This is why Bitcoin Cash wins and the BlockStream/Lightening Network loses.

READ: Why The CryptoCurrency Markets Will Replace Banks

USDT is a pegged cryptocurrency.

Its value is pegged directly to that of the US Dollar. Tether, the company responsible for issuing USDT in circulation, keeps the US Dollar equivalent of all USDT value in reserves at all times. Otherwise, they could never guarantee the value of one USDT being equal to US$1.
Tether has run into some banking issues a while ago. The company uses a Taiwanese bank to receive and send out USD withdrawals. Unfortunately, that bank raised some issues, resulting in the company being unable to convert USD to USDT and vice versa. This forced users to rely on third-party exchanges to complete this conversion process. At one point there was a 7% fee to do so, resulting in one USDT being worth only US$0.93

December 1, 2017 CFTC Gives Official Go-Ahead for Bitcoin Futures. Let the Big Short gambling begin again.

Advertisements
Posted in NetHappenings | Leave a comment

December 1, 2017 CFTC Gives Official Go-Ahead for Bitcoin Futures. Let the Big Short gambling begin again.

CFTC Gives Official Go-Ahead for Bitcoin Futures

CFTC approved Bitcoin futures trading on both the and the . CME starts Dec 18th.

The U.S. Commodity Futures Trading Commission (CFTC) said today it will officially allow three exchanges to self-certify bitcoin-based futures contracts. The move opens potentially lucrative new channels for bitcoin investment — sending the BTC price soaring in response.

“CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets.”  [yeah sure….. watch the movie The Big Short ]

This is for the people who who want to gamble / trade / bet on bitcoin value but don’t want to own any, just like the bankers drove the derivative markets that caused the economy to collapse in 2008.

Security and Surveillance

The regulator will also watch associated bodies like designated contract markets, derivatives clearing organizations (DCOs), clearing firms and individual traders involved in trading and clearing bitcoin futures. Additionally, it will work with the National Futures Association (NFA)

CFTC’s limited statutory ability to oversee the cash market for bitcoin,” Giancarlo said. Contracts Settled in Dollars, Not Bitcoin!

Futures contracts will be settled in cash; holders will receive the market value of bitcoin in dollars at the end of their contracts,

BTC jumped from a Nov 30th slump below $9,300 USD back to over $10,800.

FYI

There is already at least 3 places to short bitcoin:

1) Bitfinex

2) BitMEX

3) Deribit BTC-only Derivatives Exchange

The Bitfinex.com investor quarterly update from Dec 1:

The Story around the Bitfinex Exchange

Friedman LLP, was the auditor and there is a whole section dedicated to explaining what they previously have NOT publicly stated before regarding Tether Ltd, such as having “common principals and banking” relationships.

The scummiest PR firm in NYC to defend the scummiest shitcoin.
Did Bitfinex hire security experts? No.
Did Bitfinex hire economic experts? No.
Did Bitfinex hire technical experts? No.

There is no USDT running on the Bitcoin Cash blockchain.

The Bitfinex.com investor quarterly update from Dec 1:
Friedman LLP, was the auditor and there is a whole section dedicated to explaining what they previously have not publicly stated before regarding Tether Ltd, such as having “common principals and banking” relationships. https://archive.is/b3GP4

FROM BRYCE WEINER

“The scummiest exchange in #Bitcoin hires the scummiest PR firm in NYC to defend the scummiest shitcoin in $crypto. Can we talk about the irony of @Bitfinex hiring @5W_PR to do damage control, a company known for astroturfing? hey should be very effective in #Bitcoin, just sayin’.
Everyone be on the lookout for people impersonating me, or claiming to be ‘associated’ with me. This is a known tactic of the PR firm hired by Bitfinex.
This is going to be an awesome movie one day, you can’t make this shit up.

Who is Ronn Torossian? http://www.5wpr.com/ This is a PR company used to bail multinationals out of the shit they find themselves in. When Whole Foods had PR problems last year, they called ol’ Ronnie.

Working with law enforcement on a 3 of 4 multisig wallet theft?

Yeah. Just like the last time they got hacked.

 

Bitfinex hired a fucking damage control PR firm.
Why need the PR firm when they already have all the experts and there’s nothing wrong? Welcome to crypto. Data wins over spin.

What econ expert is on staff at Bitfinex or Tether qualified to run a $700M unregistered security?

Why does the only banking trail lead through the Panama Papers to a shadowy bank in Poland also used by CEX.io?
I’m not seeing @bitfinex taking any legal action against @bitfinexed.

RIP Bitfinex

What security expert allowed the same hack twice?
@whalepool
RIP @whalepool We are a community of daytraders focused mainly on bitcoin and other cryptocurrencies. Our Teamspeak and Telegram are open & free. See whalepool.io for details. Yes we are a Bitfinex affiliate and many of our community members are shareholders.

at a certain point one must begin to ask why a bunch of TRADERS are defending the potential insolvency of an exchange and not demanding answers and transparency.

Methinks thou dost protest too much.

Against all best efforts to portray the contrary, Bitfinex and Tether are now absolutely linked.”

The shitstorm hasn’t even started yet.

t’s gonna be hella fun watching @alistairmilne die on the hill that is #BFXTrust.

Here’s how stupid these people are:

Their first move was to hire a PR firm to represent BOTH companies, thereby admitting a link that was only best proved through secondary sources.

Now there’s a first hand confirmation.

These are not geniuses by any stretch of the imagination
So now that we have confirmation that Tether and Bitfinex are dealing from the same deck, EVERYTHING ALLEGED WHICH IS SUPPORTED BY EVIDENCE IS NOW ON THE TABLE.

Every. Damn. Bit.

The game is already over.

Posted in NetHappenings | Leave a comment

BREAKING NEWS: Flynn will plead guilty to lying to the FBI today

#FlynnFoldsFriday Plea hearing scheduled for Michael Flynn today at 10:30 a.m., special counsel’s office announces.

Michael Flynn to plead guilty to lying to FBI. This is the biggest development in the Russia probe so far.

Court documents show Flynn has been charged with a single count of “willfully and knowingly” making false statements to the FBI on Jan. 24.

Posted in NetHappenings | Leave a comment

This explains the difference between “social progress” and “socialism”! @GOP #TaxBill please vote NO

1942socialJusticeWarren

republican

annRand-Communism

leonardo

 

Posted in NetHappenings | Leave a comment

Bob Dylan in 1964 calling Time Magazine and Newsweek fake news.

“They’ve got too much to lose by printing the truth.”

Posted in NetHappenings | Leave a comment