1: Exiting with user funds. They now have over 1bn USD worth of ETH and tokens in this address that never finds its way back to bitfinex related wallets, meanwhile the bitfinex reddit is screaming about not being able to withdraw many different coins for over 20 hours. etherscan.io/address/0xf4b51b14b9ee30dc37ec970b50a486f37686e2a8 2: Effective marketcap of Tethers in circulation is much higher than what one would think.
Bitfinex barely holds tether. The picture you see is how much each exchange has on behalf of their users + their own. It has been as low as 1.8m some days. Yes, bitfinex doesn't even have their own users tether, they sell them on other exchanges and their own users pay each other in the exchange with not just credited tethers, but imaginary credited bitfinex tethers. Yes, imaginary imaginary USD IOUs. I know, It's hilarious.
Essentially, this means the total circulating supply of tether is what we thought it was, plus the entire amount that people "have" on bitfinex. Considering there is much more you can use tethers for on bitfinex than, say, bittrex, and the bitfinex non-fake volume is likely not higher or much higher on bittrex, the amount of tethers people "have" on bitfinex should be much higher than what people "have" on bittrex. For all we know there could be up to a billion or even more "tethers" on bitfinex right now. The scam is on an even higher scale than the tether marketcap suggests.
This will be interesting to see how this affects the IOTA bull run considering many of the users funds are cannot be withdrawn from both Bitfinex and Binance. It could be the biggest Just'ing of all time
Nicholas Moore
>legacy media FUDing tether >tether trading at $1.02
???
John Russell
Hold LINK and XMR and come back in 2 years a millionaire. It's that simple.
Aaron Bennett
can't wait 2bh
Juan Myers
the only exchange where you can actually trade USDT for $ is Kraken. Conveniently after you traded $ 1 million on your account you can trade the USDT/$ pair for zero fees. It has been shown that there are bots constantly trading on Kraken so it seems like there are people trading $ to USDT at around 1:1 exchange rate and give tether some legitimacy. That's just wash trading to stabilize the price, it's completely fake
Thomas Robinson
How do you know it's wash trading?
Alexander Nelson
Are you aware they said on twitter that is their new hot wallet?
Kayden Mitchell
why aren't more legitimate exchanges speaking out about this? why isn't there a statement from Gemini for instance?
Should I be spooked if I use bittrex? Will Bitfinix and collapse of the tethers bring everything down?
Probably
I'll set up my wallets tonight, ty pappi
Blake Foster
>That's just wash trading to stabilize the price, it's completely fake
haaaahahahaha, it's fuckgin PERFECT
Nicholas Ward
>will biggest exchange running away with the money collapse everything else? i dunno mate, really hard call
Levi Stewart
>inb4 roger ver audits bitfinex and release a video to tell us that there are solvent
Chase Collins
You seem to be lost. >>>facebook
Carter Long
Because if Bitfinex goes down, they all get dragged down
Eli Flores
This is the biggest Ponzi scheme in the history of crypto currency. This will make mtGox look like child’s play.
Get out while you can, there will be blood.
Adrian Fisher
everyone should read this
Owen Cox
wew
Jordan Kelly
I think it's pretty clear what's going on with Bitfinex. The real question though: How to profit from upcoming mega crash?
Dylan Gonzalez
crypto to gold grab a drink have a good laugh as dumb FOMOs get wiped gold to crypto using the exchanges that stand firm.
Literally resetting 1000% gains my boi
Gavin Sanchez
Except when you get around to actually pulling a move like this, everything just continues to climb and leaves you in the dust.
I'm apprehensive about the incoming crash, I mean it HAS to happen, surely it must soon. But then history has shown us that this shit just doesn't play by the rules most of the times. I fear it's just going to bladt off to new highs.
When will this corkscrew end so I can catch my breath?
Juan Morgan
You can't call the top of a bubble. Especially one as illegitimate as this. Just pick a price you're happy to get out at and GET OUT. Don't buy back in. You set that price and you got out. Don't be caught thin the shitstorm when it finally does -70%
Lincoln Jackson
Basically this Set your goals, stand firm, do not fear the unknown, weak hands are poor mans hands.
Josiah Barnes
meanwhile, bitcoin is mooning.
Nicholas Jackson
Uh, fuck..
Do I have 5 days for my hardware wallet to come to withdraw from binance
Lincoln King
>Mfw I signed up for Binance but withdrew the only money I had in it after I realized the chinese are not to be trusted >Mfw tether made me very suspicious of bitfinex Smdh how can you guys not see shady business practices
Christopher Lewis
>noobs think parabolic growth is sustainable
Nicholas Young
How much would you lose by just holding BTC through a crash back down to 1k or whatever the natty mean is in terms if alts? Wouldn't alt prices surge as people flee BTC to something that still remains in the cryptosphere? As stuffing fiat in the system is a rather painstaking and long process, wouldn't people try to spread out to alts and try to stay afloat in the deluge? They would then be able to hop atraight back into other alts or BTC post-crash much more conveniently?
Wouldn't relative price of alt-btc pairs more or less hold steady if they have value of their own that is simply compared to BTC, not directly linked to it?
Charles Gray
Tried withdrawing LTC ~18hrs ago, it got stuck. Then I logged in, saw the status is cancelled, bought Bitcoin Cash and withdrew that. Worked in one minute (literally).
It appears that they are out of BTC/LTC/ETH, but they still have altcoins.
Of course if you think about it, you realize that they cannot be out of BTC, unless they are doing fractional reserve...
Easton Gomez
The opposite of everything you said.
Lucas Howard
every exchange ever
Noah Hernandez
...
Jeremiah Long
You can withdraw to somewhere else until it comes.
