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 KRW - South Korean Won rates, news, and tools

KRW - South Korean Won rates, news, and tools

Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to korea [link] [comments]

Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to travel [link] [comments]

I hope is useful https://coinyep.com/ #forex #exchange #travel #price #currency #fiatcurrency #price #usd #usdollar #euro #eur #gbp #yuan #australiandollar #pound #sterling #japaneseyen #yen #jpy #krw #koreanwon #aud #cny

I hope is useful https://coinyep.com/ #forex #exchange #travel #price #currency #fiatcurrency #price #usd #usdollar #euro #eur #gbp #yuan #australiandollar #pound #sterling #japaneseyen #yen #jpy #krw #koreanwon #aud #cny submitted by narghat to coinyep [link] [comments]

USD/KRW forex

So the BOK just announced that they will keep the 1.5% rate.
Any armchair analysts want to chime in and give their two cents on the implications to the USD/KRW rate? Right now 1 USD is 1,214 KRW, which is pretty much at an all time high, bar financial crisis time.
Do you think the won will get weaker or normalize soon?
submitted by huushuur to korea [link] [comments]

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submitted by GiuliettaShop to Popify [link] [comments]

Korean won performs worst among major currencies against US dollar

Korean won performs worst among major currencies against US dollar submitted by alexaclova to korea [link] [comments]

