The Tethers (USDT) Thread
- Thread starter SamuelBRoberts
- Start date
RE: The Tethers Thread
I have seen and follow bitfinexed on twitter. I have been trying to wrap my head around the entire tethers situation and decide if bitfinexed is a raging conspiracy theorist or Paul Revere, I just havn't had the time to dive into it. It all adds up (as many conspiracy theories do, minus important facts).
I'm glad to be out of Bitfinex with them closing to U.S customers. I was starting to get a little worried waiting until monday to withdraw my funds due to having open margin lending. Though if this whole thing blows up it could take down a lot more that Bitfinex. Might be looking at getting out of cryptos completely til the dust clears. Any one still on Bitfinex currently? U.S. citizen or not?
I find it extremely coincidental that Bitfinex and Tether are taking all this heat and magically there is a 30 million "hack".
I have seen and follow bitfinexed on twitter. I have been trying to wrap my head around the entire tethers situation and decide if bitfinexed is a raging conspiracy theorist or Paul Revere, I just havn't had the time to dive into it. It all adds up (as many conspiracy theories do, minus important facts).
I'm glad to be out of Bitfinex with them closing to U.S customers. I was starting to get a little worried waiting until monday to withdraw my funds due to having open margin lending. Though if this whole thing blows up it could take down a lot more that Bitfinex. Might be looking at getting out of cryptos completely til the dust clears. Any one still on Bitfinex currently? U.S. citizen or not?
I find it extremely coincidental that Bitfinex and Tether are taking all this heat and magically there is a 30 million "hack".
RE: The Tethers Thread
Right? But if it's not a real hack, how the hell does Bitfinex benefit from this? It doesn't take the heat off them, it makes it a billion times worse. The NYT wrote about this today. It's top story on slashdot.
So what's the move?
white22 said:
Right? But if it's not a real hack, how the hell does Bitfinex benefit from this? It doesn't take the heat off them, it makes it a billion times worse. The NYT wrote about this today. It's top story on slashdot.
So what's the move?
RE: The Tethers Thread
Does anyone know if Bitstamp uses actual USD or does it use USDT? It never specifically states USDT only USD.
Is Bitstamp safe for selling Bitcoins in USD in case something were to happen with Tether?
Does anyone know if Bitstamp uses actual USD or does it use USDT? It never specifically states USDT only USD.
Is Bitstamp safe for selling Bitcoins in USD in case something were to happen with Tether?
RE: The Tethers Thread
I've been keeping up with @Bitfinexed on twitter. He always seems to think a major shitshow is imminent but nothing ends up happening. I'm interested in what he has to say but I'm starting to think that he may not have all of the facts regarding the Tether situation.
I've been keeping up with @Bitfinexed on twitter. He always seems to think a major shitshow is imminent but nothing ends up happening. I'm interested in what he has to say but I'm starting to think that he may not have all of the facts regarding the Tether situation.
RE: The Tethers Thread
Charlie Lee (Litecoin creator) had this to say about the Tether situation.
https://twitter.com/SatoshiLite/status/936325730383695872
Charlie Lee (Litecoin creator) had this to say about the Tether situation.
https://twitter.com/SatoshiLite/status/936325730383695872
RE: The Tethers Thread
I'm surprised how dead this thread is given the gravity of problems that will come to pass in the entire cryptosphere if what is alleged about Tether is true.
The Bitfinexed twitter account seems to have done a lot of his homework. But like I mentioned, why hasn't anything happened yet?
I honestly have no idea what to think about it at the moment. The only people I have heard even mention anything about it has been Sam and the Bitfinexed guy and now Charlie Lee which does seem to give it some more credibility.
I'm sure that both Tether and Bitfinex saw Charlie's tweet. It would be stupid of them not to respond.
I'm surprised how dead this thread is given the gravity of problems that will come to pass in the entire cryptosphere if what is alleged about Tether is true.
The Bitfinexed twitter account seems to have done a lot of his homework. But like I mentioned, why hasn't anything happened yet?
