This is a well known Twitter account with no other purpose that tweeting 3times per dat for 2 years stuff about Tether which proved reserves last week again. I would be cautious about alterior motives. Those accusing or manipulation can be the manipulators in disguise.
Bitfinex will no longer treat Tether as 1:1 conversion
51–54 of 54 posts
Re: Bitfinex will no longer treat Tether as 1:1 conversion
#52Tether just opened up a platform for withdrawing fiat USD directly from them: https://tether.to/tether-reopens-account-verification-and-di... > This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon. So Tether still backs the USDT 1:1 by fiat while Bitfinex just becomes another trading market. Other exchanges already have USDT markets that change in value. This ev…
> Tether still backs the USDT 1:1 by fiat while Bitfinex just becomes another trading market We don't have any evidence Tether has hard currency backing its Tether. We do know Tether and Bitfinex are under investigation in multiple jurisdictions, and that brokerage deposits are less protected than obligations marketed as being freely redeemable or secured (as Tether was). At the end of the day, Bitfinex and Tether ar…
Tether did prove reserves multiple times, latest one some weeks ago.
Re: Bitfinex will no longer treat Tether as 1:1 conversion
#53Earlier quoted context omitted.
> Tether still backs the USDT 1:1 by fiat while Bitfinex just becomes another trading market We don't have any evidence Tether has hard currency backing its Tether. We do know Tether and Bitfinex are under investigation in multiple jurisdictions, and that brokerage deposits are less protected than obligations marketed as being freely redeemable or secured (as Tether was). At the end of the day, Bitfinex and Tether ar…
Tether did prove reserves multiple times, latest one some weeks ago.
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Re: Bitfinex will no longer treat Tether as 1:1 conversion
#54Earlier quoted context omitted.
I haven't been able to test this directly since I'm in New York and therefore am not allowed to have an account on Bitfinex, but nobody has reported withdrawal difficulties in a very long time, and Bitfinex has always treated USDT deposits as USD without any explicit or implicit conversion. Bitfinex has had withdrawal problems and banking problems in the past, but to my knowledge the only recent problems have been ar…
Bitfinex's entire subreddit is full of users with unprocessed withdraw issues. https://reddit.com/r/bitfinex/
You're right -- I hadn't realized that we're currently in a regime of tether being discounted and withdrawals being slow or not working. After the previous discount recovered the withdrawal problems went away (obviously correlation running in the other direction), but I hadn't been tracking that the discount has reappeared.
Outside of periods of withdrawal difficulty, though, the reports slow to a trickle and then dry up.
It would be interesting to pull the history of the bitfinex sub and plot the frequency of posts mentioning "withdraw" against the kraken USDT/USD pair to get hard data on this rather than my anecdotes, though.