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markj113 (OP)
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January 30, 2018, 07:44:52 PM |
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Tether has yet to verify that it holds $2.3 billion in reserve Think they have the cash to back their claims
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TimtheYoutuber
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www.positivebetting.com
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January 30, 2018, 07:46:41 PM |
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Positivebetting
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audaciousbeing
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January 30, 2018, 07:58:49 PM |
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If this should go through and they are forced to carry out an audit, then Bitfinex and Tether must better be able to provide backing for the amount of Tether they have in the bank. Just like my earlier comment if this is bursted, the whole if USDT is gone for and that moment that happen, the market price of bitcoin is about to crash and this time, its going to be big and with reasons as well because there has been some theory that USDT was responsible for the pump in the price of crypto. Regulators will surely come but if Bitfinex has a sound legal team that wants to go drag this matter, I feel the regulatory authority is acting ultra vires and the reason is that, unless there is a new law or the old law was amended to accommodate the type of industry in which Bitfinex operates, there is no basis at all to investigate them.
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joeydangerous
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CryptoTalk.Org - Get Paid for every Post!
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January 30, 2018, 07:59:59 PM |
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So many exchanges are having people try to take them down. Oh well, there will be more exchanges. I suggest that everyone take money out of there before something worse happens.
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coinycoiny
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January 30, 2018, 08:06:06 PM |
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I suggest that everyone take money out of there before something worse happens.
I think Bitfinex has taken most of the money out already. They will let you keep the Tether coins though as a memento.
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jimbo2000
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January 30, 2018, 08:23:24 PM |
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I suggest that everyone take money out of there before something worse happens.
I think Bitfinex has taken most of the money out already. They will let you keep the Tether coins though as a memento. Those tether that are 'tied' to usd but will potentially be worth nothing in a few weeks or even less? In reality we just have to let this one play out and see what happens but I'll be avoiding tether in the meantime.
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███████████████████████ ▀▄ Platio ▄▀ ███████████████████████
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gentlemand
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Welt Am Draht
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January 30, 2018, 08:25:35 PM |
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It was actually several weeks ago. Note that it timed with their fella's warrant canary doing a runner. That was picked up on at the time but no one pursued it much further.
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HashFace
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January 30, 2018, 08:26:38 PM |
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No matter how this ends, it will be a good thing for Cryptos. Either they will prove Tether is legit, or it will end this scheme before it grows more.
FWIW, the Tether market doesn't look too worried ... holding at 99 cents.
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tomahawk9
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January 30, 2018, 08:40:23 PM |
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Apparently, bloomberg edited the article to put " sent subpoenas on Dec. 6"? meaning that this was almost 2 months ago. So, would it be fair to assume that this was an attempt to shake up the market with FUD so that 'some people' can accumulate cheap BTC? or was it just an honest mistake? either way, it goes to show how fragile this market is (and has been for a while), a single headline is all it takes for the cryptocurrency market to drop in a matter of minutes (well, a headline and a few thousands of panic selling idiots).
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markj113 (OP)
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January 30, 2018, 08:43:01 PM |
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It may have been sent on Dec 6th but it hasnt been public knowledge until now.
Also the legal wheels turn slowly, the outcome doesn't happen overnight.
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penig
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January 30, 2018, 08:57:02 PM |
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Hang on, subpoena near two months ago, but many recent blogs, report highlighting "printing" happen since then? Would Bitfinex carry on dodgy practice after being put on notice they are under scrutiny?
Another point that Bloomberg article raises is that the auditor may have been on a fishing trip, trying to find some fault. Of course, Tether would say that, but its a good point that it must be fairly easy to produce an audit for a blockchain.
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gentlemand
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Welt Am Draht
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January 30, 2018, 09:00:43 PM |
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Would Bitfinex carry on dodgy practice after being put on notice they are under scrutiny?
More than likely. They've always operated with a total disregard for regular niceties. Why would they let something like that stop them? They've gotten as far as they have with pure blag. They may as well wring out as much as they can.
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markj113 (OP)
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January 30, 2018, 09:02:07 PM |
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Hard to produce up to $2.3 billion to back fill a gap overnight to satisfy an audit though.
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usd.dev
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January 30, 2018, 09:03:31 PM |
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This news just killed me today. Now it is worth attaining, because the fall can be very unexpected. But I'm sure it's worth waiting for, and not being nervous.
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richardsNY
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January 30, 2018, 09:10:20 PM |
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They've always operated with a total disregard for regular niceties. Why would they let something like that stop them? They've gotten as far as they have with pure blag. They may as well wring out as much as they can.
That. Bitfinex has no moral problems with any of their actions affecting their users and indirectly the entire market. I am glad that I have never used that exchange, which would make me feel pretty stupid after their faked hack and USDT trash. The fact that they were never willing to get the required licenses alone should be a major red flag for everyone, but people ignore it like it isn't a problem at all -- their logic probably is that if Bitfinex was operating illegally, they would have been raided already. It's a ticking time bomb that at any moment of the day can make the market tank badly, and if it turns out to happen, it doesn't come as a surprise....
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auctioneeeeer
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January 30, 2018, 09:12:31 PM |
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This just a FUD. Don't know why a two-month-old news is again published as an update. Bitcoin is already under a lot of pressure from Government, it is a known fact that publishing a news like this at such a time would impact the prices max. The Bloomberg just did what it should not have. I got to know about this from this FB page who were quick to react and share the news. https://www.facebook.com/coingape/
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penig
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January 30, 2018, 09:55:52 PM |
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Seems about right imo. The poster Marius question is pertinent "what happens when you take $2.2bn buy support out of the crypto economy". That's only 1-1.5% of bitcoin capitalisation, or 0.4% total capitalisation ($522bn) today. Also its not buy support, people sell bitcoin and other pairs to the convenience of USDT. So how much impact should it really have, other than effect on confidence?
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gentlemand
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Welt Am Draht
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January 30, 2018, 09:57:58 PM |
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Seems about right imo. And the poster Marius question is pertinent "what happens when you take $2.2bn buy support out of the crypto economy". That's only 1-1.5% of bitcoin capitalisation, or 0.4% total capitalisation ($522bn) today. And its not buy support, people sell bitcoin and other pairs to the convenience of USDT.
It's not like 'dollars' elsewhere. It's brand new money entering and buying. A lot of real dollars in daily volume will have been floating back and forth for years on end. Tether is turbocharged buying power.
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