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

[Toxic2040]

[HairyMaclairy]

Seems that scaling is really sexy

Reorgs here btw https://bitsonline.com/blockchain-re-orgs-bitcoin-security/

I was shocked by this word "Orphans"!
Since I myself ORPHAN since 7 years! I do not like this word, in all its manifestations!

Very sorry to hear that - you have our sympathies.

[HairyMaclairy]

The latest wobble is just that in fractal terms.  We are still way ahead of schedule

[Toxic2040]

http://research.circle.com/wp-content/uploads/2019/04/Circle-Research-1Q19-Retrospective-1.pdf

#dyor

[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

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.

The Irony is that it was TPTB blocking them from reputable institutions to hold their reserves is what forced them to deal with a scam bank that ripped them off.

Almost like it was a plan.

ADDED:
Shit can't catch up today, gotta check out and I'm hitting the hottub rather than read this thread!

The irony of that Finex makes even more money on higher volumes. If maker and taker both trade under $500k/m Finex's fees are 0,3% in fact both sides must trade over $10MM/m for Finex's fees to drop to 0,18% so i think 0,2% is a pretty conservative estimate and the average is probably closer to 0,25% (both sides volume is under $2,5MM/m).

As long as they have the rest of the money they can cash out Tethers at a discount reducing their liability. I'm also having a hard time believing that a bank lost all of $850MM, you don't fuck with USD without the whole board going to jail.

Everyone knew that tether was a ticking time bomb and just a vehicle for gamblers to pump shitcoins by reducing friction of transfering in USD. That's why you see shitcoins dumping more than BTC. Finex should've invested in opening their own legit crypto friendly bank instead of killing the golden goose with tether. Oh well, still over $5k BTC holders are not affected, both tether holders and shitcoins holders will run for safety of BTC, just more negative publicity.

[Toxic2040]

It wasnt technically a tweezer on 'stamp but the results are undeniable.



Support broken and entirely too bartish for my liking. Searching for support along the 0.236 fib  #dyor

#stronghands'19

The variance continues with bitfinex.

[El duderino_]

LFC on high speed

[BitcoinGirl.Club]

Good evening brothers.

Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege

https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege

[BitcoinGirl.Club]

LFC on high speed

Yap!
On fire!
1 - 0 in the first minute!

[kenzawak]

Not only just strong hand, it is the perfect time to bag bitcoin.

Yep.

[MrFreeRoMan]

NOTE: Be suspicious if there is massive selling of cryptos over this, this should have a neutral market reaction, if there’s large amount of selling it could be a sign that Tethers were being backed by cryptos and they are liquidating crypto-currency to come up with the USD. Tether redeeming all of the Tethers for real money in fact should be excellent news.

As a Bitcoin exchange you should be looking out for your customers. This is one way to do that.

There’s your solution to getting Tethered.

Binance
Bittrex
Poloniex
OKEx
Huobi
Kraken
And any other Tether exchange…

It’s up to you.

-Bitfinex’ed


https://medium.com/@bitfinexed/tether-exchanges-how-to-avoid-getting-tethered-d02c6ae2c52c

[Globb0]

Wait what? Poloniex ?

[Last of the V8s]

It's an old article, from before polo's stablecoin.

[erre]

We are at 5k. This is good if you zoom out to 1 month. Still boring, because 25% in one month is sooooo slow... but we're crawling in the right direction, volatility is a good and funny thing

But also, I am panicking. The real thing is that nobody here or elsewhere have a clue about what should be the price. We can at most argue If it's going "up" or "down", almost the same feelings at 3k or 5k or 20k price... apart from the fact that now I'm poor.

[rebal15]

Kraken not the most liquid of markets
1.6k btc sold with 20% slippage

...market not affected
...stink bids?

Someone knew about the news from bitfinex before it comes out.

[madnessteat]

$165M LEAVES BITFINEX WALLET

Original: https://cdn.trinixy.ru/pics3/20080201/podborka_247_22.jpg

[Last of the V8s]

things keep on keeping on

[BTCMILLIONAIRE]

I for one welcome our New Dark Age overlords.

I welcome $10k gold, $500 silver, and $3-10 an oz copper.

Are you planning on becoming the "uncontacted native tribe" of the future?

[BitcoinGirl.Club]

things keep on keeping on

They will do everything to survive

[gembitz]

timberrrr    weeee\\\

gogogo    ====>5ivek closeee