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Zhaodong: Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigone
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The integrity of omni-based USDT has been questioned by the community along with its rising supply. On a recent weibo, Zhaodong, an early adopter of Bitcoin and a“whale”, claimed that the USD balance of Bitfinex and Tether was over 3 billion after Giancarlo, CFO of Tether and Bitfinex, showed them the bank accounts in Tokyo. Giancarlo explained that the lack of third-party audition of USDT was due to the pressure of US banking industry. Tether’s vision is to fight the monopoly of traditional financial system. Lao Mao, CEO of Big.one, was also invited to personally verify the authenticity of such accounts. Later he expressed that USDT was trustworthy and would be added to the exchange, along with Bitcny. The Chinese community had mixed reaction to the news.
Zhao Dong, an early bitcoin adopter and now a heavyweight celebrity among Chinese bitcoiners, posted a weibo on 21 January backing Tether along with group photos with Giancarlo, CFO of Tether, and Lao Mao, CEO of Bigone. The weibo reads:
“Lao Mao (and I) just have a look at the USD account of Tether and Bitfinex in Giancarlo’s(Boss of BFX,CFO) room, in which Tether’s account holds 1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number of the two accounts is around 3 billion USD, which is beyond the current circulated supply of USDT. This debunks all rumors around USDT. ”
Lao Mao, CEO of Big.one, later released a blog explaining the meeting in detail. Giancarlo told them about the Tether team and their vision:
1. The team of Bitfinex has around 50 people with the customer service team increased to 20 ppl or so. A decentralized management has been applied to team members across the globe.
2. Tether team does not work for money. As an early bitcoin investor, the team has a sense of responsibility and mission. Tether also believes that the industry should unite to jointly fight the monopoly of the traditional financial forces on resources.
3. US banking industry is blocking Tether by various means. They also look for opportunities for cooperation around the world. In order to ease the stress on their beneficiary banks, Tether may no longer anchor to US dollar anchor in the future but use Euro, Japan Yuan or other fiats instead. South Korea’s policey has been unstable so the possibility of anchoring South Korea’s won is very small.
4. Most of the bankers they come into contact with are mostly old men, who are totally unable to understand what is happening in the world. In Tether’s view, there are only two kinds of banks in the future, one is the dead bank and the other are those who work with blockchain industry.
When asked the relations between Tether and Bitfinex, Giancarlo said:
“Bitfinex is holding less than 10% of Tether’s share, which have been acquired by various companies. Therefore Tether doesn’t belong to any single platform. It’s an independent company.”
He also explained why the third-party audit was missing:
“Due to the pressure from US banking industry, we are not in a position to fully disclose our bank accounts. Therefore if possible, I hope you can help us deliver the right message to everyone and I will invite you to review our accounts, you will be able to witness our truthfulness and safety.”
After checking Bitfinex’s and Tether’s bank account, Zhao Dong posted the above-mentioned weibo and the community expressed their concerns. One of the most upvoted one reads:
“You need to present a audit report from a third party accounting firm or lawyer. Your word doesn’t count.”
And the comment below is from Jiang Zhuoer. He believes that anchoring to fiats is doomed.
“Anchoring itself is an act of anti-marketing. Even the mighty powers such as the British Empire (£ 1 = 7.32 gram of gold in 1821) and the American Empire ($ 35 = 19 ounces of gold in 1944) inevitably failed. Tether (and the USDT attempting to anchor USD) will perish in two ways: ① died of implosion like MT.Gox. ② died in the hands of United States government like the Liberty Reserve. The U.S. government will not allow any company to actually issue USD.”
As indicated by Coinmarketcap, the circulating supply of USDT is 1,618,090,823 as of 22 January 2018. The supply curve has been ramping up sharply since November 2017. As the most widely accepted tokenized fiats in the crypto world, USDT has been questioned a lot, including Lao Mao himself. He posted a blog in November 2017, claming “USDT, a fortress built on dune?”
The meeting seemed to greatly reinforce the foundation of the fortress. At the end of the blog, Lao Mao said the USDT would be listed on Big.one ASAP:
“So, we can trust Tether and USDT. BigONE will also list USDT as soon as possible.”
Zhao Dong is a shareholder of Bitfinex and he was happy to said that the ROI of bitfinex was quite amazing not long ago. His backing of Bitfinex seems to be in conflict of interest. For those who are unable to witness the balance of Bitfinex and Tether bank accounts, the third-party audit of USDT may never be realized.
