Is Bitfinex down?

@markdono @coloradotravis Most people don’t understand that NYAG lawsuit is to stop Tether from making loans to Bitfinex not to stop tether from issuing USDT. Since Bitfinex is financially stable currently this is non issue.

@coloradotravis This is way simpler than everyone is thinking. Tether is backed by cash and other non-cash assets the key one being the bitfinex loan. If you think the loan is solid backing no big story here. if not there's a problem. Was the loan legal in the first place? NYAG will weigh in.

@bitfinex @john_j_brown Find a way to shut down your BTC/tether Manipulation scheme

@SlowdiveDB @PeterLBrandt And a big amoun tof this is shitcoins. We now also have USDC & BUSD. An exchange other than Bitfinex wouldn't necessarily have to pay its users if it implodes. It's your own risk to hold it. We went from 19k to 3k and never had any real problem with TUSD.

@SlowdiveDB @PeterLBrandt That doesn't say much if it's not burned. We now also have USDC & BUSD. An exchange other than Bitfinex wouldn't necessarily have to pay its users if it implodes. It's your own risk to hold it. We went from 19k to 3k and never was there any real problem with TUSD.

@e101y7 @thetaseek @bitfinex Thanks！We are looking into our system for this info and we will fix it to normalise itto comparable 8 hour period.

@thetaseek @bitfinex We are looking into our systemfor this info and we will fix it to normalise itto comparable 8 hour period.

@SociableBarely Jus one *****'s common sense: Tether issues a lot of USDT as crypto-collateral-backed loans to exchanges. If you think this is strange, please go down the Eurodollars rabbit hole. (They did help cover up Bitfinex' missing funds.)

@ricksawtime @DzhambalaHODL @PeterLBrandt that was 2 years ago when it was 2.5bln (26% was loan to bitfinex) USDT is now 24bln (the 26% now equates to less than 2% and is getting paid down on commercial terms) its backed!!!

@krugermacro BTW NYAG’s beef with Bitfinex isn’t only about their reserves, it’s also because they allowed US citizens to trade on their platform. That’s the issue with the use of VPNs to hide your US citizenship.

@realeggrage @krugermacro Perfect, so if Tether does run into liquidity problems with redemptions (again) and that does cause the price of Bitcoin to drop (as Bitfinex feared), then the issue with their liquidity will only get compounded...

@Tr0llyTr0llFace Does anybody know how the purchase of Tethers by an exchange actually works? Do you have to to pay them immediately? Or does Tether issue USDT's on credit, in which case the Tethers would be backed by a receivable (similar to the Bitfinex loan).

@ChrisWhodl @lylepratt Nope! Tether fell and traded at 83c to USD in 2018 and bitfinex shutdown temporarily. Then they “fixed” the problem. There is not much liquidity in the crypto space. Now with x7 marketcap (not fully backed) will trade far below 60c in another liquidity crisis in crypto space.

@dfauchier It's probably like 150% backed as such given the bond, the repayments from net profit, and the recovery claims on crypto capital to have funds frozen. (Vs capability for bitfinex to absorb a further bank freeze.) They had more than enough money already 10days after the bank issue

@cdfuy There're 2 issues regarding the Tether FUD: 1) Is $USDT backed 100% by USD? and 2) The NYAG case against Bitfinex and Tether over the loss of client and corporate funds. Bear in mind, $USDT is only 3.6% of #Bitcoin's market cap. Exchanges don't hold $USDT, customers do.

FWIW, my opinion: - We know USDT is not backed 100% by USD. It’s also backed by a ~$250M loan to Bitfinex, and some BTC, and maybe other stuff. As balancesheet has grown & BTC mooned, unbacked USDT has shrunk proportionally & they have largely grown out of the problem ...

- Bitfinex is absolutely shitting cash, as are all the exchanges. It’s not a terrible credit, if you’re a related party. So that loan shouldn’t be marked at zero. Maybe 50-70% of face. ...

@AtlasAlphaTrade @001100010010011 #bitfinex/#tether was a hot story in 2017/18. It's a non-issue now. Tether likely wasn't fully backed by $$ in 17/18. It's likely now, given the huge revenue and fee income for bitfinex over the past few years. BTW, stocks don't collapse, either just because the fiat $ is a ponzi

@imBagsy $dusk They're building an STO exchange for bitfinex. Was Messi's crown jewel "ineveitable" coin until he had to drop it because Binance cracked down on Americans using VPN, and look at how his bags are doing now

@CryptoHustle Seems like a replay of 2017-18 with Bitfinexe'd giving daily reports how the SEC would bring down Bitfinex and Tether...

@BryceWeiner @DrHOSP1 I suspect as much. If legislators continue to treat crypto "investors" as willing sheep, complicit in their own shearing, I dont expect that to change. But assumes Bitfinex to be really clever, but from what I've seen so far I reckon they may be shoddy enough to get taken down

@bitfinex this message is a call for help, who knows what's going on will understand. I still need that bitcoin to fix everything! 15YPbjb8GBxAWLWq4vZtiyJPr8BBmNcPmE

20-day momentum in #bitcoin peaked Jan 9 - the same day the "slow" z-score hit +2. Volume (Bitfinex) peaked at 2.32 z-score on Jan 13. This is when #tether printing stopped. #btc initial downside $24,967.

@FinanceRedpill @Cointelegraph Wow...this was a data error from Bitfinex moving their wallet and CQ charts not updating, not 27% leaving exchanges. This false information.

@grapplecidr Thats the problem no one knows, but do to all of bitfinex and tether court cases and public info from such we do know this is a house of cards and WILL happen. Prolly not gonna happen untill forced by the courts which is looking sooner than later

@michael_saylor so how does this tether scam work? they have a bank in the Bahamas that invests in bitcoin using usd then they use that bitcoin as collateral to offer loans to Bitfinex which uses it as reserves to issue usdt? and this usdt pumps the price of btc everytime they issue it ...

@Kevin_Cage_ I think it's got a while yet, before it starts feeling the heat. This paperwork deadline... that's just related to a Bitfinex customer cash issue, and whether tether was used to plug a gap, right? Despite all the opacity, I don't think Tether is currently under threat.

@BennettTomlin I think they have a lot of US citizen money and that is a problem but it is not the biggest for them. The biggest is people trying to redeem their worthless usdt for real usd. Which is why they insanely advertise to hodl no matter what. Stupidly hodling = donation to bitfinex.

@RokoMijicUK @kartuzija The problem is (from what I understand) that regulation makes it incredibly hard for Tether to be transparent about the bank reserves for USDT. On top of that, one of the accounts owned by Tether/Bitfinex was frozen by US authorities, further complicating their finances.

@MsKind3r had bad experience with Coinbase, just had some issues with the account and support didn't reply that's why switched to Bitfinex. at least no problems with account. big exchanges, I understand it. btw, use combination Bitfinex with Ownr( fees are lower)