Best Forex Software for Consistent Profits

The Best Forex Autopilot Software For Consistent Profits

The Best Forex Autopilot Software For Consistent Profits submitted by ososru to Bitcoin4free [link] [comments]

Looking for someone to collaborate with in exploring some of the fundamental questions in algo trading in relation to quantitative analysis and the Forex market specifically.

I got interested in both algo trading and Forex about the same time. I figured that if I was going to trade in the Forex market or any market there after, I was going to use algorithms to do the trading for me. I wanted to minimize the "human factor" from the trading equation. With the research I have done so far, it seems that human psychology and its volatile nature can skew ones ability to make efficient and logical trades consistently. I wanted to free myself from that burden and focus on other areas, specifically in creating a system that would allow me to generate algorithms that are profitable more often then not.
Consistently generating strategies that are more profitable then not is no easy task. There are a lot of questions one must first answer (to a satisfactory degree) before venturing forward in to the unknown abyss, lest you waste lots of time and money mucking about in the wrong direction. These following questions are what I have been trying to answer because I believe the answers to them are vital in pointing me in the right direction when it comes to generating profitable strategies.
Can quantitative analysis of the Forex market give an edge to a retail trader?
Can a retail trader utilize said edge to make consistent profits, within the market?
Are these profits enough to make a full time living on?
But before we answer these questions, there are even more fundamental questions that need to be answered.
To what degree if any is back-testing useful in generating successful algo strategies?
Are the various validation testing procedures such as monte carlo validation, multi market analysis, OOS testing, etc... useful when trying to validate a strategy and its ability to survive and thrive in future unseen markets?
What are the various parameters that are most successful? Example... 10% OOS, 20% OOS, 50%......?
What indicators if any are most successful in helping generate profitable strategies?
What data horizons are best suited to generate most successful strategies?
What acceptance criteria correlate with future performance of a strategy? Win/loss ratios, max draw-down, max consecutive losses, R2, Sharpe.....?
What constitutes a successful strategy? Low decay period? High stability? Shows success immediately once live? What is its half life? At what point do you cut it loose and say the strategy is dead? Etc....
And many many more fundamental questions....
As you can see answering these questions will be no easy or fast task, there is a lot of research and data mining that will have to be done. I like to approach things from a purely scientific method, make no assumptions about anything and use a rigorous approach when testing, validating any and all conclusions. I like to see real data and correlations that are actually there before I start making assumptions.
The reason I am searching for these answers is because, they are simply not available out on the internet. I have read many research papers on-line, and articles on this or that about various topics related to Forex and quantitative analysis, but whatever information there is, its very sparse or very vague (and there is no shortage of disinformation out there). So, I have no choice but to answer these questions myself.
I have and will be spending considerable time on the endeavour, but I am also not delusional, there is only so much 1 man can do and achieve with the resources at his disposal. And at the end of the whole thing, I can at least say I gave it a good try. And along the way learn some very interesting things (already had a few eureka moments).
Mo workflow so far has consisted of using a specific (free) software package that generate strategies. You can either use it to auto generate strategies or create very specific rules yourself and create the strategies from scratch. I am not a coder so I find this tool quite useful. I mainly use this tool to do lots of hypothesis testing as I am capable of checking for any possible correlations in the markets very fast, and then test for the significance if any of said correlations.
Anyways who I am looking for? Well if you are the type of person that has free time on their hands, is keen on the scientific method and rigorous testing and retesting of various hypothesis, hit me up. You don't need to be a coder or have a PHD in statistics. Just someone who is interested in answering the same questions I am.
Whats the end goal? I want to answer enough of these questions with enough certainty, whereby I can generate profitable algo strategies consistently. OR, maybe the answer is that It cant be done by small fry such as a retail trader. And that answer would be just as satisfactory, because It could save me a lot more time and money down the road, because I could close off this particular road and look elsewhere to make money.
submitted by no_witty_username to Forex [link] [comments]

Looking for someone to collaborate with in exploring some of the fundamental questions in algo trading in relation to quantitative analysis and the Forex market specifically.

I got interested in both algo trading and Forex about the same time. I figured that if I was going to trade in the Forex market or any market there after, I was going to use algorithms to do the trading for me. I wanted to minimize the "human factor" from the trading equation. With the research I have done so far, it seems that human psychology and its volatile nature can skew ones ability to make efficient and logical trades consistently. I wanted to free myself from that burden and focus on other areas, specifically in creating a system that would allow me to generate algorithms that are profitable more often then not.
Consistently generating strategies that are more profitable then not is no easy task. There are a lot of questions one must first answer (to a satisfactory degree) before venturing forward in to the unknown abyss, lest you waste lots of time and money mucking about in the wrong direction. These following questions are what I have been trying to answer because I believe the answers to them are vital in pointing me in the right direction when it comes to generating profitable strategies.
Can quantitative analysis of the Forex market give an edge to a retail trader?
Can a retail trader utilize said edge to make consistent profits, within the market?
Are these profits enough to make a full time living on?
But before we answer these questions, there are even more fundamental questions that need to be answered.
To what degree if any is back-testing useful in generating successful algo strategies?
Are the various validation testing procedures such as monte carlo validation, multi market analysis, OOS testing, etc... useful when trying to validate a strategy and its ability to survive and thrive in future unseen markets?
What are the various parameters that are most successful? Example... 10% OOS, 20% OOS, 50%......?
What indicators if any are most successful in helping generate profitable strategies?
What data horizons are best suited to generate most successful strategies?
What acceptance criteria correlate with future performance of a strategy? Win/loss ratios, max draw-down, max consecutive losses, R2, Sharpe.....?
What constitutes a successful strategy? Low decay period? High stability? Shows success immediately once live? What is its half life? At what point do you cut it loose and say the strategy is dead? Etc....
And many many more fundamental questions....
As you can see answering these questions will be no easy or fast task, there is a lot of research and data mining that will have to be done. I like to approach things from a purely scientific method, make no assumptions about anything and use a rigorous approach when testing, validating any and all conclusions. I like to see real data and correlations that are actually there before I start making assumptions.
The reason I am searching for these answers is because, they are simply not available out on the internet. I have read many research papers on-line, and articles on this or that about various topics related to Forex and quantitative analysis, but whatever information there is, its very sparse or very vague (and there is no shortage of disinformation out there). So, I have no choice but to answer these questions myself.
I have and will be spending considerable time on the endeavour, but I am also not delusional, there is only so much 1 man can do and achieve with the resources at his disposal. And at the end of the whole thing, I can at least say I gave it a good try. And along the way learn some very interesting things (already had a few eureka moments).
Mo workflow so far has consisted of using a specific (free) software package that generate strategies. You can either use it to auto generate strategies or create very specific rules yourself and create the strategies from scratch. I am not a coder so I find this tool quite useful. I mainly use this tool to do lots of hypothesis testing as I am capable of checking for any possible correlations in the markets very fast, and then test for the significance if any of said correlations.
Anyways who I am looking for? Well if you are the type of person that has free time on their hands, is keen on the scientific method and rigorous testing and retesting of various hypothesis, hit me up. You don't need to be a coder or have a PHD in statistics. Just someone who is interested in answering the same questions I am.
Whats the end goal? I want to answer enough of these questions with enough certainty, whereby I can generate profitable algo strategies consistently. OR, maybe the answer is that It cant be done by small fry such as a retail trader. And that answer would be just as satisfactory, because It could save me a lot more time and money down the road, because I could close off this particular road and look elsewhere to make money.
submitted by no_witty_username to algotrading [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
submitted by bhdgsetyf to CryptoCurrency [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
submitted by bhdgsetyf to btc [link] [comments]

WaykiChain/WICC- Helpful Information to Get Started

WaykiChain/WICC- Helpful Information to Get Started
Welcome to WICCProject!
To follow WaykiChain's channels, please check the link under the comment with silver badge.

