A few new pieces of information to consider. 1. Bitfinex has restarted USD deposits but with additional wait times and a pleading message to not dox the bitfinex bank accounts because it is bad for everyone. 2. TUSD / PAX and other regulated stable coins are still trading at a premium vs USDT 1% to 5%, even after the initial cause (deposits being suspended) has been remedied. You would assume that USDT would go back to within 1% after the deposits have been resumed and everything was copacetic. It looks as if USDT has lost confidence even though still 99% of the stablecoin market. 3. People have already uncovered and Doxxed the new Bitfinex bank accounts.
What you already know: 1. FIAT USD from USDT is not liquid at all. The only place that will wire money to your account for USDT is Bitfinex. Other places, you need to trade on the market for FIAT USD ie. Kraken. This means that there is a single point of failure and control... 100% Bitfinex
Speculation 1. The banks will have no choice but to do something about the Bitfinex account if it was not opened using official papers from Bitfinex. If the banks know that XYZ corp opened the account but it's receiving money from Bitfinex and does nothing about it, they will be in serious trouble possibly losing their USD license. 2. Bitfinex will lose the accounts again. 3. Alternate theory, they are building a deposit / withdraw matching system where if you want to deposit, you are matched with someone who wants to withdraw. This is highly improbable but who knows... At the end of the day, no one wants USD deposits from random people into their accounts.
Different perspectives on what will happen to the Crypto market. 1. Retail investor: No idea WTF is going on, but notices a nice discount on buying Bitcoin from their local FIAT gateway (ie coinbase). Interest is peaked... will watch to see how situation plays out. 2. Whales holding millions in USDT (whales that cannot transfer to FIAT easily typically due to tax reasons): They are starting to realize that Bitfinex's accounts being Doxxed will cause instability with tether, they will buy back into the market, and if they think that other whales are going to do the same thing, it will bring a flood of USDT into BTC. 3. If I were Bitfinex: If I had a guaranteed way to stabilize tether, I would wait until market is in full panic / Fomo mode to start selling BTC and buying USDT at a discount. Then pull my ace in the hole and stabilize tether and profit big time. If I didn't have a way to stabilize tether. I would start buying BTC with cheap tethers and sell at the top for other stable coins.
All perspectives is that we are going to be in for a wild bull run and depending on where Tether lands, we could have an equally wild dump. Watchout and lock in your gains.
i dont agree this is speculation they claim its normal maintenance who knows really, I wouldn't trust my money with bitfinex or tether however...
ImpactDLT
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@YungSwan, This is speculation... but at the same time, why is there a premium if you can redeem your USDT for FIAT USD
UnknownUnicorn3605128
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@ImpactDLT, yes agreed, maybe they are making a recovery.. definitely something not right in that sector of the market though
not transparent enough for me to a be an user
GlennTarplett
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@YungSwan, Could you please assist I'm holding 5k in tether, what would be the smart move..
UnknownUnicorn3605128
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@GlennTarplett, if it was my 5k it would be out of tether/bitfinex and into bitcoin or perhaps stable coin with a more respectable reputation, and if that does not suffice then out of the crypto market in general...
GlennTarplett
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@YungSwan, Many thanks mate, just bought bitcoin..
UnknownUnicorn3605128
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@GlennTarplett, if it dips just remember bitcoin is a long term hold mate , strong hands
GlennTarplett
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@YungSwan, Thanks mate, it looks like retrace now to 63xx, I really appreciate your comment.. Glenn.
GlennTarplett
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Could you please assist I'm holding 5k in tether what would be smart play..
ImpactDLT
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@GlennTarplett, THIS IS NOT ADVICE just information. Change it for another regulated stable coin ie. Gemini Dollar (GUSD), Paxos Standard (PAX), USD Coin (USDC), and TrueUSD (TUSD)