/biz/ - Business & Finance

Anyone with half a brain or not willfully ignorant knows that this Bitfinex tether bullshit is the BIGGEST fraud of all not altcoins. Even CME thinks so.

> Six bitcoin exchanges underpinned the index as recently as April, when CME removed the Bitfinex and OKCoin exchanges after banks blocked their customers from wiring dollars in and out.
https://www.ft.com/content/4bbf1ef6-ca4a-11e7-ab18-7a9fb7d6163e

20m new tethers and the price goes up $300. If this the accusations are true and are discovered by the regulators then not only will this bring back BTC's price to 3 digits in a day it will also ruin crypto as a whole permanently.

I even saw threads where Bitcoin maximalists say its impossible to pump billions in marketcap with 20m tether. Are you fags retarded? But when people use the marketcap meme to speculate that Bitcoin's growth will be slow you guys say "but you dont need to pump billions to increase the marketcap by billions you brainlet". The absolute state of bitcoiners lmao.

Bitcoin maximalists are even so bullish for the CME futures lmao. Whats stopping old money from shorting the CME futures and then opening an investigation against Bitfinex?

Even if Bitfinex isnt included in the CME index, the Bitcoin price in every exchange will drop to 3 digits if they find out that fraudulent money has been pumping bitcoin for god knows when. There would be NO BOTTOM. No one will take crypto valuations seriously anymore. This will kill crypto investing if found out which makes it worse than scam ICOs.

Everyone knows that the only guy is posting all of this FUD, and no one else has anything to say about it. STFU.

>>4401872
>Everyone knows that the only guy is posting all of this FUD
Everyone knows that only 1 guy is posting all of this FUD.
I've got good english sometimes

spot on! finally someone who understands my concern about bitfinex pump scam with fake dollars.

>>4401872
>Muh FUD
You're either dumb or willfully ignorant. Its so fucking obvious at this point, they arent even trying to keep it discrete. You can buy your own sell orders in Bitfinex ffs its the perfect environment. Even your god CME thinks something fishy is going on.

> Six bitcoin exchanges underpinned the index as recently as April, when CME removed the Bitfinex and OKCoin exchanges after banks blocked their customers from wiring dollars in and out.
>https://www.ft.com/content/4bbf1ef6-ca4a-11e7-ab18-7a9fb7d6163e

You fucks will literally kill crypto valuations if this blows up.

no one will buy your alt bags fkn ever, last chance to move all to btc before 10k by next month

>>4401839
Retard here.

Can you explain in simple terms how 20m tether makes such an unproportional impact on BTC's marketcap?

>>4401923
This isn't about alts or BTC. This is about crypto markets in general. Tethers/Bitfinex blowing up would no doubt have an effect on both.

It's not FUD
https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4

>>4401839
https://steemit.com/bitcoin/@cryptobrodog/usdt-the-biggest-scam-in-crypto-history
tether is the big one

I'm personally scared enough of this that I'm not holding any BTC right now, but about $200k in other cryptocurrencies (ETH, BAT, PIVX and XMR)

I hope it turns out that bitfinex/tether is 100% kosher and everything keeps trucking, but I'm not willing to risk the exposure for more gains at this point :(

Bitfinex website barely even works. Half the links you click just come back with errors.

>>4401985
>I'm not holding any BTC right now, but about $200k in other cryptocurrencies
That will not save your ass...

>>4401925
>Can you explain in simple terms how 20m tether makes such an unproportional impact on BTC's marketcap?
A billion dollar increase in marketcap does NOT mean a billion dollars entered the marketcap. Marketcap is bullshit its just supply x price.

>>4401923
>>4401954
It is about BTC but since since alts were speculated based on BTCs huge rise then they will go down hard as well. There would be NO BOTTOM for everything. Which why people saying ICO scams are the biggest fraud in crypto are stupid. ICO scams cant tank the entire market ffs as hard as this. This could tank the market permanently or at least for a long time.

>>4402001

Also Bitfinex kicked out all its US customers. I guess you could VPN.

>>4402015
Yeah, holding alts wont save your ass either. KEK even tether wont since it will probably be useless when this shit blows up.

>>4401925
btc supply is ~16,683,xxx btc, right?
every $1 price increase equals to ~$16.6 million dollars which also INCREASE the total btc's market cap.

>Everyone defend house market in 2007

So what do we do to protect ourselves? Actually go to fiat before CME futures?

https://www.youtube.com/watch?v=f7yVyIPATWc

>>4402125
Maybe? It might rocket too so... I wouldn't know.

>>4402015
eh, it's a risk i'm comfortable with. i'm diversified outside of crypto and i don't want to give up my position in case things don't fall apart :)

What the hell? Is BTC and the rest of crypto all a scam that is going to come crashing down any moment? I have no money in crypto but was about to start investing.

