• anonymous
    Bitcoin,  Cryptocurrencies,  Ethereum,  Media,  People,  Tether,  United States

    Bitfinex’ed tells (almost) all about Tether: The Modern Consensus interview

    Anonymous critic of Tether and Bitfinex explains why bitcoin is headed to $15

    As pressure mounts on Tether, its harshest critic—the anonymous “Bitfinex’ed”—does an interview with Modern Consensus. Reveals how he—or she—first started investigating Bitfinex and Tether. Claims 2016 hack of 120,000 bitcoins on Bitfinex was an inside job at the highest levels. Argues almost nothing backs up billions in outstanding Tether tokens; suspects recent reports were a “forgery.” Presents bleak view of cryptocurrency and blockchain’s future. Justifies a $10 to $15 price target for bitcoin (yes, you read that right).   The vice is tightening on Tether and that could have devastating repercussions on the $200 billion cryptocurrency market. Though over $2 billion worth of the “stablecoin” is circulating, it has an…

  • volume manipulation
    Bitcoin,  Tether

    BitForex accused of using Tether, wash trades to manipulate CoinMarketCap data

    Never heard of BitForex? You’re not alone, but on Friday, they dominated Tether and Bitcoin trade volumes

    Another day, another Tether controversy—and a new exchange is being accused of inflating trade volumes in the process. On Friday afternoon Eastern Time, CoinMarketCap data showed that a tiny upstart exchange called BitForex was responsible for nearly $4.3 billion worth of tether transactions in 24 hours. That’s a shockingly high amount given that the average daily volume of tether has been $2.8 billion worth over the past 30 days. It also put BitForex in second place for bitcoin trading volume, more than eight times that of third place Binance. Such volume from a little exchange was very unusual and CoinMarketCap excluded BitForex’s data from its totals. BitForex is an outfit…

  • Bitcoin tether
    Bitcoin,  Opinion,  United States

    Why the SEC should reject a Bitcoin ETF

    The crypto market needs to grow up and tackle rampant manipulation and fraud

    The bitcoin trading market is rampant with manipulation and fraud on even some of the largest exchanges. We therefore believe it would be a grave mistake for the Securities and Exchange Commission to greenlight a bitcoin exchange-traded fund (ETF) at this time. The SEC is currently accepting public comments on the proposed launch of just such a product, via a joint bid by the investment firm VanEck and the financial services company SolidX. Those of us who believe in free markets hail the proliferation of crypto exchanges that has occurred since the start of the decade. The hope is that, eventually, the fairest and most honest exchanges will attract the most…

  • Red flags
    Alt coins,  Bitcoin,  Cryptocurrencies

    Defying logic, Kraken raises more red flags after attacking Bloomberg piece on Tether manipulation

    Kraken’s defense of its business: an insult-and-expletive-laden diatribe

    The second most interesting thing to happen in crypto this past weekend was the Bloomberg article dissecting thousands of tether trades on Kraken. Even more fascinating, however, was Kraken’s puerile response to that serious accusation made by one of the world’s largest financial news and data organizations. For those who don’t have time to dive into it (and we suspect that’s most of our audience), here’s the deal: On June 29, Bloomberg reporter Matthew Leising, along with Mira Rojanasakul, Demetrios Pogkas, and Brandon Kochkodin, published an analysis they performed on 56,000 tether trades conducted on the Kraken exchange between May 1 and June 22. Kraken is pretty much the only place…