I honestly have no idea what to think about it at the moment. The only people I have heard even mention anything about it has been Sam and the Bitfinexed guy and now Charlie Lee which does seem to give it some more credibility.
I'm sure that both Tether and Bitfinex saw Charlie's tweet. It would be stupid of them not to respond.
RE: The Tethers Thread
>The Bitfinexed twitter account seems to have done a lot of his homework. But like I mentioned, why hasn't anything happened yet?
Because the only thing that would matter is regulators taking action, and regulators move slowly, it would appear.
>The Bitfinexed twitter account seems to have done a lot of his homework. But like I mentioned, why hasn't anything happened yet?
Because the only thing that would matter is regulators taking action, and regulators move slowly, it would appear.
RE: The Tethers Thread
Shorting knowing an entity has an infinite capacity to spike the price is suicide. Go spend your money on prostitutes and cocaine, you'll at least have some fun before it all disappears.
Just treat it as an additional risk factor to be aware of, and keep an eye on it.
Shorting knowing an entity has an infinite capacity to spike the price is suicide. Go spend your money on prostitutes and cocaine, you'll at least have some fun before it all disappears.
Just treat it as an additional risk factor to be aware of, and keep an eye on it.
Knysna Loerie
Pelican
RE: The Tethers Thread
Very interesting. So, scenario analysis. If this Bitfinex'ed is right, what signals should we look out for?
How might we know when this is about to unravel (if he is in fact right)
Very interesting. So, scenario analysis. If this Bitfinex'ed is right, what signals should we look out for?
How might we know when this is about to unravel (if he is in fact right)
RE: The Tethers Thread
The only signal you'll find is the arrest of tether/Bitfinex execs and an exchange shutdown.
I do not expect there to be a lot of warning.
The only signal you'll find is the arrest of tether/Bitfinex execs and an exchange shutdown.
I do not expect there to be a lot of warning.
RE: The Tethers Thread
But how would this affect exchanges without tethers?
All out crash or ????
I think one thing missing from the crypto equation is not a comparison to usd but to third rate currencies in countries where holding usd isn't legal or easy. Even a major correction won't necessarily chang that
SamuelBRoberts said:
But how would this affect exchanges without tethers?
All out crash or ????
I think one thing missing from the crypto equation is not a comparison to usd but to third rate currencies in countries where holding usd isn't legal or easy. Even a major correction won't necessarily chang that
RE: The Tethers Thread
I follow CrushCrypto on Twitter (you should too) and they somehow got their hands on the most recent Bitfinex shareholders' letter. It's unconfirmed that it's official but it's worth a read about what Bitfinex has to say about the recent Tether scandal.
I've cut and pasted the part about Tether but the entire document is worth a read.
https://pastebin.com/y6Mfp7FH
I finally got my Coinbase/GDAX unlocked after nearly 3 months. I had to get an attorney involved but it was worth the cost to be able to trade in actual USD. I'm still not sure what I think about the Tether situation and whether or not it's safe to trade with it.
Something that I've noticed is that Tether is becoming more and more a base currency for the alt-coin market. With BTC skyrocketing, I have found it's a very bad idea to purchase alts with BTC as it will usually net you a negative return in Bitcoin but a positive return in USDT.
For now I'm out of all alts and only trading ETH, LTC, BTC which are available on GDAX. The only exception is Dash which from now on I will only trade with USDT.
I follow CrushCrypto on Twitter (you should too) and they somehow got their hands on the most recent Bitfinex shareholders' letter. It's unconfirmed that it's official but it's worth a read about what Bitfinex has to say about the recent Tether scandal.
I've cut and pasted the part about Tether but the entire document is worth a read.
https://pastebin.com/y6Mfp7FH
I finally got my Coinbase/GDAX unlocked after nearly 3 months. I had to get an attorney involved but it was worth the cost to be able to trade in actual USD. I'm still not sure what I think about the Tether situation and whether or not it's safe to trade with it.
