things are going to get much worse before they get better. tether has a gaping $850m hole in it and bitfinex users are running for the door at an alarming rate. finex is now trying to raise $1 BILLION from an IEO as a last desperate attempt to try and salvage this shitshow.
!!! THIS IS A HUGE FUCKING RED FLAG !!!
bitfinex has been a great big open gaping sore on the hairy dick of crypto for a long time. even though it will cause some pain and suffering in the short term, the powers that be have agreed that bitfinex and tether need to be PURGED so that crypto can have sustainable growth after its gone. all of these new stable coins and the bitfinex investigations etc didnt just spring up out of nowhere all at the same time for no reason.
what exactly is stopping Finex from exiting Tether by buying BTC? Seems like this could still go either way. Funding is pretty high.
Julian Perry
Is BNB safe? Serious question
Lucas Richardson
I can't believe they are doing a billion dollar raise. That just screams scam. Is this confirmed?
Nicholas Allen
Do not have any sense compare different situations without relationship.
Daniel Myers
>Why doesn't bitfinex just exit scam buy dumping tether for BTC on other exchanges
They already have dude. Look at how much tether is on binance alone
Samuel Flores
Weird analogy bruh. Binance would be the my fox of our times not some pithy unknown exchange
Isaac Allen
I wanna get out of all my holding to buy back in but idk. How bad will this be for shitcoins. Specififcly link
Nathan Garcia
bitfinex is by far the largest fiat to crypto exchange and a large portion of binance trades are usdt pairs. you are underestimating how infected the entire system is by this shit. thats why it needs to be purged.
Logan Brooks
over 40% of total volume on binance is from usdt pairs
Joshua Myers
jesus
Connor Fisher
Fuck. I’m getting everything out of there
Oliver Collins
The market is about to die, why is everyone so chill
James Butler
source on the IEO????
Lincoln Murphy
Before you die there's a sense of peace and tranquility. High leverage traders about to lose it all experience the same thing. You become very relaxed. Wait untill the blow comes. That's when everyone realizes they aren't dead and it starts to hurt.
Xavier Murphy
get your coins off bfx but thats about it. the fail of bfx won't effect the price it'll actually pump it.
Cooper Wright
Why aren't people arbitraging the shit out of this?
Grayson Brooks
that is absolutely fucking absurd. i would love to hear your reasoning.
Jace Cooper
The market is not about to die. The market may dip so significantly that you see pink wojacks, along with the occasional red or black, for months, but we'll be back around 2021-2022 in such a way that 2017 looks lik child's play. Though, I would expect a shitcoin purge if I were you.
(´ . .̫ . `)
Austin Edwards
Because you cant cash out of an insolvent exchange
Brandon Gray
>market getting cleansed of shady scammers >about to die
in the long run this will be good for the market, I hope Bitfinex and Tether go down hard and fast, I don't give a fuck
Luke Lee
dude, the mtgox collapse happened in feb 2014.
William Foster
Is it safe to hold tether on Binance?
Henry Thompson
and?
no dude
Cameron Brooks
They haven't stopped withdrawals..
Nolan Harris
If this was anything more than bears trying to spread FUD then tether would have collapsed long ago.
Jack Taylor
yet...
why do you think they are trying to raise $1 BILLION right now of all times? its because they are running out of fucking money
Aaron Foster
Why the fuck would anyone use Bitfinex? They have had this cloud over them for fucking years that by itself is enough of a reason not to use that shit. If people don't move all their crypto right now then they deserve to lose everything and a shitty exchange gone will be a good thing.
Zachary Williams
You are being too dramatic. Tether has greater solvency than fiat banks.
The biggest problem here is the traders confidence.
Leo Lopez
The future is irrelevant. I asked why people aren't arbitraging right now. Literally buy low on another exchange and sell high on bitfinex, repeat, infinite money. What's stopping people?
Samuel Nguyen
if you read the fine print on their withdrawal guidelines, bitfinex actually prevents this by:
- limiting the size and frequency of withdrawals - only allowing special certified users to withdraw - charging high fees (even higher on withdrawals over $1m in size) - taking a long time to transfer funds
etc...they make it so that its not feasible
Jonathan Butler
Wasn't Bitmax insolvent a month ago with limited transfers and now they are fine
Nicholas Perez
Charles Ponzi actually had his system set up very similar to this
Lol do you have any idea the level of sheer panic that ANY negative bitfinex/tether news will cause?