Catalogue

1. What Is WaykiChain?
2. Where is WaykiChain heading?
3. WaykiChain’s Technology
4. How does WaykiChain work?
5. WaykiChain’s Applications &Dapps
6. What is WICC? How to Buy WICC?
7. What is the use of WICC?
8. What are WaykiChain's advantages as a public chain 3.0?
9. FAQ
10. Contents Expected to Read About WaykiChain

1. What Is WaykiChain?
Born in Jan. 2017, Waykichain is a 3rd generation public chain with DPoS consensus mechanism. The transaction speed can keep above 1000 TPS in actual use. WaykiBet1.0, build on WaykiChain and launched in May 13, 2018 is the first ever prediction DApp based on public chain with over 130,000 downloads. The DApp has now been updated to V2.5.
WaykiChain as a team focuses on blockchain technology development and community related operations. We are committed to building a decentralized, community self-governance big platform and big ecosystem, and we are moving toward it with nearly 1 million community members.

2. Where is WaykiChain Heading?
The future of WaykiChain is a big community-driven public chain ecosystem. WaykiChain aims to build a decentralized application platform that can provide users with complete blockchain-powered smart contract system. Anyone can realize their business ideas on WaykiChain and develop their own DApp, and build their own brands.
WaykiChain takes decentralized prediction, assets trading and forex trading as entry points to expand markets in the early stage. After accumulating plenty of application users and developers, WaykiChain will gradually perfect its upper blockchain applications.
Currently, WaykiChain tech team is focusing on underlying public chain development. WaykiChain will provide friendly development environment to developers with sufficient development templates an interfaces. Besides, WaykiChain team plans to take a part of WICC as reward those developers who have made important contributions to the community. WaykiChain is committed to building an underlying technology platform that truly integrates blockchain application and real business. Along with its development, WaykiChain will gradually grow into a big ecosystem with totally decentralized operations, and brings the convenience of blockchain to every user.

3. WaykiChain’s Technology
  • High Performance and Expandability
WaykiChain is a public blockchain with high concurrent processing capability and generates a new block at a fixed interval of 10 seconds. Through rigorous engineering tests, the average transaction throughput is verified as 1000+ TPS for coin transfer transactions and 100+ TPS for smart contract based transactions.

  • Consensus Mechanism
WaykiChain adopts Delegated Proof of Stake (DPoS) as the blockchain consensus mechanism since it is most energy efficient, offering high transaction throughput while maintaining a certain level of community driven decentralization.
There are in total 11 ledger nodes (i.e. block producers), responsible for validating and packing all network submitted transactions into blocks. During block creation, a ledger node collects reward tokens that are carried within each transaction. The 11 ledeger nodes take turns in block creation by the time interval of 10 seconds and the sequence of whom to do block creation at a specific time slot is randomized to avoid prediction by external observers.
The overall network could experience infrequent hard forks due to network or ledger node performance instability. However, the robust consensus algorithm allows a quick recovery from one or several hard forks by resorting to a unified single longest fork and the network will thence stabilize and perform steadily again.

  • Vote Mechanism
The 11 ledger nodes are elected through a never-ending voting process. Individual coin holders can cast their votes to the candidate ledger nodes. Each vote can be cast for up to 11 candidate ledger nodes. By so doing, the amout of WICC coins which is equal to the the amount of votes will be locked into the network, similar to bank saving activities. By the next voting events (i.e. increase or decrease the votes, vote for new candiates) a certain amount of interest coins will be newly generated and released to the person who previously cast votes to the candidates. The interest rate plan goes as follows: the first year’s interest rate is 5%, it will decrease by 1% annually in following years. Once it reaches 1% as the interest rate, it will stablize as 1% for all the subsequent years.
The top 11 candidates who recieved the top most votes cast by community coin holders automatically becomes the ledger nodes and take turns with certain randomness by a random perturbation algorithm to do the block creation by validing and packing the transactions into a new block.
  • Technology Architecture of WaykiChain Ecosystem
WaykiChain aims to develop its underlying public chain technology into a big ecosystem, so that numerous industries can build their own applications and services based on WaykiChain public chain. WaykiChain has set up the following technology architecture, as shown in the image below
https://preview.redd.it/lcj249b8qr621.png?width=1219&format=png&auto=webp&s=0f6506ba2f57d0b32291c0ba741895a4ddaca735
WaykiChain core technology team is committed to providing the develop-friendly interfaces of each layer and improving the technical documentation to help the community better build the ecosystem.
  • Smart Contracts
WaykiChain's smart contracts are written in Lua scripts and processed within Lua Virtual Machine engine. Lua's various libraries are built in for developers to leverage. Due to the openess and compleness of Lua script and its liabrary provided in WaykiChain software, developers can build many forms of appliations that meet the requirements of Turing-complete computing scenarios. Lua scripting is relatively simple and requires no pre-compilation, and is thus also easier to deploy compared to other smart contract implmentation.

4. How Does WaykiChain Work?
WaykiChain uses a DPoS consensus mechanism with eleven accounting nodes. The annual rate of return is 5% for the first year, with a 1% increase with every year that goes by. Each time a block is created, an accounting node is randomly associated. The accounting node gains all of the transaction fees in its accounting block. Users can earn interest by locking WaykiChain coins. The interest is automatically determined each time the votes for the corresponding user account change.
The terms of betting are triggered by the initiator through smart contract transactions. Users can initiate various betting contract transactions, all of which can be searched and identified in the block browsers. When the betting is over, the bet initiation will publish the final results and the gaining will be then shared accordingly. In short, the betting revenue is automatically issued to the user’s wallet after the betting results are displayed.
The smart contract provided by the platform makes it possible for asset initiations to create dividend sharing rules. These rules are only triggered by various conditions. Hence, the final price of the assets in circulation will be determined by the market’s behavior towards the object in the transaction.

5. WaykiChain’s Applications &Dapps
  • Token System
Waykichain Token, WICC is a token only used and circulated in WaykiChain Wallet on our DApps. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC Lock Revenue Sharing Plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. This means WICC will be listed on lots of exchanges and traded with other cryptocurrencies, thus WICC also has trade value.

