Is BitFUnix and the Tether dollar USDT about to crash the Bitcoin market?

[vapourminer]

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

https://medium.com/@shelby_78386

https://busy.org/@anonymint

https://steemit.com/@anonymint

https://github.com/shelby3

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[Wind_FURY]

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

he is still around with different account names spreading the same FUD as ever
he is like an intense version of kwukduck
here is one of his many alts: https://bitcointalk.org/index.php?action=profile;u=1112762

I believe iamnotback's posts are fringing on being conspiracy theories than FUD in my opinion. But taken in the right context some of them are already happening, like his beliefs on Bitfinex for example.

On the contrary, kwukduck is an artless fudster without any care if he is right or wrong.

[si1va]

I believe iamnotback's posts are fringing on being conspiracy theories than FUD in my opinion. But taken in the right context some of them are already happening, like his beliefs on Bitfinex for example.

"in the right context"....meaning current circumstances?

I've been thinking about the Tether/BFX situation for the past few weeks and I can't rid myself of concern.

• Bitfinex is in bed with Tether (managerial structure has previously been posted in this thread), and Bitfinex is currently the largest crypto exchange by volume. As of right now, their cold wallet is the largest single bitcoin wallet in existence (
• Tether has no obligation to redeem USDT tokens for money. While this phrasing can be construed as clever wording to avoid being classified as securities....it also leaves any USDT holders in the dust if Tether decides to tell everyone to go shove it
• A document released by Tether claiming to be an "audit" is not an audit at all. It is generally an auditor's job to express an opinion on whether the statements conform to the rules of accounting. This was not the case. Friedman LLP, the law firm that produced the document, provided a snapshot of a single point in time of a bank account related to Tether. There is explicit language in that document stating that Friedman LLP makes "no reservations about [Tether's] ability to access funds" and that they do not "express an opinion on whether the statements conform to the rules of business accounting". They could have wired money into an account the day before the "audit" and wired money back out the next day.

I stand a lot to gain from bitcoin succeeding, but I'm also troubled by this situation. The BTC bull run leading up to it breaking $10k has put it into the greater public's eye more than ever before, and another Mt Gox scenario could severely damage bitcoin's reputation. Bitcoin's price is no longer dictated by cypherpunks who can easily shake off an exchange going down because they're able to see the greater good. Mass adoption will not happen in a decentralized way if the public is worried about everyone stealing their money. It will happen through intense regulation from existing governments, unless we are able to govern ourselves and kill any fraudulent cancers like the one that Tether may be.

[g-uid]

Would love to see this thread revived right about now. Bump for justice.

[Wind_FURY]

Well shit. This happened 2 morning months ago and nothing happens so it looks like all is well. Even with the NYT story breaking the market is unaffected.

the only reason why this topic was created by OP (who is permabanned for spamming but still has alt accounts and spams same bullshit) is because at the time he was trying to short bitcoin and he was losing money as bitcoin price kept going higher. soon after this topic was created price went up another 30% and in a month $2000 was broken. and the rest is history. and all the while OP was saying bitcoin will crash down to $600 again

in the end even if tether collapses, bitcoin won't be harmed. maybe 2 weeks to 1 month of downtime with a 20% drop tops happens but that won't be because of USDT, it will be because of FUD and since bitcoin price is not sustained by USDT but with USD, JPY, CNY, RUR, EUR, GBP and those are not collapsing the price of bitcoin will continue on its way.

Where is iamnotback these days? I thought he was another doomsday crackpot who loves spreading FUD in the forum. But in truth some of his thoughts and "theories" have been right.

Does anyone know if he has a blog or a website?

he is still around with different account names spreading the same FUD as ever
he is like an intense version of kwukduck
here is one of his many alts: https://bitcointalk.org/index.php?action=profile;u=1112762

Two months later the FUD is turning out to becoming real from the perspective that Bitfinex is maintaining Bitcoin's high price by printing USDT and using that to buy Bitcoin.

But does Bitfinex really have that much of an influence in the whole Bitcoin market? I do not believe so.

[Herbert2020]

...
Two months later the FUD is turning out to becoming real from the perspective that Bitfinex is maintaining Bitcoin's high price by printing USDT and using that to buy Bitcoin.

But does Bitfinex really have that much of an influence in the whole Bitcoin market? I do not believe so.

the FUD by OP was never real and will never become true. as i said before OP is just spreading it at certain times with different topics because he wants to make money, stupidly i should add. and it is not just tether, not long ago he was advertising the shit out of Bitcoin Cash and how that is going to kill "SegWit coin" (as he called it), only because at that time bcash was getting pumped.

not to mention that bitcoin price is generally higher on Coinbase than it has been on bitfinex. so how can bitfinex be "maintaining high price of bitcoin" where USDT is not even on coinbase? plus there have been a lot of other places with higher prices such as the Korean exchanges which had $1000-$2000 higher price than USD markets! with bigger volume too.

[alyssa85]

If people stopped trading on Bitfinex, and traded instead on other exchanges against USD, we wouldn't have this problem.

But looking at coinmarketcap, Bitfinex is still the #2 exchange by volume. People need to switch to Bitstamp or Gemini. At least on those exchanges you know you are trading with real money.

[BrewMaster]

If people stopped trading on Bitfinex, and traded instead on other exchanges against USD, we wouldn't have this problem.

But looking at coinmarketcap, Bitfinex is still the #2 exchange by volume. People need to switch to Bitstamp or Gemini. At least on those exchanges you know you are trading with real money.

well according to coinmarketcap.com that is only 6% of total volume, which is yet again another proof that people are giving bitfinex so much more attention and fake power than it deserves.

and it raises an important question, can an exchange with only 6% volume of a 170 billion dollar market have that kind of effect?!!

