Mt Gox UPDATE : Bitcoin

A word of caution. All major exchanges are not even fiat gateways. The actual fiat in the system is likely grossly overestimated. Crypto is decoupled from USD. Implications.

First of all i should disclose i'm fully out of crypto since last Sunday, i'm just waiting for my EUR wire from Bitstamp as that has been my gateway since 2014. I would like to thank bitcoinmarkets for the good times, i've been around for a long time but not really participating that much, and even when I did i used throwaways. I decided to make this topic as a warning and to explain why I got out and why I think you should be very careful.
So we have a situation in which:
1) 80% or more of trading is in USDT (tether)
2) Coinmarket cap is an accomplice to Bitfinex which implies USDT-USD parity. To which degree this is intentional, irresponsibility or just incompetence I would not know. Basically conimarketplace lumps all USDT trades and prices with actual USD trades and prices. If you go there https://coinmarketcap.com/ and try to select PAIR, you get THIS. No USDT, even though most exchanges are USDT. Even if most of liquidity is USDT. Again, this is a major factor in implying parity along with what Bitfinex/Tether try to do. As if this wasn't enough, they also willingly or stupidly inflate USDT price itself. I have to remind you Coinmarketcap is THE point of reference for all cryptosphere. It's oscilating Alexa rank is 100-400. Betfair (real life gambling company) for example uses coinmarket price average for their own system. etc.
3) If/when tethebitfinex crashes, not only does bitfinex crash, it will crash all crypto pairings using USDT on all exchanges using USDT.
4) There are very few fiat gateways. Until recently I assumed the major(top) exchanges have some kind of fiat pairing. I mean.. any respectable exchange would have some way of actually getting money in and out, right? I didn't even think to check. Well, they don't. Literally all the major exchanges are USDT (and/or another stablecoin or proprietary coin) and nothing else. No USD, no EUR, no fiat whatsoever. https://coinmarketcap.com/rankings/exchanges/ . Only the 11th one has actual USD pairing. Didn't check lower but most exchanges don't have fiat. I did a full check on Binance myself as it's the biggest exchange and I had an account there for lulz. There is no fiat.
What does this mean? It means that an allegedly 200 BILLION market cap of all crypto has a fiat gateway of only a couple of exchanges. Most exchanges not using any fiat are not only immune to the risk, they offload risk on the much smaller exchanges that are fiat gateways. And on clients, of course. The cash side of the actual exchanges would need to have to siphon even a fraction of this are unimaginable. If any of these exchanges use crypto to evaluate their own fiat balance (it is illegal but crypto is hardly regulated or audited), they're fucked.
5) If the first four points looked bad, this one is by far the worst. The system is running on a presumed liquidity provided by Tether and on presumed USD capital. Even if tether was legit it's just 2b USD rolling 200b USD. And that 200b USD is just presumed quantity of USD that is in. We don't know how much USD is in the system, there could be and there probably is way less, as over the past 8 years or so crypto ran mostly on funny exchanges that could "provide" whatever USD value they wanted. More so, even if they went bust, people would usually get to withdraw crypto and store it on some other exchange. Even when an exchange was slowly withering, people just pulled out crypto and the exchange actual liquidity was hardly tested out. Or btc-e crashing or MtGox crashing. Their cash side crashed but "crypto" side did not crash. It was bailed out so to speak. So we have crypto running around that should've been worth 1/10 or 1/100 of it's price but it's instead running on par value with crypto on legit exchanges. This grossly inflates price.
Even if tether (or other stablecoin) is legit, it can be drained in a couple of hours. What happens to the pairings of crypto/USDT? People just trade one bitcoin at the presumable price of 6k for 6k USDT that are 100% backed but have no value because there's no USD in the treasury? Who is stupid enough to deposit USD there to get stuck waiting for another fool to bail him out by getting himself stuck?
edit: [Even if tether is 1%, it holds much more assumed/created value, which is the actual issue. Look at it this way. It only adds 1 cent to a real dollar market buy order for example. Each buy order made in a system that implies USDT:USD parity is now worth 1% more than a true USD purchase. Now repeat that buy order millions of times. It's not 1.01+1.01 times 1 million. It's more like 1.01$1.000.000 Each added value comes from USDT injection and USDT has to be liquid on the way down as well. It's added value to the market value is NOT it's market cap. That's a shitfest all "stablecoins" inject into the market, no matter how backed or audited they are.]
As I was saying, all the exchanges that are not holding any fiat are immune to any crash or actual liability. If/when cryptos fail, they'll give you back any number of cryptos/stablecoins you had, even if they're worthless. It's just entries in a database. If/when USDT fails, all it's corresponding crypto prices will go to infinity. If you're holding any USDT, you can't get out of the exchange because 1 btc will cost infinity. If you're in any margin position, no matter where your stops are you'll get margin called instead, as stops are just suggestions in high/extreme volatility. You can't get out through fiat cause there's no fiat.
Your only hope is you were actually holding crypto and they don't block withdrawals. Best case scenario you move your crypto to a fiat gateway exchange and hope to cash out there as fast as possible because it will have had become evident that cryptos were overvalued because of USDT (and even hypothetical USD in the system). Will most likely be too late as people that were already in fiat gateway exchanges already sold/cashed out. There will be enormous sell pressure. And no buyers.
The whole stablecoin issuance is idiotic and I just hope it crashes now and we won't see another bubble built on presumed capital, cause that will hurt way more people. All of this is a mess. Crypto is completely decoupled from real fiat now. The potential money that are in the crypto sphere is exponentially greater than available money to trade out of. Or maybe we should be grateful for stablecoins for finally crashing a system that would've crashed anyway in the long run.
submitted by 5ty54y5yh45 to BitcoinMarkets [link] [comments]

