Bitcoin 2017 Price Rise was a Scam by Bitfinex using Tether(Fraud)

[Khaos77]

■²√

[bitcoinposts]

Tether printing news circulated around the world for the claim of bitcoin all time high prices but still lot of research on air whether it is true or nt

[alyssa85]

The claim is already being refuted:

https://www.newsbtc.com/2019/11/04/bitcoin-all-time-high-organic-not-single-whale-manipulation-says-vaneck-analyst/

However, Gabor Gurbacs, an analyst at fund management firm VanEck, refutes the study. He alleges that those behind it do not understand the Bitcoin market structure. Instead, he believes that no such manipulation took place and the epic price run that took Bitcoin just short of $20,000 was “organic”.

In late 2017, the mainstream media was going nuts for bitcoin, and the google searches for bitcoin also went crazy - indicating that a lot of ordinary people were interested. Coinbase had a huge surge of people opening accounts, as did the other exchanges - and all that interest is likely to be what pushed bitcoin from around $10,000 to $20,000

[Olaphash]

That is, the whole 2017 bull run was faked. It's not hard for them because any amount of tether can be printed whenever they like.
If more manipulations like this continue to happen then, I think it's better for crypto to be regulated.

[Cryptopher]

Fake volume - 2013, fake this, fake that - 2017. It doesn't matter. These are merely catalysts that ensure that the general public are talkingg about crypto.

If your mother is talking to you about crypto, then you should have sold yesterday because that's probably when it is overbought.

[enhu]

Single-handedly? If all of them the whales just do it as well this time, you can already picture how much BTC would be. We'd all be millionaires here and McAfee might not even such his dick if it happens <-- that's the sad part.

Tether has issues about this backing up with the USD they hold but should they also question few other Stablecoin? Bitfinex can probably produce the trillions of USD they have to back the ones in the blockchain and besides they already have disputed this claim.

[gentlemand]

There is a rather loud correlation between Bitfinex having problems and a bull run being ignited presumably to earn their way out of trouble. Once everyone else is up and running it becomes irrelevant.

I'd be fascinated to find out all those people turned away from exchanges and squealing all over Youtube were actors. It must've cost more than the profits 'he' made.

And no way is Tether pure thin air. That arrangement could last at best for a few days or weeks before imploding, not years. It might well have dodgy elements but its behaviour points to it being what it claims to be.

[PointHope]

That is, the whole 2017 bull run was faked. It's not hard for them because any amount of tether can be printed whenever they like.
If more manipulations like this continue to happen then, I think it's better for crypto to be regulated.

Regulated by who? Government? Federal Reserve? Commoditity futures? Bankster elites?
2017 was a commodity futures scenerio to kill Bitcoin. It failed!
Bitcoin is stronger today than it was in 2017.
The evolution of Bitcoin is continuing.
The fundamental strenghs remain.

[hello_good_sir]

Er... Not so sure about that, it feels like a shaky claim that doesn't have a lot of evidence. If they went to court right now, I would expect the case to be dismissed.

During that time there was a huge number of new investors for bitcoin and the bull run just feels like snowball effect combined with a shit ton of media attention.

Not sure what to think about Tether to be honest - they seen to have an odour if scams around them and it seems like the only news about it is controversial. I don't think it could be made out of thin air though.

[Darooghe]

It's a old new https://www.coindesk.com/study-claims-tether-props-bitcoins-price-in-market-downturns

I'm personally, skeptical that the Tether people would be crazy enough to keep up this scam after being subpoena'd by the SEC (~Dec 14th) which is why I'm not particularly worried. however we should stop using USDT. because every time major moves like 2017 peak happen there is negative headline news on Tether and Bitfinex. also the retail investors can't even convert USD to USDT themselves, and can't redeem USDT for USD, so it's not the same as USD. it seems every major crypto exchange and company doesn't want Tether to fail, knowing what will happen to their business if USDT collapses.

[btc_angela]

Can we move on? It was 2 years ago and I don't know if it has some relevant this 2019.

Whether the price spike was done by Bitfinex or not, we have seen the effects already and we are looking forward for the next block halving as the catalyst for another bull run similar to 2017, no need to dwell in the past.

[dimastegar]

Can we move on? It was 2 years ago and I don't know if it has some relevant this 2019.

Whether the price spike was done by Bitfinex or not, we have seen the effects already and we are looking forward for the next block halving as the catalyst for another bull run similar to 2017, no need to dwell in the past.

