1 year account age. As I said in my reply further down, there is no such thing as an audit where they look at just the amount in an account. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 I see nothing wrong with what Phil says and no proof of anything in the video. You guys seem to forget that the real world moves a little bit slower than crypto. [â]djgrazzy 0 points1 point2 points 3 years ago (0 children). Bitfinex’s parent company owns a 20% stake in Tether. 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. REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED. Submissions that are mostly about some other cryptocurrency belong elsewhere. Spoofing is a disruptive algorithmic trading entity employed by traders to outpace other market participants and to manipulate commodity markets. No-one who lost BTC in the hack had any chance to recoup their loses in full. They did, but some people are mad because they sold BFX early and didnât recoup full $ amount from haircuts, but that was their decision. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. Listen to that audio in the second link, listen carefully. If the whole number of dollars doesn't match the whole number of tethers, they have to account for the difference, no matter how many decimal places the difference has. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). No one can access their own money and no one can buy/sell. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. These exchanges (Trex, Finex, Polo) are printing money. Tether’s business model is this: After 5 min of research I found the tether rep on reddit and his post history was full of debunking the supposed fraud. In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. You seem to rely on Polo/Trex due diligence, but it's the people holding USDT that would stand to lose if it were to go to $0 as you've made clear that the "exchanges and investors" could get out of USDT quickly. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. I have never ventured out that far... one day... one day on a randomevening. Iâve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. r/Ethfinance In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. just not in large sums, but I would if I had large sums. Crypto exchange Bitfinex and its sister firm, stablecoin issuer Tether, have again been accused of working to manipulate the bitcoin markets. Now, imagine an audit is being done on something that 90% of people in the financial industry don't even understand. I work in audit and have no idea how I'd test a revenue stream that is basically a pyramid scheme. Obviously not the case here but hold your fucking horses people. r/GPUmining. Now for some troubling info, the majority of this narrative (FUD??) Can you please put that in less than 12 words? It's good, I recommend. An Audit will come by the end of this year, a proper audit from a reputable NY firm. We do not guarantee any right of redemption or exchange of Tethers by us for money. Most people when they trip take 2-3 hits. but if their premises are wrong⦠it renders their conclusions equally wrong. https://imgur.com/a/274SE. After settling the issue of whether Tether was neither a commodity a security they addressed the argument by Bitfinex that the New York Supreme Court lacked personal jurisdiction. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They released the balance sheets from before they had banking issues, what a coincidence... [–]udecker 0 points1 point2 points 3 years ago (5 children). [–]Regulater86Bronze 0 points1 point2 points 3 years ago (0 children). [–]AgregiouslyTall 0 points1 point2 points 3 years ago (1 child). Spoofers bid or offer with intent to cancel before the orders are filled. (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). r/BitcoinMining If Tether can't be converted into USD why do people think it has any actual value. [â]udecker 28 points29 points30 points 3 years ago (1 child). The panic you are experiencing now is exactly why you wouldnt have held bitcoin if you bought it at a dollar. Listen to that audio in the second link, listen carefully. What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex. Here is what this person doesnât comprehend, what if these institutional investors are⦠you ready⦠here it comes⦠other exchanges that use Tether, as well as other crypto related businesses. With Bitcoin, you can be your own bank. 1. People with large amounts of money move markets, oh the horror. here on Reddit in the last month come from just three accounts. [–]uberduger 0 points1 point2 points 3 years ago (1 child). I agree and they say they have hired a reputable NY law firm and will be doing just that in a few weeks or months when the auditors are done. Fact of the matter, you all could be right that they are scamming but until the audit is complete everyone is just guessing so stop. You realize audits can take years even when things are in order, right? Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Iâve personally spoken to the several names listed above, and although they are extremely aggressive, they (apparently) honestly believe theyâve uncovered something hideous and evil lurking underneath the Tether covers. Bitfinex Tether Bitcoin Manipulation: Bitfinex is a leading and important cryptocurrency exchange that offers the major cryptocurrencies for trade and is a favorite spot for margin traders. How is this bitcoin related? Publicly traded companies (of which Tether is not) generally do annual audits (and I participated in the end-of-year audits for the Taiwanese govt at the end of 2015 and 2016), so getting them done quarterly is going above and beyond, FWIW. His explanation is perfectly reasonable. I have no stake in this but spreading FUD like this is ridiculous. [–]PoentaEFormajo4 - 5 years account age. I have spent over 5 years in audit and know that if Tether wanted to produce some documents to pull the wool over the auditors eyes, they could unless that person has a little bit of crypto knowledge. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture? Cryptocurrency firms Tether and Bitfinex reached an agreement with the New York attorney general's office to pay an $18.5 million fine to settle a closely-watched legal dispute. Even when they audit obvious ponzis, they take years just to make sure they get all that sweet hourly money. No it wonât. This is how they can receive large institutional deposits and withdrawals. No shit an auditor doesn't have to understand how an engine works, but they need to understand what's going on transactionally with every part of the assemby line, every part of the engine, every worker paid, every insurance payment, they need to audit absolutely all of it. Mls Tv Schedule 2021,
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