Ayden Gomez
OH MY FUCKING GOD ITS TRUE BITFINEX IS DOING A FUCKING 1 BILLION DOLLAR ICO AS A LAST DITCH EFFORT TO COME UP WITH THE MONEY THEY DONT HAVE HOLY SHIT THIS IS FUCKING BAD
Lucas Price
WHEN MONEY IS SEIZED BY THE GOVERNMENT IT IS ---NEVER--- RETURNED
Leo Powell
You mean like the "sheer panic" over the recent negative news that caused a 2% drop?
WAKE THE FUCK UP RETARDS THIS IS THE CALM BEFORE THE STORM MARK MY FUCKING WORDS
Christopher Nguyen
Actually, the bitfinex/tether fiasco is a great thing.
Biggest fiat shitcoin will be exiting into crypto. How is this bad? People can easily migrate to another stablecoin if they want to, but most likely will buy real crypto.
Zachary King
Bitfinex is giving me Mt Gox vibes.
Kinda like back in the day when BTC was $900 on Mt gox and 650 everywhere else
Same thing now, BTC is $5500 at Bitfinex lmao
Angel Ramirez
So they hop into pax,tusd. I don’t think it will take a huge shit. People will just move into something else Again they can just move into something else
Carter Flores
It doesn't matter dude if bitfinex shits the bed crypto will tank hard short term
Benjamin Rogers
OP is going to get fucked shorting. cap this.
Jose Foster
why? Bitfinex is a small blip in total daily crypto volume.
Caleb Campbell
Move to Liquid.com
Fiat to crypto. No USDT
Wyatt Gutierrez
I commend your dubs but I still don’t get it. People will have to sell into Btc or switch to another stable coin. Unless they put their money back into fiat
Jaxson Wright
The total daily crypto volume is bullshit and bitfinex is a major exchange. Divide the total volume by 10 and that is the actual volume
Bentley King
It'll raise the price of BTC on exchanges that are isolated with usdt pairs but on real exchanges with Fiat pairs it won't move. Then people will be running for the door as BTC hits 100k on binance but it won't even matter because you can't sell there
>look mommy some random guy with a website made some numbers
Jose Reyes
>some fat retard with no job says that they'll back some bitcoin to the dollar with their amazing background in finance >other fat retards on the internet say 'sounds plausible time to put all my tendies money in'
And this is why cryptoretards deserve to lose everything. >muh random computer basement dwellers are geniuses because you can't into the property market or shares. >muh no regulation markets are the way to go and not a one way ticket to getting scammed
Lincoln Diaz
I'm sorry you shorted at $3k
Dominic Gutierrez
idiots deserve to be scammed crypto or otherwise
Leo Sullivan
Which chart is the good one? BTCUSD or BTCUSDT?
Juan Wood
>shorted crypto
I don't buy magic beans
There are more idiots in crypto who think ponzi schemes are less of a scam because you do it on a computer.
There's so much garbage from the perma-bears on this website.... given that, I've just converted my tether into fiat because I don't want take the risk. But if everyone just dumps their tether, isn't that the end of it? Bitfinex as an exchange dies off, tether is gone and everyone goes about their business. Maybe a small dip in bitcoin... maybe?? Let me be clear, I think there's a huge dump coming, but this dump has nothing to do with tether. I am a bear and I don't think we've seen the bottom.
...
The reason I'm saying all this is because I'd like to see how this tether dump is going to do anything more than deatroy tether.
>delusion Btc is what 10 years old? This market cycle will be longer than the last one. There's so much stupid money in this market that needs to be brushed off first. We're going to go up to $6k, back down to THE bottom (where ever that is)... and we're going sideways at the halfway mark between $6k and whatever the bottom is for 2 years until all the impatient faggots gets shaken off (probably something like $4,5k)
Eli Taylor
you don't need to look at his report to know that the majority of volume is fake, with random exchanges no one uses with having outrageously high volume
Nathaniel Campbell
>delusion how so? you basically explained the cycle set up in the chart i posted
James Torres
That happens when your well backed blockchain crypto is mixed with a generic stable fantasy shitcoin, your hard earned money got mixed too
Matthew Wood
its not just about the tether, tether going insolvent just makes the market A LOT less liquid so whales and exchanges can move the market harder than they already do. what we might see is those very whales dumping their btc in response to a bitfinex collapse
Jeremiah James
How much money do you think will exit the market if tether goes under?
Luke Cooper
The next parabolic run is years away
Daniel Robinson
we will finally go under 100b total mkcap
John Edwards
Why won't people just exit out before it goes under? Or are you saying they won't have the choice, and the price will nose dive as there is a mass exit? Just to be clear, my advice to people is to get out of tether asap.
