BITCOIN IS DOOMED AND GOING DOWN BY 80%!!! SELL NOW??? TETHER IS A SCAM? FACEBOOK BAN ICO ADS !!!
Today cryptocurrency fears at boiling point as South Korea implements TRADING BAN on all anonymous traders in an attempt to crackdown on crypto criminal activity. Since now, traders must open real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies. It is expected, that the cryptocurrency ban will deliver a harsh blow to the cryptocurrency market as Seoul and the rest of Asia handled a large portion of global crypto trading activities. Also, The New York State Department of Financial Services has asked two South Korean financial authorities to share cryptocurrency-related data they obtained from their recent inspections of six major Korean banks.
In other news – is Tether a scam! What is Tether? Founded in 2015, Tether is connected to the online exchange Bitfinex. While the founders of that exchange had long insisted Tether was a separate entity, The New York Times reported in November that the Paradise Papers suggested otherwise.
What does any of this have to do with Bitcoin's price? A pseudonymous report released on Jan. 24 alleges that Tethers "may not be minted independently of Bitcoin price and may be created when Bitcoin is falling," and that it's possible the company is "printing in response to market conditions." So, bitcoin can be (in theory) overrated by as much as 80%! That would mean bitcoin (which at the time of this writing is worth around $10k), would drop down to near $2,200!
One more major thing – the lizard person or the ZUCK ('cause he's suck) decided to ban all ads for Bitcoin, ICOs, and other cryptocurrency on Facebook. Product management director Rob Leathern explained the decision in a blog post, saying Facebook will no longer accept ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.” He says the decision isn’t permanent, though, and that Facebook will revisit the rules when it’s gotten better at detecting and removing bad ads. But we all know why – ZUCK is jealous, because Winklevoss twins, who once sued Mark Zuckerberg over Facebook ownership, this year become first Bitcoin billionaires.
So is Bitcoin a giant bubble that will end in grief? Maybe. But it’s a bubble wrapped in techno-mysticism inside a cocoon of libertarian and cyberpunk ideology. So, keep #hodling. Chaos is a ladder Invest what are you willing to lose and don't panic! And as usually – this is not financial advice.
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I'm surprised at "Zuck". He recently mentioned he would take a look at crypto currency. Now look what he has done.
Did you say fall 80%? That's scary as F!
Well the government in China and Korea aren't making the manipulation towards a bubble any harder to achieve.
We will all have to watch and see what happens in the next couple of weeks. That's if we have that long.
The speculation is that bitfinex used to inflate bitcoin price with tether by as much as 80%. So, once again, the speculation are, that if that's true, bitcoin can go down hard.