create account

Does Bitfinex & Tether have financial problems? by tradewonk

View this thread on: hive.blog |  peakd.com |  ecency.com
trading · @tradewonk ·
$110.08
Does Bitfinex & Tether have financial problems?
https://cdn.steemitimages.com/DQmTDPQSKaQL1yBUwtvYa48XssBeJPC2tAqCxN8DfgaMYYe/image.png
<sub>Image source: [images.google.com](https://images.google.com/)</sub>

The relationship between Bitfinxex and Tether (USDT) is a persistent discussion point in the crypto community. After all, it has been clear since the Panama Papers that Bitfinex and Tether are run by one and the same person. For many critics, however, the issue remains whether the "Stablecoin" tether is hedged 1 to 1 with reserves in US dollars in a Tether Limited bank account. In addition, over the past few months, there have been repeated voices and studies claiming that Tether's manipulation of the USDT "out of nowhere" is significantly manipulating Bitcoin's track record.

The rumor mill rekindled days ago when Bitfinex asked all users of the Exchange to buy or sell key cryptocurrencies like Bitcoin and Ethereum instead of Fiat against USDT. In addition, Fiat deposits were suspended for a week on the stock exchange. The background is that Bitfinex has lost its primary banking partner. Basically, this would not be unusual. However, Bitfinex has lost several times its primary banking partner in the past. In addition, there is also the never taken audit, which proves whether and where (at which bank) the company behind Tether the more than 2 billion US dollar reserves reserve.

After announcing that Noble Bank of Puerto Rico dropped its Bitfinex and Tether business, Bitcoin's markup on Bitfinex began to form. Noble Bank, whose founder Brock Pierce also founded Realcoin (later Tether) and later sold to Tether Limited, was a longtime Bitfinex partner. As Larry Cermak first [reported](https://www.theblockcrypto.com/2018/10/06/bitfinex-moves-its-banking-relationship-to-hsbc/), Bitfinex was initially able to secure a business account with HSBC, the seventh largest bank in the world. As Cermak later explained, the partnership did not materialize. This spurred rumors about the financial bankruptcy of Bitfinex. Although Bitfinex stated that it "expected the situation to normalize within a week". However, the rumors of a bankruptcy of Bitfinex and Tether are currently causing much concern to the market, as a crash could affect the market for a long time.