Something that I've noticed is that Tether is becoming more and more a base currency for the alt-coin market. With BTC skyrocketing, I have found it's a very bad idea to purchase alts with BTC as it will usually net you a negative return in Bitcoin but a positive return in USDT.
For now I'm out of all alts and only trading ETH, LTC, BTC which are available on GDAX. The only exception is Dash which from now on I will only trade with USDT.
What would it actually take for this to cause a crash? And when?
So far $750M USDT has been printed since the start of this month. This is insane. When this house of cards comes crashing down it'll make the dip last week look like child's play.
So far $750M USDT has been printed since the start of this month. This is insane. When this house of cards comes crashing down it'll make the dip last week look like child's play.
I don't know, I'm glad people are suspicious but I'm still not sure. I have some questions.
Can that 750m USDT really come out of Bitfinex's cash reserve as they say or are they really printing money?
Didn't Roosh point out that Bitfinexed was some bitter no coiner?
Firstly, how many people are trading Tether for US dollars? If it's only a small amount of people, can tether/bitfinex cover it?
Is this the only problem or is paying customers back their bitcoin also problem? I was under the impression that most tether is traded for other cryptos.
How much money does a bank keep in reserve to pay out it's customers? 10%?
So how much money does Tether/Bitfinex have to pay out it's customers? 10%?
Isn't that a problem with all exchanges converting USD to cryptocurrencies? They might not have enough money to pay out cash if everybody tried to withdraw at the same time? They probably don't, but neither would any bank if everyone tried to withdraw cash from them at the same time.
Are people just asking questions or have there been a large amount of people having problems withdrawing cash with Bitfinex and Tether?
Can that 750m USDT really come out of Bitfinex's cash reserve as they say or are they really printing money?
Didn't Roosh point out that Bitfinexed was some bitter no coiner?
Firstly, how many people are trading Tether for US dollars? If it's only a small amount of people, can tether/bitfinex cover it?
Is this the only problem or is paying customers back their bitcoin also problem? I was under the impression that most tether is traded for other cryptos.
How much money does a bank keep in reserve to pay out it's customers? 10%?
So how much money does Tether/Bitfinex have to pay out it's customers? 10%?
Isn't that a problem with all exchanges converting USD to cryptocurrencies? They might not have enough money to pay out cash if everybody tried to withdraw at the same time? They probably don't, but neither would any bank if everyone tried to withdraw cash from them at the same time.
Are people just asking questions or have there been a large amount of people having problems withdrawing cash with Bitfinex and Tether?
RedPillUK said:
Addressing your core questions:
The argument is that the are printing money - that they don't have nearly as much USD as there is Tether.
Whether he's a bitter nocoiner or not is irrelevant.
If your Tether isn't actually backed by a USD then you might as well be trading for a Deez Nut.
If there's a run on Banks, they'll probably run out of money, sure. That doesn't change the fact that Tether claims to have an actual USD for every issued Tether.
Actually whether he's a bitter nocoiner is relevant, because if he is that means that he wants cryptocurrencies to fail, so of course he would be spreading this.
I understand that is the argument, and I was asking whether there was any proof Tether don't have this money. They're recieving BTC or dollars for their Tether, so they should have at least 10% of the money they say they do, especially if they're cashing out that BTC they recieved a long time ago that will be more valuable now.
I'm just comparing the two, if theres a run on banks they'll probably run out of money, if there's a run on tether, they will also probably run out of money. Does the bank actually have all the money it says? If you compare the two and come to the conclusion that both have basically the same drawbacks, what difference does it make? You're fucked either way if something bad happens.
I understand that is the argument, and I was asking whether there was any proof Tether don't have this money. They're recieving BTC or dollars for their Tether, so they should have at least 10% of the money they say they do, especially if they're cashing out that BTC they recieved a long time ago that will be more valuable now.
I'm just comparing the two, if theres a run on banks they'll probably run out of money, if there's a run on tether, they will also probably run out of money. Does the bank actually have all the money it says? If you compare the two and come to the conclusion that both have basically the same drawbacks, what difference does it make? You're fucked either way if something bad happens.
What circumstances would cause a run on tether?