Bitfinex, the daddy of Tether, green lights another $300 million out of thin air... where will it all go?
My guess, is that they are gearing up to synthetically inflate the price of Bitcoin yet again, and if I had to guess even further, I would say that this recent printing is only the beginning.
By the time fourth quarter of 2018 rolls around, Bitfinex will probably have printed another 2 to 3 billion dollars worth of fresh new Tether, which will most likely be used to run Bitcoin up to around $50,000 by the end of December.
Then, due to the fact that the whole run-up was a sham, Bitcoin will drop back down significantly just as it did last year.
If Bitfinex and its pet Tether aren't stopped after that, they will just continue to do this every year, making billions of actual dollars in the process.
What say you guys and gals, how long will this continue, and what will it take to finally stop the largest scam in cryptocurrency history?
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I think you are absolutely right! People will fall for it and get burnt again. It probably will go on for a little while until everyone comes to grips with what is happening. The tricky thing is knowing when to jump off, you don't want to be too early (to maximise your profits, but you don't want to be the last one holding bags of ones and zeros ;) )
Ha ha, true, and sorry if I'm all negative lately Lucy, I know you are trying to stay level headed, but if it makes you feel any better, I am dollar cost averaging every week into Steem because I actually believe in it, so don't think I'm all negative Nancy like.
I just don't see the point of Bitcoin, because to me it is useless. I'd rather have Monero for currency truth be told, and I think Bitcoin is just a speculative asset without a purpose.
I will try to write more positive pieces in the future, I promise, but the bear market is still chugging along, so I have to report on all the ways people could be burnt again.
Not at all! I get you completely. I now invest in an index so I get a bit of everything (I do hold bitcoin as well but it is just part of the index) and if anything goes up, well hurrah! ;)
Ah, sweet, did you create your own index?
Yes, we created a tool to calculate the index and place the trades. We've been testing it for some time now and out of all different approaches, this one is the one that is working the best! :)
You going to create a post about all this here on Steemit, or is it all still a secret?
Yes, I will certainly make a post about it and also make the tool available in time. No secrets here :)
Well, you know... we all have our secrets. 😉
That sounds very interesting Lucy. Maybe you can share some of the lessons and also your approach.
As for the Tether story, I’m not convinced yet. There is no increase in Tether market cap. Why?
Hmm, that's strange?
You mean after they printed the $300 million, the market cap hasn't reflected it yet?
I have no idea, except the last time they did it it showed clearly.
I’ll withhold judgment until it can be confirmed
Hey @appone certainly! Will definitely share more and make the tool available for others to use as well :)
I will be following along as well. That sounds like it could be super useful down the road.
I hope you are right @tolkatore could be fun to jump on and off that roller coaster.
I am tempted to just throw everything at Steem till I get that slider bar but know that would be kind of stupid when the bar will come on its own given time.
This story has some holes. I actually wrote a blog on it.
Here is my take:
I’m no fan of Tether, but looking at the same secondary source, Coinmarketcap, I don’t see any such change.
Tether market cap as of 03/19 +/- $2.2billion.
Tether market cap as of 03/20 +/- $2.2billion.
Tether market cap as of 03/21 +/- $2.2billion.
Tether market cap as of now (03/22/2018 7:45 AM EST) +/- $2.2billion.
The chart posted by Coinmarketcap is that of Bitcoin and the “proof” they show is the jump in BTC/USD.
The question I have is why not show the increase in Tether market cap which should have spiked by $300 million?
On January 29, the tether market cap spiked on the charts, clearly they issued tokens. Everyone can see that.
So what is going on now, did they or did they not issue tokens?
Yeah, they probably issued them to certain people, but not the public market... ya think?
UPDATE
Coinmarketcap shows a Tether increase in market cap of about $80 million as of yesterday 03/23/2018
Maybe Coin Market Cap forced them to trickle it in, so as not to mess with the charts... it wouldn't be the first time.
Is then Coinmarketcap in on the whole scheme?
Coin Market Cap always manipulates the numbers, so as not to put everyone in a panic, so in a way... they are white lying to the people.
If they just issued the tokens to some people who promptly transferred them into BTC, that is either paying some people ridiculous executive bonuses, or a completely fucked up scam
I'ma go with scam, did you watch the documentary yet:
Thank you for sharing this video. I had not seen it before.