>>4402177
The funny thing is, if ever this shit blows up every thing will tank but the only things that might survive are the tokens which have actual utility backing them up. Coins that rely on the store of value meme would be dead on arrival. Tether blowing up literally kills the store of value meme.

>>4401872
>no one else has anything to say about it
it is very convenient to ignore things like this when you can make more money
a lot of people has concerns, but they think they can cash out before anything happens

buy bcash. it's a hedge against btc. why do you think ver dumped his btc for bch and eth?

>>4402290
>why do you think ver dumped his btc for bch and eth?

Because he thought he could flip BTC and BCH and failed spectacularly?

>>4402290
>buy bcash. it's a hedge against btc.
Kek, dont you get it? this bullshit thats pumping the BTC will tank EVERYTHING. It isnt about who gets to be the official Bitcoin. Its about Bitcoin's price being inflated by fraudulent tethers. It WILL kill the store of value meme.

>>4402324
When? When is this going to happen?

>>4402311
he have not failed. bch is 3x higher than its previous stable price. this is only the beginning.
>>4402324
fair enough. if i understand your point, tether going bust would destroy the trust in cryptoconomy? in that case, it would be a recession that could last few years but i believe that coins with use cases (mostly eth and erc-20 tokens) will survive.

>>4402378
>3x higher than its previous stable price

And it's been bleeding down for fucking days with no sign of stopping

Bitfinex must inflate the price of bitcoin to prevent their users from withdrawing. As long bitcoin is rising, users will invest.
bitfinex is cut off from tradional banking.
tethers are cutt off from tradional banking
It is one big ponzi scheme.

>>4402354
>When? When is this going to happen?
Seriously? you really think i know when these fags will get busted? One thing is for sure, some motherfucker will get an itchy finger to launch an investigation against Bitfinex as soon as the futures are open. When exactly will that motherfucker strike? who knows. But oh boy, someone will. The financial incentive is too huge.

>>4402030
Oh that makes sense. Thanks for actually answering and not encouraging my suicide.

>>4402403
coin goes 4x in few days and correction means that it's gonna die? lol ok.

>>4402451

Just like last time, right? Only can go up, right?

Short bitcoin then or stfu cunt
I've been hearing this bullshit conspiracy theory for ages and every time btc keeps going strong

You know why bitfinex gets so much tether? Because they have massive demand for long positions. The tether is backed by people putting their btc up in margin trades

>>4402378
>but i believe that coins with use cases (mostly eth and erc-20 tokens) will survive.
Any coin that doesnt rely entirely on the store of value meme probably. But they will most likely enter a really really long bear market before they start rising again.

I mean ask yourself, if this shit goes bust and everyone finds out that the rising price is mostly because of fraudulent pumps will you still take the store of value argument with a straight face? I wont kek.

>>4402413
You were all looking pointing your fingers at Bitconnect when the real king ponzies was right next to you.

anon, don't be stupid buy the dip

>>4402354
Soon.

Anyway, when do regulators have to approve / deny CME futures? By which date?

>>4402451
>>4402469
Kek you fags, this shit aint tanking hard until Tetherboy is alive.

>>4402472
>Short bitcoin then or stfu cunt
Are you literally retarded? Who the fuck would short bitcoin when we LITERALLY just said there are fraudulent pumps going on. But sure yeah, if Bitfinex gets busted I will short the fuck out of this shit.

god i can't believe cash tards can't stop shilling

>>4402472
>You know why bitfinex gets so much tether? Because they have massive demand for long positions.
>The tether is backed by people putting their btc up in margin trades
>BACKED BY PEOPLE PUTTING THEIR BTC UP IN MARGIN TRADES

KEEEEEEEKKKKKKKKKKKKKKK like i said dumb or willfully ignorant.

>>4401814
Take your shit out of this jewchange and buy FENX. Resist censorship

>>4402473
agreed. in that case, move money to xmr, eth, and some risky high potential tokens. hell, xrp isn't even looking too bad.

bitfinex need to find a bank to fix crypto apocalypse.
That is the only solution.

Is there anything we can do as a chaotic catalyst to speed this up already?

>>4402785
call sec and tell them whats going on

>>4402785
>a chaotic catalyst to speed this up already?
Kek bitcoiner's are rejoicing about their demise as we speak. The only way to speed this up is to tempt higher ups to launch an investigation against bitfinex with a huge financial incentive. CME Futures baby.

>>4402832
What's CME?

>>4402924
CME bitcoin futures. CME is the Chicago Mercantile Exchange

>>4402972
So Bitfinex can short Bitcoin futures and then tank it?

>>4403041
Well yeah, they could probably short it if they know they are going to get busted but the people who will short it FIRST are the ones that will instigate the investigation.

>>4401872
go back to r/bitcoin you cuck