Buying bitcoins

MentalMario wrote: »

https://www.bloomberg.com/news/articles/2018-01-30/sec-seeks-to-freeze-crypto-assets-of-600-million-coin-offering

Hardly related to this?

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

makeorbrake wrote: »

This can only be the whales getting out. They're doing so in stages.

Possibly moving into ethereum

Fakent.ie wrote: »

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Old news and a complete non-event. The 'subpoena' was issued two months ago but Bitfinex is not US based and can just wipe their ass with it. Markets already recovering.

Elessar wrote: »

Old news and a complete non-event. The 'subpoena' was issued two months ago but Bitfinex is not US based and can just wipe their ass with it. Markets already recovering.

How is that 2 months old? article was made hours ago

makeorbrake wrote: »

There was talk about tether propping up BTC. The auditors for Bitfinex/Tether recently walked away from them. How can we tell if Tether is a complete sham and is propping up BTC?

Honestly we can't. One to keep an eye on certainly. But the market is not going anywhere. Just need to ride it out.

Elessar wrote: »

Did you even read it?

I mean now it was released to public

makeorbrake wrote: »

Ok, delighted to hear that but how do you have confidence in that position? Is Tether itself in difficulty and if so, what fallout could this have for BTC/Crypto?

It has a market cap of about 2 billion, one percent of bitcoins, how could that in any way be seen to be propping up any coin nevermind the king? There have been rumors and debate about Tether since it was created, if it goes poof people will say told you so and move on with their lives, there's plenty of more sh1tcoin scams coming down the tracks, thats practically guaranteed, Tether might not even be one.

Thargor wrote: »

It has a market cap of about 2 billion, one percent of bitcoins, how could that in any way be seen to be propping up any coin nevermind the king? There have been rumors and debate about Tether since it was created, if it goes poof people will say told you so and move on with their lives, there's plenty of more sh1tcoin scams coming down the tracks, thats practically guaranteed, Tether might not even be one.

Good god, dude, ............ if it does happen that Tether is not backed up by U.S. dollar then it follows that over $2Billion worth of Bitcoin was bought with fake, monopoly money!
That, needless to say, would mean that Bitcoin is at an inflated, false price. A correction would have to happen.
This is some serious sh1t.

If $2billion is removed from the Bitcoin market overnight then good luck.

ETH looks very attractive right now and the current price (~$1100) won't be available for long me thinks

pro_gnostic_8 wrote: »

Bloomberg reporting in the last hour that the U.S. Commodity Futures Trading Commission have issued sub-poena's against both Tether and Bitfinex.
Ominous. Such a move would cause reputational damage at least.
https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

They've had to edit that article and highlight this happened on Dec 6th so not exactly today's news.

Won't stop the FUD but imo

Tinder Surprise wrote: »

They've had to edit that article and highlight this happened on Dec 6th so not exactly today's news.

Won't stop the FUD but imo

I don't know why there wasn't more interest shown in it back then. However, it's not all old news. Bitfinex/Tether promised professional audits would be carried out. 3 days ago, it became clear that the auditors have walked away.

LINK

Blacktie. wrote: »

Lol yeah like 0.5% worth removed. Really end of days stuff if that happens.

I don't pretend to understand this - but elsewhere - someone was making the point that there is only a small proportion of bitcoin that's actively traded. It's only a fraction of the total market cap. Of this, 2 billion would be a significant proportion.

Anyway, I've gotten out completely as of a couple of hours ago. I'd been trying to do so for a a couple of weeks (I'll spare you the long story) which has cost me (but then overall, I've made a 4000%+ gain so I'm not complaining. There was too much at stake and too many variables for my liking - nerves were shot. I'm going to sit it out for a while ...who knows, maybe I'll dip my foot in the water again (although this time with a sane % of my overall savings).

pro_gnostic_8 wrote: »

Good god, dude, ............ if it does happen that Tether is not backed up by U.S. dollar then it follows that over $2Billion worth of Bitcoin was bought with fake, monopoly money!

Yeah but people bought the Tether with FIAT so its not really fake money.
Just because Tether wasnt/isnt backed as they said it was.

makeorbrake wrote: »

I've made a 4000%+ gain so I'm not complaining. .

Brilliant ..and well done you!!

sounds like you've made the right decision for you...say a litttle prayer for us left here but