It definitely helped fill some knowledge gaps, so please send me more links when you find them, I like information and I try to learn.
But at the end of the day, what do we have? We already knew:
Personality promoters are only looking out for themselves and are generally scammers (Unlike most, I consider Charlie Lee in this group)
Pump and dump schemes are in this space since crypto trading started and will continue
Tether is most likely a complete, elaborate scam
There is a criminal element operating in this space I wouldn’t be surprised if at some point all the “personalities” in the video will be on the Interpol list
…and generally speaking, while very well made and presented, this video would fit perfectly on CNBC or CNN
Yes, we all know all the bad stuff, we are being reminded of it every day.
What is not so obvious is the good stuff. There is real development happening in cryptos. There really is adoption and use. More interaction is happening every day between conventional and blockchain players. The best minds in coding are working on implementing real solutions, and there is progress.
I bet a great video can be made showing what has been accomplished over the past 12 months and what is expected over the next 12.
I totally agree, and will try, but I am very picky when it comes to my information, so don't expect stuff too often.
As you saw in the video, the guy who runs Bitfinex, and essentially Tether too, doesn't even believe in the cryptocurrency space, and only gives a shit about how much money he can make off it, same as John McAfee, Chuck Lee, and a myriad of other cronies to boot.
All of them will be washed away, because platforms such as Steemit are proving that cryptocurrency actually has a use case, and I suspect more like the Basic Attention Token will rise up, and show the world that some, but definitely not all coins and tokens are actually useful and worth something.
The entire Tether – Bitfinex saga is just reeking. Nothing good will come of it.
When you see shit like that you almost understand the way mainstream players react toward cryptos. On the other hand, fuck mainstream, they only have to look a little further to find good stuff, but it doesn’t suit their agendas.
Of course it doesn't, but out of all this, I believe I will be able to buy the things I want over the next year at the prices I feel good about paying.
Thanks for this one I will watch it later at lunch. Last night I ran across a fairly large fish who had almost all posts flagged down. Naturally I went poking around. Turns out he was a big promoter.
Looks like the Steemit community in general works to keep this platform running on an ethical basis.
For a long time there has been a stink coming out of BitFinex and USDTether. :D :D
Yeah, and after I watched that documentary, and seeing how scammy the creators of both are, I went running for the hills.
Yeah... Thank God you know what to do in these cases, to get safe quickly.
Yep, I'm giving away all my remaining Tether tonight in my giveaway, so no more Tether for this guy!
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You sound like a commercial... did they pay you to say that?
That's a fair assumption..
If you know all this, can't you make a lot of money just like them
Sure, and everyone is going to ride the Bitcoin elevator up, I'll just be getting off a few floors lower than everyone else on the way up.
Haha..
I'm not even in the building..
Ahh, come on... where's the fun in that?
Lol
I assure you , there's not
But... but... they've got some secret investors pumping in USD and they're hiding billions under a mattress to back it... Lol. Yeah I'm with you, they can only avoid collapse for so long. It's frustrating sometimes watching the market dip and knowing I could move to tether and buy back in at the bottom, but I don't want my money anywhere near it when the collapse comes. It seems like that will be the kind of crash that goes to zero before the news even breaks.
One of the craziest parts of the story is that they have all their money in a bank in Puerto Rico, which is a United States territory, so I'm not buying that story one bit.
I can see only 1 option to use the usdt, buy bitcoin
thanks for sharing
Yep, and on comes the manipulated price... the shit is crazy, because it's being openly done right in front of the eyes of everyone, but they simply do not care.
Tether is a clock ticking bomb ready to explode
I agree, but until the United States goes after them, they will be able to do this shit forever.
If they really dont have money backing the coins and is confirmed scam the market will crash alot
A lot a lot as a matter of fact.
Sooner we need to find an alternative for such problems otherwise we are going down soon again in future.
You ain't kidding.
Hope crypto will touch the stars day after another.
BTC Average: 8804.39$
#Bitfinex - 8720.00$
#Poloniex - 8739.91$
#Bitstamp - 8735.30$
#Coinbase - 8745.00$
#Binance - 8739.99$
#CEXio - 8862.10$
#Kraken - 8736.50$
#Cryptopia - 8829.00$
#Bittrex - 8736.00$
#GateCoin - 9200.10
Hey, there's some good arbitrage opportunities there.