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Author Topic: Bitfinex ‘Official Doc’ Confirms Plans to Raise up to $1 Billion in IEO for...  (Read 403 times)
figmentofmyass
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May 22, 2019, 09:50:26 PM
 #41

as it turns out, they own ~0.075 BTC, which they need to process USDT transactions using the omni protocol. see here: https://twitter.com/alistairmilne/status/1130941040460992513

That geezer is a flat out out and out Bitfinex shill. I'd be interested in hearing it from anyone other than him. If it's only from him then it's suspect in the extreme. If it was only that it wouldn't have been mentioned in court.

There's the quote from the transcript - “Prior to the April 24th order … Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.”

milne's comments were further echoed by bitfinex's CTO: https://twitter.com/paoloardoino/status/1131213750290341889

it would be helpful if they clarified exactly how much they owned at times "prior to the April 24th order". Grin

so maybe they are playing games and cherry-picking the date, but obviously they're publicly sticking to their story that bitcoin is only bought in small amounts to fund mining fees for tether transactions.

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May 23, 2019, 05:57:06 AM
 #42

If it was only that it wouldn't have been mentioned in court.
Exactly. When we are talking about deficits of hundreds of millions or even billions of dollars, no judge is going to care about 0.075 BTC (<$600). There is also a big difference between holding bitcoin as it is needed for normal business operations, and investing in to bitcoin, which is what the transcript says. $600 could barely be called an investment for an average citizen - it certainly isn't for a multi billion dollar company.

More details are needed for clarification, but I'd be very surprised if said details were in Tether's favor.
When you are testifying under oath, or speaking to a judge as an officer of the court, you need to be sure it is accurate if you say "zero" or "never", most lawyers will say to not give these types of answers, but sometimes that is unavoidable. If the answer is not "zero", you must make the disclosure the amount is non-zero if asked. You cannot give "zero" as an amount just because the amount is insignificant.

I think the bitcoin as described is more accurately described as a "business expense" than an "investment"

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