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Same for those selling at 3000, 4000, 5000, 7000, 9000, etc - always giving bitfinex serious profits, while people were exchanging their btcs for vapor-tokens, and these BTC now can cover multiple times the USDT balance. Right?
If I understand your post correctly, you are making a mistake.
1. Total Tether issuance (USDT on OMNI + USDT on ETH) = ~2.3 billion $
2. Total BTC in Bitfinex cold-wallet = 140,443 BTC = ~1.63 billion $
Even if all these Bitcoin would belong to Bitfinex,
which they do not, they would
not be enough to cover all the outstanding Tether at the current Bitcoin price.
You also assume that all these Bitcoin belong to Bitfinex, which is obviously not true, because
these are mainly user funds. If people sold Bitcoin at 3000,5000 and so on the profits
may not have gone to Bitfinex, but to other users of the Bitfinex exchange.
Of course it is possible that I misunderstood your post or that Bitfinex
has substantial cryptocurrency holdings in other currencies than Bitcoin (e.g. big holdings of
ETH or some of the tokens that they list).
Random speculation:
Personally, I suspect that they obviously
acccumulate tokens like RLC or RCN before they list them on their exchange.
It is simply too easy to make money by buying up a random token and then making
profit after you list it on your exchange (https://pbs.twimg.com/media/DUT-ULkWsAA9Pxt.jpg:large).Bitfinex main income should theoretically be coming from trading fees and not from selling
Bitcoins directly.
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Hmm, wouldn't everyone want to sell their Tethers and buy every coin they can with it and pump prices up even more?
This is exactly what many people including me predict what will happen in the case of a Tether collapse.
The prices of all cryptocurrencies on these exchanges will go completely parabolic, because of people
that desperately try to exchange their worthless USDT for another cryptocurrency.
Interpol asset freeze would prevent this scenario, tether is already under investigation by us law enforcement since a long time. People would not have access to their USDT funds which would be "disabled" on exchanges before the news of fraud became public. Regulators have a strange hold on all major us based exchanges such as bittrex, they snap their fingers and have demands met instantly. Possibly a few tethers here and there would make it intoother exchanges but its negligible sums, wouldn't affect global prices.
<snip>the oldest democracy of the world<snip>
Athens, Greece?
Atlantis?
For all the noobs who are scrolling the wall of delusion prepping to enter crypto:
Fundamentals against bitcoin are severe:
1, Old world is already fully embedded in this coin, Goldman, Saudi, FBI, Forbes 1000 Billionaires, so bitcoin success is counter productive to original intent
2. This goes for all cryptos, but they really should not be obtainable with fake fiat money, launch a crypto that can only be obtained through services - everyone on equal footing in this new world order instead of status quo 2.0
3. Bitcoin doesn't scale, lightning network is centralized
4. BTC is old tech, like netscape in late 90's, this is important to consider
5. Mining is draining power towards useless calculations, yes its securing a network but this computing power could be way more optimized, which is why I bought ETH in april 2016, unfortunately, this also did not scale
6. True decentralization must support a retail and merchant space full of branded cryptos with migrated goods and services. This is where those multi trillions market caps will come from in the 2020's with added value of crypto integration
7. BTC is sustained by centralized exchanges which are completely subverted by super powers since mid 2017.
I am a firm believer in Alts with use case and a future built on real democracy powered by a retail, science, merchant and investor community and not the status quo fiat counterfeiters that brought humanity a decade of stagnation. Private corporate money and private armies in a neo feudal model of society will overtake the royal kingdom of the military industrial complex. Neo feudalism is hopefully just an intermediate division before sovereignity of everyone in a virtual singularity.
I do think that BTC will move towards quarter of a million but that it will be for reasons of fiat undermining confidence, and I believe that stockpicking alts with use case and momentum will vastly outperform BTC in the next parabola, by factors of thousands simply because BTC high valuation compared to alts in low hundreds of millions. Do not be fooled by a statement that BTC is a low market cap asset, it is the ecosystem that is important, not one coin. BTC is very overvalued compared to its competition, a factor of x20-100 when exlcuding subverted top 5.
I am not an idealist nor anarchist but the level of corruption in this space since 2017 must absolutely be made public. Everyone is right to own a small amount of BTC but be aware that nothing will change in a BTC majority economy. True decentralization can never come from BTC and its forks, only from emerging altcoin ecosphere and this is simply not matured yet, and when it comes online through crypto payment gateways and realization by retail that crypto a new form of decentralized and unregulated branded stock, then the hour of parabola is upon this world once more.