Yes, our main focus right now is halving next year. Given the decreasing reward for BTC miners by half, we can expect that the bull run could occur after halving as in the previous halving in 2016. But this is only my speculation. Hopefully what happens is better than what we expect.

[lobat999]

It's a old new https://www.coindesk.com/study-claims-tether-props-bitcoins-price-in-market-downturns

I'm personally, skeptical that the Tether people would be crazy enough to keep up this scam after being subpoena'd by the SEC (~Dec 14th) which is why I'm not particularly worried. however we should stop using USDT. because every time major moves like 2017 peak happen there is negative headline news on Tether and Bitfinex. also the retail investors can't even convert USD to USDT themselves, and can't redeem USDT for USD, so it's not the same as USD. it seems every major crypto exchange and company doesn't want Tether to fail, knowing what will happen to their business if USDT collapses.

It seems to me that there is a grand conspiracy to discredit Tether including Bitfinex purely because of competition! - maybe because there are other stablecoin competitors out there that wants to take over Tether's status right now and yet, they have always been disappointed!

And why would anyone link Tether as the only cause of 2017 bullrun when everybody knows that FOMO became widespread to the crypto-community and mass media further fueled it and everybody at that time "want to have a piece of the pie" with this "bullish crypto scene".

Now I think that study seems flawed and purely hypothetical and still needs to be peer reviewed by independent third party entities to verify if it is correct!

I also think Cointelegraph's way of reporting should be more comprehensive and subjective and should present more pertinent proofs to substantiate it. Imho.

[hello_good_sir]

It's a old new https://www.coindesk.com/study-claims-tether-props-bitcoins-price-in-market-downturns

I'm personally, skeptical that the Tether people would be crazy enough to keep up this scam after being subpoena'd by the SEC (~Dec 14th) which is why I'm not particularly worried. however we should stop using USDT. because every time major moves like 2017 peak happen there is negative headline news on Tether and Bitfinex. also the retail investors can't even convert USD to USDT themselves, and can't redeem USDT for USD, so it's not the same as USD. it seems every major crypto exchange and company doesn't want Tether to fail, knowing what will happen to their business if USDT collapses.

It seems to me that there is a grand conspiracy to discredit Tether including Bitfinex purely because of competition! - maybe because there are other stablecoin competitors out there that wants to take over Tether's status right now and yet, they have always been disappointed!

And why would anyone link Tether as the only cause of 2017 bullrun when everybody knows that FOMO became widespread to the crypto-community and mass media further fueled it and everybody at that time "want to have a piece of the pie" with this "bullish crypto scene".

Now I think that study seems flawed and purely hypothetical and still needs to be peer reviewed by independent third party entities to verify if it is correct!

I also think Cointelegraph's way of reporting should be more comprehensive and subjective and should present more pertinent proofs to substantiate it. Imho.

That's actually a valid argument, Tether is definitely top dog when it comes to altcoins, and I definitely could see other altcoins trying to sabotage USDT in order for their coins to achieve a higher market cap. A lot of the claims here just seem fairly lacking.

Cointelegraph feels like a messy news outlet, I see some great quality articles from them and I spend an average of 30 minutes a day using the site, but sometimes I see stuff like this and I just get confused...

[Yaunfitda]

It's a old new https://www.coindesk.com/study-claims-tether-props-bitcoins-price-in-market-downturns

I'm personally, skeptical that the Tether people would be crazy enough to keep up this scam after being subpoena'd by the SEC (~Dec 14th) which is why I'm not particularly worried. however we should stop using USDT. because every time major moves like 2017 peak happen there is negative headline news on Tether and Bitfinex. also the retail investors can't even convert USD to USDT themselves, and can't redeem USDT for USD, so it's not the same as USD. it seems every major crypto exchange and company doesn't want Tether to fail, knowing what will happen to their business if USDT collapses.

It seems to me that there is a grand conspiracy to discredit Tether including Bitfinex purely because of competition! - maybe because there are other stablecoin competitors out there that wants to take over Tether's status right now and yet, they have always been disappointed!

And why would anyone link Tether as the only cause of 2017 bullrun when everybody knows that FOMO became widespread to the crypto-community and mass media further fueled it and everybody at that time "want to have a piece of the pie" with this "bullish crypto scene".

Now I think that study seems flawed and purely hypothetical and still needs to be peer reviewed by independent third party entities to verify if it is correct!

I also think Cointelegraph's way of reporting should be more comprehensive and subjective and should present more pertinent proofs to substantiate it. Imho.