A word of caution. All major exchanges are not even fiat gateways. The actual fiat in the system is likely grossly overestimated. Crypto is decoupled from USD. Implications.

So we have a situation in which:
1) 80% or more of trading is in USDT (tether)
2) Coinmarket cap is an accomplice to Bitfinex which implies USDT-USD parity. To which degree this is intentional, irresponsibility or just incompetence I would not know. Basically conimarketplace lumps all USDT trades and prices with actual USD trades and prices. If you go there https://coinmarketcap.com/ and try to select PAIR, you get THIS. No USDT, even though most exchanges are USDT. Even if most of liquidity is USDT. Again, this is a major factor in implying parity along with what Bitfinex/Tether try to do. As if this wasn't enough, they also willingly or stupidly inflate USDT price itself. I have to remind you Coinmarketcap is THE point of reference for all cryptosphere. It's oscilating Alexa rank is 100-400. Betfair (real life gambling company) for example uses coinmarket price average for their own system. etc.
3) If/when tethebitfinex crashes, not only does bitfinex crash, it will crash all crypto pairings using USDT on all exchanges using USDT.
4) There are very few fiat gateways. Until recently I assumed the major(top) exchanges have some kind of fiat pairing. I mean.. any respectable exchange would have some way of actually getting money in and out, right? I didn't even think to check. Well, they don't. Literally all the major exchanges are USDT (and/or another stablecoin or proprietary coin) and nothing else. No USD, no EUR, no fiat whatsoever. https://coinmarketcap.com/rankings/exchanges/ . Only the 11th one has actual USD pairing. Didn't check lower but most exchanges don't have fiat. I did a full check on Binance myself as it's the biggest exchange and I had an account there for lulz. There is no fiat.
What does this mean? It means that an allegedly 200 BILLION market cap of all crypto has a fiat gateway of only a couple of exchanges. Most exchanges not using any fiat are not only immune to the risk, they offload risk on the much smaller exchanges that are fiat gateways. And on clients, of course. The cash side of the actual exchanges would need to have to siphon even a fraction of this are unimaginable. If any of these exchanges use crypto to evaluate their own fiat reserves (it is illegal but crypto is hardly regulated or audited), they're fucked.
5) If the first four points looked bad, this one is by far the worst. The system is running on a presumed liquidity provided by Tether and on presumed USD capital. Even if tether was legit it's just 2b USD rolling 200b USD. And that 200b USD is just presumed quantity of USD that is in. We don't know how much USD is in the system, there could be and there probably is way less, as over the past 8 years or so crypto ran mostly on funny exchanges that could "provide" whatever USD value they wanted. More so, even if they went bust, people would usually get to withdraw crypto and store it on some other exchange. Even when an exchange was slowly withering, people just pulled out crypto and the exchange actual liquidity was hardly tested out. Or btc-e crashing or MtGox crashing. Their cash side crashed but "crypto" side did not crash. It was bailed out so to speak. So we have crypto running around that should've been worth 1/10 or 1/100 of it's price but it's instead running on par value with crypto on legit exchanges. This grossly inflates price.
Even if tether is legit, it can be drained in a couple of hours. What happens to the pairings of crypto/USDT? People just trade one bitcoin at the presumable price of 6k for 6k USDT that are 100% backed but have no value because there's no USD in the treasury? Who is stupid enough to deposit USD there to get stuck waiting for another fool to bail him out by getting himself stuck?
Even if tether is 1% it holds much more assumed value, which is the actual issue. Let's say only adds 1 cent to a real dollar market buy order for example. Each buy order made in a system that implies USDT:USD parity is now worth 1% more than a true USD purchase. Now repeat that buy order millions of times. Each added value comes from USDT injection and USDT has to be liquid on the way down as well. It's added value to the market value is not it's market cap.
As I was saying, all the exchanges that are not holding any fiat are immune to any crash or actual liability. If/when cryptos fail, they'll give you back any number of cryptos/stablecoins you had, even if they're worthless. It's just entries in a database. If/when USDT fails, all it's corresponding crypto prices will go to infinity. If you're holding any USDT, you can't get out of the exchange because 1 btc will cost infinity. If you're in any margin position, no matter where your stops are you'll get margin called instead, as stops are just suggestions in high/extreme volatility. You can't get out through fiat cause there's no fiat.
Your only hope is you were actually holding crypto and they don't block withdrawals. Best case scenario you move your crypto to a fiat gateway exchange and hope to cash out there as fast as possible because it will have had become evident that cryptos were overvalued because of USDT (and even hypothetical USD in the system). Will most likely be too late as people that were already in fiat gateway exchanges already sold/cashed out. There will be enormous sell pressure. And no buyers.
The whole stablecoin issuance is idiotic and I just hope it crashes now and we won't see another bubble built on presumed capital, cause that will hurt way more people. All of this is a mess. Crypto is completely decoupled from real fiat now. The potential money that are in the crypto sphere is exponentially greater than available money to trade out of. Or maybe we should be grateful for stablecoins for finally crashing a system that would've crashed anyway in the long run.
submitted by 5ty54y5yh45 to CryptoMarkets [link] [comments]

