Bitcoin Market Manipulation Exposed – Bitfinex / Tether Implicated in New York Times Report



Bitfinex and Tether have been implicated in market manipulation by an article in The New York Times citing a recent report, further stoking fears that what many …

37 Comments

  1. Been watching the Bitfinex cold wallet and tether wallet since Bitcoin hit $5850 or so yesterday. In the last 24 hours, Bitfinex has been doing nothing but buying bitcoin and filling up their wallet, and spending tether. Their balance of tether went down from ~$36M to $620k. I went to sleep when bitcoin was roughly $5850, woke up a few hours later, they'd blown $20M+ in tether and bitcoin had moved up $300. They have 620k left, their CSO just resigned, bitcoin clearly wants to move down to $4,000, but it appears as though Bitfinex won't let it. If this is the case then it seems as though Bitfinex is growing more and more desperate, I mean honestly, who would genuinely think given the new low in the price of bitcoin, and it's price action since December, that it's bottomed out now? Yet if my theory is correct, that's exactly what Bitfinex is trying to scam the world into believing.

  2. Bitcoin has been manipulated from the start not an unknown fact.
    Edit: Also a guy knew a guy who knew another guy and made a youtube vid about getting rich with Crypto. Yeah sure. Claims is all they are.

  3. Unlike Societe Generale Tether does not have a Broker Dealer Securities Licenses, money transmitter license, or banking license at risk for refusal to comply with US demands for transparency. No one will ever have definitive proof about Tether because Tether Holdings is based in British Virgin Islands which is known for confidentiality of their offshore accounts, safe havens for international business companies owned by non-residents, not having to register public records, a governments that does not want to know or care who the directors and shareholders of companies are and does not prosecute foreign crimes which are not crimes in the British Virgin Islands.
    Unlike with Societe Generale the US can not go the " money laundering / terrorism financing" route because verification isn't required on Bitfinex so they don't know if an Iranian is trading BTC for Tether and even if they did know there is no US Virgin Island Law requiring them to disclose who is trading what on Bitfinex to the US.
    Tether is a PERMANENT 2.5 billion (and growing) dollar Ponzi (Second to Satoshi Nakamoto himself) That will keep institutions from putting major money in crypto.

  4. Why is Tether or similar even necessary? I know the reasons for its development, but investors in Crypto who want to jump in & out of the market so frequently, are for the most part day traders, or trading bots/algorithms. This type of trading does little (if any) good for the market, and adds a hole bunch of volatility and reduces stability.  These types of traders are not believers in the technology or projects, and actually prefer volatility since that's where/how most money is made (by day and short term trading). IMO, Tether and these fiat equivalents exist primarily so these types can continuously milk the markets. For those that believe in both cryptos and Blockchain and want to get out of their alts for whatever reason can just sell into BTC (or even ETH, LTC) and then sell their BTC for fiat. There is really no need for Tether or so-called fiat equivalents… Stay in fiat or crypto, or jump between those two, i'ts that simple!

  5. Kind of a big deal!!?!
    Theoretically, we can just keep funds out of USDT and hope, if you use Binance, they will eventually switch to TUSD for a default when anything goes wrong on Binance? Anything we can do to sway Binance to make such an action ASAP? Then again NY Times at times, are the biggest full of shit newspaper in the US!!

  6. Tether is a scam stable coin.
    I closed my Bitfinex account in december, and i'm not trading with tether since november.

    I hope those assholes end up in prison.

  7. How much in dollar reserves would be enough for tether to be sufficiently backed?

    I know that many banks and financial institutions are leveraged at 1:20 or more. Yet we still expect tether to run at a 1:1 standard.

    I'm not saying that tether isn't dodgy, because I just don't know. I'm just wondering why we expect them to run at 1:1 leverage, when mainstream finance runs at at least 1:20.
    https://www.adamsmith.org/average-leverage-ratio/

  8. can u tell me how is it that tether can crash the market? Suppose that everybody wants to get rid of their tether, everybody would buy into bitcoin no matter the price, this in turn would make the bitcoin price skyrocket, am I missing something here?

  9. Time for transparency & clean out of the crypto 'g a m e r s'. You know, those greedy ones that are in it for the 'game' of it. * 'A gamer is a devoted player of electronic games, especially on machines especially designed for such games and, in a more recent trend, over the Internet' *  HMMMM…

  10. Hi there. I'm not sure about this. When the btc price went down, people, institutions, would buy tether in order to purchase btc. It is called buy the dip. Normal. The major exchanges did not accept fiat, so that was the way to go.
    As to auditing, why should they have to show which banks they dealt with? I mean, such a bank would be the focus of attack from the entire banking industry, and sure the industry would find something to destroy any bank they wanted, given the absurd amount and complexity of regulations.
    The subpena is not something that hasn't been sent to hundreds of firms and ICOs. Singling it out as major indication of malfesance is not nice. If it seems ok because of other supposed evidence, then we have to see if there is indeed sound evidence that, say, Binance is aware thst usdt is a scam, or that investors do not use fiat to buy tether to buy btc when the price of btc would drop during the hype.
    Never been a fan of tether, but not at all sute they did something wrong. If exchanges had access to the info or else have systemmatically tested their ability to redeem tether, I don't know, but I am reluctant to assume that they are all idiots.
    Interested to know your thoughts on this.

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