7 ms·

This is good news for quality cryptocurrency organizations. Bitfinex has problems, so does Tether and it's good to see bad actors in the crypto world getting we

This is good news for quality cryptocurrency organizations. Bitfinex has problems, so does Tether and it's good to see bad actors in the crypto world getting weeded out, called out and put down.

ceejayoz 9y ago
C'mon, say the "This is good for Bitcoin!" thing.
- to3m 9y ago
  This is good for Bitcoin.
- hart_russell 9y ago
  Bitcoin is a dinosaur that will either need to adapt or die.
- brokensegue 9y ago
  which is odd because I thought the libertarian dystopia that bitcoin is pushing us towards abhors this kind of regulatory interference
  - nkrisc 9y ago
    I thought this was all "working as intended."
  - jerkstate 9y ago
    those libertarians have been expecting this and have traded their tether-pumped btc for gold, land, etc. it's the late to the game profit seekers who have bought in over the past few months who will get killed by this. even if the tether founders have made off with whatever cash deposits they had and there's nothing in the vault, cryptocurrencies will still have value and will rise again.
- sunseb 9y ago
  Yeah all news are good news for greedy Bitcoin hodlers !
Analemma_ 9y ago
> This is good news for quality cryptocurrency organizations. Are there any? I’m being honest and not snarky here: I’ve yet to see a single company in the space that’s not at least somewhat shady.
- deleted 9y ago
  [deleted]
- clarkmoody 9y ago
  Check out Gemini exchange. 100% professional operation
- drdeca 9y ago
  I haven't looked at it in any detail, but my impression was that shapeshift was fairly, uh, on the up and up? Iirc, the idea is you say you want x amount of cryptocurrency M sent to address A1, and you want to pay in cryptocurrency N, and it gives you an address B2 and a quantity y, and you send it, then they send it. With this set-up, I don't see much of a way for them to behave dishonestly that wouldn't be immediately discovered, as either you get the currency or you don't, and if they don't, then you can quickly tell. (I mean, the exchange rate they give might not be the best available, but it is the consumer's choice whether or not to accept the exchange rate for the convenience.) Also, it is possible that I am substantially mis-remembering how it works, as I've never used it (I don't in fact own any of any cryptocurrencies, and never have except for testnet ether) Also, I don't know if shapeshift is still around or not.
  - Nursie 9y ago
    Still around, still works that way. I mine eth and/or zcash in small quantities. If I want to buy a small quantity of something else I use shapeshift. This way I hold no accounts anywhere. 'course I have no way to cash out, but then my holdings total less than 1 ETH so it's no big thing...
ttul 9y ago
Of course, not before the owners of Tether have already loaded up their Swiss vaults full of sweet sweet cash.
jpatokal 9y ago
In the long term, perhaps, but in the short term there's going to be MtGox-or-worse level carnage in the markets if Bitfinex/USDT is exposed as a scam and people start panic selling to cash out.
- oculusthrift 9y ago
  if they sell their usdt for btc, the btc price could actually rise. it just depends if they try to withdraw all together and the money leaves the crypto market
  - 0wing 9y ago
    You're assuming the severity of this news would not cause Tether to devalue while BTC holders exit into real USD or fiat instead of Tether.
    - notyourday 9y ago
      I keep reading about these magical places. Say that I have a 1000 BTC. What is the exchange that would allow me to sell 500 BTC and wire money to my account in: a) Chase Manhattan Bank in New York City ( USD ) b) National Westminster Bank in London ( GBP ) c) HSBC ( Paris ), account in Euros. The wire must show up live in 72 business hours and post to the account within 72 * 2 hours.
      - zaroth 9y ago
        Presumably GDAX...? I’m sure it wouldn’t be as smooth as pushing buttons and they would likely want something stating where you got the coins.
        oculusthrift 9y ago
        yeah they only let most people withdraw 10k a day. some guy owed millions on taxes but couldn’t withdraw it fast enough to pay..

This is good news for quality cryptocurrency organizations. Bitfinex has problems, so does Tether and it's good to see bad actors in the crypto world getting weeded out, called out and put down.

ceejayoz 9y ago

C'mon, say the "This is good for Bitcoin!" thing.

to3m 9y ago
This is good for Bitcoin.
hart_russell 9y ago
Bitcoin is a dinosaur that will either need to adapt or die.
brokensegue 9y ago
which is odd because I thought the libertarian dystopia that bitcoin is pushing us towards abhors this kind of regulatory interference
- nkrisc 9y ago
  I thought this was all "working as intended."
- jerkstate 9y ago
  those libertarians have been expecting this and have traded their tether-pumped btc for gold, land, etc. it's the late to the game profit seekers who have bought in over the past few months who will get killed by this. even if the tether founders have made off with whatever cash deposits they had and there's nothing in the vault, cryptocurrencies will still have value and will rise again.
sunseb 9y ago
Yeah all news are good news for greedy Bitcoin hodlers !

Analemma_ 9y ago

> This is good news for quality cryptocurrency organizations. Are there any? I’m being honest and not snarky here: I’ve yet to see a single company in the space that’s not at least somewhat shady.

deleted 9y ago
[deleted]
clarkmoody 9y ago
Check out Gemini exchange. 100% professional operation
drdeca 9y ago
I haven't looked at it in any detail, but my impression was that shapeshift was fairly, uh, on the up and up? Iirc, the idea is you say you want x amount of cryptocurrency M sent to address A1, and you want to pay in cryptocurrency N, and it gives you an address B2 and a quantity y, and you send it, then they send it. With this set-up, I don't see much of a way for them to behave dishonestly that wouldn't be immediately discovered, as either you get the currency or you don't, and if they don't, then you can quickly tell. (I mean, the exchange rate they give might not be the best available, but it is the consumer's choice whether or not to accept the exchange rate for the convenience.) Also, it is possible that I am substantially mis-remembering how it works, as I've never used it (I don't in fact own any of any cryptocurrencies, and never have except for testnet ether) Also, I don't know if shapeshift is still around or not.
- Nursie 9y ago
  Still around, still works that way. I mine eth and/or zcash in small quantities. If I want to buy a small quantity of something else I use shapeshift. This way I hold no accounts anywhere. 'course I have no way to cash out, but then my holdings total less than 1 ETH so it's no big thing...

ttul 9y ago

Of course, not before the owners of Tether have already loaded up their Swiss vaults full of sweet sweet cash.

jpatokal 9y ago

In the long term, perhaps, but in the short term there's going to be MtGox-or-worse level carnage in the markets if Bitfinex/USDT is exposed as a scam and people start panic selling to cash out.

oculusthrift 9y ago
if they sell their usdt for btc, the btc price could actually rise. it just depends if they try to withdraw all together and the money leaves the crypto market
- 0wing 9y ago
  You're assuming the severity of this news would not cause Tether to devalue while BTC holders exit into real USD or fiat instead of Tether.
  - notyourday 9y ago
    I keep reading about these magical places. Say that I have a 1000 BTC. What is the exchange that would allow me to sell 500 BTC and wire money to my account in: a) Chase Manhattan Bank in New York City ( USD ) b) National Westminster Bank in London ( GBP ) c) HSBC ( Paris ), account in Euros. The wire must show up live in 72 business hours and post to the account within 72 * 2 hours.
    - zaroth 9y ago
      Presumably GDAX...? I’m sure it wouldn’t be as smooth as pushing buttons and they would likely want something stating where you got the coins.
      - oculusthrift 9y ago
        yeah they only let most people withdraw 10k a day. some guy owed millions on taxes but couldn’t withdraw it fast enough to pay..