The Mechanics of OTIUM Luxury’s OLX Token and Its Lush Offerings

The advent of Bitcoin with the utilization of distributed ledger technology- blockchain, had seen the growth and development of blockchain technology into not just a buzzword or technical jargon, but a technology of epic proportions as it is a modern means of payment through cryptocurrency, which flourishes exponentially with each fiscal year. Various attempts are being made to utilize blockchain technology throughout the financial and economic industries, focusing on smart contracts and decentralized distributed ledger technology. While cryptocurrency is still a relatively promising disposition, it is still very much subject to human-adoption for everyday use; so much so, in fact, OTIUM Luxury is trying to tap into the luxury lifestyle markets with its upcoming token and a host of luxury-based products, services and projects.
It is expected to make a big change. However, unlike the development of blockchain technology, cryptocurrency is still in place. The result of Existing ICO (Initial Coin Offering) mostly turned to be the failure from the lack of preparation as they failed to meet the business proceedings and results which was promised by the ICO after raising funds; thus, this has caused massive financial losses to the ICO investors.
To prevent such project failures and investment losses, OTIUM have completed all related preparations to immediately initiate major business portfolios with aims of achieving genuine, profitable results upon listing OLX tokens. OLX token holders can use OLX tokens for various practical purposes, and some of the revenue generated from the OLX token business will be reinvested into the business development growth to increase the value of OLX tokens.
OTIUM Luxury, under the leadership of its charismatic CEO – Kim Kwang Min, who happens to be the founder and CEO of KERI – the Kim Economic Research Institute in Sejong, South Korea, is South-Korea’s premier luxury brand of malls, products and fintech investment services that prioritises real-economy ecosystem for luxury goods, shopping malls, hotels and other upscale lifestyle amenities. With Kim’s leadership backed by a reputable team of serial entrepreneurs, tech-developers, financial experts and advisors, the OTIUM Luxury stable is now a prominent force to be reckon with in the FinTech industry, as their incubation project produced the acclaimed OLX Coin token.
About OLX Coin token
The OLX Coin is an ERC20 standard token based on the Ethereum blockchain that is issued by Otium. OLX is an innovative digital asset project conceptualized through offline entity support to create a real-economy ecosystem for luxury goods, shopping malls, hotels and other upscale lifestyle amenities. The main utility and aspects of the OLX token is to be used as a form of digital payment currency across East-Asia (Korea, Hong Kong, Singapore) and for cryptocurrency exchange, having being listed with a trading pair in KeriFX, a Futures Exchange forex trading company and research institution in South Korea.
KEY OLX Coin Features
  1. Mobile Payment Service
  2. FX & CFD Trading Service
  3. Smart Contract Based Investment
1. Mobile Payment Service
OLX simplifies the complex payment network and payment structure to provide more opportunities for merchants and customers. Deploying blockchain technology to implement mobile payment services reduces payment processing time and payment fees by replacing the payment agency channels, which was necessary in the existing payment process. The reduction of unnecessary adhoc fees enables merchants to provide more value-added services and better-quality products to their customers, and thus a higher profit margin for merchants themselves. Customers will benefit from savings and obtain more satisfaction this way getting their moneys’ worth without suffering below-par quality of products and services. If a blockchain-based payment service that utilizes OLX tokens is implemented, customers will be able to use OLX tokens for payment of purchases in addition to the existing fiat currencies. OLX tokens will also provide stable usage of OLX tokens through partnerships with global distribution channels, online and offline stores in various countries.
2. Fx & CFD exchange
OLX has signed a platform and liquidity supply agreement with B2BROKER, the world’s third largest FX Liquidity provider by liquidity supply, in June 2019, to utilize OLX tokens as a key currency in FX Margin trades. KERI Limited Hong Kong Corporation, OTIUM’s FX and CFD Exchange, has been established and developed to offer FX Margin trading and CFD trading of cryptocurrencies and futures using OLX tokens.
In addition, 30 billion OLX tokens will be available for rental to major customers who wish to trade FX and CFD at the lowest fee, activating the use of OLX tokens, and 40% of the related profits will be returned to the benefit of OLX token users.
3. Smart Contract based investment
There are two ways to increase the value of OLX tokens:
The first, is an increase in value as OLX tokens will be needed and utilized for various products and services. The Luxury Brands business is the company’s main business criteria that has been operating before, so stable OLX tokens payment service is possible. With regards to FX & CFD trading services, the financial hedge fund business and real estate alternative investment business commences in 2020, making it the largest growth model of the OLX token ecosystem that would increase the value of OLX tokens. OLX already have a global group of financial investment professionals and real estate experts and will continue increasing the value of the OLX token and expand the OLX The second phase is to increase the value of the company. The businesses that OTIUM are focusing on is FX & CFD Exchange, Hedge funds, Real estate, Entertainment, and IT that can apply blockchain smart contract technology will be the prime industries that we will be focusing in. OTIUM constantly looks for real estate investment opportunities in mature markets such as South Korea and Japan in East Asia, while exploring real estate investment opportunities that can expect significant value increases in emerging markets in Southeast Asia.
OTIUM have already verified all achievements and perspectives as a real estate alternative investment expert through partnerships, etc., and combined their capabilities with blockchain smart contracts to condition clauses that require mutual confirmation in real estate contracts, etc.
OLX coin users get the opportunity to make money using the best FX margin trading of 5 trillion a day, conveniently purchase luxury goods through OLX tokens, and join the highest yielding financial and real estate funds with OLX tokens. This is because the core of OTIUM’s goal is the continuous rise in real life use, the creation of real-economy and maintain/increase the value of OLX tokens.
Additionally, OTIUM also plans to provide such services that rent can be automatically paid in OLX tokens through Smart Contracts.
TOKEN UTILIZATION UPDATE On February 1, 2019, OLX Coin signed an MOA with Otium Luxury Goods Store (K-Village Co., Ltd.).
What this means is that you can now pay with OLX Coin directly at Otium Luxury Goods Stores at Sejong Branch and Jeonju Innovation Branch, and various events are provided to users purchasing with OLX Coin.
OTIUM LUXURY MALLS INFO In particular, Otium Luxury Brands Mall is located at 46 Galsan-ro, Iseo-myeon, Wanju-gun, Jeollabuk-do, Korea, while Otium Luxury Brands Mall Sejong is located at 22, Wonang 1-gil, Bugang-myeon, Sejong Special Self-Governing City, Korea. Further plans in the pipeline included opening the largest luxury mall in 31, Sejong headquarters, followed by Otium Luxury Brands Mall in Hong Kong and Singapore by the first quarter of 2020. The online Otium Luxury Brands Mall will be set to launch in the second quarter of 2020.
To provide OLX token users with the convenience of purchasing luxury goods, the token value and pegging mechanism is set to support an equivalent exchange of OLX tokens 1: 1 with OBC (10 KRW) points. Through this OLX will fulfil the responsibilities and pledge as a token-issuer, laying the foundation for solidifying the value of OLX tokens.
In the future, if the demand of OLX token holders is met, the Company will expand the Otium luxury-hall to secure user convenience of OLX token holders anywhere in the world, and will continue to expand the mobile payment service through the partnership.
www.otiumluxury.com
submitted by otiumluxuryOLX to u/otiumluxuryOLX [link] [comments]