[g-uid]

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

[gentlemand]

If people stopped trading on Bitfinex, and traded instead on other exchanges against USD, we wouldn't have this problem.

But looking at coinmarketcap, Bitfinex is still the #2 exchange by volume. People need to switch to Bitstamp or Gemini. At least on those exchanges you know you are trading with real money.

No mention of the alts? Tether underpins huge volumes on multiple alt exchanges now. It's gone far beyond being Bitfinex's wee bit of fun.

So here's an alternate thought, if Ifinex went up in smoke it is conceivable some other consortium could take on Tether's liabilities and run it in a less offensive manner?

I believe they have the dollars. I also believe their utter contempt for due diligence will ensure they're eventually ravaged rather than being caught with their financial pants down. If it had stayed in the tens of millions no one would notice but it's in the billions now. That never goes unpunished.

[cindygirl]

It this stage it seems to be just a case of will it or won't it and that comes down to if it turns out bitfinex and tether have been used to manipulate the market with no actual reserves or not. I don't think this is something we're going to find the answer to anytime soon unless there's some sort of exit scheme. It will be interesting to watch the usdt/usd price

[severaldetails]

Tether has a Market Capitalization of about 2 billions. That is not really much these days in the world of cryptocurrencies.
Bitfinex has a trading volume of bitcoin of about 7%.
Why all those doomsday fantasies? What am I missing?

[gentlemand]

Tether has a Market Capitalization of about 2 billions. That is not really much these days in the world of cryptocurrencies.
Bitfinex has a trading volume of bitcoin of about 7%.
Why all those doomsday fantasies? What am I missing?

Tether is on loads of exchanges.

It's 2 billion of fresh capital. Most other volumes are old money being recycled that never leaves exchanges.

That makes a USDT multiple times more powerful than a USD you see on Coinmarketcap.

[g-uid]

Tether has a Market Capitalization of about 2 billions. That is not really much these days in the world of cryptocurrencies.
Bitfinex has a trading volume of bitcoin of about 7%.
Why all those doomsday fantasies? What am I missing?

Tether is on loads of exchanges.

It's 2 billion of fresh capital. Most other volumes are old money being recycled that never leaves exchanges.

That makes a USDT multiple times more powerful than a USD you see on Coinmarketcap.

Precisely. The massive market cap numbers do not truly reflect what is going on. Real numbers are much lower and USDT is surely playing a dirty game here.

[g-uid]

"Why it's a bad idea to measure cryptocurrencies by their market caps"
http://www.businessinsider.com/why-its-inaccurate-to-measure-cryptocurrencies-by-their-market-caps-2018-1?r=UK&IR=T

[omonuyak]

This is a high rate of clash we have ever witnessed since the beginning of this months as we have not even see the end yet.  Usdt may be a tools in the hands of the elites that there want to used to clash some major cryptocurrency. I think we should still hold our position as now is still the bad times for one to sell his coins!

[alyssa85]

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Interesting that the supoena was on December 6th, but the news of it has only been released now. Bitcoin is down by 10%, but appears to be holding around $10k - must be a lot of buy orders just under $10k.

[exstasie]

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Interesting that the supoena was on December 6th, but the news of it has only been released now. Bitcoin is down by 10%, but appears to be holding around $10k - must be a lot of buy orders just under $10k.

Lots of bulls are trying to call it "old news" and therefore unimportant. As if the CFTC closing in on Bitfinex/Tether in December is so much better news than if it happened in January. After December 6th, Chris Ellis (Bitfinex employee) removed warrant canaries from his profile and went dark. Then Tether dissolved its relationship with Friedman LLP. Clearly, the situation is coming to a head, as much as people want to plug their ears and pretend it's not happening.

Bitfinex has given the the US government lots of reasons to come after it (unlicensed money transmission, issuing and trading unregistered securities, etc).....but the CFTC is probably getting increasingly involved in the space because of the CBOE/CME/other regulated futures markets. The CFTC now has a much stronger mandate to oversee spot manipulation. I wouldn't be surprised to see them drop enforcement actions on exchanges like Bitfinex.

[fabiorem]

Bitfinex has given the the US government lots of reasons to come after it (unlicensed money transmission, issuing and trading unregistered securities, etc).....but the CFTC is probably getting increasingly involved in the space because of the CBOE/CME/other regulated futures markets. The CFTC now has a much stronger mandate to oversee spot manipulation. I wouldn't be surprised to see them drop enforcement actions on exchanges like Bitfinex.

Thats because CME/CBOE were to "tame" bitcoin, and they cant do it with Bitfinex issuing tethers which, supposedly, would be pumping the price of bitcoin.

They want the price of bitcoin down. They want it to be 1k. That what futures is all about, to crash it so that Wall Street can buy it cheap, and then turn it into a institutional game, like stocks and PMs. A game were they always win and the average Joe always lose.

How can they do that if theres no FUD campaign to bring it down? So they close one of the main exchanges, ban tether, say it was a fraud and hence, ban all crypto-currencies, but only temporary so that people sell it to them, then unban it and turn their game on. Then you will have Dimons and Buffets saying they were right the whole time, or saying that now bitcoin is a "safe investment" like stocks and PMs.

[gentlemand]

How can they do that if theres no FUD campaign to bring it down? So they close one of the main exchanges, ban tether, say it was a fraud and hence, ban all crypto-currencies, but only temporary so that people sell it to them, then unban it and turn their game on. Then you will have Dimons and Buffets saying they were right the whole time, or saying that now bitcoin is a "safe investment" like stocks and PMs.

Well, if that is the case then Bitfinex gift wrapped it for them. They were stunningly stupid not to either go 100% legit or shut up shop and go away. There's no realistic choice beyond those two. They can't keep operating in a grey area. Those days are gone.