[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[mayax]

this does not necessarily mean any of them actually think this, and I suspect many of them do not.

That's a very good point. If Bitfinex is ever successful in getting any of them in court for defamation I'm sure the backstories of some of these characters will be fascinating.

I suspect it is an orchestrated smear campaign paid for by one of their competitors. They apparently have retained a law firm to go after the guy behind the guy behind twitter.com/bitfinexed

I suspect that you are part of Bitfinex criminal gang or you are one of their shills too  

Bitfinex is an illegal company and they will never go to someone who is telling the truth about their crimes.

[1715451006]

1715451006

[mayax]

Does anyone actually believe Tether received 305M $ in wire transfers in the last 5 days?

Yes, only a handful of people are determined to see everything in a negative light.

Institutional investors are even hesitant about the regulated futures so far and the trading volume at the CBOE has been pretty dismal.

That is to ignore that CBoE is a very small futures exchange and the contract is only supported by one broker so far. Also, it rather misses the purpose of futures. They are an instrument for trading and hedging primarily and are not used by investors.

Yet people claim that investors are wiring 305M $ to buy Tethers in order to buy cryptocurrencies in just 5 days?

Why not? Investors that actually want to hold Bitcoins cannot do it via the futures.

Why would anyone deposit USD to get Tether to buy another cryptocurrency afterwards, instead of just directly buying BTC with those USD (and then trading BTC for other crypto currencies if she wants)?

I was lending some BTC at Bitfinex, but I really don’t understand what’s going on with Tethers and it makes me think they are just being created out of thin air to buy real BTC.

yes, you are right. Tethers is created from thin air. There around of 900 millions Tether  generated. Who is the idiot to buy Tether? What for?

The Bitfinex shills will start barking now.  LOL

[TheQuin]

Bitfinex is an illegal company

How many times do I have to explain this to you mayax? Bitfinex is not doing anything illegal and your misunderstanding of licencing requirements doesn't alter that.

yes, you are right. Tethers is created from thin air.

There is not one shred of evidence to back up these false claims and plenty of evidence to support that Tethers are 100% backed by real USD.

[Timetwister]

Bitfinex is an illegal company

How many times do I have to explain this to you mayax? Bitfinex is not doing anything illegal and your misunderstanding of licencing requirements doesn't alter that.

yes, you are right. Tethers is created from thin air.

There is not one shred of evidence to back up these false claims and plenty of evidence to support that Tethers are 100% backed by real USD.

I have been lending on Bitfinex for months and would like to keep doing so, but honestly I’m scared about this Tether stuff, so I withdrew. I know both competitors and Bcash supporters have interest in talking shit about Bitfinex, but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

[Samarkand]

it makes me think they are just being created out of thin air to buy real BTC.

On the one hand, we have a reputable New York accountancy firm that has inspected the bank statements and queried every item with Tether and then chosen to risk their reputation by publishing a report confirming that the funds exist.

On the other hand, we have a lot of people that think it is created out of thin air.

I know which is informing my decision to keep the funds I do on Bitfinex.

And by audit you mean the memorandum that they released, which was not an actual audit?

The document, which explicitly stated that it should not be relied on by people outside of Tether:
http://www.trustnodes.com/wp-content/uploads/2017/12/tether-non-audit-audit.png

Besides, reputable accounting firm might be a bit of a stretch. Other exchanges (e.g. Bitstamp) are audited by
one of the Big4 accounting firms. Someone posted a client list of other companies that engage
Friedman LLP as an auditor and I´d bet that most people have never heard of a single one of these companies.

[TheQuin]

I have been lending on Bitfinex for months and would like to keep doing so, but honestly I’m scared about this Tether stuff, so I withdrew. I know both competitors and Bcash supporters have interest in talking shit about Bitfinex, but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

The main point of Tethers is to be able to transfer value in USD without currency risk or using the banking system (speed and cost). I believe many use them to get USD onto exchanges that they cannot directly deposit at. Also, the exchanges buy them for their customers when they want to withdraw to another exchange. I imagine a large amount of the USD margin lending came into the system via Tether.

it makes me think they are just being created out of thin air to buy real BTC.

