What do you guys think will actually happen here?
Will Bitfinex or UDST get shut down & tank the market?
Will Bitifinex be cleared by the SEC, thus restoring confidence and triggering bull run 2k18?
Will nothing substantial happen and market continue trading sideways?
Or, none of the above? Not a poll thread, but discussion.
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The odds that one of the most profitable crypto businesses would choose to engage in fraud, when everyone knows 100% how frauds eventually end, is extremely low. Especially since the whole world knows the identities of the people behind it
Bitfinex is a company based in Hong Kong. The SEC can't do shit, and Hong Kong won't do anything to jeopardize its image as a low regulation capitalist paradise.
Bitfinex isn't going anywhere. People (Europeans and Americans) use it because they can trade without having to pay a penny in taxes.
No and no
This was by the way the last time ever that Bitcoin is below $10k
25k May
50k September
100k December
Then January dip
SC this
Agreed, but is that all they're looking for? Can SEC simply decide to ban USDT for American traders? I'm a pretty big newb on trade regulations (if you haven't noticed) and not exactly sure of their authority.
Right, but the outcome of their investigation could have a huge psychological impact on the market. If the report includes any negative news on their fiat reserve or price pumping, tether FUD will be overwhelming and ppl will panic sell.
The only reason bitcoin is the price it is is because it is understood that it will always exist and always grow in the long run. All this is shattered by one possibility, it becomes replaced by something better.
Once that happens, all bets are off.
If Tether turns out to be a fraud, expect the market cap to drop to 100m. It's good for crypto in the long run and I expect full recovery but it'll make 2018 a bear year for sure.
people and exchanges are already trying to cash out tether. how much do you think they have? watch the omni explorer.
omnichest.info
This is basically showing nothing. But thanks for your insight bitfinexed
They will simply implement KYC on anyone trading. Heard from a high level source
Kek this user is a meme, this 2B usdt will bring down a 500B market? Ok lol see you @ 30k BTC in one month
Bitcoin drops below 5k
www.tetherreport.com
The "1. Make more Tether, 2. Trade for Bitcoin, 3. Sell Bitcoin for Cash, 4. Goto 1" isn't an obvious scam. There's a non-zero chance that the SEC will declare it as fraud. Not a high chance, mind you.
This can happen, and will very likely happen. The SEC will probably review USDT and declare it a security. At that point, you can expect it to be pulled from many exchanges.
>At that point, you can expect it to be pulled from many exchanges.
In this scenario, how quickly do competitors take their place? There's already TrustUSD. Not to mention, exchanges like Robinhood and Coss introducing fiat pairings for some alts.
The subpoena was issued December 6th. If Bitfinnex was actually doing fucked up shit they would have exit scammed a month ago. They wouldn't stick around and keep going to their day job while continuing to print tether unless they 100% knew they were fine.
If it's pulled because of it being declared and the exchange(s) don't want to abide by US securities law, they will pull and ban all pegged currencies. So, likely never.
I do think this is the most plausible outcome. Crypto will go back to pre-tether days for American accessible exchanges.
Mt Gox kept up the charade for like half a year
Worse. They'll make a law that forbids the use of any foreign made digital currency built to simulate the value of the USD. Pretty easy law to write and legislate.
what charade?
SEC will crush crypto market with regulations. You will have to buy through ETF and other "safe" investments.
I will tell you this once. Buy MTL . It is the only regulated and cleared crypto that is mid-cap that will not be shut down. MTL works with US regulated banks and brings crypto to normies. CAP this you faggts and buy MTL before its too late.
Working full time like it wasn't going down in flames
I think they will actually find Bitfinex and USDT to be a fraud and shut it down. This will cause a huge sell off in the market back to 100 Billion market cap level but a few crypto will rise from the ashes that are worthy.
SCREENCAP THIS
Is that why Bittrex delisted it for being a security?
So I guess Enron and Lehman Brothers wouldn't have engaged in fraud either due to being highly profitable businesses and knowing 100% how fraud eventually ends..... Oh wait
disband the fbi
cia
doj
sec
finra
and the federal reserve
bring sanity back to the american government
>Enron and Lehman Brothers
>Literally the single biggest corporations of their time
>So big they actually had the guts to try and take on the entire federal system
>"They tried it, why wouldn't Bitfinex and their token try?"
Actually the chinese confirmed that bitfinex had like 4 billion usd.
So anyone selling right now out of panic instead of insiders planning for the dip is going to find themselves liquidated once the business is done hilariously enough.
>trusting the Chinese at their word
Goes against everything I've heard about business dealings with the Chinese.
Yes but your choices are either the chinese or the jews, and the chinese only had all the information in chinese to boot so they didn't even try to leak this in english