BEAT TokenBEAT Token BEAT news

Price, 24h
0.000000 USD / 0.00000000
0.00% / 0.00%
Volume, 24h
0 USD
-100.00%
Marketcap
205,042 / < 0.01%
Emission
Chart price/vol/NIS 7d
Asset details

World latest news

Joe Biden Is the One to Beat for 2020—But He’s Also Vulnerablejaclyngallucci

Joe Biden will have to quickly establish that he can sustain his position at the top of the Democratic presidential field in a political environment that's changed dramatically since he was last on a ballot. The former vice president pitched himself in a video Thursday as a leader who would restore the values of the country. He will also have to reconcile some of the contradictions his candidacy represents as he begins campaigning next week in the states that hold the first series of caucuses and primaries. Currently 76, Biden would be the oldest president ever elected, but he's running in a party with a voting base that's becoming younger, less white and more female. He's a moderate institutionalist in a party tilting leftward and embracing populists who want to upend the system. He has faced allegations of inappropriate contact with women while courting support from the party aligned with the #MeToo movement. He would be the 45th consecutive male elected as president and the 44th white man in a racially and ethnically diverse Democratic primary field that includes a record number of women. Name and Reputation And yet Biden is the man to beat, boosted by universal name recognition, a reputation in the party as a steady hand, and a nostalgia among many Democrats for the Barack Obama presidency he served in. The packed 2020 field may be an asset to him, starving some of his rivals of the attention they need to rise above the clutter. "He'll be very formidable. He and Bernie Sanders are going to be the front-runners in this race," said Tad Devine, a veteran Democratic strategist who advised the primary campaigns of Sanders in 2016, John Kerry in 2004 and Al Gore in 2000. "He's satisfied people on the most important standard they're going to look to -- whether or not he can defeat Trump." "He's also going to have to deal with things like the Iraq war vote; or abortion, where he's been on both sides of that issue in the past; and race, where he has to deal with everything from busing to the crime bill," Devine said. New Generation Howard Dean, a former chairman of the Democratic National Committee, said Biden's biggest challenge is age. The party, he said, is shifting to younger people, women and minorities, and they helped Democrats win the House in the midterm elections. "Joe's challenge is to reach that new generation that got into politics and was largely responsible for the 40 seats we picked up in 2018," Dean said on Bloomberg television. That also may affect Sanders, Biden's main competitor at this point. Sanders represents the progressive wing of the party that is active and vocal in the primary race, but he's a year older than Biden, at 77. While Biden has indicated he'll lean heavily on his tie to Obama, the former president is holding off making any endorsements at this stage of the primary campaign. Obama did offer praise for Biden through his spokeswoman Katie Hill, who said he "relied on the vice president's knowledge, insight, and judgment throughout both campaigns and the entire presidency." In a statement timed to Biden's announcement, she said they “forged a special bond over the last 10 years and remain close today.” 'Different World' Devine said Biden has yet to show strength in small-dollar fundraising or an ability to adapt to “a different world than 2012” that's much faster, where a single gaffe can land on millions of voters' smartphones in an instant. The long lead-up to an announcement, with the date shifting several times from what people close to Biden said they expected, also suggests a candidate who may have been conflicted about the race, something that is likely to reveal itself in a campaign. Biden is one of the few Democratic candidates President Donald Trump has preemptively attacked with a belittling nickname on Twitter — the others include Sanders and Senator Elizabeth Warren. Trump took to Twitter Thursday morning to "welcome" Biden to the campaign. But Biden's candidacy has caused pangs of anxiety in the president's orbit. "Biden is ultimately the