/biz/ - Business & Finance

>>4454927
What's the ETA on the death of bitfinex and what will cause it precisely?

Eh, probably not tomorrow. It's a matter of time though. Eventually.

Use exchanges that actually uses real fiat currency conversion.

>>4454927
is Bittrex tied to Bitfinex?

How low might BTC go if bitfinex crashes? I'm probably going to go all-in if it corrects and just wait for the price to rise again.

>>4454969
Bumping for answer

>>4454958
Ugh. Kraken. Would hate to actually use this piece of shit.

>>4454927
Can't FUD me OP

I am a tard and forgot about some btc I tethered back at 6700. Should I turned it back to btc at 8k for a loss? Is it dangerous to keep holding Tether right now?

what ?!? tether has usd parity.. you already lost that money, what are you waiting for ?

>>4455024
Good point thanks

And Kraken is a real piece of shit.. but unfortunately looks really safe right now. I'm beggining to take my funds from bittrex to kraken, they don't use fiat, they only have 3 markets, BTC, Tether and ETH, is not safe. This will be contagious.

>>4454997
This exact purpose is what Perpetual Inverse Swaps on BitMEX is for. You don't have to use USDT to "tether" your bitcoin holdings. Just sell perpetual swaps at 1x and you will collect the funding fees (historically biased towards sellers) and you will always have the same USD amount of Bitcoin waiting for you when you close the position, as long as you use 1x leverage. If you use higher leverage, you better hope it goes down. https://www.bitmex.com/register/eY1A09 I don't understand why anyone would hedge with tether, it defies common sense of risk assessment.

The thing is.. I'm a newbie. and i don't know what are you talking about. I'm probably beeing dumb and loosing money, so please detail, i'll be pleased to learn :)

You got it wrong. Tether death will cause Bitcoin to moon.

>>4455101
Why?

>>4455120
It's giving it bitcoin a pretend fiat currency to trade against. All tether holders will rush to buy anything with their tether, even when it's at 0.50$ - and what can you buy with Tether?

>>4454927
just transfered my 35 BCH off bittrex to my ledger nano s you spooked me

>>4454980
Bittrex converts BTC to USDT instead of fiat, so if USDT dies it will almost certainly have an effect on bittrex.

I don't know how peeps.. don't see it. It's like banking.. it's contagious.. If bitfinex goes down tether woth "0", nothing, nada... The exchanges that hold large quantities of tether are fucked, more contagious then this is impossible.

BTC will reach 8800 soon.
Some coins will explode explosively in December.
I know which coins will be.
If u want to get this information?
then join here.
t.me/Dvapump

>>4454927
>BTC will surely crash....
Most of the current BTC volume is from Japan and most BTC newfags use Coinbase. Even if Tether goes down it won't have much of an impact.

Damm.. Coinbase? There's nothing more expensive then that shit. Why would some one use it? I'm newbie and don't use it. You just have to do the math.

>>4454927
Answer me >>4454947

How should i know.. But with so much FUD already, and rumors of people in fear trying to withdraw fiat, and take out BTC without success. I would say it's a matter of a few hours to one or 2 days. When this things catch on fire no one can stop it, it will all burn. The impact on crypto? In my opinion big... bitfinex is big, tether is used in almost all exchanges, so there's no containment, everyone will get "sick", some will die, some not.. But who knows how the market will respond.

this thread

>the absolute state of biz

>>4455149
pic related is (You)

>>4455493
GDAX is the better side of Coinbase. No buy/sell fees as long as you post limit orders

>>4454927

Every exchange that uses USDT with no USD funding option is part of the Tether ponzi scheme. They all deserve to go down in flames.

>>4455857
fuck both of them. Gemini is the best and hell, the fees are amazing

>brainlets all up in arms because they cant possibly understand how a crypto could be pegged to a constant value

If enough anons tipped off the FBI and/or other organizations like the IRS over the next 24hrs about the possibility that Bitfinex was actually scamming everybody using fractional reserve banking, do you think if enough anons complained the government would act within the week?

We should try to organize or push for a government backed audit of Bitfinex and USDT.

Temporarily crash the market, buy on the huge dip, wait 4-6 years, ???, PROFIT!!!

>>4455493
I use it because its safer than any other exchange and then anytime I want to transfer I just send it to GDAX for free transactions not sure why everyone think coinbase is for noobs.

>>4455149
thats pretty good anon. but it might be a sell off of all coins for fiat. might be both at the same time and movement of bitcoin will be based on balance of money moving to fiat and tether going in.

>>4455875
>They all deserve to go down in flames.
and then what? all the exchanges go down and now no one can buy or sell coins. what did you accomplish at that point?

>>4456149

I'll buy BTC back at $360.

>>4455072
Do you honestly expect your average /biz/tard to understand derivatives?

>>4456149
Then I didn't delude myself into pretending this is a very possible scenario and I don't get goxxed 2.0.

>>4455889
Is Gemini US based? I tried using Kraken at first and they were garbo if you're in the US.

its going down get out while u can and don't forget - Bitfinex, Tether and Blockstream are all tied together...Happy Thanksgiving Turkey

>>4456230
I'm not getting what he's saying. What's the point on even converting in the first place?

>>4456385
Nvm it's all offtopic

>>4455072
yeah but then you have to keep all your coins on bitmex

>>4455974
>act within the week
HAAHAHAHHAHAHAH
yeah right
it takes years

>>4455072
Huh. Today I learned. Thanks anon!

>>4455149
Finally someone with a brain.

What the fuck are you talking about?

Is there some news about Bitfinex that i missed or what?

Most of these exchanges dont use USD, they use USDT and simply state USD. This is is going to be fucking crazy.

People are going to try and sell their BTC for USD, but theirs not enough.....fucking hell

>>4457272
Holy shit pay attention

>>4457583
link pls

>>4454927
Wont matter, My ARK is in my wallet earning comfy ARK on the regular.

>>4455898
I get how it *can* be pegged, but can't it be *guaranteed*?

Correct me if I'm wrong here, but isn't the issue that instead of:
>Exchange mints 1 USDT (or 30 million or whatever, proportional to demand)
>Customer buys 1 USDT for 1 USD
>Exchange buys back 1 USDT for 1 USD when customer wants to cash out

It's
>Exchange mints 1 USDT
>Customer buys 1 USDT for 1 USD
>Exchange blows 1 USD on a small amount of cocaine
>Exchange can't buys back 1 USDT for 1 USD when customer wants to cash out because it blew 1 USD on a small amount of cocaine

What elements am I missing about Tether?

why tomorrow?
can anyone explain this 'tomorrow' meme?