The latest FUD seems to be over Tether and how 850 million USD has disappeared from Bitfinex.
Some are comparing it to MT Gox. Based upon the numbers it is about the same as Mt Gox as far as catastrophe's go, but one very important point is that back in the days of Mt Gox, bitcoin marketcap was more than an order of magnitude smaller than it is now. So how much damage was done? Significantly less than one half of a percentage point.
If we erase 850 million USD as lost, then the market cap of 186,750,000,000 drops to 185,900,000,000. We have had bigger drops than that in average days when nothing seems to be going on.
Thoughts?
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It nowadays is a drop in the bucket. Bitfinex is not a very important exchange.
Nevertheless this shows two fundamental problems.
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I wish it was just about losing some money.
However, bitfinex, Tether and EOS where set up for this scam.
People who have been following the money and the people have been saying this would happen for over a year.
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I'm aware that Bitfinex isn't the only corrupt exchange. I do think there will come a turning point in the somewhat near future (within 1 -3 years) where exchanges will be under even greater scrutiny and national fiat flows through them in even greater quantities, sparking a major financial crisis.
I think the outcome of this could be that the USD and other national hegemony could be threatened and Andreas Antonopoulos's prediction of fake news becoming fake money could manifest then. The whole world is going to reach a turning point on understanding what has value. Right now they are censoring news, and soon some powerful individuals will step up their efforts to censor money.
Could you explain exactly how EOS is set up for this scam?
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I am not very good with names, and i might miss some important things, but i will repeat what i have heard.
Ok, so you are performing a scam with Tether, you know, as long as everyone does ask for their money, well you just have to have enough to satisfy the withdrawals.
And then, people started asking for an audit.
Wasn't it strange that EOS kept the pre-sale in ETH? and not in EOS?
And then there were large sell offs of ETH that timed with having to fund Tether. And finally, the close of EOS ICO and then almost right after, Tether has an audit done...ish.
Further, EOS is the kind of platform that whales can buy up. So, basically 12 buddies can decide who stays and who goes.
And when people find that it is not a free speech platform, the cracks will form. And, and, EOS is behind on its timetable to actually get all their core programming done.
Basically, it looks like EOS was built to stop gap Tether.
And it might all come crashing down together.
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Thanks for your explanation. Maybe it's convenient for multiple reasons. I don't think Dan Larimer built EOS specifically for this reason, but I can see @tonevays agreeing with you. Unfortunately none of this stuff is happening in a vacuum which means motivations are rather difficult to pinpoint.
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Much good has come from people having set out to do bad things
and
Much bad has come from people having set out to do good things.
Like the thing that really made STEEM work is that BitShares was there to allow trading of STEEM almost right away.
And that is a truly intricate and complicated story.
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They are already censoring money, its been happening awhile now, its just now more in the open
What you think sanctions and financial blockage is, freeing up money, people don't realize, your money could be confiscated at anytime
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I've already said as much in my blog that KYC and AML are censorship. That's why I said that they would "step up" their efforts, not that it's anything new.
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Yeah, Market and Institutions these days are much more mature and robust, than back in times of Mt. Gox. but as long as those issues around Bfx / Theter are not resolved, it's a threat looming above all crypto.
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Except that market cap is based on trade volume, so that one percent of a bitcoin traded back and forth 100 times will equal to 1 bitcoin in market cap, so in this scenario, that loss would overshadow the entire crypto sphere if it were traded back and forth.
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What does market cap have to do with volume? Market cap is number of tokens outstanding times the price per token. Daily trading volume can fluctuate wildly. Most days, market cap has much less violent swings.
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