______________________
<center><sub>*Don't miss out on my next post! Follow me @tradewonk / [tradewonk.com](www.tradewonk.com)*</sub></center>
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 49 others
properties (23)
authortradewonk
permlinkdoes-bitfinex-and-tether-have-financial-problems
categorytrading
json_metadata{"tags":["trading","investing","crypto","cryptocurrency","blockchain"],"users":["tradewonk"],"image":["https://cdn.steemitimages.com/DQmTDPQSKaQL1yBUwtvYa48XssBeJPC2tAqCxN8DfgaMYYe/image.png"],"links":["https://images.google.com/","https://www.theblockcrypto.com/2018/10/06/bitfinex-moves-its-banking-relationship-to-hsbc/","www.tradewonk.com"],"app":"steemit/0.1","format":"markdown"}
created2018-10-14 18:30:12
last_update2018-10-14 18:30:12
depth0
children14
last_payout2018-10-21 18:30:12
cashout_time1969-12-31 23:59:59
total_payout_value83.657 HBD
curator_payout_value26.420 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,388
author_reputation133,615,265,755,348
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id73,292,061
net_rshares85,247,880,281,959
author_curate_reward""
vote details (113)
@alucian · 
No :-)
properties (22)
authoralucian
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t002446025z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 00:24:45
last_update2018-10-15 00:24:45
depth1
children0
last_payout2018-10-22 00:24:45
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length6
author_reputation192,263,630,442,212
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id73,306,852
net_rshares0
@asrizalmustafa · 
Please look at this faucet, how great it is to produce lots of cryptocurrency very easily and many with a variety of currencies, and this is not HOAX
please visit us at : https://xcolander.com/faucets?ref=12515
properties (22)
authorasrizalmustafa
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t202346572z
categorytrading
json_metadata{"tags":["trading"],"links":["https://xcolander.com/faucets?ref=12515"],"app":"steemit/0.1"}
created2018-10-15 20:23:48
last_update2018-10-15 20:23:48
depth1
children0
last_payout2018-10-22 20:23:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length210
author_reputation130,612,833,748
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,366,008
net_rshares0
@cityofstars ·
$0.07
news says bitfinex use tether to play on bitcoin price 
that's the problem
👍  ,
properties (23)
authorcityofstars
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t204653315z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-14 20:46:54
last_update2018-10-14 20:46:54
depth1
children0
last_payout2018-10-21 20:46:54
cashout_time1969-12-31 23:59:59
total_payout_value0.050 HBD
curator_payout_value0.015 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length74
author_reputation35,024,683,474,432
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,298,327
net_rshares51,046,703,855
author_curate_reward""
vote details (2)
@enthef ·
$0.76
Interesting... Poloniex is looking like they are shying away from the tether and using USDC or stablecoin. Tether always has been scrutinized if it is actually backed 1:1 on USD as the firm that created hasn't really shown proof of this.
👍  ,
properties (23)
authorenthef
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t183724568z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-14 18:37:27
last_update2018-10-14 18:37:27
depth1
children1
last_payout2018-10-21 18:37:27
cashout_time1969-12-31 23:59:59
total_payout_value0.572 HBD
curator_payout_value0.190 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length237
author_reputation150,728,902,671
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,292,422
net_rshares584,305,928,771
author_curate_reward""
vote details (2)
@freddio · 
If Tether is not backed 1:1, this would be a big scam. With there nearly 2 B $ daili transactions.
👍  
properties (23)
authorfreddio
permlinkre-enthef-re-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t012726281z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 01:27:15
last_update2018-10-15 01:27:15
depth2
children0
last_payout2018-10-22 01:27:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length98
author_reputation7,719,090,707,167
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,309,075
net_rshares0
author_curate_reward""
vote details (1)
@nateq · 
BOGDANOFFFFFFFF!!!!!!!

https://www.youtube.com/watch?v=-5OeVSiisLU&t=17s
properties (22)
authornateq
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t192954282z
categorytrading
json_metadata{"tags":["trading"],"image":["https://img.youtube.com/vi/-5OeVSiisLU/0.jpg"],"links":["https://www.youtube.com/watch?v=-5OeVSiisLU&t=17s"],"app":"steemit/0.1"}
created2018-10-14 19:29:54
last_update2018-10-14 19:29:54
depth1
children0
last_payout2018-10-21 19:29:54
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length73
author_reputation720,714,155,531
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,295,047
net_rshares0
@nguyenphuc1994 · 
I'm thinking the money is going to fall into crisis time when the popularity is still very low. The excessive number of scams makes people lack trust and do not want to invest. Bitcoin today has soared showing it is about to fall into a disaster. eth discount too much. Surely it is going to collapse?
properties (22)
authornguyenphuc1994
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t220438812z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 22:04:39
last_update2018-10-15 22:04:39
depth1
children0
last_payout2018-10-22 22:04:39
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length301
author_reputation69,607,804,852
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,370,534
net_rshares0
@postpromoter ·
re-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t184952199z
You got a 20.11% upvote from @postpromoter courtesy of @tradewonk!