candidate Trumpworld fears the most: he's immensely credible and appeals to the centrist, working Americans who ultimately will decide the winner," said Dan Eberhart, an oil-and-gas executive and Republican financier with ties to the Trump campaign. A Monmouth University national poll of Democratic voters released Tuesday found Biden leading the field with 27 percent support, ahead of Sanders's 20 percent. Behind them with single digits, in a statistical tie for third place, were South Bend Mayor Pete Buttigieg, Senator Kamala Harris of California, Warren of Massachusetts and former Texas Congressman Beto O'Rourke. Everybody else had 2 percent or less. “He's got a lot of very seasoned people around him. The team understands not to believe the early polls and knows he's got a hard fight ahead of him,” said Jennifer Palmieri, a former top aide in the Obama White House and Clinton 2016 campaign. “Being a front-runner comes with a lot of scrutiny and high expectations that are hard to manage, and the Biden team is aware of all that.” Ideologically, the Democratic field splits into three broad categories -- establishment moderates like Biden, Senator Amy Klobuchar and former Colorado Governor John Hickenlooper; dyed-in-the-wool progressives like Sanders and Warren; and figures hoping to straddle that divide like Harris, O'Rourke and Buttigieg. His 36 years as a senator from Delaware, before eight years as Obama's vice president, include a record he can brag about, such as his authorship of the 1994 Violence Against Women Act, which he calls his proudest accomplishment. He supported gun control laws like the assault weapons ban, which progressives are seeking to revive. Anita Hill But there's also a trove of material that makes him vulnerable to attack -- like his handling of Anita Hill's allegations against Supreme Court nominee Clarence Thomas, his 2002 vote for the Iraq war, his championing of the 1994 crime bill that exacerbated racial disparities in incarceration, and his 1999 vote to repeal the Glass-Steagall financial regulation law. (He has said in recent years the latter two were a mistake.) He has also faced criticism for his past skepticism of abortion rights and busing to racially integrate schools. Matt Gorman, a Republican consultant who worked on Jeb Bush's ill-fated 2016 campaign, said he sees parallels between the onetime GOP frontrunner and Biden's bid. "Jeb's candidacy had to relitigate issues from the party's past that it was thought to have moved on from," he said. Sean McElwee, a left-wing organizer with the group Data For Progress, conducted a study testing the messages likely to hurt Biden's support among Democrats and found a potential weakness in his vote for a 2005 bill, backed by banks and credit-card companies, that made it harder for cash-strapped Americans to declare bankruptcy. "He's more formidable than many on the left want to admit, but he is absolutely beatable," McElwee said. "We have to focus on the right attacks: he's benefited the rich at the expense of working class families." 'Sink Themselves' Some rival campaigns are preparing to make contrasts with Biden, particularly on his economic record. Devine said they must do so cautiously and substantively without appearing to go negative, arguing that frontal attacks will tarnish their own popularity with voters. “If anybody goes after Biden overtly they're going to sink themselves,” Devine said. The former vice president has yet to stake out a position on issues pushed by various Democratic contenders that are capturing the passions of the party's liberal base, such as Medicare for All and a Green New Deal. How he handles these questions will likely endear him to some Democratic votes and alienate others. Biden recently addressed allegations from Lucy Flores, a former Nevada assemblywoman, that he inappropriately smelled her hair and kissed the back of her head five years at a 2014 event. In a two-minute video posted to Twitter earlier this month, Biden said he's always sought to show affection and make human connections in his career but sees the error of his ways. "Social norms have begun to change, they've shifted. And the boundaries of protecting personal space have been reset. And I get it. I get it," Biden said. "I'll be much more mindful. That's my responsibility."
Fortune