Forex Trading while in Korea

Hi guys this is a bit of niche question but I wonder if anyone has doing Forex trading while in Korea and if so what broker did you use, etc? Some of the larger brokers don't accept KRW deposits etc so I'm just asking around. Thanks!
submitted by _seoulite_ to korea [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
submitted by bhdgsetyf to CryptoCurrency [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
submitted by bhdgsetyf to btc [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
submitted by bhdgsetyf to ethtrader [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
submitted by cryptomoonlambo to Bitcoin [link] [comments]

NUPay — : The New Crypto Payment Platform

NUPay — : The New Crypto Payment Platform

https://preview.redd.it/nndubm25z5431.jpg?width=640&format=pjpg&auto=webp&s=feaf13dfc42676a8a9bc85d15644af0801746438
Innovation has prompted a large group of financial and business offerings on the web however in any case, the effect of disconnected modern retailing remains decisive on the money related economy. Despite the creating amount of Fintech startups and E-commerce outlet, offline substantial shop in any case symbolize a huge lump of worldwide sales and this over-dependence on real keep for payments and business offerings can without issues be ascribed to issues with the reachable online charge portals which comprise of unreasonable expense of progress of currency, absence of check channels, poor inheritance/remunerate system, centralization, geological disadvantage e.t.c. The Advent of cryptocurrency has proposed an as an option more noteworthy efficient methods for rendering E-business offerings fueled by method for the blockchain however all things considered, most cryptocurrency value projects have flopped in giving over reliable services to encourage the appropriation of cryptocurrencies as a steady ability of charge in both on the web and disconnected retail/business condition.
NUPay is a platform which looks to saddle the adequacy of the retail market with the guide of associating traders, shops and clients together by method for an infrastructure which will both rouse the use of cryptocurrency expense determinations and fill in as a benefit sharing scene for all pall people worried in exchanges. Appropriation of cryptocurrency is becoming even with the decay of the market valuation, organizations and administrations of the world are dynamically forcing blockchain infrastructure or utilizing the currency to expand charge execution. NUPay tries to fill in as that an extraordinary arrangement required one-stop financial answer that will now not simply offer cryptocurrency charge anyway moreover make a simple portal to spend different charge choices to be specific: present cards, vouchers, compensate focuses e.t.c for installment for things and services all through severa on-line and disconnected stores with the guide of both immediate and diagonal partnership.
Uniqueness Of NUPay NUPay tries to make its value offerings promptly available by methods for Web platform and Apps which will verify that each buyer of the net can get admission to and utilize value services in a hurry. The Apps will moreover be incorporated with a QR peruser and standardized identification scanners in order to serve the wants of uncommon level of clients on the platform. NUPay card is moreover every other purchaser comfort supplier that is being considered for usage on the platform.
The NUPay Payment platform is intended to encourage the utilization of cryptocurrencies, for example, the local currency TPCT, BTC, ETH, and XRP also fiat currency, remunerate focuses and present playing cards for repayments in both on the web and disconnected outlets. The platform is furthermore intended to empower communication among retailers and clients, increment effort and acknowledgment of vendors by client organization services. Dealers and associations on the platform can take conveyance of installment from (clients) in cryptocurrency or other value alternatives and get it changed into fiat currency flawlessly. Clients are never again forgotten; a 2% reward of the sum spent (paying little mind to the value option chose) on the platform is offered back to Users of the platform in the structure of TPCT token.

https://preview.redd.it/rqz0y83bz5431.png?width=640&format=png&auto=webp&s=6f127918bece073b7f00a38497eb924e86465028
TPCT as the NUPay's platform token function as a mechanism of exchange and a spare of cost which can be spent and gathered, credited, amassed by means of the NUPay Platform. Nupay is a decentralized change advertise region built on the blockchain which objectives to assist clients with monetizing their things and offerings while additionally giving them full power over their services. The Nupay is a marketplace the spot clients can set up their property available to be purchased in change for TPCT tokens on the system. The TPCT tokens serves to tokenize the clients offerings on this platform and clients can get their favored needs for a careful measure of TPCT tokens equivalent in incentive to the clients acquired. Nupay as a market unites owners and clients in a by and large recipient course of action. The Nupay community guarantees that asset are claimed first and principle by their makers who would then be able to make sense of to give out these forex in change for a reward and the Nupay system makes this very advantageous with the assistance of the token which is utilized as a capability of exchange on the system.