  • Decentralized App- WaykiBet
BACKGROUND- The first smart contract based application delivered by WaykiChain’s team is the WaykiChain decentralized betting application. In this application, the smart contract will assign a time duration in which the user can engage in the betting process. All the conditions related to betting will be given. When a bet is finished, the contract will release the results. The smart contract will then reward the winners.
This DApp was launched in May 2018, attracting over 130,000 users to download and bet and has been upgraded to V2.1 ever since. The latest product WaykiBet DApp V2.5 is planned to launch in November along with a new WaykiChain wallet.
INTRODUCTION- WaykiBet is a DApp developed on WaykiChain that allows strangers to build betting transactions without a trust base. WaykiBet has lowered the barriers for users by using smart contracts to deliver payout automatically, and recording transactions on blockchain with zero handling fee, providing users the best and fairest betting experience.
Everyone Can Build a Bet
More flexible: With smart contract, WaykiBet works like a betting contract exchange and everyone can build their own bets.
Fixed Odds
More interesting: Effectively avoid the fluctuations brought by floating odds in some less popular games.
Betting with Odds Ranking
More intense: Betting builders compete via odds ranking, and users can freely choose odds.
Smart Contract to Deliver Payout
More fairness: Winning of a bet will automatically trigger the blockchain smart contract to deliver the payout, without manual participation in the whole process.
Betting Records on Blockchain
More transparent: All betting transactions are recorded on blockchain and can be traced by everyone, which is totally open and transparent.

  • Decentralized App- WaykiTimes
The new WaykiChain wallet, named as WaykiTimes, will retain the original wallet functions, such as Lock Revenue Sharing and node voting. In addition, WaykiTimes is mainly designed for WaykiChain and cryptocurrency investors, developers and business partners. In addition to its wallet function, WaykiTimes has also added news and community modules. WaykiTimes is the one and only official platform for you to get thorough information of WaykiChain project. In WaykiTimes, you can easily get to know the latest WaykiChain updates, freely post and comment in community, and discuss hot topics with other crypto enthusiasts. At the same time, WaykiTimes also has WICC transfer and lock functions.

  • WaykiChain Block Explorer
WaykiChain official block explorer is a data display system for WaykiChian applications, which displays the WICC transfer and transaction records, account balances, prediction games transactions, and payout results according to application data on the blockchain. All data is open and transparent and inherently irreversible.

6. What is WICC? How to Buy WICC?
WICC is the token launched by WaykiChain. In order to buy WaykiChain (WICC), we recommend you to buy some BTC or ETH (the highest volume trading pairs) from an exchange that accepts them. Then, you will have to find a marketplace that sells WICC in exchange for the aforementioned cryptocurrencies. We recommend you to buy WICC at AEX or Huobi Exchange (AEX and Huobi has already supported WICC mainnet migration). For more information on this matter, you can visit CoinMarketCap.
When it comes to storing your WICC coins, it’s recommended that you use the wallet function on WaykiTimes V2.0 or WaykiBetV2.5. By consuming the tokens, you can also use various applications on WaykiChain.

7. What is the use of WICC?
WICC is a token used and circulated in WaykiChain Wallet on our DApps. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC lock plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. WICC has been listed on over 100 exchanges and trading with other cryptocurrencies for almost 1 year, thus WICC also has trade value.

8. What are WaykiChain's advantages as a public chain 3.0?
The first one would be the low entry barrier to our eco-system. For developers or Dapp operators they do not need to develop from the chain directly, instead, they only need to develop from the template we published. Even if you are not able to find a team of developers who understand blockchain, you can still deploy the Dapp and run it to make profit. And Waykichain will benefit from all transactions happened since you made this chain active.
The second advantage is the product it-self. WaykiBet2.5 is user-friendly to those who do not understand crypto-currency or blockchain technology.
In WaykiBet, we initiate a stablecoin using the mechanism like BitShare. The Dapp runners or some acceptance dealer need to pledge some WICC to the smart contract and get stablecoin. By doing this, users can directly buy the stable coin in the Dapp with fiat money, instead of going to the crypto exchange.
Moreover, WaykiChain designed a mix of centralized and de-centralized technical structure. By doing this, users don’t need to pay for the gas but the smart contract owner. Moreover, the performance of the entire system can be improved without losing the public creditability. The whole process, being centralized and recorded, can be verified and tracked. Theoretically, this mixed-structure can afford more parrelled transactions at the same time than all other decentralized system.

9. FAQ
  • What is WaykiChain decentralized betting application?
WaykiChain decentralized betting application is the first smart contract application launched by WaykiChain team. Each betting is triggered by the application developer via a smart contract. During the period specified in the contract, the users can initiate betting transaction, and all betting records can be traced on the blockchain browser and can never be tampered with. The smart contract will automatically reward the winners based on the final result. WaykiChain will use smart contract to automatically execute the game rule on its public chain. Instead of relying on trust between people, WaykiChain betting application adopts trust among machines to save credit costs, and guarantees full compliance with the rules setting. Besides WaykiChain Official, the developers of the decentralized applications can be any other third-parties. WaykiChain welcomes all developers to join.

  • What is WaykiChain Address?
WaykiChain address is a 34-bit string consisting of English letters and numbers that may look like digital gibberish. My WaykiChain address WXv6xP8yVW4PkZ3DPvxqfBtfz7Bof1RJHm, as an example, looks like this. All transfer records for each WaykiChain address can be found through the blockchain explorer. The address is a personal WaykiChain account like your bank account number. Anyone can transfer WICC to you via your WaykiChain address. How do I get my own WaykiChain address then? You can download a WaykiChain Wallet on WaykiChain official website, or register one on trading platforms. Each user's WaykiChain address is unique. It should be noted that each WaykiChain wallet can only create one address, therefore the wallet mnemonics must be kept carefully.

  • What is WaykiChain mainnet migration?
WaykiChain (WICC) mainnet migration is the process of replacing the previous Ethereum-based token ERC20 TOKEN with WaykiChain mainnet token. WaykiChain public chain, through several months of testing and rigorous evaluation from the exchange platforms after its release, has been fully proven to operate efficiently and stably. Mainnet migration marks that WaykiChain public chain is actually putting into use. After the mainnet migration, various applications and developments based on WaykiChain can be launched, and the service period of WaykiChain public chain truly starts. The dividend mechanism, voting mechanism, gas consumption, and accounting fees on WaykiChain ecosystem are all completed by the mainnet token. The previous ERC20 tokens do not have these functions.
By the end of June 26th, AEX Exchange, Huobi, CEO Exchange, Bying Wallet etc. and 23 exchanges in total have supported WICC mainnet migration. There will be more exchanges and wallets supporting the migration in the future. Please follow WaykiChain's channels for more details.

  • Are there any requirements or restrictions for developing projects on WaykiChain?
WaykiChain's code is completely open. WaykiChain welcomes third parties worldwide to develop, carry and operate various application products on WaykiChain, and finally form a diversiform public chain community ecology. WaykiChain is happy to provide public chain technology support for any individuals or third parties. Applications developed and operated by third parties, based on WaykiChain public chain, need to comply with local laws and policies. Only after obtaining related licenses, permits or qualifications required by local laws and policies, developers and operators can launch and operate their applications on WaykiChain. Because of blockchain public chain's globality, anonymity, open code, and the limitation of our ability, WaykiChain Official cannot judge the identity of third parties, nor have the ability and right to verify, supervise, control or interfere the third parties. Therefore, third parties should bear responsibility of their own actions.

