DAI already will you?

Bitfinex has just announced it will list another dozen alts – all of them Ethereum tokens. Given the very public issues the exchange has with Tether, it’s facepalm-worthy that one of these is a stable coin called DAI.

DAI. Could a Bitfinex-supported stable token be more aptly named? Finex has been called out repeatedly about its shady accounting around Tether, not least by us. For many months there was serious concern that they might be running a fractional reserve – essentially creating USDT out of thin air and using it to pump the price of BTC. Now, it seems that a slightly different scam has been operating. Either way, the warning signs about Tether have been there for a long time. Here is our most recent opinion on the Tether situation: https://medium.com/@CryptoInferno/tether-cant-audit-won-t-audit-854703059a5b

It’s extremely concerning that Bitfinex/Tether have not only failed to provide the promised audit, but are now adding many more coins to their exchange. When exchanges get into trouble, they often carry out this kind of exercise, in an almost desperate frenzy of activity to show they are relevant and worth using. But Bitfinex squandered its reputation and advantage long ago. If you need any reminder: trade there at your peril.

For more information about the new Bitfinex listings, read https://news.bitcoin.com/bitfinex-introduces-trading-12-altcoins-including-tether-competitor/

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