Learn cryptocurrency and digital assets since 2013 and co-founder of 8btc in 2014. Co-author of 2014-2015 Digital Currency Development Report(2015) and first author of Investment Guidelines To Blockchain Digital Currency (Published in June 2017 ISBN:9787300239286).
COMMENTS(89)
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Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom
Zhaodong: #Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigone http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …pic.twitter.com/NUoOyCPoQg
There’s no way in hell Bitfinex have 3bil in their bank account.
They are gona get hscked soon again, u will see xD
Yeah we had 3mil but someone hacked our bank account straight after Zhao Dong left.
Moments later. Sry guys, we gon have to have 1 tether = 1p.
https://youtu.be/UP1YsMlrfF0
Blindly trusting that something is so, just because someone says it, is very naive. Just as Zhaodong claims to “have seen bank statements” means nothing. Just as Roger Ver claiming Mt.Gox was fine. It wasn’t.
“2. Tether team does not work for money.”
Wow. This shit is not going to end well.
Empty words from a source that has a huge incentive to make people believe in tether.
They could let a third party look into this and end all the speculation but funny enough that doesn’t happen…
Wow, I had to actually verify that in the article. I just couldn’t believe it. They actually said that!
LoL, “I made money before, so in the future I vow to make no more money for the world that never cared about me” and “I’ll start making no money by providing a service built on lies, that surely will show that I am somehow a maker of peace”
Truth stranger than fiction sometimes.
lol without an actual audit all this bullshit means nothing. Who knows how much they really have.
He also explained why the third-party audit was missing:
“Due to the pressure from US banking industry, we are not in a position to fully disclose our bank accounts. Therefore if possible, I hope you can help us deliver the right message to everyone and I will invite you to review our accounts, you will be able to witness our truthfulness and safety.”
Load of bs
After checking Bitfinex’s and Tether’s bank account, Zhao Dong posted the above-mentioned weibo and the community expressed their concerns. One of the most upvoted one reads:
“You need to present a audit report from a third party accounting firm or lawyer. Your word doesn’t count.”
And the comment below is from Jiang Zhuoer. He believes that anchoring to fiats is doomed.
I don’t think they ever will
“Anchoring itself is an act of anti-marketing. Even the mighty powers such as the British Empire (£ 1 = 7.32 gram of gold in 1821) and the American Empire ($ 35 = 19 ounces of gold in 1944) inevitably failed. Tether (and the USDT attempting to anchor USD) will perish in two ways: ① died of implosion like MT.Gox. ② died in the hands of United States government like the Liberty Reserve. The U.S. government will not allow any company to actually issue USD.”
Lao Mao (and I) just have a look at the USD account of Tether and Bitfinex in Giancarlo’s(Boss of BFX,CFO) room
This debunks all rumors around USDT
That’s not how debunking works …
Also, I don’t trust the guy who says “Trust me”
What bank account?
i think bitfinex can backed it up the amount of tethers that they have
didn’t CSW try to pull that same trick ?
I am not surprised to hear that $USDT is backed more than the 1.6 billion $ in circulation ( 3 billion $) . It is very profitable business.
http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
According to Zhao Dong, China’s biggest #Bitcoin OTC trader and investor in Bitfinex, Tether has $1.8 billion in a USD bank account. At this moment 1.6 billion $USDT have been printed. An additional $1.1 billion is held in a Bitfinex USD bank account. http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …pic.twitter.com/LTbXE9rKhQ
Let’s hope his word is worth more than Roger Ver’s.
Proof from bitfinex or tether? Even @rogerkver said Mt Gox was solvent.
Color me skeptical…
@Capetlevrai @xDayKami @mrtchingy @Brykou @socallmekiwi
https://youtu.be/UP1YsMlrfF0
According to my mom, who holds a small position in USD, he is lying.
ah ok then, crisis averted, phewpic.twitter.com/ZEeEJD2wNX
https://www.reddit.com/r/btc/comments/7s5qrb/more_accurate_conversation_behind_closed_doors/?ref=share&ref_source=link
I think this is what happened.
There are 2.15 billion Tethers printed.
https://wallet.tether.to/transparency
Even if true, of which I’m certainly skeptical, this means they just became the biggest bounty for every U.S. agency and regulator who now wants a piece. Keep in mind #Tether sole purpose is to circumvent banking laws.
It also proves Zhao could be this mysterious guy!
Without any reliable audit no reason to trust such messages.
