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2nd largest gone https://financefeeds.com/aax-ranked-worlds-second-largest-spot-exchange-only-behind-binance/ https://financefeeds.com/aax-ranked-worlds-second-

2nd largest gone https://financefeeds.com/aax-ranked-worlds-second-largest-spot-exchange-only-behind-binance/ https://financefeeds.com/aax-ranked-worlds-second-largest-sp... Binance next???

rapsey 4y ago
crypto.com, kucoin and others are way likelier. All the exchanges that passed ETH around to "demonstrate" their reserves.
- tibbydudeza 4y ago
  How can it be a reserve to hold your own or other "coins" ???. This sector really needs proper regulatory framework like banks.
  - ceejayoz 4y ago
    > How can it be a reserve to hold your own or other "coins" ??? It isn't. They're defrauding folks. Tether got caught doing exactly this, passing money around between themselves and Bitfinex (same ownership) to pad out reserves for an attestation. https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://ag.ny.gov/press-release/2021/attorney-general-james-... > In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’ > On November 1, 2018, Tether publicized another self-proclaimed ‘verification’ of its cash reserve; this time at Deltec Bank & Trust Ltd. of the Bahamas. The announcement linked to a letter dated November 1, 2018, which stated that tethers were fully backed by cash, at one dollar for every one tether. However, the very next day, on November 2, 2018, Tether began to transfer funds out of its account, ultimately moving hundreds of millions of dollars from Tether’s bank accounts to Bitfinex’s accounts. And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account.
    - zzleeper 4y ago
      And still, Tether's market cap is many times higher than it was in 2017 or 2018... are investors just too stupid?
      - throwayyy479087 4y ago
        Those still putting money are
  - tibbydudeza 4y ago
    Way back to get a Schengen tourist visa you have to prove you had a certain amount of money available to cover expenses - you just borrowed money from friends and family for a few days, got a letter from the bank stating you had X in your bank account and then went over living in backpacker lodges and moonlight as a waitron to make money while travelling. I presume it is more difficult now.
gruez 4y ago
"second largest"? Did they pop out of nowhere? Today is literally the first time I heard of them.
- zzleeper 4y ago
  Same here; never heard of them and aren't even in the list in coingecko: https://www.coingecko.com/en/exchanges https://www.coingecko.com/en/exchanges
  - ChrisClark 4y ago
    They are on the last page, with 0 volume. But the volume 2 days ago puts them at about 150th largest exchange. Practically an unknown and unused one.

2nd largest gone https://financefeeds.com/aax-ranked-worlds-second-largest-spot-exchange-only-behind-binance/ https://financefeeds.com/aax-ranked-worlds-second-largest-sp... Binance next???

rapsey 4y ago

crypto.com, kucoin and others are way likelier. All the exchanges that passed ETH around to "demonstrate" their reserves.

tibbydudeza 4y ago
How can it be a reserve to hold your own or other "coins" ???. This sector really needs proper regulatory framework like banks.
- ceejayoz 4y ago
  > How can it be a reserve to hold your own or other "coins" ??? It isn't. They're defrauding folks. Tether got caught doing exactly this, passing money around between themselves and Bitfinex (same ownership) to pad out reserves for an attestation. https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://ag.ny.gov/press-release/2021/attorney-general-james-... > In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’ > On November 1, 2018, Tether publicized another self-proclaimed ‘verification’ of its cash reserve; this time at Deltec Bank & Trust Ltd. of the Bahamas. The announcement linked to a letter dated November 1, 2018, which stated that tethers were fully backed by cash, at one dollar for every one tether. However, the very next day, on November 2, 2018, Tether began to transfer funds out of its account, ultimately moving hundreds of millions of dollars from Tether’s bank accounts to Bitfinex’s accounts. And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account.
  - zzleeper 4y ago
    And still, Tether's market cap is many times higher than it was in 2017 or 2018... are investors just too stupid?
    - throwayyy479087 4y ago
      Those still putting money are
- tibbydudeza 4y ago
  Way back to get a Schengen tourist visa you have to prove you had a certain amount of money available to cover expenses - you just borrowed money from friends and family for a few days, got a letter from the bank stating you had X in your bank account and then went over living in backpacker lodges and moonlight as a waitron to make money while travelling. I presume it is more difficult now.

gruez 4y ago

"second largest"? Did they pop out of nowhere? Today is literally the first time I heard of them.

zzleeper 4y ago
Same here; never heard of them and aren't even in the list in coingecko: https://www.coingecko.com/en/exchanges https://www.coingecko.com/en/exchanges
- ChrisClark 4y ago
  They are on the last page, with 0 volume. But the volume 2 days ago puts them at about 150th largest exchange. Practically an unknown and unused one.