10. Contents Expected to Read About WaykiChain
It would be great to create a post for everyone by posting what they want to have for future releases of the Waykichain DApp or anything related to using Waykichain. Therefore, please comment under this thread about your interested contents or create a post directly to express your perspective on WaykiChain.

submitted by zcatmew to WICCProject [link] [comments]

Best Cryptos to Invest in the Year 2019

Looking back in recent history, it seems as though big investors and financial organizations are changing their attitudes towards Bitcoin and altcoins. The media coverage worldwide illuminated the vast returns being had in the cryptocurrency markets, with many coins up over 100x since their conception. This certainly has garnered the attention from both legacy and newcomer investors. Currently, everyone is waiting to see if cryptocurrencies can continue on their path to new all time highs.
2017 turned out to be a whirlwind year, with most cryptocurrencies soaring to new all time highs at the end of 2017 and early 2018. The media coverage of cryptocurrencies was nonstop, with news reports on financial programs almost daily. In addition, many movies and tv shows mentioned cryptocurrency, including the technology oriented show “Silicon Valley.” So far, 2018 has seen a vast pullback in the cryptocurrency markets. Many of the smaller altcoins are down over 90% with Bitcoin, the crypto leader, still being down over 60% from all time highs.
Even with the overall market pullback, many investors are still very bullish on cryptocurrencies going into 2019. Many big name institutions are jumping head first into crypto, with NYSE announcing a new crypto exchange, BAAKT. Also Fidelity has announced a crypto support platform for their customers. Even legendary Ivy league university Yale has announced a new 400 million dollar investment fund geared towards cryptocurrency.
With so much bullish news adding up rapidly, almost everyone seems to expect a very profitable year for crypto leading into 2019. While Bitcoin is still currently the market leader there are also some big name altcoins that expect 2019 to be a huge year for them.
The Altcoin Hierarchy
Before investing in the crypto market, let us go through the basic classes of cryptocurrencies that exist in the market. While every class has the potential to have impressive returns, some coins have more impressive use cases and concepts, In addition to more qualified and funded development teams. Simply put, not all altcoins were created the same.
The Penny Stocks of Crypto
These are the bottom tier altcoins that could possibly become worthless in the near future. They operate much like penny stocks, advertising big promises of ‘guaranteed gains’. Eventually, many fail to offer a fraction of their promised returns. One of the ways to identify these is to look at their team members, their past experiences, objectives of the project, probability of mass adoption, actual use of the coins and many more.
The reasons for their failure is usually because of unwillingness to work for the vision they once promised in the first place, bad wealth management, inclusion of scammers in their team, unrealistic expectation from the project and also making money via pump and dump schemes.
Some of these coins are Trumpcoin, Russia Coin and Verge.
Average Coins
According to the ‘coinmarketcap’ website, there are currently more than 2000 cryptocurrencies listed on their website. Among those, there are around 500 of them that can be considered in this ‘average’ category.
These are the coins that do have a purpose/objective to work on but fail to maintain a good development team. They and their coins don’t really have any kind of purpose in the crypto market and fail to finalize any kind of legitimate deals and partnerships with good investors. This makes their performance very limited as compared to other altcoins in the market.
Some of these coins are Deep Brain Chain, Funfair, Decred, Navcoin, Populous, Cryptonex.
Good Coins
There are around 500 of such good coins in the market that do offer a good objective for the project, a solid team with good experience to execute such tasks, a good marketing strategy to reach out to masses to share their ideas and quality contacts to make some good partnerships in the market.
The only reason why they are only classified as ‘good coins’ is due to the lack of uniqueness that the other ‘very good coins’ offer. They don’t really have that ‘point of parity’ in their project/product that separates them from their counterparts.
Some of these coins are NEM, Stratis, Monero, and BAT.
Very Good Coins
There are around 100 such ‘very good coins’ in the market. Their objectives are well defined with a solid team to execute their tasks perfectly. Along with that, their marketing teams are also well-qualified to make their ideas reach to the masses. Because of such a wonderful blend, they are able to make better and strong partnerships with a number of good companies.
What separates them from the ‘Good Coins’ category is their USPs (Unique Selling Points). They are unique in what they do and that’s what makes the difference.
Such coins are NEO, Stellar, Cardano, Ripple
Top Tier Cryptocurrencies
These are the top tier coins that provide the best functionalities. They have real-world usage, objectives to solve a real-world problem, strong fundamental teams to execute the mission of the project, marketing teams to spread the ‘idea’ and collaboration with a number of media channels to gain early investors.
Also, due to a good PR team, they are able to make a very strong partnership with a lot of Fortune 500 companies that give them an extra edge over rest of the projects in the market.
Some of these coins are VeChain, Ethereum, Bitcoin, IOTA, Icon, EOS, Kinesis.
Promising Projects Going Into the New Year
With more than 2000 cryptocurrencies out there in the crypto market, only a couple 100 of them qualify to be a top tier investment. It can be quite the challenge to find a worthy project among the thousands of choices. These next projects are some that show a lot of promise heading into 2019.
Always remember the 3’S’ of the investment – Sane, Smart and Sensible. An investor who is sane, smart and sensible will always look into the facts before he invests in any business or project.
Kinesis
This is one of the most promising upcoming projects in crypto. The broad overview of the coin is to offer an alternate and better evolutionary step beyond the basic monetary and banking system available today.
In short, it is a cryptocurrency that is backed by precious metals like gold and silver. According to the CEO of the company, Thomas Coughlin, the Kinesis coin is basically divisible units of allocated gold and silver which you can use as a currency.
There will be two stable Kinesis coins in the market backed by Gold and Silver. The stable Kinesis coins backed by Gold will be tagged as KAU and the stable Kinesis coins backed by Silver will be tagged as KAG.
These stablecoins backed by the precious metals like Gold and Silver are real game changers as these 2 precious metals are definable stores of value for use in trade and investment in the real-world economies.
The Kinesis coin is based on the Bespoke Blockchain Technology, a blockchain network forked off from the Stellar Blockchain Technology in order to suit the requirements of the Kinesis coin.
The cryptocurrency project is headed by Thomas Coughlin who is also the CEO of the Kinesis company. He has 15 years experience in the investment, funds management and capital markets. Before being the CEO of the Kinesis company, he held similar positions for the Bullion Capital and TRAC Financial Group as well.
Apart from Thomas Coughlin, there are other great members in the team as well. Their team consists of people like:
Michael Coughlin, Chief Financial Officer, having 41 years experience as a CPA in the accountancy and financial services professions.
Eric Maine, Chief Strategy Officer, having more than 30 years experience in Senior Management in the exchange and financial markets.
Ryan Case, Head of Sales & Trading in Kinesis, having extensive experience as Head of sales trading & partnership and also valuable experience in commodity, cryptocurrency, forex and derivative markets.
Jai Bifulco, Chief Marketing Officer, having a full-fledged 12 years of experience in award-winning full-stack marketer in Finance. He previously held roles of directors in multiple brokerages, consulting and Fintech sectors.
There are more than 30 different team members in this project spanning their roles from The Executive Committee to the Advisory Board to the Operations and Development team.
The coins are very limited in number as compared to other cryptocurrencies where the softcap is limited to just 15,000 KVT coins and HardCap is limited to 300,000 KVT coins. Minimum token that one can buy is set to 1 KVT which is equal to $1000.
So far, more than 57,000 KVT tokens have been sold which roughly equals to a whopping sum of $57 Million. With such a huge investment already deployed for the development of the project, there are still 30 more days left for the ICO sale period to end.
Also, apart from the investments gained, the Kinesis cryptocurrency is also focusing much on the partnerships with the top companies in the industry. These include companies like ABX (Allocated Bullion Exchange), MLG (Blockchain Consulting), Sigma Prime, Etherlabs and Fine Metal Asia Limited.
This cryptocurrency is certainly the one to watch out for in 2019.
