Rob2D wrote: » Uh oh. F2Pool dumping more. We could be seeing red all over again.
antgal23 wrote: » If 40 K BTC isn't a support level for continuation of up trend next level I see is the 30 K
Pintman Paddy Losty wrote: » The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.
Bob24 wrote: » Bitfinex just settled with the NY attorney general this week, meaning the Tether case is now closed ... not exactly what I’d call “unfold badly”. The agreement specifies that at times Tether wasn’t properly backed, but also effectively accepts that it is now backed - as it allows them to keep operating and requires them to keep publishing the same backing documents which they provided as part of the investigation:“Publication of Tether’s Reserves: On at least a quarterly basis for a period of two (2) years following the effective date of this Settlement Agreement, Tether will publish the categories of assets backing tether (e.g., cash, loans, securities, etc.), specifying the percentages of each such category, and specifying whether any such category constituting a loan or receivable or similar is to an affiliated entity, in a form substantially similar to that previously presented to the OAG.”https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf
donnaille wrote: » Very strange read of this? Tether has been banned from doing business in New York and has agreed to an impossible level of transparency. Nowhere does it effectively accept that it is now backed.
Bob24 wrote: » I think the document is written in a way whereby the rhetorics allow the NYAG to claim victory while leaving Tether off the hook (so that everyone can happily move on). As far as I understand they were already effectively not directly dealing with NY residents/institutions (bit-licence and all, reason why many crypto businesses don't have dealings there), so this ban from NY doesn't change anything from the status-quo. And by saying that regularly publishing the the same kind of documentation which was provided as part of the inquiry is a sufficient condition for them to keep operating, the NYAG is implicitly accepting that as of today and based on what was provided, they don’t have an issue with Tether's financial position (if they weren't satisfied with that documentation, why on earth would they agree to settle and close the case?). The document refers to previous periods whereby the backing was a bit dodgy, but doesn’t mention any issue as of 2021. So I'd see the main impacts on Tether are the cash payment (not very large in the grand scheme of things) and the fact that they will need to maintain the same level of transparency they have shown as part of the inquiry (might be somewhat bothersome for them, but I'd see it as positive for the industry as a whole). CoinTelegraph's take seems to be similar to mine: https://cointelegraph.com/news/tether-to-report-reserves-and-pay-18-5m-fine-after-settlement-with-nyag
Bob24 wrote: » As I said, it would be a very strange behaviour on the part of the NYAG to close the case and litigate if they hadn’t been shown documentation to satisfy them that things are now in order. If they thought there was an ongoing issue, their duty would have been to kept going.
donnaille wrote: » The document doesn't refer to any issue as of 2021, as that isn't the period that was under the NYAG investigation. The documentation that Tether had provided was sufficient in proving that Tether did mislead the public around the cash reserves held.
donnaille wrote: » My only axe to grind in all of this is against voices in the Bitcoin community who are trying to paint this as a win for Tether/Bitfinex/Bitcoin. An $18.5mn fine is not insignificant for a firm that has never been able to show reserves above ~$61mn - we don't know how much cash they actually have on hand.
donnaille wrote: » Perhaps this will all prove to be FUD when the first transparency report is published in 3 months time.
donnaille wrote: » The document doesn't refer to any issue as of 2021, as that isn't the period that was under the NYAG investigation. The documentation that Tether had provided was sufficient in proving that Tether did mislead the public around the cash reserves held. My only axe to grind in all of this is against voices in the Bitcoin community who are trying to paint this as a win for Tether/Bitfinex/Bitcoin. An $18.5mn fine is not insignificant for a firm that has never been able to show reserves above ~$61mn - we don't know how much cash they actually have on hand. Perhaps this will all prove to be FUD when the first transparency report is published in 3 months time. I'm ignoring the Deltec leak rumours in all of this as I haven't really been following that story develop around the real/forged documents. Nothing against CoinTelegraph, but it's far from a neutral source.
CorkRed93 wrote: » The fine is a slap on the wrist but the findings of the investigation are surely the bigger story? if in 2017 only 18% of tether issued($442mil) was backed how much of it was backed in 2020 when it printed billions per week?
makeorbrake wrote: » I don't like defending a centralised entity because centralised entities are exactly why btc came into play. That said... Remember that the banking set tried to lock crypto companies out of banking services for years. I'm sure there are no angels at Tether/Bitfinex but they were walking a tightrope over an extended period due to those challenges. They had legitimate funds on account with a panamanian based shadow bank- and those funds were seized by the US/Poland/Portugal. That triggered the loan from tether to bitfinex. It's not smart to trust any such entity but ironically, they haven't done so much wrong (although that can never be a guide for the future as such).
makeorbrake wrote: » Isn't the market cap of tether 106 billion today? In that context, is that fine a big deal?
makeorbrake wrote: » The transparency reports they volunteered to provide - they weren't ordered to provide. I don't give a fiddlers for tether/bitfinex. Any centralised entity will act in its interest and not for the greater good sooner or later. Having said that, there is also no doubt in my mind that some have been using this saga to tar and feather bitcoin/crypto - without any proper knowledge of whether there is an issue. Nouriel being a prime example.
cnocbui wrote: » It's pure win compared to the atlernative that was on the table. This here's your call mate, Lamar.
donnaille wrote: » What was the alternative and to what extent are we sure it's been avoided yet?
Any time an individual or entity knowingly provides false information regarding any type of security, there is a risk that the individual or entity will face a securities fraud investigation. At the federal level, securities law violations are punishable by up to 20 years in prison and a $5 million fine.
cnocbui wrote: » That was the alternative, hence getting to know your cell mate, Lamar. We are sure it's been avoided because the case has been settled, which means money changed hands and there is no longer a case being pursued.
joeyboy11 wrote: » I’ve been hearing that bitcoin is due a big correction late April. Possibly something drastic like a 50% drop from a 70k USD high. Any opinions/insights on this? I have half a btc and would love to short it and try reach a full btc!
Bob24 wrote: » Yes, 1rst of April is the exact date I am told ;-) More seriously ... every BTC bull cycle has seen multiple corrections. They are more typically in the 20-30% range and 50% would really be a massive one (not impossible, but not my base case). We have already seen a few corrections in this cycle and are likely to see a couple more later in the year, but I wouldn’t pay too much attention to people trying to predict their timing. Talk is cheap and it is easy for them to make many predictions until one of then eventually comes true.
Rob2D wrote: » https://www.msn.com/en-us/money/markets/bitcoin-price-drops-after-jerome-powell-warns-public-of-volatile-crypto/ar-BB1eShTj God damn f***ing scumbag rat face motherf***er.
