Illiquid Exchanges

[kuyu]

Hello everyone,

given the talk on USDT, Tether, Bitfinex and the overall fiasco that is (potentially) brewing over the issuance and use of Tether USD backed tokens, I believe a number of us have been looking into the matter. I am sharing the below information, also previously shared in another thread, as I think I am obliged to given the current circumstances.

Some of the top major Crypto exchanges, are loaded with USDT (presumed) USD backed tokens. Tether is taking flack for the inconsistencies in their reporting, market data etc. and it is quite likely that the market is being constantly pumped with fluff USDT which are likely backed by just that.. fluff. It seems increasingly likely, that there is major systemic risk which could take out some of the major market makers. It is unclear to me at this stage why there is not more fuss being made about this, but until someone comes up with a reasonable justification, I will aim to err on the side of caution. I suggest you do the same...

Please see the link: https://wallet.tether.to/richlist

Bittrex alone has 270mil in USDT......... I think that alone should make you carefully reconsider your current practice.

Good luck to you all.

[robertbruce]

heya Kuyu,

So that's where all the Bitcoin Magic Money has been coming from...

don't confuse the lack of responses to a lack of interest, i'm sure there's a lot of people concerned about this.
 

[Guest]

i gotta give them kudos though for at least being transparent about the "rich list"

i'm sure folks have looked into their legal/regulatory dept. and licensing, at least i bloody hope so! if they're registered e.g. the USA then they should be under intense scrutiny

[kuyu]

https://cointelegraph.com/news/rapid-increase-in-tether-supply-raises-concerns-of-manipulation-creative-accounting

Posted also in another thread, where a similar discussion was taking place.

[robertbruce]

this is the scary one https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

[Guest]

33 minutes ago, robertbruce said:

this is the scary one https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

not really, bitfinex have waaaaay les USDT than bittrex and polo

[Guest]

2 hours ago, zerpdigger said:

not really, bitfinex have waaaaay les USDT than bittrex and polo

But are bittrex and polo holding the USDT or is it someones account on their exchange? I dont know the answer,  just asking

[Guest]

1 hour ago, bachmanity said:

But are bittrex and polo holding the USDT or is it someones account on their exchange? I dont know the answer,  just asking

good point

[Void-Induction]

Info wars and fraud. I gathered up as much as I could yesterday after I saw the beginning of this Tether fiasco and sent a decent write up of the apparent situation with the sources to as many newsrooms as I could find email addresses for that tend towards fintech and markets. Clearly some we're already on it.

If this knowledge can gain traction it should help accelerate the worldwide regulation we need to tame the wild west.

[Hodlezerper]

14 hours ago, robertbruce said:

this is the scary one https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

Putting up a hail mary to summon @miguel to maybe get some insight into the situation? There must be traditional Wall St people watching this with intense interest...

 

Also summoning all rational people to pile into XRP and experience the sheer joy of instant transfers.

 

Triple summoning anyone on XRPChat with any professional insight into the situation that might be able to provide some historical context or insight into the apparent fraud running rampant in the BTC markets. 

 

Edited November 19, 2017 by Hodlezerper