FinCEN back on the bitcoin beat with civil penalty for peer-to-peer trader

After first issuing cryptocurrency guidance back in 2013, enforcement by the Financial Crimes Enforcement Network (FinCEN) has been out of the headlines in recent years. Now the bureau of the US Department of the Treasury is back on the bitcoin beat and taking action — dishing out a hefty fine to a prolific bitcoin trader accused of wilfully violating the Bank Secrecy Act by failing to register as an exchange.
BraveNewCoin

How Huawei can beat Apple’s ecosystem

How Huawei can beat Apple and Samsung’s ecosystemCompetition is necessary for continuous innovation in every growing sector. If you compete with Apple, it’s a tough mission. Software-hardware combination seems like never happening in the smartphone sector.Since the first iPhone presentation, IoS became user-friendly, vital for every user. On the other hand, android developers need to optimize platforms with different opinions and permanent user habits. Huawei is working too hard to be the best in every smart device.Nonetheless, android can’t support a vibrant attitude. I appreciate both companies. On the other hand, technology is changing second by second. Apple’s most of the profit comes from İphone. Apple music and other services couldn’t catch people’s attitude. A stable İos/MacOS ecosystem is the only thing to protect the current situation. The other tool can be Apple Care.If Apple care gives the best call center performance, can apple get the power again? Apple should remember Steve Jobs, and return to the thinking differently principles that made Apple great for the world. The innovation made creative people want to work at Apple: it created a big profit, influence among the users, developers, and shareholders. On the other hand, this great moment is finished. Tim Cook shouldn’t rely on trump administration. What about Huawei?Can Huawei be better than Apple and Samsung?Huawei has a good performance at the network and mobile processor sector. İt has produced the processor that named Kirin: its performance is better from snapdragon in some way. Does it matter? ıf you can control every action in a mobile processor, and possible issues don’t take too much time to solve. Smartphone sector is a new tryout for the company. On the other hand, Huawei challenged the whole industry.There was a big competition between Apple and Samsung. Similar products presented to the people. Apple had the right balance in its ecosystem: smartphone, MacBook, mac pro(server version), etc. Samsung had 6-inch smartphones powered by Android. Apple resisted changing at first reaction. Steve jobs created iPhone 4-inch to use the device with one hand and then iPhone 5-inch version. I think it was an excellent strategy to use a 5-inch device. Until Samsung changes people’s attention with 6-inch Android smartphones, everything is good for the Apple ecosystem.Samsung continued to produce new devices until people got bored of them. At that moment, Samsung was trying to create its mobile operating system called Tizen. Tizen is still available at smartwatch/tv products. İt’s progress stopped at smartphone level products. Huawei passed other Android-powered smartphone companies like Asus, LG, Samsung, etc. Apple lost its power day by day.Huawei has combined the power of the Kirin processor and Android. Android shares up to date version: we can call it pure Android. The company takes the version and creates its EMUİ version. There are emui specific practical applications like hicare, hivision, etc. There are discussions between Apple and Huawei in an extended period.Trump administration fought with the company in different ways:- Trump administration banned Huawei products in all the states. - There are rumors that Huawei stole patented technologic features to get the power. The research didn’t get a specific result. Even ıf there’s disadvantage result; the company has an alternative plan.Let me sum up the issue: - Huawei should use to free smart upgrade plan like Apple and Samsung.- Android system isn’t enough for the growing power of the company. Huawei should create its mobile operating system that may work in the matebook, smartphone, and smartwatch, etc. - Aftersales technical support is as vital as possible. There has to be a minimum unhappy customer for the brand. Apple got the best costumer aftersales satisfaction until now.- Every premium/light smartphone should have up to date version for 4–5 years. The Android device usually has 2–3 years update support.Huawei, Samsung, and apple are good competitors. If there would be one product to rule them all, it wouldn’t be an advantage point for the people.How Huawei can beat Apple’s ecosystem was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Think Your Altcoin Will Beat Bitcoin ROI? Then Don’t Look at This Chart

