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The evidence posted doesn’t even remotely back up the claims made by the poster. The only thing they’ve really shown is that open long interest on bitfinex is u
by vgatherps 4y ago
The evidence posted doesn’t even remotely back up the claims made by the poster. The only thing they’ve really shown is that open long interest on bitfinex is up quite a bit.
There’s literally nothing that could show how many traders it is, nothing that shows whether the trader(s) are underwater (hint - there are many other venues to hold positions on), nothing that shows what sorts of non-btc collateral might be posted (and the chart even shows a rise in BTC collateral), the claim that 1.8B of a position is impossible to unwind is laughable
Dumping in crypto is (deservedly) all the rage and especially so on HN but this is massive speculation without much evidence backing it
- jqpabc123 4y agothis is massive speculation without much evidence backing it How about some evidence showing why it can't happen without severe repercussions? Trust ... but verify. As the crypto market currently stands, it's pure trust. Verification is not possible.
- vgatherps 4y agoAre you talking about Tether releasing trustworthy detail of their financials (something I would LOVE to see)? Otherwise, don't really know what you want bitfinex to release here. If somebody wants to claim that the increase in long open interest is actually bitfinex themselves going leveraged long bitcoin, do you expect the exchange to release individual client positions so it can point to whomever else actually has the open interest? There's no basis to the claims that are being made by this poster and I don't see why anybody would care other than that it fits the narrative and it's from a popular account.