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*PSA* Tether is putting these XRP exchanges at risk: Bitfinex, Bittrex, Kraken & others.


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I think it will disappear with a whimper not a bang. That's actually probably what Tether and Bitfinex want. A quiet exit without ever having to show their books or lift the curtain.

I guess that once you make a prediction and take position, you want it to become true so badly that ones reasoning becomes biased, fueled by wishfull thinking. In that light I consider the $589 predic

You'll have to teach me that math.  Lol

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1 hour ago, aavkk said:

Doesn’t Bittrex also support USDT?  I know Ripple is really supportive of Bittrex lately and as a bittrex user who really likes their platform Id love to hear why They will weather the future tether storm better.

I'm thinking Ripple did their homework while aligning with Bittrex. All the exchanges do use Tether because it's standard to do so. I think this is why Bittrex added stablecoin TrueUSD, which is regularly audited and should actually be backed by USD, unlike Tether. 

Bitfinex and Kraken are in trouble because they've been accused of market manipulation using Tether. 

By the way, here's today's snapshot from CryptoCompare of XRP and BTC trading volume by currency. USDT is about 55% of BTC's volume ?. I'm thinking XRP is relatively healthy, look at all the fiat pairings:

XRP volume:

image.png.a444f9cd46106ad8175e95de6d3cde1d.png  

 

BTC volume:

image.png.6d9e8324225e42feaec3c876af939c1b.png

 

EDIT:

I don't use Bittrex or tether, but after reading a little more, saw they have a USDT-TUSD (tether to TrueUSD) pairing, so I'm thinking they want everyone to transition to TUSD as it's safer. Just speculation on my part, and not financial advice, but if you have USDT I would consider swapping it out for TUSD. But anyway, do your own research and let us know what you find!

Edited by stdyrm
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Old news from last month, but Bittrex appears to be working toward becoming a regulated exchange with institutional support. Not surprising, since they are working with Ripple. DYOR, but many of the big exchanges out there (Kraken, Bitfinex, Binance) are facing some very controversial issues around USDT and BNB

https://coingape.com/bittrex-coinbase-regulated-trading-platform-fiat-trading-xrapid/

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  • 3 weeks later...

Signs that Tether/Bitfinex is collapsing

1. Steadily increasing premium between Tethered exchanges and Fiat exchanges
2. Run on BFX (more than 80k BTC was moved out of cold wallet since September 6th).
3. 1broker seized/shut down by authorities.
4. Ongoing criminal investigation into price manipulation
5. Nobel bank went down, as a result people can't withdraw funds from BFX (although they claim there are no issues). Banking with HSBC doesn't seem to affect withdrawal issues.
6. Pedo and his friends are involved in money laundering (see: bfx's assets sized in Poland)
There is more but I am busy and don't have time to insert relevant links.

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2 minutes ago, Zielonegrabiezawszewmodzie said:

Signs that Tether/Bitfinex is collapsing

1. Steadily increasing premium between Tethered exchanges and Fiat exchanges
2. Run on BFX (more than 80k BTC was moved out of cold wallet since September 6th).
3. 1broker seized/shut down by authorities.
4. Ongoing criminal investigation into price manipulation
5. Nobel bank went down, as a result people can't withdraw funds from BFX (although they claim there are no issues). Banking with HSBC doesn't seem to affect withdrawal issues.
6. Pedo and his friends are involved in money laundering (see: bfx's assets sized in Poland)
There is more but I am busy and don't have time to insert relevant links.

Time to buy some bitcoin I guess.

I've heard so many different conflicting views on Tether I don't know what to believe. One is that it'll cause a major crash. The other is that the price of bitcoin will quintuple in a matter of days. 

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14 minutes ago, djdhrubs said:

The other is that the price of bitcoin will quintuple in a matter of days. 

It kinda does, premium on tethered exchanges will keep rising (buy pressure) while prices on fiat exchanges will go down (sell pressure).

 

Look up topic about MtGox on bitcoin talk start at the end of December 2013 current situation is very similar.

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20 minutes ago, Zielonegrabiezawszewmodzie said:

It kinda does, premium on tethered exchanges will keep rising (buy pressure) while prices on fiat exchanges will go down (sell pressure).

 

Look up topic about MtGox on bitcoin talk start at the end of December 2013 current situation is very similar.

In the recent XRP price surge there was a lot of volume that was going through USDT. So this scenario would also affect XRP.

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32 minutes ago, Wandering_Dog said:

Can you explain why tether collapse would increase Bitcoin price?

Unless you mean usdt:btc increasing?

I can't explain much, but yeah that's what I've heard expressed by others. That people would go from USDT to bitcoin. This is essentially what Tone Vays said on one of his youtube videos. That if say Tether crisis hits when bitcoin is at 3k, it'll go to 15k in a matter of days.

Edited by djdhrubs
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