Speculation on the price of BTC if Bitfinex does a Gox

[Herbert2020]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

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[1714630638]

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[User705]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

[Wind_FURY]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

[pooya87]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

does this mean you can run your own (desktop) wallet of USDT? because i have always thought you can only register on the tether.io website and have an account there which sends and receives USDT and there were no other way of using that currency despite it being the same as bitcoin at code level!

[bfx_brandon]

If something bad happens, then the exchange rates can crash by as much as 30%. That means that we will go back to three digits. But it seems like people have learnt their lesson. Most of the users are not keeping their coins on exchange sites.

hey if they lose their coins they cant dump them anymore

bitfinex is nearly empty now!
people are scared, there has been too many hacks and runaways that people jump at the smallest sounds. and fortunately for them they were able to withdraw bitcoin and altcoins from there and everyone surely did.

there are only some high-risk-takes there who are selling on high price and waiting to buy low when the dust settles.

i also say if they don't come back price can go down to $1050

Here > https://bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet, you can view that we are actually basing on withdrawals for the past week due to increased BTC deposits. Certainly, there was an initial withdrawal run beginning around the 2nd week of April; however, we do not have any functional concerns regarding cryptocurrencies operating as usual and users are free to deposit and withdrawal cryptocurrencies at will.

Domestic wires within Taiwan have helped to relieve some of the premium pressure. As additional channels come online, we expect the premium to naturally dissipate even further.

There's no discounting the fact that the banking situation has created concern among the community. We're acutely familiar with this and are working tirelessly across the globe to remedy this for our userbase. It's certainly not an overnight solution to install, but we're confident in the progress we're seeing in these pursuits and look forward to publicly announcing milestones as they are achieved.

[york780]

If something bad happens, then the exchange rates can crash by as much as 30%. That means that we will go back to three digits. But it seems like people have learnt their lesson. Most of the users are not keeping their coins on exchange sites.

hey if they lose their coins they cant dump them anymore

bitfinex is nearly empty now!
people are scared, there has been too many hacks and runaways that people jump at the smallest sounds. and fortunately for them they were able to withdraw bitcoin and altcoins from there and everyone surely did.

there are only some high-risk-takes there who are selling on high price and waiting to buy low when the dust settles.

i also say if they don't come back price can go down to $1050

Here > https://bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet, you can view that we are actually basing on withdrawals for the past week due to increased BTC deposits. Certainly, there was an initial withdrawal run beginning around the 2nd week of April; however, we do not have any functional concerns regarding cryptocurrencies operating as usual and users are free to deposit and withdrawal cryptocurrencies at will.

Domestic wires within Taiwan have helped to relieve some of the premium pressure. As additional channels come online, we expect the premium to naturally dissipate even further.

There's no discounting the fact that the banking situation has created concern among the community. We're acutely familiar with this and are working tirelessly across the globe to remedy this for our userbase. It's certainly not an overnight solution to install, but we're confident in the progress we're seeing in these pursuits and look forward to publicly announcing milestones as they are achieved.

Looks like you guys need to chance your bank ASAP after this is settled.

[leopard2]

Bitfinex? Not much.

USDT-itanic? Very much. 

[bfx_brandon]

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

[york780]

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

Cut out the middleman, invest your holdings.
Just an idea, or use a European bank, Taiwan, China etc arent too crypto friendly.
Japan seems to be a decent option also.

[User705]

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

Cut out the middleman, invest your holdings.
Just an idea, or use a European bank, Taiwan, China etc arent too crypto friendly.
Japan seems to be a decent option also.

None of that will help if you want to deal in USD.

[Slark]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

Community is losing faith in USDT, people refuse to accept that this 1 USDT has the exact value of 1 dollar.
Last time I checked tether was trading for 3% less than official USD value. So now it is 9%? Crazy.
Dump all your tether and don't use this coin, when its price is starting to crumble it's never a good sign.

[Wind_FURY]

Isn't USDT the exact same banks?  Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

does this mean you can run your own (desktop) wallet of USDT? because i have always thought you can only register on the tether.io website and have an account there which sends and receives USDT and there were no other way of using that currency despite it being the same as bitcoin at code level!

Did I say it is exactly the same as Bitcoin? What I said is it will be more useful than USD because you can withdraw USDT from an exchange to a wallet you control. If you feel safe holding USD in an exchange then it is up to you. Wiring fiat back and forth is not a good choice either.