Ils vous en faut peu lol.
http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
It’s over. The day they stop printing, btc starts plummeting agian.
Finally. The public audit everyone has been waiting for! Conducted in the founders room by some guy. Excellent. Surely legit. Now let’s buy coin of the week everyone…
What do you guys think of this news? It doesn’t seem all that trustworthy to me. Plus this seems to be the only excuse for not doing an audit:
Giancarlo explained that the lack of third-party audition of USDT was due to the pressure of US banking industry. Tether’s vision is to fight the monopoly of traditional financial system.
Huh? What does that have to do with an audit?
What I gathered from that Vitalik Buterin post on this subreddit was that Tether and other stablecoins can work as long as people believe in it. So kind of like the dollar…or Venezuelan peso, for that matter. Like if for some reason people freak out and dump their Tether en mass, Tether won’t be able to “self-sustain” itself fast enough (I assume by burning the coins to keep the price per coin the same).
This is why I wouldn’t want this to turn into a FUD-fest that brings down the crypto market. I don’t think any of us want that. But at the same time Tether/Bitfininex aren’t make it easy for us to trust them at all! Just some flimsy excuse for not doing the audit (and the excuse seems to imply they won’t do it anytime soon either) that doesn’t make much sense and that “some guy saw their account and said it was fine” as evidence. Meh. I want to see proof than that.
Indeed . This all sounds very similar to when Roger visited mtgox and was shown some documents that convinced him that everything was ok.
https://youtu.be/UP1YsMlrfF0
https://youtu.be/UP1YsMlrfF0
Roger Ver: I simply stated that the withdrawal delays were not being caused by a lack of liquidity. I made no claims as to whether or not MTGOX was solvent or not.
astonishing
Let’s see here, why would…..oh:
“Zhao Dong is a shareholder of Bitfinex and he was happy to said that the ROI of bitfinex was quite amazing not long ago. His backing of Bitfinex seems to be in conflict of interest.”
It reminds me on roger ver when he said funds at mt.gox are save one day before mt.gox collapsed. It‘s always the same… when a lot of money is involved people are lying and cheating all the time but eventually the house of cards will fall apart.
Here’s the correct link http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Nowshady are you really too lazy to change your name and shill under a different one?
This is the hallmark of egotistical greedy megalomaniacs. They think everybody else are idiots.
They don’t realize they got this far simply by a lack of morals.
Zhaodong, an early adopter of Bitcoin and a “whale”, claimed that the USD balance of Bitfinex and Tether was over 3 billion after Giancarlo, CFO of Tether and Bitfinex, showed them the bank accounts in Tokyo. http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
South Korean cryptocurrency exchange Korbit has barred non-citizens from depositing local currency – the Korean won – on its platform.https://www.coindesk.com/korean-crypto-exchange-korbit-halting-deposits-from-non-citizens/ …
What do they mean by seems to be? Regardless of if Tether is a fraud, his stake is Bitfinex absolutely is a conflict of interest as a source for verification of their reservespic.twitter.com/eq2eHsP4Cs
What he says seems to conflict with what Tether’s own website says here – https://tether.to/wallet-service-and-platform-update/
“Friedman LLP continues to work diligently toward a full balance sheet audit as of September 30, 2017. ”
(and that’s posted after the interim report that was released – they’re clear that that interim report is not an audit)
In any event – I don’t think his words will reassure anyone, nor should they. I’m hoping that the full audit is nearly done and that’s what should give people comfort, not the views of someone who has a clearly vested interest in the continued growth of Tether/BitFinex/etc.
Tether aside, however, I do find it worrying why BitFinex need to play all these games with bank accounts that none of Kraken, Poloniex, Binance, Coinbase, etc. need to do.
Zhaodong is an invstor I heard in bitfinex? is this true
ZHAO DONG is shareholder of bitfinex. Don’t believe this.
how can they burn the coins if they are not in possession of them? if USDT hodlers rush for the door, they would have to buy them up using fiat (USD) reserves to keep USDT = USD parity. If they run out of reserves… #rekt. See how George Soros Broke The Bank of England.
Also read Bitfinex is requiring USD10K deposit before you can even trade??? Shoring up reserves?
I think every one has their opinion with the audit thing with the tether and amount they are pointing out but until this time there is no concrete data about this theory or this thread being spread about. I think Bitfinex continue doing his business while we are busy scrutinizing them.They are so damn busy earning their gains while we are talking.
