Tag:bitfinex

News: 450m Tethers this week, BitConnect shuts down, GPU miner viruses, US Treasury, unbanking the banked, altcoin fraud
Why you can’t cash out pt 2: Bitcoin and Know Your Customer/Anti-Money Laundering laws (KYC/AML)
Why you can’t cash out pt 1: Why Bitcoin’s “price” is largely fictional

Public discussion and media coverage of Bitcoin assumes certain things about Bitcoin:
• Bitcoin has a price, that you could expect to buy or sell it around.
• Bitcoin is like buying a share in a company, or a commodity like gold — the market works the same way.
• Bitcoin is liquid — you can easily convert your money to Bitcoin, and your Bitcoin to money.
None of these are true.
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News: Bitfinex warrant canary disappears, Hyperledger loses members, Kik vs CryptoKitties

“Bitcoin is finance, distilled … There are no fundamentals, no cash flows or price-earnings ratios, to evaluate. It is pure speculation about speculation, a Keynesian beauty contest where all the pictures are blank.”
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News: NiceHash hack, Bitfinex makes the news, Steam drops Bitcoin, SEC vs ICO, Venezuela, book news, I have to mention CryptoKitties
Bitfinex rattles legal sabres at critics, Tether fails to redeem USDT 1m for dollars

I was reluctant to compare Bitfinex’s public relations moves to Scientology in my Friday post, but today they are threatening to sue critics to shut them up. Rather than release material facts that would assuage concerns. Also, you can’t actually redeem Tethers.
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News: Coinbase payout trouble, CFTC vs CME and CBOE Bitcoin futures, Bitfinex and Bitfinexed
Bitfinex/Tether and 5W PR mount the worst public relations campaign I’ve seen in a while
Chinese Bitcoin mining shutdowns; how is Bitcoin vs Bitcoin Cash affected?

Sichuan Electric Power Corporation is shutting down Bitcoin miners, as more hydroelectric plants join the grid. This comes just as Bitcoin Cash has been wielding miner support against Bitcoin. What happens next?
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News: Bitfinex crypto withdrawal problems, SEC vs celebrity ICOs, Tapscott VC fund, scammers, magic, bubbles