VeChain
Broad Overview – In simple layman terminology, Vechain is a supply chain protocol to track logistics inventory. It has successfully implemented blockchain technology in various sectors like agriculture and industries like luxury goods and liquor.
They basically strive to solve real-life problems by providing solutions in various industries like:
Logistics: In this sector, VeChain implements the blockchain technology to improve the flow of information from one department to another by breaking silos yet maintaining the data privacy of every department. Government: There are more than 111 VeChain nodes deployed worldwide. The municipal governments participate in the VeChain blockchain network as nodes. The VeChain blockchain network offers decentralization and immunity against the data hacking that allows room for transparent information exchange. This indeed improves the efficiency of the municipal governments. The technologies used to track the logistics are:
Assigning digital identities to physical stocks that can be stored on the VeChain blockchain network Usage of RFID (Radio Frequency Identification) NFC (Near Field Communication) Proof Of Authority Consensus In-House Temperature Controlled Tracking Quick Response Codes (QR Codes) The future potential of the VeChain cryptocurrency looks quite promising as the coin is signing new partnerships every month or so. Some of its partners are PricewaterhouseCoopers, DNV GL, Renault Group, KUEHNE + NAGEL, D.I.G, China Unicom and the State Tobacco Monopoly Administration of China.
Every single company with whom VeChain partnered has millions of customers that will use the VeChain technology embedded in their system. This makes the coin solve real-life problems and have mass adoption.
VeChain indeed makes a big difference in the logistics business. However, given the kind of turmoil that the entire cryptomarket is facing where the total market capitalization has fallen from $800 Billion to just around $200 Billion, no one can give any kind of assurance on the returns in your investment in the crypto assets. However, stablecoins like Kinesis has a reward yield system that incentivizes its investors for holding, depositing and also referring new users. Hence, the investors always stay on the benefit side even if the market collapses for a short duration.
IOTA
In simple terms, IOTA is a cryptocurrency which is designed for the Internet of Things. The cryptocurrency was developed to root a new direction to IoT by establishing a standardization called, ‘Ledger of Everything’ which means that the data exchange between sensor-equipped machines would be enabled to populate IoT.
IOTA has the potential to make transactions easy. A basic use case of IOTA can be seen in IOTA enabled vending machines. These machines can dispense the items without involving the associated transaction costs. Some other use cases of IOTA are Reddit Chains etc.
Technology Behind IOTA Surprisingly, IOTA does not use the traditional Blockchain technology for its design and development. In fact, a new platform called ‘Tangle Technology’ is being used for IOTA to operate on. The Tangle Technology deploys a mathematical concept called Directed Acyclic Graphs (DAG) which resolves both the scalability and transaction fees issues which we face in blockchain based cryptocurrencies.
In IOTA, for a transaction to be valid, each node present in DAG Tangle must approve the previous two transactions occurring at the other node. And adding to a note, this process removes the chances of mining and makes the system fully decentralized.
Future Potential Keeping in mind the remarkable result of IOTA, there exists a promising scope for it in the near future in various applications and platforms. IOTA would be standing tall and different in the future world full of cryptocurrencies vulnerable to quantum computers. IOTA has a lot of companies that it is working with. Some of them include Bosch, Volkswagen,Fujitsu, Accenture, Poyry and many more.
When viewed from a macro perspective, so far IOTA looks to be fee-less, scalable and fast which makes it next to perfect. However, if you own IOTA, the chances of you liquidating it into fiat currency via a ‘debit card’ and buying something from a grocery store is quite low. In order to fill this gap of actually buying something from the street market and becoming the global currency, Kinesis has introduced its Kinesis Debit Cards that enables the Kinesis token holders to exchange their tokens against FIAT currency and simultaneously buy products from a grocery shop, something which IOTA fails to offer.
ICON ICX
Broad Overview: ICON is a South Korean based company that develops blockchain technology and accompanies the cryptocurrency called ‘ICX’. ICON is a network framework which has been designed to allow independent blockchains to interact with each other. It allows interconnected blockchain networks to participate in a decentralized system which converges at a central point.
Technology: ICX token is built on the Ethereum blockchain network. ICON has developed a loop-chain platform that connects different blockchain communities through the ICON Republic which serves as the governing head for the Federation of other independent blockchain bodies.
All the communities are linked to Republic through C-Reps (Community Representatives) which then connects to Nexus. C-Reps functions as the portals to the communities to establish a connection with Nexus. And this way the entire procedure is carried out.
Future Scope: It is believed that ICON has plans to provide platforms to financial, security, insurance, healthcare, educational industries which can help them to carry transactions on a single network. Thus, ICON (ICX) can be seen having a good time in the coming days.
Also, it has been successful in signing a partnership deal with the tech-giant Samsung where it will be using ICON’s own Chain ID for a new Samsung project called ‘Samsung Pass’. Apart from Samsung, ICON has also signed deals with PORTAL NETWORK & W Foundation.
However, it is notable that ICON is built on the Ethereum network and is an ERC20 token. Hence, the transaction speed greatly depends on the Ethereum network. Currently, Ethereum can execute 15 transactions per second which is quite low in terms of what ICON (ICX) is currently aiming for. However, to fill this gap, we have Kinesis Bespoke Technology that offers a whopping speed of 3000 transactions per second. This lightning fast speed keeps the Kinesis token way ahead than ICX token.
Enjin
Broad Overview The native cryptocurrency of the Enjin Network, the Enjin Coin (popularly known as only ENJ) follows the ERC20 token standard and is used with a smart contract-based blockchain platform. Its typical users include content creators, game developers, and other members of the gaming community, who need to use virtual tokens to manage and trade virtual goods in the gaming world.
Technology behind Enjin As an ERC20-compliant token, the ENJ functions in accordance with the rules an Ethereum contract has to implement. It is used on a dedicated platform that is designed to support open-source software development kits (SDKs), applications, plug-ins, and payment gateways. As for its users, they will be able to efficiently participate in developing, launching, managing, and trade content and game-related products on the Enjin Network, without having to deal with the technical complexities.
Summary of Potential The ENJ is expected to solve some performance issues in using similar cryptocurrencies on the market today, including payment frauds where goods are not actually delivered, slow transaction processes, lack of ownership of virtual goods, lack of transaction standards, and centralization problems.
According to its creators, the ENJ coin, which is based on a blockchain, will create a distributed, trustworthy, and secure framework where transactions can be executed smoothly and quickly with minimal transaction fees. Its autonomous and decentralized system will ensure that all offers and deals will be honored.
Conclusion Generally speaking, the Enjin Coin is good. It helps bring the benefits of blockchain to millions of people participating in the virtual goods market. Its creators are working hard to prevent fraud in the gaming world.
However, it is still a relatively new project. As such, it is still volatile. This means that you still have to take utmost care and be wise when using it.
EOS
Broad Overview EOS is considered by many people who are participating in the virtual goods market as one of the best cryptocurrencies to use, supported by a powerful infrastructure for decentralized applications. Basically, the EOS blockchain is used for the development, execution, and hosting of decentralized applications (dApps) that are traded virtually.
Technology behind EOS The EOS system is composed of two key components, which are the EOS.IO and the EOS token. As for the former, it functions like a computer’s operating system in managing and controlling the EOS blockchain, with the use of an architecture that enables horizontal and vertical dApps. As for the latter, it is held (instead of spent) by the users to be able to become eligible of building, running, and trading apps, as well as using EOS network resources.
While EOS still does not have an official full form, it supports all core functionalities to allow individuals and businesses to create and trade blockchain-based apps.
It also runs on a web toolkit for interface development, just like Apple’s App Store and Google Play Store.