On the one hand, we have a reputable New York accountancy firm that has inspected the bank statements and queried every item with Tether and then chosen to risk their reputation by publishing a report confirming that the funds exist.

On the other hand, we have a lot of people that think it is created out of thin air.

I know which is informing my decision to keep the funds I do on Bitfinex.

And by audit you mean the memorandum that they released, which was not an actual audit?

Where in that quote did I say audit?

Besides, reputable accounting firm might be a bit of a stretch.  Other exchanges are audited by
one of the Big4 accounting firms (e.g. Bitstamp). Someone posted a client list of other companies that engage
Friedman LLP as an auditor and I´d bet that most people have never heard of a single one of these companies.

It is not a stretch at all. The size of an accountancy firm is not a measure of reputation nor is having household names on the client list. I had a good search and was unable to find any reason not to trust them. The company has many partners listed all of whom stand to lose personally if the companies reputation was damaged by putting their name to verifying something that turned out to be false. What they say holds far more weight than anything @bitfinexed made up.

[Dunkelheit667]

..., but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

Fund your Kraken account with USD, buy Tether, transfer Tether to Bitfinex, buy BTC with Tether, withdraw BTC from Bitfinex.

Why would you do that? In case it's easier for you to fund the Kraken account with USD (or impossible to fund the Bitfinex account) and/or BTC are lower priced on Bitfinex.

This is only one example, of course. As far as I remember one of the reasons to create Tether was to transfer fiat funds (faster) between exchanges. I guess people doing arbitrage like this feature as well.

Ok, TheQuin was faster.

[Samarkand]

...

Where in that quote did I say audit?

....

The main point of Tethers is to be able to transfer value in USD without currency risk or using the banking system (speed and cost). ...
...

I apologize, you actually did only use the term "report" and not the term "audit".
However, this has obvious implications. An audit is more legally binding than a report or a memorandum.

I don´t think the main point of Tether is being able to transfer USD without currency risk. This
is what they are touting as Tether´s purpose, but really it is used as a workaround for banking
regulations. The big altcoin exchanges like Bittrex and Poloniex would have big trouble opening a real bank account
and therefore only use USDT trading pairs instead of actual fiat trading pairs. This reduces the regulatory overhead
and works fine as long as people actually believe Tethers are redeemable for real USD or until the
US decide to crack down on this scheme.

[TheQuin]

I apologize, you actually did only use the term "report" and not the term "audit".
However, this has obvious implications. An audit is more legally binding than a report or a memorandum.

Actually, the process that they conducted of reconciling the bank statements and querying Tether on all the transactions is exactly what an accountant would describe as the process of auditing. I can only speak from a UK perspective here but the only legal bit is that a Limited Company must have its annual accounts audited by a Chartered Accountant before submitting them to the tax authorities. Reading anything into the fact Freidman LLP called it a memorandum rather than an audit is likely to lead to incorrect conclusions.

I don´t think.....

We seem to have come full circle back to where you quoted me.

[Timetwister]

I have been lending on Bitfinex for months and would like to keep doing so, but honestly I’m scared about this Tether stuff, so I withdrew. I know both competitors and Bcash supporters have interest in talking shit about Bitfinex, but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

The main point of Tethers is to be able to transfer value in USD without currency risk or using the banking system (speed and cost). I believe many use them to get USD onto exchanges that they cannot directly deposit at. Also, the exchanges buy them for their customers when they want to withdraw to another exchange. I imagine a large amount of the USD margin lending came into the system via Tether

So basically those depositing USD to get Tethers created would be people that for some reason can’t buy in traditional exchanges like Bitstamp, Kraken, GDAX, etc. So it must be either people that want to invest a large amount of money at once (which isn’t possible on those exchanges because of low withdrawal limits), that want to buy cryptocurrency fast (assuming the process to get Tethers is faster than being verified in exchanges) or that their money ins’t accepted for some reason but Tether does accept it (because of being located in a country with a laxer regulation)

[amir169]

i req withdraw 187.312 iota but cancelled
after that my wallet shows 96 iota
what happenned to my iota?
i have no open order

[TheQuin]

i req withdraw 187.312 iota but cancelled
after that my wallet shows 96 iota
what happenned to my iota?
i have no open order

You need to open a support ticket. Bitfinex no longer monitors this thread.

