Willybot bitcoin chart
You could get tips for writing articles and comments, which are paid in Bitcoin Cash BCH cryptocurrency, which can be spent on the Internet or converted to your local money. Register Now. Takes one minute, no documents required. Tether is a menace for the crypto market. I've read about the so called reserves and it is easy to find that these are mostly crypto reserves, or just printed without any reserves at all. Maybe they even have Tether for reserves.
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How Bitcoin May Hit $3,000 According to Prominent Investor
The breakdown is no surprise to Tether followers: Two lame pie charts showing, at best, only a fraction of assets are in cash, and the rest are in risky assets. As of this writing, Tether now has nearly 58 billion tethers in circulation. According to its settlement agreement with the NY AG, Tether must issue these breakdowns quarterly for two years—though it may have to provide more detail to the NY AG, in addition to what it has made public today. This information may be updated, as I get more feedback.
Hint: these can barely be considered cash equivalents. We have no idea. These could well be loans to large tether customers backed by shitcoins, other worthless assets, or promissory notes. The question is, who is issuing these bonds? If it is a blue chip company, great. I have a funny feeling Tether will get into a great deal of trouble if it admits to using tethers to purchase bitcoin en masse.
Recall this interview , where Hoegner completely avoids the question pertaining to, are you using tethers to buy bitcoin? Tether further breaks down the largest slice of its blue pie chart—which shows that more than three-quarters of its reserves are in cash and cash equivalents.
It is similar to a bond in that you have the ability to transfer and trade it. But if Tether is giving tethers away to their largest customers FTX, Binance and counting that as loans, this is meaningless rubbish. In the absence of other information I would assume the CP is unsecured.
In which case it is NOT a "cash equivalent" as the analysis says. It's a current asset with significant credit risk. Who are the holders of these fiduciary deposits? What happened to all the cash backing tethers? Recall that up until a few years ago, Tether maintained tethers were fully backed by cash. Treasury with maturity periods from a few days up to 52 weeks. These are as good as cash. In fact, this is the only slice of pie, other than cash, that can be considered cash.
The only thing backing tethers is once again, smoke and mirrors. To be clear, Tether has no obligation to redeem any money in the Tether bank accounts. Per its terms of service :. Tether makes no representations or warranties about whether Tether Tokens that may be traded on the Site may be traded on the Site at any point in the future, if at all. The crumbs of remaining cash? Related stories: The curious case of Tether—a complete timeline of events. Updates on March 13— Added quote from Martin C.
Walker on Reverse repo notes, as even he is not familiar with the term. If you enjoy my work, please support my writing by becoming a patron. Coinbase, the largest crypto exchange in the U. Now tethers can be found on Coinbase, a banked exchange—overseen by the SEC. Nobody knows for sure what is backing the nearly 50 billion tethers sloshing around in the bitcoin markets—maybe cash, maybe third-party loans, maybe hot air.
Desperate times call for desperate measures, so what can Coinbase do? Why not list tether? That way, Tether the company that issues tethers looks legit, and more people can pile into bitcoin without worry.
Problem solved! You will be allowed to trade tethers in every jurisdiction that Coinbase supports except for New York state, which Tether was recently hoisted out of by the NY attorney general. Trading begins on April 26 at 6 p. Pacific Time—if liquidity conditions are met, meaning if someone is on-hand and willing to sell their bitcoin or ether to you for tethers, as opposed to real money. At the moment, you can only transfer USDT onto Coinbase Pro; you cannot move tethers off the exchange—although there is some expectation that could change once trading is established.
How does that make sense? A roach motel? Who would sell for Tether if they can't transfer it out? The exchange clearly wants to rake in as much business as possible before the regulators step in and throttle its trading.
And right now, business is slipping. Coinbase started selling its shares on Nasdaq on April At the same time, BTC has also taken a hit. The real money that investors put into the system, goes to pay the bitcoin miners who are selling newly minted BTC per day for cash.
They say the move legitimizes Tether. This is absolute madness. How do you legitimize a company that has been full of shenanigans since day one? The reverse is true: Tether is delegitimizing Coinbase. The NYAG began investigating Tether for fraud in late , claiming that Tether and its sister company Bitfinex, a crypto exchange, lied to customers in saying that tethers were fully backed, when in fact, they were not.
Under the terms of the settlement, starting in May, Tether has to publish the categories of assets backing tethers. It also has to specify the percentages of each category, and spell out whether a category constitutes a loan or receivable. If the Department of Justice decides to shut down Tether like it did Liberty Reserve in May —which is what several nocoiner luminaries predicted will happen this year—what does that say about Coinbase listing this coin?
Three other U. February is coming to an end. Tether now has close to 35 billion tethers in circulation —the last print was on Feb. The nonsense could ebb and flow for a while, but I do think the end is nigh for Tether. I was wrong. They are also banned from doing business in New York, and they have agreed to an impossible level of transparency. I wrote two stories on this— an overall story covering the details of the agreement and deeper observations. You should read both and also the settlement agreement, which is very readable.
This could not be further from the truth. The tether fud is finally over, all they had to do was pay an Send everything to the moon now! I mean, how crazy is this: Bitfinex and Tether are also supposed to reveal who their payment processors are. These payment processors are called shadow banks for a reason. But the real punishment is not the fine imposed on Tether. The real punishment is that Tether and Bitfinex are banned from doing business in New York—the beating heart of finance and banking in the U.