https://preview.redd.it/h18x6c9ez5431.jpg?width=640&format=pjpg&auto=webp&s=7b053af4786a40569cd28696735a2aadc752452e
Nupay is a blockchain ecosystem that objectives to determine the issue of cryptocurrency ease of use in the crypto space. With TPCT, you would now be able to make cost for things and offerings the utilization of your cryptocurrencies with the assistance of the Nupay organize. The mix of the TPCT card, and the TPCT exchange makes transformation of crypto assets into fiat so easy so as to encourage on line exchanges through clients.
Customers would pay for their goods in store by using NUPay system, their transaction would go throug CPDAX exchange and seller would get a cash on his terminal account! I think it is a really easy and comfortable way to all of the deal participants. CPDAX(Coinplug exchange) is a well-known Korean cryptocurrency exchange which working with all necessary regulation rules and totally works in the legal laws of the goverment. It has a lot of KRW pairs and is an strong worlds cryptocurrency market player. Project is gaining momentum, i think team announce more news about global IEO soon and it will be a real explosion guys! Keep tracking on NUPAy, join social media and telegram group and stay tuned!
LINK :
NUPay website: https://www.nupaymentalliance.com/ TPCT website: https://www.tpct.io/ Medium: https://medium.com/nupay. Whitepaper: http://tpct.io/filedownload_white.php?lang=en Twitter: https://twitter.com/NUPayTeam Facebook: https://www.facebook.com/NUPayKorea/ Tg EN: https://t.me/NUPay_English_Comm Tg KR: https://t.me/NUPay_Korean_Community
Yucco 0xd56453aa6cdcEd996cB2A116a50C388ef019f3da
submitted by lanangjayaz to ICOAnalysis [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
submitted by bhdgsetyf to CryptoMarkets [link] [comments]