That's actually a valid argument, Tether is definitely top dog when it comes to altcoins, and I definitely could see other altcoins trying to sabotage USDT in order for their coins to achieve a higher market cap. A lot of the claims here just seem fairly lacking.

Cointelegraph feels like a messy news outlet, I see some great quality articles from them and I spend an average of 30 minutes a day using the site, but sometimes I see stuff like this and I just get confused...

Tether already sabotaged themselves:

Crypto Market Roiled by New Allegations Against Tether, Bitfinex
Bitfinex Allegedly Covers $850 million Loss with Tether Funds
Bitfinex Used Tether Reserves to Mask Missing $850 Million

So there's a lot of allegations against them, "running on fractional reserve " or "no audits" afterall.

Anyways, I don't believed as well that they have something to do with bull run and it's subsequent collapse, it's pretty obvious that time that we are already in a bubble.

[crwth]

The Tether Fraud has been ongoing for a long time, wouldn't it be seen as additional FUD for the BTC to rise?

Imagine the people involved in that scam being arrested IRL and some people are going to witness it? Isn't it that once people start dumping USDT to BTC, it increases the price? So if there's $4 Billion to be dumped in USDT, there would be a significant impact on the cost of BTC. It would shoot up because people want to hold more of BTC instead of that Tether.

They have all the power with all those "missing USD" in question, and they can dump all of it in the market. Wouldn't it be the same with the Mt. Gox collapse?

[lobat999]

Tether already sabotaged themselves:

Crypto Market Roiled by New Allegations Against Tether, Bitfinex
Bitfinex Allegedly Covers $850 million Loss with Tether Funds
Bitfinex Used Tether Reserves to Mask Missing $850 Million

So there's a lot of allegations against them, "running on fractional reserve " or "no audits" afterall.

Anyways, I don't believed as well that they have something to do with bull run and it's subsequent collapse, it's pretty obvious that time that we are already in a bubble.

I must admit that those previous allegations on Tether and Bitfinex have more substance than this 2017 bull run study which seems to support the notion that Tether and Bitfinex have been all along doing these unlawful things brazenly! And all of these are being set up to condition the minds of the public and influence their perception on these two entities. But of course, all of these are just allegations pending finality from court decision.

Now, this is the most puzzling thing to me, assuming Bitfinex and Tether did really orchestrate the pump on 2017 bull run, then we can assume that they were suppose to gain millions if not billions of dollars after that supposedly market manipulation right?

So lets also assume, they did totally get billions of dollars through that "manipulation", then I am wondering why Bitfinex, together with Tether were indicted on the supposedly $850 million dollar Bitfinex cover up allegation which supposedly happened on mid 2018?

I mean this allegations doesn't connect at all on why would Bitfinex would use Tether reserve funds to cover for its losses if they really did got substantial amount during the 2017 bull run as allegedly orchestrated by them?

[Wind_FURY]

FUD. It doesn't change anything about Bitcoin as a permissionless, self-boostrapped, sovereign, censorship-resistant cryptocurrency. The world is better with Bitcoin around, than without.

[Murat]

Forget about this research report, What do you think personally? If there is anything without manipulation? I don't think so, I believe that the Bitcoin market is totally based on the holder's manipulation and in this way, the price of Bitcoin goes up and downs, That's why I always support a proper regulation form, If this system has an accurate regulation process then this platform would be more stable and less volatile, but I don't believe this type of research because this doesn't mean anything when you haven't any control over your system, so such news couldn't bring any positive thing towards this platform.

[Herbert2020]

that is obviously a bullshit claim that could only work during 2018 that we had a price drop not today. because today you can not explain why price has not yet fallen back down to $900 (that is the price before the rise began in 2017 which you and your bullshit article on that shitty website are claiming). you can't explain it because it is bullshit.
take a look at altcoins for comparison. when the rise is fake and a pump, the price goes up but it comes back down to the price it started at and then continues going down as the fake pump goes away and eventually price reaches a value below the starting value.

example is ethereum. it was pumped with fake money in 2017 from 0.016 up to 0.15 then from that ATH is June 2017 it has been constantly dumped to the current price of 0.019 and still continues going down. that is 2.5 years of dumping.
now look at bitcoin. it went from $800 to $19800 then had a correction down to below $10k and then came back to $10000 and is staying there. if it was fake (pump) then price would have reached $3000 then went down to $2000 and $1000 and $800 again.