Summary of Potential While there are already a lot of cryptocurrencies based on Ethereum similar to it, the EOS system focuses on the critical and problematic points of the blockchain. Specifically, it attempts to solve the problems of scalability, speed, and flexibility that often cause transaction processes to slow down, which is a common issue in blockchain-based systems.
According to its creators, EOS.IO could also address other problems that come with the ever-increasing size of the dApps ecosystem, such as limited availability of resources, constrained networks, spamming, false transactions, and limited computing power.
It is said to be able to support thousands of commercial-scale dApps without hitting performance bottlenecks by using asynchronous communication methodologies and parallel execution across its network.
Conclusion The EOS system is very advanced. It is designed to address common problems with standard blockchain-based networks. But like other new cryptocurrency platforms on the virtual market today, it still has some weak points to improve. Also, there is again the exposure to volatility, as users hold the tokens to be eligible to trade virtually.
Nebulas
Broad overview Nebulas (NAS) is a new generation blockchain and is open for public collaborations for decentralized application (dApp) development. Its adaptability and scalability are the two characteristics that could propel NAS to be one of the top cryptocurrencies, thus giving it enough leverage to compete in the market.
Technology behind Nebulas Nebulas is the first crypto running on a 3rd generation blockchain, thus making it the dominant player of the new platform. This makes Nebulas highly flexible and scalable, even giving a good leverage in future-proofing their code. That could help avoid hard forking whenever some issues come up during scaling processes.
Summary of potential Adaptability, scalability and search-ability are three of the biggest potential NAS has to offer. With the 3rd generation blockchain it uses, it can allow the adaption of other codes based from Nebulas. This means that other cryptos can adapt to its platform soon enough.
Moreover, it can also act as a blockchain search engine. This can let users search particular blockchains based on efficiency and community strength.
Finally, its goal to provide fair incentives to Decentralized Application (dApp) developers is something that collaborators could expect. This means that more developers are expected to come, thus strengthening NAS even further.
Conclusion Nebulas (NAS) is a promising crypto especially with its adaptability, scalability and search-ability potentials. It can help with the fluidity of crypto into this new generation platform. However, it still lacks the value stability that Kinesis or stablecoins hold. NAS is still unpredictable, unlike Kinesis that backs it value with real gold.
Sky
Broad overview SkyCoin is a full environment system of blockchain technology, and has the goal of endorsing the actual usage of cryptocurrency.
Technology behind Sky Sky has its own algorithm, the Obelisk, which uses the web of trust dynamics to spread influence all throughout the network to come up with a consensus decision. The consensus decision depends on each node, by valuing its influence score. The influence score of each node is determined by the number of network nodes connected to it. This depicts the importance of the node to the network.
Aside from the Obelisk, Sky also operates its own cryptocurrency which is SkyCoin, its own ICO platform Fiber, a decentralized social media platform called BBS, and a decentralized messenger called Sky-Messenger.
Summary of potential Sky focuses its potential on being a full ecosystem of blockchain technology that encourages actual usage of crypto. Through its unique algorithm which is the Obelisk and some other dApps associated with it, Sky is a promising crypto technology and could be considered as the most complete one as of today.
Conclusion Sky, SkyCoin and the Obelisk is definitely a massive platform that could be considered as a full ecosystem of crypto and its related technology. Nonetheless, the SkyCoin depends its value on node influence scores, which could change from time to time as well. This makes Kinesis and Stablecoins still a better choice, especially for investors who want clear investments without hassle.
Crypto Predictions for 2019
While 2017 had the masses captivated and investing large amounts of capital, 2018 has seen price drops and sagging hopes. While the returns in 2017 exceeded anyone’s expectations, a strong pullback was predicted by many. Whether or not this bear market continues from here is the real question many investors face today.
Bitcoin’s rapid rise and fall exposed many problems, and the developers of the top cryptocurrencies in 2019 took note. When considering your crypto investments for 2019, factor in the following trends we predict will influence investments:
More Pullbacks According to the CEO of Vellum Capital, Eric Kovalak, the price of cryptos will reach new lows before they will rebound to new heights. This includes the biggest cryptocurrencies in the market, including Bitcoin. Kovalak believes that it will be priced below $3,500 before it will find its way back up. However, there are many mixed opinions on the current price of BTC, with some arguing the bottom for the crypto markets have already been seen.
Due to Bitcoin-based remittances, uncertainty in global economies like Asia, Turkey and Venezuela, and mobile penetration, there will be a surge in interest and the price of the digital currency.
A Flood of Institutional Investors
Institutional investors have been waiting on the sideline for the ETF to rule in favor of Bitcoin. According to Mike Novogratz, CEO of Galaxy Capital, once the ETF arrives, “institutional fomo’ will start flooding the market.”
Another factor is Kinesis, the investment blockchain that provides investors with a safe and reliable alternative. Pegged against precious metals, it provides protection against volatility that may be caused by political instability.
The Kinesis Monetary System lets you own real gold or silver when you purchase the digital currency. Your ownership is then digitized and then made available for spending, trading, and transfer. What is even better, the monetary system can be used internationally, ensuring reliability of money around the world.
With the recent crisis around the Turkish Lira, the price of gold has significantly increased.
Mass adoption of crypto by consumers In January 2019, blockchain technology will be 10 years old. It remains a speculative investment to this day but 2019 could be the year of mass adoption for digital currencies.
For this to happen, however, there has to be some triggers.
Speculation should become a real utility. People must use blockchain projects in everyday life so they will gain widespread use. Decentralized applications (DApps) must gain mainstream status to promote widespread adoption of cryptocurrencies. Improved payment processing, addressing the issue on the current situation of slow transaction times and high transaction fees. Scalability of blockchain technology with little to no impact on its efficiency. To date, slow transaction times are due to the growing number of users and transaction sizes. This calls for blockchain to grow and have the ability to compete with Mastercard, PayPal, or Visa. Introduction of off-chain solutions that allow users to complete a transaction through peer-to-peer payment channel instead of within the blockchain. This will address slow transaction times. Security will be provided by the parent blockchain. Gold Is Still The Standard Despite the promises and unique functions of many cryptocurrencies, there is still uncertainty in these new markets.
Gold has remained the best form of investment throughout history, and the best store of value, especially through times of crisis in politics and economies.
Kinesis pegs its value to gold which has proven to be the safest investment in history. Therefore Kinesis stands to gain from the stability gold offers while simultaneously fusing it with the unique features of this cutting edge crypto technology.
With the Kinesis Monetary System, investing in gold is no longer the slow process that many older investors are used to. This cryptocurrency is backed by gold and silver and supports precious metals trade.
It has three essential assets.
Tokens that represent an investors ownership of gold and silver. The inherited system where performance is done. Complete blockchain security that supports investments and paves the way for the creation of new assets protected in a banking system. Most importantly, the Kinesis Monetary System allows thousands of transactions to be completed per second in a completely secure channel.
The Near Future
Even a decade later, cryptocurrencies are still very much in their infancy. At this time, no one is sure what shape this growing sector will take in the future. Many cryptocurrencies will come and go but the ones that show the most promise, that fulfill their use cases, will stick around for the long term. With any emerging technology, we have to watch how it evolves and how it merges with our everyday life, changing the way we interact with everything around us.
submitted by National_Association to CryptoMarkets [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
submitted by bhdgsetyf to ethtrader [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
submitted by cryptomoonlambo to Bitcoin [link] [comments]