NEBULA CRYPTO EXCHANGE, CHECK IT OUT GUYS

BACKGROUND INFORMATION
The advancement in Blockchain technology has sprout the interest of many people in crypto currency, this has created the need for more user friendly crypto exchanges where investors can trade their coin/token seamlessly. Crypto currencies exchange is the widest platform to buy and sell coins and although exchanges constantly evolve and improve, there are challenges and problems that must be critically looked into. It is against this backdrop I deem it fit to review Nebula Crypto Exchange project.
WHAT IS NEBULA?
Nеbulа is a сrурtосurrеnсу еxсhаngе whісh targets at рrоvіding support fоr сrурtосurrеnсіеѕ that struggle tо fіnd affordable listing, the aim of the Nebula Team is to bring value and pave way to small Cryptocurrency to get listed whісh mоѕt renowned еxсhаngеѕ have оvеrlооkеd in the раѕt twо уеаrѕ and rejected their offer of been listed. Nеbulа also allows uѕеrѕ and trаdеrѕ tо rаtе projects wіth a rерutаtіоn ѕуѕtеm, similar to how рrоduсtѕ аrе rаtеd оn e-commerce рlаtfоrmѕ lіkе Amаzоn It offers industry-leading ѕаfеtу features to еnѕurе thе ѕаfеtу of the uѕеrѕ fund.
The Nebula platform will also offfеrѕ аn іntеrеѕtіng rating ѕуѕtеm to gеt feedback frоm uѕеrѕ whісh works into thеіr reputation system. This creates аn еxсіtіng есоlоgісаl ѕуѕtеm for tokens where mеmbеrѕ share their оріnіоnѕ аnd еаrn points for ѕuсh соmmunіtу соntrіbutіоnѕ. Add tо thаt the large numbеr оf tokens аvаіlаblе and hіgh lеvеrаgе for mаrgіn trеаdіng, іt is little wonder thаt people аrе intrigued by thіѕ prospect. Nеbulа also оffеrѕ еxсіtіng rаtіng and regulation systems fоr tokens аllоwіng mеmbеrѕ tо ѕhаrе their оріnіоnѕ on thе latest token оffеrіngѕ and earn роіntѕ fоr соmmunіtу соntrіbutіоnѕ. This unique rаtіng ѕуѕtеm, along wіth other fеаturеѕ, are hіghlу аntісіраtеd tо be ѕuссеѕѕful and to progress wоrthу and lеgіtіmаtе рrоjесtѕ.
WHY IS NEBULA EXCHANGE UNIQUE?
Swift transaction with less charges
Margin trading
Fund is highly secured
Trading of security token will be possible
Very responsive support team
Incentives for referral, etc
PROBLEMS OF EXISTING TRADITIONAL CRYPTO EXCHANGE
When trading cryptocurrency, traders often faced with numerous challenges, below are some of the problems;
  1. Transaction Delays: A common complaint of cryptocurrency trading is the delays in almost every transaction. Most platforms are slow to use, all the way from registering an account to making a sale. Most trades need to be mined for a trade to go through, which raises costs for people even higher, on top of the commissions the platforms make to stay in business. As more individuals join the blockchain, it gets slower, and exchanges are regularly stuck in the line sitting tight for endorsement. This at that point means speculators and makes the entire procedure troublesome and unrewarding for each dealer.
  2. Price Manipulation: Another name for price control is purchase dividers and offer dividers, which are begun by a gathering of people in the crypto showcase, alluded to as whales. In crypto exchanging, price control is the main source of the unpredictability of crypto markets. New financial specialists dependably appear to be on the wrong end of this movement. Numerous unpracticed individuals won't have the capacity to peruse the indications of the purchase divider, and rather, consider it to be a positive cost. Driven by obliviousness and defective rationale, numerous will imagine that the cost will expand, so they race to purchase. Lamentably, this inevitably prompts more weight on little time financial specialists, who think that its difficult to enter the market at a particular value run. While the whales, or huge speculators, can do the control of the market without spending excessively cash. At the point when the price moves in a whale's support, the whale would then be able to move their position and move the value run once more.
  3. Forex And Binary: the issue of Forex and Binary choices. At the present minute, numerous Forex organizations like EToro and FXPro have recorded crypto exchanging as a possibility for their stages. These crypto postings regularly accompany a get rich speedy mindset that draws a great many unpracticed financial specialists, who at that point wind up losing the majority of their cash inside minutes. Sadly, most forex merchants neglect to comprehend that forex financiers don't take into account the open market. Rather, they go after the benefits of clueless speculators, who utilize them as counterparty. While a few merchants trust that administrations manage the Forex advertise, regularly they overlook that the controller basically tosses in a disclaimer, which adds up to simply only a couple of expressions of caution.
  4. Fake News: Fake news is an extreme issue for cryptographic forms of money, as these stories can be grabbed by editors in online networking channels and dispersed to a colossal gathering of people. Regularly, these stories are not reality checked and may even contain purposeful mistakes to influence the general's sentiment about a specific kind of coin.
  5. Lack of liquidity: is pushing volatility One of the biggest problems facing cryptocurrency exchanges is an endemic lack of liquidity. The lack of liquidity, in turn, makes it hard for traders and investors to exit the market at profitable prices. When trading cryptocurrency, traders often have to up their sale and wait for the order to be filled. However, the fact that many exchanges don’t have a reserve pool means that traders must wait until there’s a willing buyer on the network before their order is filled. Hence, many traders often find themselves trapped in the market beyond the timing of their exit signal.
PROJECT ROADMAP
The project will follow a timeline, it is the desire of the team that all aspect of the roadmap is actualize at the state time frame.
PHASE ONE: Q4 2017 -project launch.
PHASE TWO: Q1 2018 -web and mobile platform completion. -new website. -private beta.
PHASE THREE: Q2 2018 -web and mobile platfrom launch. -pairings with ETH, USDT and EURT. -ICO.
PHASE FOUR: Q3 2018. -listing of NESC tokens. -pairings with BTC. -expansion to non-ERC20 currencies. -listing of security tokens.
PHASE FIVE: Q4 2018 -mobile app launch on android. -pairings with KRW, JPY.
TOKEN AND ICO DETAILS
The token sale is ongoing with percentage bonus for early purchase, fund generated during the crowdsale will be used for development of the platform for smooth runnings. Find the details of the ICO below;
Token Name: Nebula
Token Ticker: NESC
Token Price: USD 0.40
Private Pre-Sale Soft Cap: USD 500,000
Public Sale Hard Cap: USD 20,000,000
Upper Cap on Total Tokens generated: 100,000,000
Kindly visit the website below for more information about this amazing project;
Website here >>> https://nebula.exchange/
WRITER'S BITCOINTALK Username: Elachious123
submitted by Elachious to IcoInvestor [link] [comments]

