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Sorry, but what? What exchange is printing billions of $ of unbacked Bitcoins?
by zone411 9y ago
Sorry, but what? What exchange is printing billions of $ of unbacked Bitcoins?
- askafriend 9y agoHe's right. It's Bitfinex and it's been going on for a while now. A ton of people have called them out and they've largely ignored everyone. They've promised an audit and no audit has materialized in the years since they've promised one. There's a fantastic anonymous twitter account that's been calling them out for months now and gathering pretty damning evidence: https://twitter.com/Bitfinexed https://twitter.com/Bitfinexed
- zone411 9y agoBitfinex prints Tethers, not Bitcoins.
- JumpCrisscross 9y ago> Bitfinex prints Tethers, not Bitcoins "Yeah, but he's our bastard" [1]! Joking aside, you deposit a coin with Bitfinex and get some pixels saying "one Bitcoin". You then trust those pixels can be exchanged for Bitcoins or dollars down the road. If they're playing fast and loose with one, it's a funny argument to make that they aren't doing the same with the other. [1] https://en.wikiquote.org/wiki/Talk:Franklin_D._Roosevelt https://en.wikiquote.org/wiki/Talk:Franklin_D._Roosevelt
- askafriend 9y agoThey make claims that Tether are 1:1 redeemable with USD.
- empath75 9y agoI didn't say they were.
- zone411 9y agoHow did you think your comment that "you would have to be nuts to short" on an article about shorting Bitcoins would be taken? Please explain how Tethers can be used to manipulate and increase Bitcoin price.