Withdrawal Address Whitelist Tutorial Binance - Withdrawal Address Management Tutorial Binance Hacked for 7000 BTC - Withdrawal Suspended for 1 Week How To Withdraw Bitcoin From Binance Binance registration, verification, deposits, withdrawals and trading guide - Own Crypto Empire BITCOIN REVERSAL OR RETRACEMENT ? BINANCE BLOCKS WITHDRAWAL  PRIVACY IMPORTANT ? [HINDI]How to Withdraw INR from Binance How To Move Your Bitcoin From Gemini To Binance Withdraw Bitcoins from Blockchain to Your Bank Account Is Binance Credit Card Bitcoin Purchase - Rip Off?!?

Bitcoin history for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019. Bitcoin price chart since 2009 to 2019. The historical data and rates of BTC ... So, I sold the 100 BTC I had on MtGox when the price was $4. I thought I would have plenty time to buy back in again. Shortly afterwards in 2013 the price rocketed up to $1,200. I had just lost out on $120,000. It was hard to bear as like I said, I knew they were going to be worth a fortune. I lost interest in bitcoin until its all time high of $20,000 where i bought 6 BTC which i saw crumbled ... I did a bitcoin transaction of 216 BTC from the 50BTC mining-pool to my wallet (Bitcoin-Qt). It has been 3 days now and I have not received anything yet. I've tried to search my address on ... It has been 3 days now and I have not received anything yet. Former MtGox clients can now file rehabilitation claims In line with previous reports, the new system for filing MtGox claims has become available. Nobuaki Kobayashi, Civil Rehabilitation Trustee for notorious Bitcoin exchange MtGox, has announced the start of the procedure of filing proofs of rehabilitation claim. The decentralized exchange (dex) built on Ethereum, Uniswap has accumulated a whopping $2 billion in total value locked (TVL) this week. Tuesday’s data shows out of all the dece Kraken is leading cryptocurrency exchange since 2011, the platform provides options to buy and sell bitcoin and altcoins against USD and other fiat currencies, as well as margin trading options for both spot and futures market up to 50x. Enhanced security features ensure your funds are safe 24/7 while their fee schedule enables smart trading at low costs. See Bitcoin-Stealing Malware: Now In 100 Flavors.] ... first halted withdrawals on February 7, before going offline entirely last Monday and deleting all posts from its Twitter feed. That shutdown ... Karpeles could stand to gain 160,000 bitcoin ‎and bitcoin ‎cash from the remaining assets in the Gox estate‎. Mark Karpelès, former CEO of the now-defunct Bitcoin exchange Mt. Gox, said ‎in an ‘Ask me anything’ Reddit Q&A session that he doesn’t want to profit millions of dollars which will be left after paying out claims of the ‎exchange’s creditors. As VC Marc Andresen said in a tweet soon after the now legendary MtGox failure: “MtGox had to die for Bitcoin to thrive. Its former role from early Bitcoin days has been supplanted by better ... Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue. (Emphasis mine.) For currency withdrawals, those are backlogged for over one month for yen at this point (which as I understand it is/was the fastest withdrawal method), so they aren't "allowing" currency withdrawals either - they're affected by another issue.

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