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

[rebal15]

Dump overnight!

Someone smoked a lot of DMT and was messing with Bitfinex's business.

[DaRude]

Finex showing $6.746MM in 30 day volume, assuming 0,2% fee that $13,5MM they make in fees each month. And that doesn't include money they make on lending or interest on their stash. Tether market cap is $2.847MM NY OAG claims they lost $850MM (of their own and clients money) so 30% of all Tether max, i'm sure they'll survive *unless more shit comes up

[Lambie Slayer]

Shit happens, but some folks are just begging for it. I'm sure a normal dose of, say, L, couldn't do that to a normal guy.

Depends. Most drugs affect the application layer of what makes you.... you. They make small changes that go away when rebooted. Pot and alcohol fall in this category.

A few affect the operating system that the thing called "you" runs on. They make more substantive changes in how you act and change a number of things that make you you. Good opiates fall in this category.

LSD and such twiddle around with your firmware or in some cases your microcode. They can change who you *are*, and can rewrite the thing your mental operating system runs on. Use with care.

I think everyone should try smoking DMT at least once. Its a natural chemical your brain already makes and very safe. The experience is over in minutes but it does feel like hours while you are in this other dimension. Once you smoke it there is no need to ever try any other drug, mountain climbing, sky diving, etc, because you will have already achieved the pinnacle of all strange and amazing experiences.  

https://www.youtube.com/watch?v=XlBzIecpxfE

https://www.youtube.com/watch?v=D727ossAE1s

Disclaimer:

Slayer does not condone the possession, manufacture, or use of illegal drugs in violation of the local laws of your jurisdiction. This comment was for informational purposes only.

Uhu okkk, I thought you were asleep 22h/7day. I have tried to help you, now I can't cuz I just drink beer and J&B.

Reballz I always appreciate your help and you should know this by now. Thats why I always tip you well with a little fiat paper money when you valet my car or bring me my bone-in filet.  I also have been telling you for many years to buy as much Bitcoin as you can afford.

[El duderino_]

Funny how roach shows up every time there's a dip.

Probably just a coincidence.

Strange you never surprise visit us when we are pumping

[greensheep]

Someone should add a TETHER side on the FUD dice.

[kurious]

Finex showing $6.746MM in 30 day volume, assuming 0,2% fee that $13,5MM they make in fees each month. And that doesn't include money they make on lending or interest on their stash. Tether market cap is $2.847MM NY OAG claims they lost $850MM (of their own and clients money) so 30% of all Tether max, i'm sure they'll survive *unless more shit comes up

Hmm... I don't think their liquidity will be doing well - looking at the price increase, people are dumping Tether to buy BTC and presumably trying to get out.

Also - not all clients will be paying 0.2% - so income may be lower and expenses are not zero, either.  Filling a hole of many hundreds of millions cannot be done without years of all that income going into replace 'lost' capital.

As GentlemanD said, the irony is Tether WAS backed up until they lost this large chunk of funds.  However, getting any new banking partner now will be nigh-on impossible.

Finex are in deep shit and probably in a total spin.  Maybe a death spiral.  Since they are (basically) profitable, I would think their best bet might be to try to find someone to buy 'em who does have banking sorted out and can float capital in to save the day. But who they gonna call..? 

Only a couple of candidates exist - and they might think the brand is too toxic.  Even at a sale price of $1, which is the likely price for Finex with a hole in the hundreds of millions of USD and a legal case on their back.

A bank could do it, but even if it makes financial sense, I can't see them risking running a crypto exchange.  Coinbase? Anyone else...?  With fast action needed and no time to do proper due diligence?  Doubt it.

First, Finex need to keep their customers to survive for long enough to find a solution.   

The chances of doing this with the run for the door already well underway is slim and all the Tethers coming back for redemption won't help.  But it's their only hope.

[bitserve]

It's well worth reading the doc. It sounds like a truly bizarre situation.

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod

'Documents provided to OAG demonstrate that by mid-20 18. Bifinex was having extreme difficulty honoring its clients' requests to withdraw their money from the trading platform because Crypto Capital which held all or almost all of Bitfinex·s funds refused to process customer withdrawal requests and refused or was unable to return any funds to Bitfinex.'

It looks like they entrusted everything and were totally beholden to some Panamanian nobodies and were reduced to pleading for their own money from them. How the did BFX allow themselves to get into a situation like that?

Yep - they popped a cool billion dollars (some theirs but mostly client's money) with a dodgy offshore 'payment processor' to do payouts to customers within the banking system - as Finex had no practical access to it.  Around 800 million has now either been lost or simply stolen.

The pleading emails from 'Merlin' at Finex asking, nay pleading nicely to his mate 'Oz' at purported payment processer 'Crypto Capital' to at least pop a $100 million over as things were getting desperate are instructive.