Bitcoin dwarfs every other altcoin when it comes to return on investment (ROI) since initial exchange listing, data shows. Had you threw in just $100 bucks into BTC in 2010, you would be a millionaire today. Bitcoin ROI Shows Why They’re Called ‘Altcoins’ A new visual graph from DataLight perfectly illustrates just how impressive Bitcoin ROI (return on investment) has been over the past decade. Buying just $100 USD worth of Bitcoin in mid-2010 would have netted you a cool $1.3 million today. That is, if you managed to ‘hodl’ instead of ‘sodl’ your precious bits until today. By comparison, every other cryptocurrency has been dwarfed by BTC when it comes to ROI since being first listed on an exchange. Granted, when it comes to trading on exchanges, Bitcoin has an almost 3 year head start even on Litecoin, one of the oldest ‘altcoins’ and the first to use the Scrypt hashing algorithm. But for those banking on the ‘silver to Bitcoin’s gold’ to beat Bitcoin’s returns anytime soon may be out of luck. Certainly, Litcoin has seen some impressive rips in recent years. However, the price of Litecoin has had a much different trajectory while being at the mercy of BTC market cycles. For example LTC/USD peaked at around $35 in November 2013. These same price levels then repeated in July 2017….and again in January 2019. This is more reflective of speculative, pump-n-dump behavior than a (secondary) store of value. Bitcoin, on the other hand, stands out  as it continues to post higher highs after every bubble making it the perennial leader of cryptocurrencies today. Ethereum (ETH) 00 has been the best performing altcoin since its exchange debut in 2015. One hundred bucks into Ethereum would have netted you roughly $68,000 today at around $170 per ETH. Though, undoubtedly, this figure would be much higher at Ethereum’s all-time high of nearly $1,400 in January 2018. Bitcoin-branded forks like Bitcoin Cash, meanwhile, have fared even worse, actually depreciating in value since their inception. Bitcoin Apples to Altcoin Oranges More recently, Bitcoinist highlighted the stellar performance of Binance Coin (BNB) 00, which has skyrocketed in value since launching in mid-2017. In fact, it has become the first cryptocurrency to surpass the January 2018 all-time high. At the same time, comparing in-house digital tokens like BNB (and pretty much every other ‘alt’ with a foundation or a company behind it) to Bitcoin is like comparing apples to oranges. In fact, every single altcoin is paired against bitcoin by default for a reason. Admittedly, some altcoins have performaned marvelously against BTC since their inception, particularly on shorter timeframes. But as the saying goes: the faster they rise, the faster they fall. That’s because their low market caps on exchanges are both a weakess and a strength. In bull-markets, for example, a lower cap means a coin can be pumped much easier allowing it to outpace the gains of high cap cryptocurrencies like Bitcoin. On longer timeframes, however, the story repeats over and over again as Bitcoin demonstrates who’s king. Think Your Favorite Altcoin Can Beat BTC? Good Luck. Therefore, it is no surprise that Bitcoin, being a truly leaderless, decentralized and open-source cryptocurrency, has attracted the most network effect and hashing power to be the most secure blockchain today. Subsequently, this give investor confidence more confidence in Bitcoin above all. It also means that it’s the de facto choice for trustlessly transferring value over any other cryptocurrency regardless of fees. It’s also no coincidence that the SEC is considering approving a Bitcoin ETF only. It’s why Bitcoin trading instruments have been the first to hit traditional markets; and why investors are increasingly calling it ‘irresponsible’ not to have exposure to BTC in 2019. In fact, data has shown that allocating only 1 percent of one’s portfolio to bitcoin historically outperforms the S&amp;P 500, gold and US Treasury bonds. But, more importantly, it also highlights the possibility of a Lindy effect, suggesting that the ‘internet of money’ could be a zero sum game. If so, then betting on ‘the next bitcoin’ looks more like gambling. Whereas bitcoin is increasingly becoming the safer play and one of the best investment opportunities in generations. As InterchangeHQ cofounder, Dan Hedl says: You think the altcoin you’re holding will beat Bitcoin’s return? Good luck. Is investing in altcoins a good strategy compared to only bitcoin? Share your thoughts below! Images via Shutterstock The post Think Your Altcoin Will Beat Bitcoin ROI? Then Don’t Look at This Chart appeared first on Bitcoinist.com.
Bitcoinist

Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High

All of this talk of ‘altseason’ may be misconstrued as they have all started to pull back again. Bitcoin, however, has held on to its recent gains which is doing wonders for BTC market dominance. Big Bounce Off Resistance Crypto markets are correcting again and have dumped $5 billion since their high point over the weekend. The majority of those losses are from altcoins as nearly all of them are in the red at the time of writing. Over the past seven days market cap has ranged between $170 and $180 billion and it is currently falling back towards the middle of that channel at around $176 billion. The altcoins cannot seem to hold their gains and have fallen into a pump and dump cycle lasting a couple of days at a time. A number of them have lost over five percent in the past 24 hours and they include EOS, Litecoin, Cardano, Tron, Ethereum Classic, and BAT. A couple, such as PAI and Bytom have dumped double figures today as the altcoin avalanche continues. Several traders are sensing this shift and gradually moving back into BTC as it is now viewed as a better bet. Fundstrat’s Tom Lee thinks otherwise stating that one pre-condition to an alt-rally is a drop in correlation with Bitcoin. He went on to state that this has already started which could be a precursor to altseason. Some agree with the sentiment stating that most altcoins are at major support zones; To me, this is the area to buy Alts. Most are at major support zones, The risk/reward is high IMO.— CryptoFibonacci (@CryptoFib) April 22, 2019 Others have pointed out that the altcoin dump is good news for Bitcoin and markets are repeating action last seen in mid-2017 when the two were inversely correlated. Don’t be fooled, everybody – alts bleeding to death and money flowing out of the market is bullish for #Bitcoin.— AskMeHow (@AskMeHowToShort) April 21, 2019 Bitcoin Dominating BTC is holding its own at the moment, after reaching a weekly high of $5,355 a couple of days ago it has only lost a percent or so pulling back to $5,290 at the time of writing. This has resulted in BTC dominance climbing to 52.8 percent which is its highest level since early February. BTC dominance YTD – Coinmarketcap.com Bitcoin volume is also up to $14 billion which is another sign that it could push higher. BTC has made higher lows since its big rally started at the beginning of April. The slow and steady up trend as met resistance at $5,400 however and this could prove to be a critical point. The long awaited ‘golden cross’ is rapidly approaching and may happen this week as the 50 day moving average crosses the 200 day. This is generally a very bullish sign for an asset. Image from TradingView.com The post Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High appeared first on Ethereum World News.
Ethereum World News

Dow Rallies 135 Points as Low Earnings Expectations Prove Easy to Beat

By CCN: The Dow jumped triple digits on Thursday, outpacing the broader U.S. stock market as corporate earnings season continued to surprise to the upside. Dow Charges toward Record Highs The Dow Jones Industrial Average rallied by as much as 141 points, reflecting a positive pre-market session for U.S. stock futures. The blue-chip index was last up 135 points, or 0.5%, at 26,584.95, where it was within 300 points of a record high. The broad S&amp;P 500 Index of large-cap stocks climbed 0.2% to 2,906.14. Gains were primarily concentrated in industrials and the much smaller real estate sector. On the The post Dow Rallies 135 Points as Low Earnings Expectations Prove Easy to Beat appeared first on CCN
CCN

LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures

Coinspeaker LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin FuturesLedgerX, the US provider of cryptocurrency derivatives, has announced their plans to dive into the market for physically-delivered Bitcoin futures and become the first US company to offer such a service.On Monday, the company applied for a designated contract market (DCM) license that would allow it to offer physically-settled Bitcoin futures products to its clients. Such trading firms as Bakkt, ErisX, Seed CX, and CoinFLEX have announced the same products. However, LedgerX is likely to have more chances for approval.As LedgerX co-founder Juthica Chou said, LedgerX has an advantage over its rivals as its been trading similar products longer than anyone else:“We’ve been doing LedgerX since 2014 … tons of people have announced plans to do this but ultimately we are the only ones that have done it.”Unlike the existing cash-settled contracts provided by CBOE and CME since December 2017, LedgerX customers would receive the actual Bitcoin underlying a contract after it expires, rather than the U.S. dollar equivalent.According to Juthica Chou, the initiative may target not only institutional but also retail investors. She said:“We’ll be able to service customers of any size, we won’t be restricted to [institutional clients].”Chou added:“I think at this current time we don’t see the demand growing among really large institutions and banks. We are still a $85 billion market cap for bitcoin — really just the size of a large stock. Right now we see the opportunity towards the other end of the spectrum.”When approved, LedgerX will offer Bitcoin, Bitcoin options and Bitcoin futures to retail customers through its new platform Omni. Omni will support trading of futures, swaps, and options for retail users and serve as a provider for both custody and trading services using the LedgerX existing institutional liquidity and the infrastructure.LedgerX Swift VictoryLedgerX first began providing physically-settled derivatives products in October 2017. Within the first week, the company traded $1 million. As Chou stated, the platform proved stable, and they filed for a license with the CFTC.In November 2018, LedgerX started a dialogue with the CFTC and received two licenses, the first one allows acting as a Swap Execution Facility (SEF), which is the company’s exchange platform, the second one lets the company operate as a Derivatives Clearing Organization (DCO), which is the clearinghouse.Juthica Chou stated that DCM application is just an additional license, and LedgerX already has the right to offer futures services. She explained:“We’re custodying [bitcoin] in the same way that we currently do, we’ve obviously been live and operational for more than a year and a half, and we have a license from the CFTC, the DCO license, that allows us to custody bitcoin.”Further, Chou said:“For us, this is a philosophically important move because bitcoin is available to everyone and we… really wanted to make our derivatives products available to all investors as well.”Currently, LedgerX has about 200 different firms as customers. With offering physically delivered Bitcoin futures, this number will definitely multiply.LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures
Coinspeaker

$1 Billion Crypto Hedge Fund Crashed 40% – But Still Beat Bitcoin

Crypto hedge fund traders were not immune to bitcoin’s downright frigid bear market. Just look at Polychain Capital, whose assets under management (AUM) fell to $591.5 million at year-end 2018, according to a regulatory filing cited in the Wall Street Journal. Investors Stay Put in Polychain Capital’s Fund The San Francisco-based crypto hedge fund boasted $1 billion in assets as of February 2018, which in addition to cryptocurrency included unspent cash pledged by investors and equity holdings in companies, Fortune reports. The value of Polychain’s AUM, however, tumbled nearly 40% between April and December 2018 when the bear market gripped The post $1 Billion Crypto Hedge Fund Crashed 40% – But Still Beat Bitcoin appeared first on CCN
CCN
More news sources

Trending

Hot news

Hot world news

New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
Bitcoin Exchange Guide

New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal

Bitcoin and Tether have been closely related since time immemorial, but the recent string of events pushed the price of Bitcoin down by 9% in about 3 hours. This has caused a domino effect, causing the price of other altcoins to fall as well. The New York State Attorney General is suing Bitfinex and the closely affiliated firm, Tether, responsible for the infamous stablecoin, USDT. According to Yahoo, NY AG released a 23-page document which suggested that the AG has reason to believe that there might be a fraud being carried out by the two companies in cahoots with each other. Yahoo stated that among other things, Tether and Bitfinex are engaged in, “undisclosed, conflicted transactions to cover Bitfinex’s losses, approximately $850 million, by transferring money out of tether reserve funds.” Tether and Bitfinex aren’t completely unaware of their problems in trying to retain banks for their business and the allegations of Bitcoin’s 2017 pump was fueled by Tether and Bitfinex. Bitcoin’s prices took a nasty fall after the news broke out. However, the prices have recuperated partially since then. Bitfinex too did not waste time with its rebuttal to the New York AG’s charges. Bitfinex’s rebuttal stated that New York’s AG released the order without giving the parties proper “notice or hearing” and that the Attorney General was attempting to “compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.” The same rebuttal was released by Tether. The blog further stated, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.” Bitfinex stressed that they were actively exercising their rights to get the stated funds released. It also added that the New York State Attorney General’s office seemed to be intent on undermining Bitfinex’s efforts, to the detriment of Bitfinex’s customers. The post New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal appeared first on AMBCrypto.
AMBCrypto