In the meantime, the Tether printer has mysteriously paused. The settlement agreement was signed on Feb. Why has Tether stopped printing? It may be that providing the transparency reports is proving more onerous than they expected. If they pop out another billion tethers, they have to show what is behind those—cash, a loan, crypto, or whatnot. But this is a problem. Tethers are the main source of liquidity on unbanked exchanges where the price of BTC is largely determined. If Tether stops printing tethers—or otherwise ceases to function—the price of bitcoin could take a serious dive.
Recently, a Twitter profile called deltecleaks emerged and posted what looked like evidence of a database dump from Deltec, the Bahamian bank that Bitfinex and Tether have been using since That Twitter account was quickly suspended. Then LeaksTether appeared and posted several presumably leaked emails—conversations between Deltec and Tether execs. These leaks are unverified. I am not completely convinced they are real, but I am also not convinced they are fake either. Some of the alleged emails look interesting.
The latest Tether leak is an email from Tether to Deltec, dated May 3, , asking for help in "presenting their reserves in the best possible light". Their reserves being stakes in other crypto companies, and things in that area. This is a crucial piece of the puzzle.
In return, Trolly believes Tether got a stake in Binance. Tether is in cahoots with the exchanges, who are in charge of maintaining the peg, Trolly believes. Tether to the moon! Oddly, Deltec has removed the bios from their About Us page. This is silly, because we have the archive.
David Gerard wrote a blog post, going into detail on the alleged leaks. Attacks to tether are really attacks to bitcoin Attacking tether is just easier for them, but the main goal is to discredit bitcoin and all crypto.
Good luck donkeys.
Daily Dose: Whaley Bot is the New Willy Bot
And so on. This number is marketing for Bitcoin. But this is an illusion. Trading is so thin in any crypto, even Bitcoin, that you could never realise a fraction of the number. It is literally just marketing. In normal securities trading, if a share is listed on multiple exchanges, orders will often be applied via smart order routing — so that a given buy or sell order is in the context of all the order books for that stock. This is a recipe for huge volatility and wide discrepancies in price.
Tether: The Story So Far
Even before Bitcoin was part of the zeitgeist for the digerati, people have been guessing what the price of a bitcoin should and should not be. For instance, a couple days after version 0. As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of the currency should be equal to the total value of all the wealth in the world. So the possibility of generating coins today with a few cents of compute time may be quite a good bet, with a payoff of something like million to 1! Even if the odds of Bitcoin succeeding to this degree are slim, are they really million to one against? Something to think about…. The end result — all but a couple were completely, very wrong see this spreadsheet for a line-by-line itemization. Once again, all but a couple were completely, very wrong.
Fraudulent Trading Drove Bitcoin's $150-to-$1,000 Rise in 2013: Paper
This post is the product of a four-hour, very enlightening conversation between Willy Woo of woobull. We cover cryptoasset analysis and talk about the innovation and disruption caused by Bitcoin and Cryptocurrencies. What if you reach the world at zero cost, what does it mean and how to value that stuff? How do you value it?
The bitcoin flash crash to $0.01 in June 2011
Tokyo-based Bitcoin Security Specialists Wizsec recently published a protracted report , revealing the suspicious behavior of Mt. Gox trading bot Willy. In their censored dispatch, Wizsec elaborated how Willy bought a large number of Bitcoins around , BTC within a specific period. The following graph from the report illustrates it further:. The orange lines in the graph above represents the activeness of Willy, which highly contributed in adding artificial trading volumes to Mt.
We look at the incompetence of MtGox and examine the causes of the crash. We then look at the political battle and uncertainty which occurred in the aftermath of the crash. Bitcoin price from May to 18 June Click here to download the pdf version of this report. If one likes price volatility and scandals, the summer of was an exciting time for Bitcoin. In this piece, we look at the cause of the crash and its aftermath. Although the major exchange of the time, MtGox, was shown to the community to be largely negligent, which may not have been the best advertisement for Bitcoin. In our view the engaging nature of the events which occurred that summer, ironically made a significant contribution to the level of interest in the space.
It's a new nice level to try a sell off as MT. Just a very simply and informative BTC-Chart showing high selling volume during the last days. Assuming, it is the MtGox trustee trying to pump the btc market the time dates relate to Tokyo time.
Complaining it has no intrinsic value when their primary government currency has absolutely no intrinsic value No, the US dollar is not backed by gold. It provides the world with the best digital store of value ever created, allowing people to store value that is hard to seize and transmit it to anyone else in the world without permission. Bitcoin is the bubble that never pops. The problem rests with government money, not Bitcoin or crypto which most operate on transparent ledgers that make it hard to obfuscate funds. The only constant in markets is volatility.
February 14, MtGox investigation update and preliminary release. WizSec has been investigating the MtGox crash since soon after it occurred, making us probably the longest running non-official investigation. In this time, as we slowly discover more things, it has become more and more important to be careful in what we disclose, both in order not to jeopardize other investigations and also not to needlessly get any of our sources into trouble. In line with our intent to investigate responsibly, we have also signed several non-disclosure agreements. However, it has now been a full year since MtGox, and the then customers, now creditors still don't have much to go on.
Pomp wrote:. Things may get really, really ugly if this happens. In an interview with CryptoSlate, Mati Greenspan , a senior market analyst at major multi-asset trading platform eToro , said that the stability of Bitcoin is a positive sign of long-term growth, as it will contribute in the formation of a strong foundation to support the next large mid-term rally.