Question to Bitfinex CFO Giancarlo Devasini: "Can you create a Willy Bot to take us to $10k?" His Response: "Currently working on it..."
This will be worse than the crash of Mt. Gox...
For those of you that don't remember, the crash of Mt. Gox was caused by a "hack," but in the months prior to said hack, the price of Bitcoin skyrocketed from under $100 to over $1,200 before it crashed again.
There was a bot, called the "Willy Bot," that was performing wash trades on Mt. Gox's books to pump up the price of Bitcoin. Many people believe that there was no actual USD to back those orders and it was simply used to purchase as much BTC as possible.
(Apologies for the oversimplified explanation, but you can Google "Willy Bot Mt Gox" for a lot more information about this.)
And now we have this...
There was a post found that the CFO of Bitfinex, Giancarlo Devasini, posted back in 2014...
With the :-p emoticon added, this could be construed and passed off as a "joke." But with all of the suspicious activity we've seen from Bitfinex and Tether over the last couple of months, it's pretty clear that it's no joke.
With Tether, Bitfinex has the ability to pump up the prices across all major exchanges...not just their own. And that's exactly what's happening now. Bitfinex will collapse and could take many other exchanges along with it.
This post is a continuation of my previous posts about the risks presented to the cryptocurrency ecosystem by Tether and Bitfinex. You can read them here:
Widespread Cryptocurrency Price Crash Imminent Due To Bitfinex and Tether
Do you have money on Bitfinex? You might want to read this.
Tether Prints $325,048,400.00 USD in the Month of November
How Tether is Pumping Up and Propping the Bitcoin Market in One Simple Chart
Tether Shareholder Report Leaked: Links Between Bitfinex and Tether Confirmed
These images were sourced from @bitfinexed on Twitter, one of the top critics of Bitfinex and Tether's business activities. Please feel free to share it or re-steem this post to warn others.
Get your money off of Bitfinex! If you don't own your private keys, you don't own your coins, plain and simple.
thanks for the info.
a word to the wise is sufficient.
certain exchanges should be avoided.
I don't trust that any of the exchanges will be able to handle the crash since most of the big ones trade Tether. I think some big ones will go out of business and disappear when SHTF.
But who knows when that will happen. Better to be safe than sorry in my mind and keep your coins off the exchanges.
yup...
on advice from you and others I don't keep any cash on exchanges (not that I have much)
I use the exchange to do just that...exchange crypto for USD and immediately deposit in my Credit Union.
You mention that this will effect other exchanges other than Bitfinex. Is there exchanges you think are more resilient, or do you think there are properties of resilience to look out for? i.e. decentralised exchanges
Exchanges that don't use Tether are more likely to weather the storm, IMO.
Decentralized exchanges such as OpenDEX will probably be OK too, since it used BitUSD instead of Tether.
STEEM will be just fine, though the price will probably take a temporary hit (as well as all other cryptos.)
The people behind Bitfinex look shady as fuck, and I don't think this guy was joking at all.
Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-4-2017 ?