How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

The cryptocurrency markets endured a loss of as much as $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The New York Attorney General’s office alleged in a statement on Thursday that Bitfinex lost $850 million and used customer and […]
CoinDesk

There are serious, existential, risks to Bitfinex and Tether with the information out today. Here's a primer on what's going on.

Bitfinex and Tether may be insolvent. Bitfinex and Tether and owned and operated by the same people. They are separate entities, but they share significant common personnel. Today the Assistant NYAG filed a motion to try and prevent Bitfinex from taking part in any transaction between it and Tether. Here's the raw document: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&amp;system=prod Reporting on the above filing is available from the WSJ: https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn What is going on? The filing lays out that Bitfinex has lost access to $850 million dollars of corporate and depositor money to a company called Crypto Capital. Bitfinex believes that those funds may have been stolen and that Crypto Capital has been engaged in defrauding Bitfinex. Bitfinex - in order to pay out withdrawals has been running out of cash. Bitfinex has engaged in multiple transactions with Tether of questionable nature. It has obtained lines of credit and fiat currency (ostensibly to pay out fiat withdrawals - this is speculation but a logical conclusion based on the filing and its context) It also appears to have sold equity in itself to Tether for access to Tether's reserves. There is still a lot of missing information, but it seems clear that Bitfinex has lost $850 million dollars in some fashion and attempted to fulfill customer withdrawal requests from funds from Tether reserves. Tether has recently updated its terms: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That other affiliated entity is Bitfinex. Tether now no longer holds all currency reserves - it now has extended a line of credit to Bitfinex - to the tune of $700 million, and may also hold shares in Bitfinex. If Bitfinex has lost $850 million, then the equity that Tether holds in Bitfinex may be encumbered or worthless. If Bitfinex has taken out loans or drawn on its line of credit, those funds may never be returned. There is now clear evidence that tether is at serious risk of of not being backed at a 1:1 ratio. What does this mean for you? Tether now is EXTREMELY risky to hold. There is clear evidence that Bitfinex has taken money from Tether, and its ability to repay it is in serious doubt. If Bitfinex truly has lost $850 million dollars, it may be insolvent. If Tether no longer has all the money backing it - because it owns Bitfinex assets, which are of questionable value, it's value will plummet, and all assets denominated in tether will appreciate. There are lessons from Mt. Gox here. Mt. Gox did not just happen in one day. It played out over multiple months, the entire time with assurances that things are fine. Things were not fine - at all. The filing released today is damning. It is linked above, read it for yourself. The evidence presented in there is clear that something is terribly wrong at Bitfinex. It is not a certainty that Bitfinex is insolvent - but the filing lays out items that are terrifying to anyone holding significant financial assets related to Bitfinex and Tether entities. Plain and simple: Depositors, and users of Tether are at serious risk of taking losses. Exchanges are the largest holders of Tethers, and when/if it becomes clear that tethers are no longer worth 1:1 they will be forced to freeze all tether assets until the situation can be straightened out. This process will potentially take years, into a decade or more. Mt. Gox funds are still not distributed to this day, over 5 years ago. The sheer complexity of a Bitfinex/Tether insolvency will play out over multiple jurisdictions and will take an eternity to sort out. Again, read the primary documents filed by the AAGNY and decide for yourself if it is likely that Tether and Bitfinex are completely safe. Thousands of us lost our funds in Mt. Gox - and we've paid dearly. There are serious concerns if you are a Bitfinex customer, or if you hold USDT Tether on other exchanges.
/r/BitcoinMarkets
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.