The truth about Bitfinex and Tether...

EDIT: I realize this is long, but I feel it's important to have this info out there. Maybe save it for later when you see this narrative being pushed around so you can come back and get the other side.
EDIT 2: TL:DR - Most negative analysis on this sub lately of Tether are likely from a single biased source that stretches a lot to make his points, and there is simply not enough Tether in the market nor is it concentrated enough to create a catastrophic problem or significant inflation for any USDT currency pair.
Like many of you, I have heard the stories and posts about the fraudulent tether, I trade in this space on many exchanges and the growing concern is worrying, so I did my due diligence, and I would like to share it with the community.
First and most importantly IMO, all this controversy stems from just one account/person. A person on twitter going by the handle @Bitfinexed - https://twitter.com/Bitfinexed
Here you can see this person's writings - https://medium.com/@bitfinexed/latest
Spoofy, Tethers and institutional investors are what they contend to be the lies and fraud, AND that this entire rally in 2017 is based on fraudulent Tethers and spoofing, and that this will implode the markets.
I feel this is also important… Turns out this person sold at $1000, maybe the real reason he is on this mission??… https://twitter.com/whalepool/status/896460700461277185
Now for some troubling info, the majority of this narrative (FUD??) here on Reddit in the last month come from just three accounts.
https://www.reddit.com/useAtlasRand1/submitted/
https://www.reddit.com/usecetusfund/submitted/
https://www.reddit.com/useAnythingForSuccess
As you can see these accounts entire mission is to post constantly about this. They all show up on the other’s post to comment regularly.
Btw, some people on the pro-finex side think this is a smear campaign from other exchanges. I don’t believe this to be the case. This person(s) only talk about TetheFinex, yet Tether is used and traded by the $millions daily on 3 of the top 5 exchanges, Finex, Bittrex, Polo, yet never a word about those other exchanges. (Check the USDT volume on other exchanges) https://coinmarketcap.com/assets/tethe#markets
Therefore, if it is an exchange, it isn’t Trex/Polo because this would affect them as well. If it was an exchange other than Trex/Polo they would have plenty of fire power against 3 of the top 5 exchanges with Tether fraud.
This leads me to believe it is most likely a sad person(s) with an ax to grind. They might have lost their $ on Finex to what they believe are spoofers/fraud and or they were part of the finex hack and sold there BFX too early.
Btw I see contention that Bitfinex did NOT pay back the $ from the hack. They did, but some people are mad because they sold BFX early and didn’t recoup full $ amount from haircuts, but that was their decision.
~ POINTS OF CONTENTION
SPOOFING This is what set my alarm bells off about these articles I read from Bitfinexed. Specifically spoofing… https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
and this nugget…“And who the hell is going to go margin long so dramatically after a huge crash?” from this article… https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
Claiming spoofing shows this person has limited markets/trading knowledge. Clearly they haven’t watched an order book of any exchange in crypto, equities, or Forex.
This is called scalping or scare walls. Again this is done in every market around the globe.
Here is a professional FOREX trader talking about scalping, how it works, who/why they do it. https://www.youtube.com/watch?v=EYMIPmgRb_M&list=WL&index=94
TL;DW - they do this to get the price where they want it because they know people are watching the order book (the video is quite enlightening), and the key point that keeps this from being an illegal activity (on regulated exchanges) is THAT THEY DO MAKE TRADES FOR THOSE SIZES eventually. This doesn’t always work and they get stuck in these positions. Risk/reward.
The ironic part about this spoofing idea is Finex is one of the few, if not only exchanges, that offer hidden orders. So people trying to scalp always have to worry if there is a monster hidden order lurking.
Go to the UPDATE: AUGUST 7TH of this story and watch the video he claims proves spoofing and Phil Potter admitting it in the voice over. https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
I see nothing wrong with what Phil says and no proof of anything in the video. Again this is true on every exchange trading anything of volume in the world. People with large amounts of money move markets, oh the horror. I “technically” do this when I place an order and pull it for whatever reason (scared, mistake, etc.) just not in large sums, but I would if I had large sums.
“And who the hell is going to go margin long so dramatically after a huge crash?” The crash they are referring to is from the early June ATH to the mid-July correction. A 45-day crash? Well, I am one of those people that went margin long. And many many others who read charts, resistance, support, retracement info. Again, this smacks of someone who doesn’t know what they are talking about.
REASON FOR PRICE RISE/BTC GOES UP WHEN TETHERS ARE CREATED
This is absurd. This completely negates everything else, the Japanese currency ruling and them entering the market, Koreans coming into the market in a huge way (they now have the largest exchange by far with close to a Billion traded DAILY, oh and they don’t use Tether at all), the successful hard fork, or the more (positive!) interest from the media and people than ever before in BTC history.
Instead, we are supposed to think that $395 million dollars of tethers are the reason for this rise in a $160+ Billion market cap. 
C’mon people! Look at that volume for the last 30 days. https://imgur.com/a/vKJ5g Also, the overwhelming majority of trade does not exist in Tether but KRW, CNY, USD, JPY.
Tethers are usually created when extra liquidity is needed, be it a crash or a spike. Because more people are trading.
They try to prove Tether boosts the market with this picture in their article. https://imgur.com/a/274SE
The problem is 2 of the last 3 tether dumps coincide with a downturn. In fact, there is nothing in this graph that proves this theory. Also, the last tether dump/price rise coincides perfectly with the news of the majority of miners signaling segwit2x for the first time (search bitcoin or btc around that date).
So do you think the market traded billions of $ at that time because of a $50 million Tether dump or because for the first time in YEARS a solution and path forward became visible??
THEY DON’T HAVE BANKING//NO INSTITUTIONAL INVESTORS/FAKE TETHERS-TERMS OF SERVICE
In regards to banking, clearly they have some kind of banking and a way for large amounts of fiat to get in and out. The banking is not for you and me but for regional bitcoin exchanges and other large customers.
You know how I know this? If they didn’t the internet would be flooded with Finex withdrawal issues, there would be a price premium on Bitfinex compared to other exchanges, just like Mt. Gox had for so long and also Bitfinex earlier in the year when the banking issues started.
This article explains it very clearly (seriously read this article), it has nothing to do with this controversy, just the banking issue in April.
https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0
TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did).
The premiums on Finex and Tether are what would prove something is wrong, yet they are not here. Surprisingly Finex has been at a discount to GDAX and GEMINI recently. Meaning people are willing to take a loss on prices to be able to lend on Finex. This too will normalize as people/bots arb.
Aug 9th… From “arguably” bank fraud https://twitter.com/Bitfinexed/status/895339675120013313
Aug 22nd…. To “admitting” bank fraud https://twitter.com/Bitfinexed/status/900230917196836864