Not YOUR bank, not you FIAT! lol

Some brutal poetic justice there...

[El duderino_]

Our sources also say Bitmain is stepping away from BCH project. It will dial down the support . Macree Zhang wants to be nowhere near this failure. Jihan on his own now 🍿

https://twitter.com/btcking555/status/1121699148523352064

[LFC_Bitcoin]

Our sources also say Bitmain is stepping away from BCH project. It will dial down the support . Macree Zhang wants to be nowhere near this failure. Jihan on his own now 🍿

https://twitter.com/btcking555/status/1121699148523352064

Yep, now Bitmain it’s time to put all your efforts back into bitcoin. Convert your BCH & BSV back into bitcoin & let’s get the party started

[DeathAngel]

Our sources also say Bitmain is stepping away from BCH project. It will dial down the support . Macree Zhang wants to be nowhere near this failure. Jihan on his own now 🍿

https://twitter.com/btcking555/status/1121699148523352064

Yep, now Bitmain it’s time to put all your efforts back into bitcoin. Convert your BCH & BSV back into bitcoin & let’s get the party started

Dat train to $6,000 if they even just stop mining BCH & put resources into BTC

[bitserve]

^this

In other words, the odds of Last of the V8 winning his bet are on the cusp of going against him... sucks to be poor (V8).

You would know

Huh?  Me doesn't understand U.

I have done pretty well through my whole life, of course with several periods of frugality, or choices to live within my means, but I have never felt myself to be poor.

On the other hand, when I witness certain levels of wealth extravagance that some rich folks enjoy, on a relative basis, I might have considered myself as poor... yet even after, having said all that, I am struggling to understand your response involving my own level of "poor" situation.

Blah. Stop the nonsense. We ARE ALL POOR. Wake me up at $50K...

[El duderino_]

Our sources also say Bitmain is stepping away from BCH project. It will dial down the support . Macree Zhang wants to be nowhere near this failure. Jihan on his own now 🍿

https://twitter.com/btcking555/status/1121699148523352064

Yep, now Bitmain it’s time to put all your efforts back into bitcoin. Convert your BCH & BSV back into bitcoin & let’s get the party started

[El duderino_]

https://twitter.com/RedditBTC/status/1121703552106270721

[DeathAngel]

https://twitter.com/RedditBTC/status/1121703552106270721

Dude looks like he could be an evil villain in the new Bond movie.

[El duderino_]

https://twitter.com/RedditBTC/status/1121703552106270721

Dude looks like he could be an evil villain in the new Bond movie.

Indeed but as revealed yesterday it will be Rami Malek

[kurious]

It's well worth reading the doc. It sounds like a truly bizarre situation.

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod

'Documents provided to OAG demonstrate that by mid-20 18. Bifinex was having extreme difficulty honoring its clients' requests to withdraw their money from the trading platform because Crypto Capital which held all or almost all of Bitfinex·s funds refused to process customer withdrawal requests and refused or was unable to return any funds to Bitfinex.'

It looks like they entrusted everything and were totally beholden to some Panamanian nobodies and were reduced to pleading for their own money from them. How the did BFX allow themselves to get into a situation like that?

Yep - they popped a cool billion dollars (some theirs but mostly client's money) with a dodgy offshore 'payment processor' to do payouts to customers within the banking system - as Finex had no practical access to it.  Around 800 million has now either been lost or simply stolen.

The pleading emails from 'Merlin' at Finex asking, nay pleading nicely to his mate 'Oz' at purported payment processer 'Crypto Capital' to at least pop a $100 million over as things were getting desperate are instructive.

Not YOUR bank, not you FIAT! lol

Some brutal poetic justice there...

I used to do a bit there, but never felt comfortable.  

That said, I just logged in and it turns out I have 0.08 BTC hanging around I'd forgotten about.  

But it will require 2FA set up (for five days prior) and ip Address locking in place for 5 days... And a possible eternal delay because their cold wallet is empty before five days are out.

[torrentco]

tether died and buried hundred times.
people fallin for the same shit hundred times still amazes me.
nothing will happen to tether,this will be forgotten in a few weeks.

[El duderino_]

^
When a WO-member just bought that nice DIP....

[gentlemand]

tether died and buried hundred times.
people fallin for the same shit hundred times still amazes me.
nothing will happen to tether,this will be forgotten in a few weeks.

Funny thing is that all this proves Tether *was* what it purported to be.

There must be less disastrous ways of demonstrating it.

[John Abraham]

I just have bought my ever first bitcoin. Not that much though (not preferred to share). I have had researched on bitcoin since January 2018 but didn't dare to invest in. I spent a hour or two daily on it to learn about it. Today, I have deposited a large amount of my savings and purchased bitcoin. I can feel the ride.