and end.

With fireworks?  Maybe.  But it might not matter in the end.  The things that are coming will dwarf all this in the end.

They don't control 2%, the tether users hold the 2%.

like on 22nd April 2017 when tether hit 92 cents, as the volume for bitcoin buys increased and the price went from 1.3k to 20k.

What makes you think that the liquidity problems aren't happening on other non-tether exchanges?  

Not saying it's a good situation, but i am saying people like to feed the fear, especially on this thread.



 

[1680211307]

1680211307

[HairyMaclairy]

like on 22nd April 2017 when tether hit 92 cents, as the volume for bitcoin buys increased and the price went from 1.3k to 20k

This.   

A run on Bitfinex could, in theory, push the Bitcoin price on Bitfinex over $40k and break $20k on all other exchanges if Bitfinex didn’t halt trading.  I think they would stop trading long before that happened but this shit can get out of control real quick if you aren’t careful.

[Wekkel]

https://ftalphaville.ft.com/2018/10/15/1539602745000/It-s-really-happening----Woz-joins-Baroness-Mone-s-blockchain-company-/

This article requires registration. Any summary available?

[Last of the V8s]

https://ftalphaville.ft.com/2018/10/15/1539602745000/It-s-really-happening----Woz-joins-Baroness-Mone-s-blockchain-company-/

This article requires registration. Any summary available?

https://archive.is/EkMCD + https://www.youtube.com/watch?v=gjI_ut6TP4g

[toknormal]

https://ftalphaville.ft.com/2018/10/15/1539602745000/It-s-really-happening----Woz-joins-Baroness-Mone-s-blockchain-company-/

This article requires registration. Any summary available?

Google: "michelle mone steve wozniak", then hit the pictorial summary that appears. Seems you can get in that way without a registration.

[Last of the V8s]

https://bitcoinist.com/new-yale-study-every-portfolio-must-include-at-least-6-bitcoin/
http://www.nber.org/papers/w24877.pdf
someone crib this pls^?

[RejectedBanana]

Fidelity, the $2.5 trillion Wall Street giant, is launching a brand new institutional brokerage and custody business for crypto

https://theblockcrypto.com/2018/10/15/fidelity-the-2-5-trillion-wall-street-giant-is-launching-a-brand-new-institutional-brokerage-and-custody-business-for-crypto/

Fidelity Launches Institutional Platform For Bitcoin And Ethereum

https://www.forbes.com/sites/michaeldelcastillo/2018/10/15/fidelity-launches-institutional-platform-for-bitcoin-and-ethereum/#5319f43f93c4

Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies

https://www.cnbc.com/2018/10/15/fidelity-launches-trade-execution-and-custody-for-cryptocurrencies.html

Fidelity Investments, which administers more than $7.2 trillion in client assets, announced a new and separate company called Fidelity Digital Asset Services Monday.

Okay, this is very bullish.

Who needs a stinking ETF once the big boys come to town?

Can you imagine if this announcement had come a year ago? The bull run might never have stopped.

Fidelity has been visionary in the crypto space since early on; it's been more than a year since linked Coinbase balances starting showing up in Fidelity accounts.

As it is, news like this is hardly a fart in the wind these days.

It's amazing how institutionally mainstream Bitcoin is becoming right below our noses, and yet the masses still sleep, butt-hurt as ever for perhaps buying the peak and selling too soon (probably to the very institutions they distrusted in the first place).

Fidelity is a privately held company. They don't answer to no stinkin' shareholders or quarterly reports. They are out to conquer Millennial investors, and embracing crypto may launch them well past their competitors into the future.

This is who you have to thank, boys: Abby Johnson, chair and CEO of Fidelity. Bitcoin may largely be a man's world, but we owe a lot of respect to the Abby Johnsons, Elizabeth Starks, and Hester Peirces of the world. They actually get shit done when and where it matters. Fuck you, Jamie Dimon.



One-on-one with Abby Johnson, Fidelity's ultra-private president
http://fortune.com/2014/06/02/one-on-one-with-fidelitys-ultra-private-president/

Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies (1 year ago)
https://techcrunch.com/2017/09/28/fidelity-ceo-abigail-johnson-says-the-company-is-mining-cryptocurrencies/

Fidelity CEO Talks 'Love' For Bitcoin, Why Blockchain Will 'Change' Markets (1.5 years ago)
https://www.coindesk.com/fidelity-ceo-talks-love-bitcoin-blockchain-will-change-markets/

[kirreev070]

[HairyMaclairy]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

[yefi]

4. There are some well researched articles showing that the Bitfinex/USD Tether operation has essentially been responsible for the ENTIRE price rise in bitcoin right from $180 to where we are today

Yeah right. Even if you believe that Willy Bot was ENTIRELY responsible for the $1160 bubble, it had to buy 1M bitcoins. How many bitcoins has Tether bought even if you believe that not a single cent backs it? Yet it is responsible for an even greater relative increase? I'm no fan of Tether, but that sounds like "well-researched", class-A bullshit.

[RejectedBanana]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

[Wekkel]

Meanwhile, the BFX BTC tether (mini) bubble is slowly deflating. Bitstamp parity soon again?

[kirreev070]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

If they can time to develop a mechanism for the transfer of a large amount of money, then Bitcoin can go to Mars or bitcoin will be a safe haven for saving money.

[Last of the V8s]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

bitcoin takes over
socialism utterly ruined
you eat your hat

[HairyMaclairy]

If they can time to develop a mechanism for the transfer of a large amount of money, then Bitcoin can go to Mars or bitcoin will be a safe haven for saving money.

You can move a billion dollars with a telegraphic transfer in a couple of hours.

you eat your hat

GHC.  Global Hat Crisis.

[El duderino_]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

MOON ??

[Wekkel]

Let's reflect on what happened today.

• There was the start of a run on Bitfinex, which triggered a pump on Bitcoin
• Fidelity has announced various institutional Bitcoin services
• Legacy markets are unstable, with another financial crisis expected "soon"

What happens when the next financial crisis hits, and a proportion of the world's financial institutions all try to run on the banks into Bitcoin?

MOON ??

Hyperbitcoinization: https://nakamotoinstitute.org/mempool/hyperbitcoinization/

[HairyMaclairy]

[Last of the V8s]

CZ has the most tether by far
despite all the fud about oh bfx bank run

https://wallet.tether.to/richlist

[toknormal]

4. There are some well researched articles showing that the Bitfinex/USD Tether operation has essentially been responsible for the ENTIRE price rise in bitcoin right from $180 to where we are today

Yeah right. Even if you believe that Willy Bot was ENTIRELY responsible for the $1160 bubble, it had to buy 1M bitcoins. How many bitcoins has Tether bought even if you believe that not a single cent backs it? Yet it is responsible for an even greater relative increase? I'm no fan of Tether, but that sounds like "well-researched", class-A bullshit.

it had to buy 1M bitcoins

This part is nonsense. They didn't "have to buy 1M bitcoins" because to do market manipulation you only need enough to create movements in the right direction. Ever noticed how Bitstamp always follows and never leads ? (At least I've never seen Bitstamp lead a bullrun, it constantly has to be "dragged out of bed" by Bitfinex).