Listen to that audio in the second link, listen carefully. His explanation is perfectly reasonable. Banks don’t work well, consistently, or at all with crypto related companies (marijuana companies too for that matter) especially in jurisdictions that are outside US/Europe. Surprise surprise, this is nothing new. When they find out customers, deposits/wire are cryptos related they pull the plug (a reason why Trex/Polo don’t mess with USD).
Also, they gave their customers a haircut, probably a lot of complaints about the hack to Wells Fargo and other banks. These are the correspondent's banks, not Finex’s, they have banking. This is how they can receive large institutional deposits and withdrawals. Which I bet make up the majority of the fiat deposits and withdrawals.
Classic 80/20 business rule, 20% of your clients are providing 80% of the liquidity plus you are having banking issues (which is expected in crypto-land), so you cut this service to the 80% saving time/resources/headaches for the 20% loss in a single service to them (no fiat withdrawal/deposits- but crypto flows in and out with ease).
Again if they weren’t able to get money in and out there would be a premium, there would be a long line of complaints online. I have no reason (or proof) to believe that money is NOT coming into/out of the exchange.
It makes total sense too, they are the best lending platform, have one of the most liquid exchanges, and have by far the most reliable and best software/servers/UI/order options. You cannot deny this fact, they are constantly a top 3 exchange in volume, even after a hack.
I use Finex (as well as others) because of all those things. Also, they have already been hacked, a second hack seems less likely (IMO, they have more to lose with another hack). They have many big events on the horizon (Ethfinex). Would a company be putting resources into these things if this is all fraud or an exit scam? I find that unlikely. Is this 100% full proof? Of course not, nothing is, especially in crypto, just my reasons for trading there.
Institutional Investors - https://medium.com/@bitfinexed/are-legitimate-institutional-investors-really-coming-onto-bitfinex-s-platform-i-don-t-think-so-cb4ed5175092 Here is what this person doesn’t comprehend, what if these institutional investors are… you ready… here it comes… other exchanges that use Tether, as well as other crypto related businesses. It is only $395 million Tethers. These exchanges (Trex, Finex, Polo) are printing money.
This isn’t “someone” with 100’s of millions of dollars as the article suggests, it’s many people with millions/thousands of dollars. Again this all ignores the fact that many more people have entered the ecosystem this year. This is proven by Coinbase growth, transaction growth, and exchange growth (both in volume and # of exchanges), and growth in crypto-related sub-Reddits.
Yet Bitfinexed is shocked that lending hits ATH’s, but it is perfectly explainable and reasonable based on the evidence and data of gthe ecosystem. Let us not forget BTC is a finite amount, more people are going to increase demand/price, if you think this is a bubble... you haven’t seen anything yet.
The TOS are sketchy and a point of concern but there are two things to keep in mind- It was necessary to word it that way, and the market clearly doesn’t care.
If they had worded it that they will redeem no matter what, they would have money launderers flocking to the service (bogging down resources), plus law enforcement knocking.
Tethers weren’t created to get $ in/out of crypto but to provide a safe haven and liquidity on exchanges that don’t use USD. And I would say they are working perfectly. Very few are withdrawing USDT for USD.
I think it is precisely because of what the co-founder of tether refers to here (and below)… “If you want to convert USD₮ into fiat currency (or vice-versa) at tether.to, you must go through the whole “aggressive” KYC/AML process and get verified. I’ve heard from many who tried and were unable to provide sufficient documentation. Tether’s KYC/AML policies were written by experienced compliance officers and it’s critical that it be done properly and with diligence. It really is about “knowing your customer” and making sure that their uses are legitimate.” This is a perfectly reasonable explanation why people are not lining up to cash out of Tether, and also why large/reputable institutions can (exchanges, investors, etc.).
TETHERS REPLY TO ALL THIS, PLUS UPCOMING AUDIT https://tether.to/tether-update/
Now ask yourself this, would a company that is operating fraudulently have a roadmap of all these new features that no one will ever use if they don’t provide these promised audits as they say they will by the end of the year?
So as of now they have enough runway until the end of the year. I say we give TetheFinex the benefit of the doubt.
While Tether could be operating fractionally (so to could any exchange in crypto btw), there is no proof or evidence of it today. It trades at normalized rates. You can’t just create 100’s of million of dollars without the marketing realizing somewhere.
Sure, you can say this is a confidence game, but so is crypto, so is the USD, so is the concept of money. I see no reason to be more concerned with this risk than the already risky environment we trade in with exchanges.
WHAT IF I”M WRONG? CRYPTO WILL IMPLODE!
No it won’t. Sure there will be a dip maybe even a correction, but there are only 395 million Tethers. People will get out of Tether even at massive discounts (until $0) into crypto because they can’t get USD, but not more than the 395 million tethers circulating (at this time).
At a certain discount people will understand what is going on and stop trading for Tether. BTC + ETH is worth over $100 billion, how many time does the entire amount of USDT have to turn over to cause a massive crash?
What will get hit the hardest are the people left holding tether (if/when they implode) and Trex/Polo/Finex.
To think Polo/Trex would rely so much on USDT that they didn’t fully vet it is absurd as well. Whats more likely, Polo/Trex’s due diligence or this @Bitfinexed person based on conjecture?
I’ve already seen a Forbes contributor try and get ahold of Bitfinexed on twitter. https://twitter.com/laurashin/status/894437272241569792
Could I be wrong about all of this??? Of course, but, I feel I have provided more evidence than the other side. You are the Judge :)
USEFUL INFO
Some from u/udecker - Tether co-founder
Tether.to is who has the backing for the token, not Bitfinex. Bitfinex is a customer of Tether. If Bitfinex wants more Tether, they make a request to Tether, just like all other Tether customers. Tether waits for USD to show up, and when it does, creates the necessary tethers and credits Bitfinex. They both have Tawainese banking so money can flow back and forth easily. (The banking industry in the country of Taiwan are under scrutiny lately because of larger legal issues not involving crypto, but clearly affecting crypto companies)
https://wallet.tether.to/transparency
Tether wasn’t designed to be a profit machine. It was designed to be a utility for the crypto community to provide a stable token (with all the benefits of this). Tether’s business model is this: 1. Generate fees from wire deposits and withdrawals and conversions. 2. Interest income on the reserve.
Bitfinex’s parent company owns a 20% stake in Tether.
People say Tether isn’t being burned. But they are being recycled which is/was always an option.
I hope we can have a productive conversation around this without the usual Gox 2.0, sell it all, Bitfinex is the anti-christ comments with no substance. Give us your opinion and perspective because maybe I am missing something… but, maybe you are too.
This was quite time consuming (just ask my kids and boss, lol) So if you found this info helpful you can donate if you’d like here, if not, no biggie smalls :)
BTC - 14Wz4SCuKwa81UBh1U7mcaCTxMsYLLuGZK
BCH- 16uby9gW79tjn5guQG8v5mTsdu6V6cYyKF
ETH - 0x0181D1C82229BAD741BB6c302ae523aE6DC9a1EE
submitted by bhdgsetyf to CryptoMarkets [link] [comments]

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