{"id":4859,"date":"2018-02-09T20:32:20","date_gmt":"2018-02-09T20:32:20","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=4859"},"modified":"2018-08-21T18:36:13","modified_gmt":"2018-08-21T18:36:13","slug":"bitfinex-tether-and-bitfinexed-updates-and-summary","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2018\/02\/09\/bitfinex-tether-and-bitfinexed-updates-and-summary\/","title":{"rendered":"Bitfinex’ed Twitter suspension, and Bitfinex and Tether updates"},"content":{"rendered":"

“I feel like ‘after the media has all tuned into their message’ is the wrong time to use bots to suspend someone’s account, but hey, I’m not in the PR business” (MrAptronym)<\/p><\/blockquote>\n

“Bitfinex’ed”‘s Twitter<\/a> got suspended for a while on Wednesday\u00a0\u2014 apparently due to mass reporting of old tweets<\/a> claiming they contained private information. (“Bitfinex’ed” maintains<\/a> that everything he tweets is public information.)<\/p>\n

It turns out this was a newsworthy event and was promptly covered in Bloomberg<\/a> and Mashable<\/a> \u2014 “Why release an audit of your so-called stablecoin when you can just shut down your loudest critic’s Twitter account?” The account was unsuspended a short time later. Apparently the suspension was a “mistake.”<\/p>\n

Note that @bitfinexed has a lot of spambot followers, and mass-blocks them \u2014 because you can be suspended for having too many fake followers. If you want to follow @bitfinexed, let him know you’re not a bot \u2014 put #bitfinexed in your description, add, wait 30 minutes, then you can remove it.<\/p>\n

“Bitfinex’ed”‘s Medium<\/a> is alive and well \u2014 most popular Medium blogger in Bitcoin! \u2014 with new posts confirming his Reddit identity<\/a>, cataloguing recordings of public statements<\/a> by Bitfinex principals and “Bitfinex and Tether is unauditable: Why they will never do a real\u00a0audit”<\/a> \u2014 even if they do have a dollar per Tether in a bank account.<\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

One of the big problems with Tether is that, even if every Tether is backed by a dollar, its function is to evade regulatory controls \u2014 even if every Tether purchase has proper KYC\/AML, tethers that are sold on do not. This is why exchanges that can’t get proper banking use it, e.g.<\/em> Cobinhood.<\/a> Nicholas Weaver at Lawfare points out that Tether needs urgent regulatory review<\/a> for this reason.<\/p>\n

 <\/p>\n

https:\/\/twitter.com\/ncweaver\/status\/961661994943234048<\/p>\n

 <\/p>\n

In the meantime, the Tether printer has cranked up again! On the graph below, you can see where 80m EURT (Euro-demoninated tethers) were poured into the market \u2014 just after the major pump<\/a> started. Okisammy writes up how a Tether release pumps the crypto market.<\/a><\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

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If you wondered how Tether works \u2014 it’s a token running in OmniLayer,<\/a> on top of the Bitcoin blockchain. Very like an ERC-20 token \u2014 and new Tether issuance seems to be as an ERC-20 token on the Ethereum blockchain.<\/p>\n

Amy Castor has also written up a useful timeline of Bitfinex and Tether<\/a> for Bitcoin Magazine.<\/p>\n

\"Become<\/a>

Your subscriptions keep this site going. Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"

“Bitfinex’ed”‘s Twitter got blocked, and the Tether printer started up again, just in time for the crypto price pump! Plus Tether legal concerns, and a timeline of Bitfinex and Tether.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[460,38,84,459,39],"class_list":["post-4859","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-amy-castor","tag-bitfinex","tag-bitfinexed","tag-nicholas-weaver","tag-tether"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/4859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=4859"}],"version-history":[{"count":30,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/4859\/revisions"}],"predecessor-version":[{"id":9463,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/4859\/revisions\/9463"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=4859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=4859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=4859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}