Lopumbo
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February 07, 2018, 07:11:04 AM |
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is bitfinex insolvent?
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HairyMaclairy
Legendary
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Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:11:20 AM |
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I’m pretty happy with holding around mid 7s at the moment.
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jbreher
Legendary
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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February 07, 2018, 07:11:51 AM |
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Looks like the whole tx spam job by ... jbreher, ... is officially a failed exercise in self-falattio
If you have any evidence whatsoever that I have been in any way associated with a 'tx spam job', then cough it up. Fucking lying asshole. About a 9 on the tension scale there, Rube. Yeah. Admittedly. I just tire of the incessant baseless, ignorant, and malicious slander.
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HairyMaclairy
Legendary
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Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:13:47 AM |
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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).
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HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:14:58 AM |
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Looks like the whole tx spam job by ... jbreher, ... is officially a failed exercise in self-falattio
If you have any evidence whatsoever that I have been in any way associated with a 'tx spam job', then cough it up. Fucking lying asshole. About a 9 on the tension scale there, Rube. Yeah. Admittedly. I just tire of the incessant baseless, ignorant, and malicious slander. Don’t come in here as a big blocker and play victim.
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BTCMILLIONAIRE
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February 07, 2018, 07:16:18 AM |
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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)?
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HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:19:43 AM |
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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).
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User705
Legendary
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Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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February 07, 2018, 07:26:37 AM |
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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.
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josephpogi
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February 07, 2018, 07:26:51 AM |
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Volume to support this rally is anemic. It looks like we'll be heading down again. I suspect we'll be testing $6,000 again soon.
That's exactly why I reacted so strongly to egyptian magician's "wisdom." "Anemic volume." What's next? Is he going to pee on us and tell us it's raining? I noticed he magically avoided mentioning the name of his old account with all of the wise posts... This is true ? Soon $6000? . I already sell my appc because appc is like a btc. Once btc goes down appc will go down also huhu.
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HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:28:02 AM |
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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 |
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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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jojo69
Legendary
Online
Activity: 3220
Merit: 4387
diamond-handed zealot
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February 07, 2018, 07:34:24 AM |
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the next leg down is going to crush our souls
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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February 07, 2018, 07:34:30 AM |
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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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BTCMILLIONAIRE
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February 07, 2018, 07:36:28 AM |
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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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HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:39:55 AM |
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the next leg down is going to crush our souls
Now that’s the capitulation talk we want !
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jojo69
Legendary
Online
Activity: 3220
Merit: 4387
diamond-handed zealot
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February 07, 2018, 07:45:38 AM |
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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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Phil_S
Legendary
Offline
Activity: 2096
Merit: 1469
We choose to go to the moon
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February 07, 2018, 07:58:05 AM |
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7777 today
77777 in 2020
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flynn
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7777 today
77777 in 2020
24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)
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Phil_S
Legendary
Offline
Activity: 2096
Merit: 1469
We choose to go to the moon
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February 07, 2018, 08:12:07 AM |
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I voted for end of February too, but I gave up on that long ago. Good luck for people who selected summer months, haha!
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User705
Legendary
Offline
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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February 07, 2018, 08:15:28 AM |
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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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