RE: Why Tether’s latest statement about its auditor is complete BS
The only good news out of this tether and bitfinex mess will be the perp walk the Feds put them on. Absolute criminals the bitfinex crew.
It's why I told all investors put old coins in cold storage and get out of anything you don't have 80% profit in since the blood bath that is coming soon will rock every exchange and every coin.
But bitfinex and tether will be shut down.
Here's an article how I sounded the exit horn over the weekend.
https://kryptous.com/the-prophet-warns-exit-all-crypto-exchanges-now/
This story will not go away and it's exactly what TPTB want to have the media crush crypto dreams for most.
So as the exchanges face all their novice investors without cold storage they can't meet the exits and poof, it all goes crashing down.
That's what we are on the cusp of.
So coins you have huge profits in, cash out while you can or cold storage it.
When the stampede hits exchanges over this bs, the exit doors all get locked and everyone inside goes up in flames.
It's not logical – if the tether will have problems and people start to sell, they will buy other cryptos, not USD. So why blood bath ?
Think humans are predictable not logical.
TPTB want to crush crypto it jeopardizes their elite control.
So TPTB in control of mass mind control media will pump and pump the criminal news of Bitfinex and Tethers fraud for a long time and it's silk road and Mt Gox all over.
Now you think with logic it's you are attracted to STEEMIT.
So you say buy another coin go to cold storage.
The predictable masses have no cold wallets they are in a coin they heard about they hear on media an exchange closed it was run by criminals.
The predictable masses being steered by TPTB say cash out they do and there goes the predictable dominoes collapses of most if not all exchanges.
When you have 100 predictable sellers to every 1 or 2 buyers the buyers cannot buy all the sheeple want to sell the prices crash the exchanges lose liquidity the markets close.
Those in cold storage rebuild next wave of exchanges, chartered in Caymans not tied to Tethers or Bitcoin.
Look at the bigger picture the hands moving the pieces on the board.
They're very predictable hands if you think like a player not the pieces being moved.
Adoni
Who would want to trade their crypto for USDT??
surely buying bitcoin is like a funnel, so if you add another currency to the funnel to soak up the buy pressure the swing up will limit bitcoins rise because they have other options to buy into bitcoin, it would clearly be devaluing the real price of bitcoin, they are buying something questionable at best.
no the point is actually they have to sell crypto to get the cash into USD, so the client takes USDT to the company who runs Tether and then the company if they don't have the money has to start buying into bitcoin or another cryptocurrency and then sell into USD therefore reducing the price of bitcoin or the currency they sold out of, if they don't have the money. so not only did they temporary boost the price of Bitcoin to Tether they reduce the price of real bitcoin to USD therefore reducing the Bitcoin price because in reality the price of bitcoin follows USD, they are making a extra transaction if they don't have the money to give them.it's certainly making a extra transaction that does not need to be made. almost equating to Tether being worthless.
because you can see where the peg ended, the graph is fluctuating therefore they can no longer have the money to sustain the peg.
if you are using Tether as a medium for trading and they don't have the real cash value at all, then it's worthless, because you may as well trade for real dollars.
technically because you don't buy into with real dollars and use Tether you are kind of creating a fake value of bitcoin the real value of bitcoin to the dollar if you'd of just kept using dollars would be higher.
it's technically devaluing Bitcoin, in two ways especially if they don't the cash ready to pay.
Who the fuck cares of the FEDS outside of America - really come on.... US is not the world & they even have no US clients, lol.
So now you are cut off financial world literally as your banking system is broken but in meantime on whole planet nobody cares of your own rules. I am pretty sure (and know) all exchanges have communications with all kinds of officials incl. law enforcement worldwide as all must give out infos when court rules are presented.
If all went bad then max. USD is de-listed from exchanges what would more start a new exciting moment in history as it would litterally loose complete force of being the "major currency" worldwide - as crypto will win, thats sure.
Bitfinex is the bad apple that spoils the barrel of apples who are all the crypto exchanges tied to BTC valuations and USDT
The Feds had a long arm around the world, plus the jurisdictions they are in will line up with the Feds.
The world media dwells on negativity, the masses of crypto investors that fueled the rise of crypto the last 100 days are exchange only wallet holders.
They see crypto exchange owners doing a perp walk they will flee.
The coming days, weeks and months will reshape the crypto landscape.
I say cold storage old coins with 80% profit, liquidate now recent coins get cash out of exchanges.
So depending on how much profit in coins you have to lose, cold storage is for cheap positions only now.
Or one could go all cash short term then Hoover up after the crash.
Or dumping all coin into steem is IMO a great move.
That's my opinion and time will tell if the markets move as I envision it.
Yeah and it is of course legit but in that situation they can not do a lot as it is not a company what has any relationship except listing USD - like I said all larger exchanges worldwide are anyway long time in communications with various officials. Finex earned a few m USD / day the last year nearly what can be easy calculated so in fact that company was never such well positioned & capitalized as now.
I would be more concered of Coinbase and Bitpay (so all US based nobody I know would ever use as non-US based human) as nobody know till today what is even with that dead hot-wallets from them + multiple other stuff - lol.
But you are right.... time will tell anyway :)
IMHO storing coins on an exchange is always a bad idea - except the % you can lose, thats nothing new. And buying steem on top is in my eyes the worst - I drive with my HODL strategy perfect since 2012. ^^
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good blog post my steemit frined wish you good luk and good comment nice
Well said - exchanges always have been and will likely continue to be a risky place to store a significant amount of coins.