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bitfinexed is a conspiracy theorist.
This is just ad hominem. Either he's right or he's wrong.
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1. Tether has increased because of the crypto bubble, not the other way around. the crypto market is almost $250bn. That's a quarter trillion dollar. Yes, you read that right. Tether only holds $600m in assets.
The concept of "market cap" in Crypto is a goofy one. I addressed this in my initial post. To recap: the number of actual coins that are trading at any one time is minuscule compared to the number of coins in the "circulating supply". It only took 27 million $ in buys to pump Bitcoin's market cap up by several billion. Tether is almost unique in that every tether is actually being put on the market.
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2. It seems that Tether/Bitfinex are using bigger on-ramps ($50k+ deposits/withdrawals) to avoid getting flagged by the banking systems. Imagine having millions of small txs vs a few thousands of bigger ones.
This can't possibly be right. If Tether is really backed, they're moving around 600 million in assets. The idea that they can avoid "getting flagged" with that kind of money in their account is just silly.
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3. Bitfinex is not using Tether extensively.
Bitfinex IS tether. Same people, basically, or at least, very incestuous relationships. Phil Potter, for instance, is a director at Tether and an executive at Bitfinex.
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4. Tether biggest users are poloniex and bittrex. It is a red flag but I doubt it'll explode in an unlikable manner.
So it's likely that both major US altcoin exchanges will suffer hugely in the event tether is taken offline. Wonderful.
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5. Bitfinex is loaded. Their btc cold wallet is worth $1.4bn. At some days they handled over $1bn in volume. You bet your ass the big banks and players are trading there (ie: goldman sachs). And I'm not going to prove that particular one.
You're not going to prove it because you CAN'T prove that goldman sachs is trading on Bitfinex. Bitfinex allows
wash trading which means that the "volume" numbers for the exchange are meaningless. Anyone can buy and sell to themselves, paying only a tiny amount of exchange fees, (And if it's Bitfinex themselves wash trading, obviously it costs them nothing since they're paying the fees to themselves) and thus pump up the volume numbers.
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The key question as always: is there a reason why this looks set to blow open imminently? If not, we could be talking months or years.
Hugely increased attention. At the start this was one lone guy crying in the wilderness, now the news is everywhere.