I am sorry to state the obvious, this but at this point it is evident that world stock indexes and big business will clone high capacity chains like Waves to migrate old world means of production in a regulated censorship enabled environment.
Merchants are bound to the land owned by governments and they cannot physically resist high level decision making because profit is tied to machines of production that are land locked.
It is a bad outcome for this decentralized space as far as merchant onramping but some alts may be able to capture market share and grow by mimicing stock indexes in a decentralized format.
My point here is that Merchants will of course want to launch branded cryptos with high capacity inorder to extract added value of blockchain technology but it is probable that a vast majority of extant resources will be migrated to government controlled indexes like Nasdaq, Nikkei, etc, using custom platforms.
I think Bitcoin and many top coins will find competition difficult against establishment. I think Bitcoin is vastly overvalued.
I also think that in 5 years from now, Google, Darpa or Boston Dynamics will have paired autonomous robots with an AGI powered chain using concept of Ethereums original design. I could be a boon to society much more impactful than industrial revolution.
Onramping mainstream userbase will have little price impact, real wealth is in top 1% of economy as everyone knows, because they own the means of production.
Decentralized space excluding top 5 since it is not decentralized, maybe will become the peoples economy. It is a class division of the world.
Bitcoin is already owned by the old establishment so using it for decentralized and libertarian reasons is a bit redundant. It's a good vehicle of gambling and speculation, so enjoy your continued debate, I think it is looking at -90% market cap reduction to be more inline with top alts.
Because I just don't see how capital flight into crypto from fortune 500 can be realized because of the land locked means of production and not to mention logistics industry which is controlled by militara through nation borders and customs.
It's benefits are multi fold but programmable currency is a game changer when paired with computing power. There is incentive to keep such tech regulated.
World industry has expressed significant interest in blockchain technology have they not? I think they are incentivized regardless of decentralized aspects, frankly, I don't think they care at all about decentralization, quite the contrary.
Establishment migration to blockchain is further incentivized by eroding confidence in fiat.
Fiat collapse is a non issue once it occurrs, because the world is already migrated by then.
So it is a false hope to rely on fiat erosion for decentralized crypto to gain alot of value. It could be an industry for the new underclass, whereas elite is on censorship enabled platforms.
Index platforms like waves, stellar, nexus may be able to capture share of new merchant businesses, but probably not established fortune 500's. This is not Bitcoins space at all, closest thing is XCP and it's just so dysfunctional, I used it in 2017 with Marquise $Museum.
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I think Bitcoin and many top coins will find competition difficult against establishment. I think Bitcoin is vastly overvalued.
...
I also think that in 5 years from now, Google, Darpa or Boston Dynamics will have paired autonomous robots with an AGI powered chain using concept of Ethereums original design. I could be a boon to society much more impactful than industrial revolution.
...
Bitcoin is already owned by the old establishment so using it for decentralized and libertarian reasons is a bit redundant. It's a good vehicle of gambling and speculation, so enjoy your continued debate, I think it is looking at -90% market cap reduction to be more inline with top
Easy ignore.
Can yoy please fuck off to the ethereum sub or whatever the fuck you came from please?
Construct an argument.
Blockchain is big, slow and clunky,
Only Bitcoin, Ethereum and those old generation coins.
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I think Bitcoin and many top coins will find competition difficult against establishment. I think Bitcoin is vastly overvalued.
...
I also think that in 5 years from now, Google, Darpa or Boston Dynamics will have paired autonomous robots with an AGI powered chain using concept of Ethereums original design. I could be a boon to society much more impactful than industrial revolution.
...
Bitcoin is already owned by the old establishment so using it for decentralized and libertarian reasons is a bit redundant. It's a good vehicle of gambling and speculation, so enjoy your continued debate, I think it is looking at -90% market cap reduction to be more inline with top
Easy ignore.
Can yoy please fuck off to the ethereum sub or whatever the fuck you came from please?
Construct an argument.
Nobody here is required to challenge your worldview there buddy.
"If you don't believe me or don't get it, I don't have time to try to convince you, sorry"
Too bad, I will invest my money elsewhere. Perfectly open to x100 leverage long BTC if I can find a few counter points to defend $150 bn market value.
