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Bitfinex Anticipates Meritless and Mercenary Lawsuit Based on Bogus Study

Bitfinex | Cryptocurrency Exchange | Bitcoin Trading | Futures Trading | Margin Trading

Bitfinex is the longest-running and most liquid major cryptocurrency exchange. Founded in 2012, it has become the go-to platform for traders & institutional investors.

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The TL;DR: USDT issuances sometimes come with BTC price increases because people create USDT to buy BTC, nothing shady required to explain that.

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So ridiculous, the causality couldn't be simpler: people buying Bitcoin need dollars to buy,

@Tether_to

is highest volume asset just behind Bitcoin itself, so ofc tether inflows precede Bitcoin price increases. The conspiracy FUD is just 🤡 stupid.

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I'm wondering why large amounts of money would bother to go through Tether in order to buy Bitcoin. I'd just wire to an exchange or OTC desk. Seems like Tether only adds extra friction and costs here, not value add.

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If you want to avoid having to wire in and out each time, you could wire into USDT once, and then just trade BTC <> USDT when you want to buy/sell BTC

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Also this depends on what country you're in. If you're in the US or Japan, wiring money to buy BTC is pretty easy. If you're anywhere else it's significantly harder.

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There are also crypto only exchanges, which don't have wire transfers, and only take tether.

@Tether_to

is both a stable coin and a wire in/out service for crypto only exchanges.

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I'm having a hard time understanding why someone who wants to buy BTC would use such a combination rather than an exchange which does take wires. Again, possible in some cases but seems extra friction and not attractive.

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I don't by any means know all crypto investors, but I know some and not one has ever said to me that their process to buy BTC *with outside funds* involves Tether.

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Some have claimed this to be common in China though. Maybe that's enough.

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yeah it's pretty regional--in US and Japan there's pretty good support for fiat exchanges, but outside of them it's way harder.

7:25 AM · Oct 7, 2019Twitter Web App

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I wouldn’t say it’s just US and Japan. I’d definitely add South Korea and the EU. But you are righ that everything else is not as developed

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Now the question is whether, once we largely exclude US, Japan, SK, EU and probably others, Tether being a gateway to buying BTC with outside funds is a compelling enough story to explain the observations. To me it is not clear, perhaps possible, but certainly not obvious.

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