Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
1–10 of 105 posts
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#2Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#3LOL
Even better than a Ponzi Scheme, let's just sell "shares" of this "company" (which by the way has a paper value of a very round and big ZERO) for cash
Toilet paper provides better value
Oh wait, he "buys low and sells high", that explains it.
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#4> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on.
As per coinmarketcap.com:
EOS is ranked 19, 442 million in marketcap
IOTA is ranked 11, 950 million in marketcap
ETP is ranked 70, 73 million in marketcap
Anyone can throw some light on what these coins really are?
Additionally, BTC markets:
https://coinmarketcap.com/currencies/bitcoin/#markets
shows Bitfinex raking in over 15% of the current market volume. I wonder what will happen to the price if they go under.
While I agree to most of the article, specially the Tethers part, Debt to Equity swap is a real thing and not a Ponzi scheme:
http://www.investopedia.com/terms/d/debtequityswap.asp
Though whether the equity shares are worth as much as Bitfinex is claiming them to be is an another question.
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#5> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on. As per coinmarketcap.com: EOS is ranked 19, 442 million in marketcap IOTA is ranked 11, 950 million in marketcap ETP is ranked 70, 73 million in marketcap Anyone can throw some light on what these coins really are? Additionally, BTC markets: https://coinmarketcap.co…
> Debt to Equity swap is a real thing and not a Ponzi scheme
Is it when your equity's value does not match the face value
If you disagree I'll sell you 1% of equity in my lemonade stand for $1000
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#6> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on. As per coinmarketcap.com: EOS is ranked 19, 442 million in marketcap IOTA is ranked 11, 950 million in marketcap ETP is ranked 70, 73 million in marketcap Anyone can throw some light on what these coins really are? Additionally, BTC markets: https://coinmarketcap.co…
> Debt to Equity swap is a real thing and not a Ponzi scheme Is it when your equity's value does not match the face value If you disagree I'll sell you 1% of equity in my lemonade stand for $1000
Hence, the caveat:
> Though whether the equity shares are worth as much as Bitfinex is claiming them to be is an another question.
I am not sure but they might be restricting the IOUs or shares to trade on their platform. So they are raking in commissions on the shares being traded. In which case it is surely a scam. But to be pedantic it is not a Ponzi scheme.
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#7> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on. As per coinmarketcap.com: EOS is ranked 19, 442 million in marketcap IOTA is ranked 11, 950 million in marketcap ETP is ranked 70, 73 million in marketcap Anyone can throw some light on what these coins really are? Additionally, BTC markets: https://coinmarketcap.co…
Swapping deposit-like liabilities for equity and then encouraging the secondary trading of that debt is banned in the United States for good reason. Bitfinex’s actions do not seem like either a debt-for-equity swap nor a Ponzi scheme, but plain and simple fraud.
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#8> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on. As per coinmarketcap.com: EOS is ranked 19, 442 million in marketcap IOTA is ranked 11, 950 million in marketcap ETP is ranked 70, 73 million in marketcap Anyone can throw some light on what these coins really are? Additionally, BTC markets: https://coinmarketcap.co…
IOTA actually seems pretty revolutionary. I don't think it's a finished product yet but if you want some info then it's a DAG ("tangle")[1] instead of a blockchain and offers 0 fees and possibly huge scalability. There are some products already using it: RuuviTag[2], Bosh XDK Iot[3], PoC ElaadNL charging station[4], Modum[5].
Once they prove they can go without the "Coordinator"[6] I'm going to be completely sold on the project.
[1] https://iota.org/IOTA_Whitepaper.pdf
[2] https://lab.ruuvi.com/iota/
[3] https://xdk.bosch-connectivity.com/
[4] https://medium.com/@harmvandenbrink/how-elaadnl-built-a-poc-...
[5] https://www.reddit.com/r/Iota/comments/6vl57m/iota_modum_ask...
[6] https://domschiener.gitbooks.io/iota-guide/content/chapter1/...
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#9While I'd enjoy a good detective journalism, this article is just making claims out of thin air. And here is one:
> However, this doesn’t stop Bitfinex from tripping over their shoelaces to immediately list a fork which doesn’t exist, in order to make money off of suckers.
That is not correct. Bitfinex didn't list Bitcoin Gold. They listed a future contract of Bitcoin Gold (though the naming "token" is a bit confusing). You can create a future contract about anything, like the weather or soccer.
> Prior to publishing this post I was informed that Tethers are on the rise. Today, at the time of this post there has been another 25,000,000 USDT printed.
First, a new creation of Tether doesn't result in a pump. That would be too obvious for traders to arb the effect.
Second, Tether is not used by Bitfinex heavily. Tether biggest clients are Polonix and Bittrex. And there is blockchain proof for that: https://wallet.tether.to/richlist
Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme
#10Lots of bullshit.
Just a few points:
A) Iota is a legit currency trying to do something new in the crypto space.
B) The listing Bitcoin gold did not 'create' 2 bn usd - if you tried to liquidate even a fraction of that, you would drive the price to 0. There was significant demand from trader and speculators for its listing (not that I agree with it, but anyway).
C) Saying that a company that generates 30 mil. usd in revenues each month is worthless is really laughable.
D) This author has had a bone to pick with bitfinex for a long time. I consider him a shill with an agenda, and it is surprising that he is given so much space (even on HN) to spew his BS.
edit: formatting