BRIEF INFO ABOUT BUMO

BRIEF INFO ABOUT BUMO
Bumo is the solution to all the aforementioned problems, which today, with all "the boom", the blockchain technology still faces. The idea is to focus on providing users with a simple and scalable way to enter this crypto-world. All types of businesses have the potential to be "tokenizable" and BUMO understands this, which is why it offers a platform that allows anyone to create solid digital assets, a database that grows organically and advanced technological tools that guarantee the successful development of any business.

https://preview.redd.it/kvyd05tk8i521.png?width=640&format=png&auto=webp&s=f7b067bfa695e73bb7fd485eb0235e8ded259057
The most important thing for BUMO is to consolidate a ubiquitous network that has the confidence of all those who use it. The power and value of the information circulating on the Internet are thanks to those who share it (you and me). For this reason, the construction of the BUMO network belongs to all of us. Scenarios will be provided in which the community can participate, reach consensus and interconnect to achieve objectives.

BUMO Markets

1 📷 Hotbit BU/ETH 2 📷 Hotbit BU/BTC 3 📷 Gate.io BU/USDT 4 📷 Gate.io BU/ETH 5 📷 Bibox BU/ETH 6 📷 CPDAX BU/KRW 7 📷 Kucoin BU/ETH 8 📷 Bibox BU/USDT 9 📷 Bibox BU/BTC 10 📷 Gate.io BU/BTC 11 📷 Kucoin BU/BTC 12 📷 Bibox BU/BIX 13 📷 BitForex BU/ETH 14 📷 BitForex BU/USDT 15 📷 CoinBene BU/ETH
submitted by 1xratedx to altcoin_news [link] [comments]

EXCHANGES TO BUY BUMO

BUMO EXCANGES
1 📷 Hotbit BU/ETH2 📷 Hotbit BU/BTC3 📷 Gate.io BU/USDT4 📷 Gate.io BU/ETH5 📷 Bibox BU/ETH6 📷 CPDAX BU/KRW7 📷 Kucoin BU/ETH8 📷 Bibox BU/USDT9 📷 Bibox BU/BTC10 📷 Gate.io BU/BTC11 📷 Kucoin BU/BTC12 📷 Bibox BU/BIX13 📷 BitForex BU/ETH14 📷 BitForex BU/USDT15 📷 CoinBene BU/ETH
submitted by 1xratedx to altcoin_critique [link] [comments]

Forex and Bitcoin Volume Comparison and Political Implications

Follow the Money. Interesting that out of the top 8 Bitcoin traded countries/currency only 4 (USD, JPY, EURO and GBD) are in the top 8 Forex pairings. The others are minor currencies. (Top 8 Bitcoin by Volume are : USD, JPY, EURO, GBD, KRW, PLN, TRY, RUB/RUR)
Top 8 Forex crosses are:
EuUSD
USD/JPY
GBD/USD
AUD/USD
USD/CHF
USD/CAD
EUJPY
EUCHF
Based upon this we can conclude that in Korea, Poland, Russia and Turkey there is a feeling of unrest among those with discretionary cash. Why put them in bitcoin if you feel secure? Are tariffs, sanctions, internal unrest reasons? Follow the money and your questions will be answered.
submitted by profblockchaindfw to Bitcoin [link] [comments]