Want to promote your posts too? Check out the [Steem Bot Tracker website](https://steembottracker.com) for more info. If you would like to support the development of @postpromoter and the bot tracker please [vote for @yabapmatt for witness!](https://v2.steemconnect.com/sign/account-witness-vote?witness=yabapmatt&approve=1)
properties (22)
authorpostpromoter
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t184952199z
categorytrading
json_metadata{"app":"postpromoter/2.1.1"}
created2018-10-14 18:49:51
last_update2018-10-14 18:49:51
depth1
children0
last_payout2018-10-21 18:49:51
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length393
author_reputation12,722,616,650,811
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,293,052
net_rshares0
@rhyscn · 
I am not so sure whether it is tax avoidance or capital issues for Bitfinex, either way it is shady and not healthy for the overall crypto ecosystem. The sooner this is solved/made more transparent the better.
properties (22)
authorrhyscn
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t012207173z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 01:22:12
last_update2018-10-15 01:22:12
depth1
children0
last_payout2018-10-22 01:22:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length209
author_reputation590,300,769,412
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,308,893
net_rshares0
@shadown99 · 
I actually had some crypto saved USDT, which was luckily a small percentage. Although since reading this post i'm aware of how volatile USDT may be due to the investors, scandals and other external and internal forces that may sway the FIAT coin into a downward spiral or just a steady dollar.
properties (22)
authorshadown99
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181014t200812521z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-14 20:08:15
last_update2018-10-14 20:08:15
depth1
children0
last_payout2018-10-21 20:08:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length293
author_reputation265,394,036,513
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,296,768
net_rshares0
@silent.screamer · 
I took all my cryptos out of BitFinex when they had issues some months ago. I don't know, it looks fishy...
👍  
properties (23)
authorsilent.screamer
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t050011649z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 05:00:12
last_update2018-10-15 05:00:12
depth1
children0
last_payout2018-10-22 05:00:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length107
author_reputation2,048,728,903,911
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,317,648
net_rshares882,094,595
author_curate_reward""
vote details (1)
@steem-ua · 
#### Hi @tradewonk!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your **UA** account score is currently 4.681 which ranks you at **#1524** across all Steem accounts.
Your rank has improved 5 places in the last three days (old rank 1529).

In our last Algorithmic Curation Round, consisting of 278 contributions, your post is ranked at **#111**.
##### Evaluation of your UA score:

* Some people are already following you, keep going!
* The readers like your work!
* Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!


**Feel free to join our [@steem-ua Discord server](https://discord.gg/KpBNYGz)**
properties (22)
authorsteem-ua
permlinkre-does-bitfinex-and-tether-have-financial-problems-20181015t033313z
categorytrading
json_metadata"{"app": "beem/0.20.7"}"
created2018-10-15 03:33:15
last_update2018-10-15 03:33:15
depth1
children0
last_payout2018-10-22 03:33:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length722
author_reputation23,214,230,978,060
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,313,878
net_rshares0
@tamwin33 · (edited)
The Bitshares community has been warning about Tether for years.. Why trust a nontransparent corporation backing their coins with FIAT? I really would not be surprised at all if they didn't have any of the money. If only there was a scalable non-fiat stablecoin that could somehow prove it's reserves with seemingly obvious technology, like livestream cameras.. Cough* cough* Quintric.. In case nobody's paying attention to what Stan's been up to.. But yeah I'm convinced Tether is going to be the next Mt. Gox. And on a philosophical note I honestly can't understand why anyone in crypto would want to hold Fiat..
properties (22)
authortamwin33
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t020516867z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 02:05:18
last_update2018-10-15 02:09:33
depth1
children0
last_payout2018-10-22 02:05:18
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length614
author_reputation3,540,334,005,966
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,310,411
net_rshares0
@th1nkfast ·
$0.09
I just use theter for quick trades! I never hold theter to protect me against deeps, I think the risk of it blowing up is always there until bitfinex proofs its backed. I rather use SBD for that pourpose.
👍  , , ,
properties (23)
authorth1nkfast
permlinkre-tradewonk-does-bitfinex-and-tether-have-financial-problems-20181015t130750398z
categorytrading
json_metadata{"tags":["trading"],"app":"steemit/0.1"}
created2018-10-15 13:07:33
last_update2018-10-15 13:07:33
depth1
children0
last_payout2018-10-22 13:07:33
cashout_time1969-12-31 23:59:59
total_payout_value0.069 HBD
curator_payout_value0.021 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length204
author_reputation2,874,658,722,940
root_title"Does Bitfinex & Tether have financial problems?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id73,340,712
net_rshares71,655,645,986
author_curate_reward""
vote details (4)
Help/Feedback