[Sukrim]

Apparently on December 17th I got my margin funding twice and then 1 1/2 hours later someone did an "Adjustment" to remove the amount again...

[TheQuin]

Apparently on December 17th I got my margin funding twice and then 1 1/2 hours later someone did an "Adjustment" to remove the amount again...

The same thing happened to me. I guess that means that it happened to everyone. I suppose it could have been a fat finger, someone ran the script twice by mistake possibly.

[webtimmi]

i req withdraw 187.312 iota but cancelled
after that my wallet shows 96 iota
what happenned to my iota?
i have no open order

You need to open a support ticket. Bitfinex no longer monitors this thread.

Would that help? already a week from the support waiting for an answer.

[FractalUniverse]

Bitfinex seems to be a LOT faster now, on my end. I hope its not just some temporary glitch  

[Bonez0r]

Bitfinex is an illegal company

How many times do I have to explain this to you mayax? Bitfinex is not doing anything illegal and your misunderstanding of licencing requirements doesn't alter that.

yes, you are right. Tethers is created from thin air.

There is not one shred of evidence to back up these false claims and plenty of evidence to support that Tethers are 100% backed by real USD.

I have been lending on Bitfinex for months and would like to keep doing so, but honestly I’m scared about this Tether stuff, so I withdrew. I know both competitors and Bcash supporters have interest in talking shit about Bitfinex, but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

The main point of USDT is in the transfer of money and less in trading, although it's now being used as a USD substitute on exchanges like Poloniex.

Here's how I use it. On my Polo account i have not only crypto, but also a lot of USDT from crypto i sold recently. Then i saw that the interest rate for lending on Bitfinex was quite high, so i began sending my USDT to Bitfinex. Without Tether, i would have had to first convert to BTC, send to Bitfinex and then convert back to USD.

[Bonez0r]

I created a support ticket and got a confirmation email with instructions how to add additional info if needed. It tells me to reply to the mail, but the sender is noreply@bitfinex.com so my reply is returned with an "address not found" message. Does anyone know how to contact them by mail because i can only see webforms on their site. (of course i could guess and send it to support@bitfinex.com, but i'd like to be sure).

[Timetwister]

Bitfinex is an illegal company

How many times do I have to explain this to you mayax? Bitfinex is not doing anything illegal and your misunderstanding of licencing requirements doesn't alter that.

yes, you are right. Tethers is created from thin air.

There is not one shred of evidence to back up these false claims and plenty of evidence to support that Tethers are 100% backed by real USD.

I have been lending on Bitfinex for months and would like to keep doing so, but honestly I’m scared about this Tether stuff, so I withdrew. I know both competitors and Bcash supporters have interest in talking shit about Bitfinex, but I don’t understand the point of Tethers. Why would anyone exchange USD for them instead of directly buying BTC with USD?

The main point of USDT is in the transfer of money and less in trading, although it's now being used as a USD substitute on exchanges like Poloniex.

Here's how I use it. On my Polo account i have not only crypto, but also a lot of USDT from crypto i sold recently. Then i saw that the interest rate for lending on Bitfinex was quite high, so i began sending my USDT to Bitfinex. Without Tether, i would have had to first convert to BTC, send to Bitfinex and then convert back to USD.

I perfectly understand that. I’m talking about when Tether are originally created. In theory for a Tether to be created, someone must before send them one real USD. Tether market cap is over 1200 million now. Who is depositing that much money to Tether in exchange of tokens?

I’m very tempted to lend BTC as I did in the past (and euros if it’s possible to just send them a bank transfer). However I’m very worried about this Tether stuff, as I don’t get who can be originally sending fiat in exchange of those tokens.

[mayax]

Tether and Bitfinex are a criminal gang. I will keep saying this until they will be closed (soon).

Tethers are created from thin air. There are not deposits of 1 billions USD. Let's remember both Tether and Bitfindex had no official bank account since April when their bank closed the accounts.

What kind of idiot would send millions/hundreds of millions to a criminal company, unlicensed, hacked for 3 times, without any real office? Let's get real !   It's the next BTC-e.

Tether must be backed of USD as it's written on their website but it's not.