Turkish Unrest and Bitcoin Volume=Regime Troubles

Citizens when they are witness to economic unrest in their own countries usually begin to buy foreign currency and keep it in reserve against the devaluation of their own currency. This is normal during troubled times, and we were beginning to see the same thing occurring in Turkey. However, Erdogan thisa number of weeks ago called for all Turkish citizens to sell their foreign currencies to prop up the Lira. This sort of a call is usually code for “we are going to confiscate your money when we find it” so you better sell it now, as well as a tacit admission that the Lira’s value is in serious trouble. Thus, the economy as well.
In my opinion due to the tacit threat of monetary confiscation we are now seeing a flight to bitcoin and this is also a clue to the unrest that Erdogan is dealing with. Why is this problematic? Since Turkey can’t confiscate currency that is online and untraceable. We can see the flight to Bitcoin by comparing Forex crosses against bitcoin volume.
In this light we can see a trend whereby that out of the top 8 Bitcoin traded countries/currency (USD, JPY, EURO, GBD, KRW, PLN, TRY, RUB/RUR) only 4 (USD, JPY, EURO and GBD) are in the top 8 Forex pairings. The others are minor currencies.
The Top 8 Forex crosses are:
EUUSD 37% of total volume
USD/JPY 13% of total volume
GBD/USD 12% of total volume
AUD/USD 6% of total volume
USD/CHF 5% of total volume
USD/CAD 4% of total volume
EUJPY 2% of total volume
EUCHF 2 % of total volume
Based upon the comparison between the Bitcoin and Forex Volume we can conclude that there is a feeling of unrest in Korea, Poland, Russia and Turkey. Why put discretionary cash in bitcoin if you feel secure! Add to this the protests, negative economic indicators and international isolation and we can conclude that Turkey is ripe for unrest and the citizens wanting regime change. This does not mean that they will succeed as Erdogan controls the military. However, as we have seen in the past (example the revolution in Egypt) once the upper echelon of the army personally starts to feel the economic results of its leaders’ policies and the people start to demand change, the military almost always sides with the people for their own self-preservation and the betterment of the country they serve.
submitted by profblockchaindfw to economy [link] [comments]

Follow the Money: How a Comparison between Bitcoin and Forex Volume serves as a bellwether for political unrest.

Follow the Money. Interesting that out of the top 8 Bitcoin traded countries/currency (USD, JPY, EURO, KRW, GBD, PLN, TRY, RUB/RUR) only 4 (USD, JPY, EURO and GBD) are in the top 8 Forex pairings. The others are minor currencies.
Top 8 Forex crosses are:
EuUSD
USD/JPY
GBD/USD
AUD/USD
USD/CHF
USD/CAD
EUJPY
EUCHF
Based upon the comparison between the Bitcoin and Forex Volume we can conclude that in Korea, Poland, Russia and Turkey (numbers 4, 6, 7 and 8 on bitcoin chart) there is a feeling of unrest among those with discretionary cash. Why put discretionary cash in bitcoin if you feel secure? Are tariffs, sanctions, internal unrest reasons? Follow the money and your questions will be answered.
submitted by profblockchaindfw to economy [link] [comments]

[uncensored-r/Bitcoin] The truth about Bitfinex and Tether...

The following post by cryptomoonlambo is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
reddit: /Bitcoin/comments/6ypy58
The original post's content was as follows:
EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. ?
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD? into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

www.youtube.com When bored♡Coin cleaning 19-1 - YouTube Some Of Forex Market Hours Clock Live- Which Market Is ... Throwing Garbage - YouTube Lesson 6.1: What is swap in forex trading? - YouTube

Korean Won (KRW) Forex Price Quotes. The Forex Metals Rates page contains cross-rates for different precious metals. The Forex Metals Rates page is updated throughout the trading day with new price information, as indicated by a "flash" on the fields with new data. Forex prices are delayed 10 minutes, per exchange rules, and trade times are ... USD/KRW has broken below its key uptrend from 2018 to reinforce the downside pressure. Economists at Credit Suisse expects the pair to fall towards the year lows around 1150. Key quotes “The downfall in USD/KRW has resumed as expected, finally breaking clearly below the March 2018 uptrend to mark another important breakdown. The South Korean Won is the currency of Korea (South). Our currency rankings show that the most popular Korea (South) Won exchange rate is the USD to KRW rate. The currency code for Won is KRW, and the currency symbol is ₩. Below, you'll find South Korean Won rates and a currency converter. South Korea Won USD KRW currency real time won dollar based forex rates won fx charts korean news won trading korean won forecast won interbank fx movements. Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.

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