It's weird that this has sent the price through the floor.
Bitfinex and Tether required to end all trading activity with New Yorkers
321–330 of 517 posts
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#322Earlier quoted context omitted.
I'm mostly kidding... Buy forever stamps from USPS. As they raise the price of postage, your stamps will go up in value, and then you can sell them for a profit! This is probably a terrible idea, but it makes me giggle. Now I'm imaging some sort of push on r/wallstreetbets to YOLO on stamps, posting insane strategies on how to predict when the price of postage will go up, by how much, and how liquid the market is for…
There's a quaint and quirky thing in the UK called a premium bond, which you can buy and which the government guarantees to buy back from you at its initial fixed value (1 bond costs 1 British pound). Every month, a lottery system pays out prizes to holders of bond numbers, as chosen by "ERNIE" - "Electronic Random Number Indicator Equipment". https://en.wikipedia.org/wiki/Premium_Bond
The equivalent New Zealand scheme (Bonus Bonds) is being wound up due to low interest rates: https://en.wikipedia.org/wiki/Bonus_Bonds
From elsewhere: “With low interest rates continuing to reduce the Bonus Bonds prize pool, the Bonus Bonds scheme was closed to new investment on 25 August 2020 and an announcement was made that ANZIS intended to begin winding up the scheme no later than the end of October 2020.”
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#323I've been following Tether for quite a long time. I have no absolute proof it is a scam but the writing is on the wall. Here are some facts. - The current Market Cap of USDT is 34 Billion Dollars. It was 4B this time last year. Since the value is pegged this means there has been an influx of cash of 30 B into this shady company in the last year alone. Who invested this money? We have no idea since Tether doesn't disc…
If the total amount of USDT exceeds their USD cash reserves, who became the beneficiary of the extra USDT?
Bitcoin holders.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#324I've been following Tether for quite a long time. I have no absolute proof it is a scam but the writing is on the wall. Here are some facts. - The current Market Cap of USDT is 34 Billion Dollars. It was 4B this time last year. Since the value is pegged this means there has been an influx of cash of 30 B into this shady company in the last year alone. Who invested this money? We have no idea since Tether doesn't disc…
Almost all fiat deposits into Bitfinex create USDT. Thats an additional fact that the amount is in line with the amounts that would be deposited into any big exchange. If Coinbase minted USDC whenever someone deposited, you would see the same kind of growth. The basis of your entire post is assuming impropriety based on pretty normal behavior with the addition of the business quirk of when USDT is created. The abilit…
Is 'pretty normal business behavior' pretending two entities (bitfinex and Tether) are arms lengths entities with no relationship to each other to hide the conflict of interest, along with the provably lying about the actual backing of the coin, and using what were supposed to be customer trust funds to bail out what was supposed to be an explicitly stated unrelated business?
If so - be aware those are felonies in many industries and are probably criminal in most jurisdictions (fraud at a minimum). For very good reasons.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#325I've been following Tether for quite a long time. I have no absolute proof it is a scam but the writing is on the wall. Here are some facts. - The current Market Cap of USDT is 34 Billion Dollars. It was 4B this time last year. Since the value is pegged this means there has been an influx of cash of 30 B into this shady company in the last year alone. Who invested this money? We have no idea since Tether doesn't disc…
Almost all fiat deposits into Bitfinex create USDT. Thats an additional fact that the amount is in line with the amounts that would be deposited into any big exchange. If Coinbase minted USDC whenever someone deposited, you would see the same kind of growth. The basis of your entire post is assuming impropriety based on pretty normal behavior with the addition of the business quirk of when USDT is created. The abilit…
If everything is fine and dandy with them why are they stopping trading in NY? Why is the AG claiming they lied about reserves, the one thing they really-really shouldn't have been? (Insert "you had one job" meme.)
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#326Earlier quoted context omitted.
If the total amount of USDT exceeds their USD cash reserves, who became the beneficiary of the extra USDT?
Bitcoin holders.
Which BTC holders and how? What's the path from onboarding on an exchange website, to eventually getting unbacked USDT? If I put USD onto an exchange, why would the exchange give me more USDT than what I deposited (and if this never happened, then how did the first unbacked USDT come into existence)?
I hold BTC but didn't use USDT in the process, just deposited normal fiat and bought BTC using that.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#327Earlier quoted context omitted.
> There is an easy way. Swap USDT to USDC on Curve. Deposit USDC on Coinbase. Convert USDC to USD on Coinbase. Withdraw USD. Then what is your explanation for why it is not possible to directly exchange USDT for USD, there must be a reason that no exchange wants to do that. > that most of the market doesn't perceive a risk. That is absolutely no indicator for safety.
> Then what is your explanation for why it is not possible to directly exchange USDT for USD, there must be a reason that no exchange wants to do that. https://global.bittrex.com/Market/Index?MarketName=USD-USDT
Do they process withdrawals in a reasonable time?
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#328Earlier quoted context omitted.
You can take redemption from tether and they will wire you the money, they are in fact registered and regulated. on several exchanges it can be exchanged into fiat, for smaller participant.s It would collapse a long time ago, if it weren't backed.
I've tried, six months on they are still stringing me along saying we'll get back to you. As far as I know tether only allowed a few crypto "king makers" to redeem tether, and even then, only at a very small scale.
Several exchanges list USDT/USD pair.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#329Earlier quoted context omitted.
It depends on how much downside risk you are okay with taking. If you want something relatively cash like, ibonds are an interesting option - their rate of return is updated to the latest inflation measurement every 6 months. If you are okay taking on some risk, a mix of stocks and bonds seems sensible to me.
I totally buy ibonds, but their 10-15k limit a year is unfortunately a joke. I wish I could buy way more.
Buy TIPS instead?
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#330Earlier quoted context omitted.
Almost all fiat deposits into Bitfinex create USDT. Thats an additional fact that the amount is in line with the amounts that would be deposited into any big exchange. If Coinbase minted USDC whenever someone deposited, you would see the same kind of growth. The basis of your entire post is assuming impropriety based on pretty normal behavior with the addition of the business quirk of when USDT is created. The abilit…
Is 'pretty normal business behavior' pretending two entities (bitfinex and Tether) are arms lengths entities with no relationship to each other to hide the conflict of interest, along with the provably lying about the actual backing of the coin, and using what were supposed to be customer trust funds to bail out what was supposed to be an explicitly stated unrelated business? If so - be aware those are felonies in ma…
I am able to perceive things that don’t all reach negative conclusions. That doesn’t mean I like the product or the organization or have any specific opinion on it. That’s how due diligence works.