BITFINEX

### The thread that decides once and for all ###

This Bitfinex shit with Tether we keep seeing a lot as of recent:
Should we cash out of BTC right now or is it FUD?

If this is real, how long do we fucking have? I can't take this any more.

Other urls found in this thread:

tether.to/2017/09/
bfxdata.com/positions/btcusd
twitter.com/SFWRedditGifs

Link me to an audit of their reserves.

If I knew where to find such a thing, this thread wouldn't exist

The joke is that it doesn't exist
they claimed they were "in the process of being audited" for a time but then went entirely silent about it and never released any conclusions from any audit.

We can be pretty certain that they have a lot to hide.

Their banking services partner wells fargo left them a while ago and that's a big red flag.

Dodgy as fuck lad. Fucking hard to know what to do here. I've been hodling since July, it seems the China shit in September could be nothing compared to this though.
So what are you doing about this? Staying in cryptos? Selling?

new fud everyday. welcome to crypto.

Yes tether shit. But sometimes I don't get it. It's 600 millions out of a 233 billion market. And MTGox was more than 800 million scam so who cares.

Also since finex doesn't take fiat deposits since april, they have to offer some sort of crypto-independent token.

I'm more concerned that they scam like shit with frontrunning, forcing margin calls and so on.

two points you bring up:

the first argument (and I see it often when tether is brought up) is muh marketcap. This point of view has a fatal flaw - it assumes that all bitcoin is available for sale at that price

Of course we know this is not true. You can safely bet that a suddenly materializing 30million usdt stream of buy orders into bitfinex order book would bring the price up. Effectively the new tethers imbalance the buy/sells towards buys, if only temporarily (see below)

In fact you can see that on average, 2-3 hours after the tethers are printed, btc price goes up (lately it is about a 200-300 avg pump in price, it used to be more effective though last month and even more so before that)

Which leads to the next point - when the new tethers are printed - you do in fact see a fat spike in margin longs as well on finex. Coincidence? I think not. This shit is manipulated to hell and back, bud.

They are basically opening longs with it, then buying btc with the rest to bump the price and closing their longs, then (lately) dumping the btc on top of that. The bot that does the buy/dumps would do exactly timed (1 min, 5min) buys (or sells) at 30btc that last few prints

Check the numbers - check the tether print timestamps and then corresponding btc price for the 24hrs following each. Just too many red flags there. They dont even bother to hide it anymore man (they used to wait at least a day or two, not 2 hours)

Not to mention registered in a country with no extradition laws, known for fraudulent / fly by night companies?

Biggest bank dumped them, they will not name their 'new one'

pending audit forever and a half now, silent on it of course after their 'leaked' bullshit memo (that had disclaimers making it useless anyways)

tether.to/2017/09/
they were literally audited september/october

one more thing I wanted to add. You can see the shorts that get wrecked as well after the tether prints - pretty much each sharp drop on the history of bfxdata.com/positions/btcusd

this shit is pretty fucked - and once regulators have got this in the radar (if they havent already, especially with the CME incoming and more 'normie' adoption and awareness incoming) you can be your ass they will come down hard

Also - USGovt has a history of not liking when an entity (especially a foreign, shady history one) takes something (tether) and pegs it to the price of the US dollar. There is a clear history of these 'pegged assets' getting wiped out, fast and hard, by the US. Its essentially stealing the brand without permission (or regs, or transparency)- and the US Treasury does not like competition.