Tether ile ilgili hep kötü haber mi paylaşacağız ?
Bigone Ceosu tether ve bitfinexin banka hesaplarını (tether ile ilintili) gördüğünü ve toplam 3 milyar dolara tekabül eden usd karşılığının olduğunu iddia ediyor yani piyasadaki tetherin 2 katı bankada!
http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Şöyle 3-5 haber gelse piyasaya ALLAAAAH
Bunun kanıtı olan bir belge var mıdır hocam ?
La yoooook paralı adam tutmuşlar saçmalama sen de. Böyle haber mi olur dalga geçiyorlar. Belge yayınlamak çok mu zor
Niye tether deli mi ki bu kadar karşılığı bankada tutsun ?
Bigone da işin içinde cemaat de
Hocam dunku yayinin kaydini paylasicakmisiniz,paylasmicaksaniz su 4 iconun adini verirmisiniz..
Zhaodong: Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigone | http://NEWS.8BTC.COM . <– is this information trustworthy? Will US gov’t permit this proxy printing?http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
I’m not sure what your point is. But this debunks any so-called “risk” of Tether.http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
“some guy with a material interest in keeping bitfinex afloat promises it is all okay. fud debunked”
Some bloke’s word isn’t even close to being sufficient when so much money is involved. Remember Ver and MtGox? Something is very wrong here, BTC pumps a few hours after every Tether grant, see @Bitfinexed for the correlation. Have to be highly cynical in an unregulated market.
belki de iddia edildiğinin aksine tether basıldığı için coin fiyatları artmak yerine, uzun vadede yükselen coin fiyatlarından dolayı yeni tether basılmasına ihtiyaç duyuluyor olamaz mı?
aslında Türkiye’de 1$ karşılığı 1 usdt alınacak borsa olsa deli iş yapar…
USDT borsaları açılırsa efsane bir işleve sahip olur.
So Tether has a bunch of cash in their bank accounts?http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
“…1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number….around 3 billion USD,…beyond the current circulated supply of USDT. This debunks all rumors around USDT”http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Down goes @Bitfinexed
Isn’t he invested in bitifnex/ifinex? Which would be the same as ver saying mtgox was solvent when it wasn’t
This is far from a professional audit, it would be treated as nothing more than hearsay in an American court.
How is this any different from roger ver & mt Gox… made it sound more sketchy
$USDT is the tree that falls in the woods and no one is mentally around to hear it. The physical phenomena will occur when the actual tree falls on top of the people who can’t hear it falling despite being all around the tree.
So where’s the audit? This can be compared to roger ver saying gox was solvent.
if this is true, it makes it even more strange that they haven’t been able to get an audit done…
I dont beleive in the tether FUD per se, but this article doesnt quite distill confidence in you. Quote: “Zhao Dong is a shareholder of Bitfinex and he was happy to said that the ROI of bitfinex was quite amazing not long ago.” Also remember Roger Ver and Mt Gox? I do.
Did they show it in proof? Hard to believe them considering that they haven’t release an audit still. Shouldn’t be a problem if they have the money
Zhaodong: Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigonehttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Zhaodong: Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigone | http://NEWS.8BTC.COM http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Tether is legit!! Funds are in vault! #usdt #tetherhttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Found this, could be nothing thohttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
yeah, that’s hardly an auditor
So they will be backed by other currencies and avoid the pain with the us banks:http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Scathing! #FUD #bitcoin #btc #tether #bitfinexhttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
#BitFinex comunque potrebbe avere la copertura finanziaria necessaria, cioè 2.5 mld o più o meno quella cifra di dollari per tenere su il sistema $Usdthttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Se tutto ciò verrà confermato, #btc schizza nuovamente su di valore. Ma non sono cose da 72H come ci hanno abituati in questi mesi credo.
@generalmilan, have you seen this article? But perhaps it may not make a difference to the conclusion you might draw about Tether.http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
What’s speaking in favor for @Tether_to being legit?
“Zhaodong: Bitfinex and Tether Hold 3 Billion USD, USDT Soon Listed On Bigone” #crypto #panic #cryptocurrencies @Bitfinexed
News article:
http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Original blog:
https://translate.google.com/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=no&ie=UTF-8&u=http%3A%2F%2Fmp.weixin.qq.com%2Fs%2FdOPImpbeuKMcYVAIKFo9FA&edit-text=&act=url …
Another writeup of the encounter:https://steemit.com/bitcoin/@catintokyo/an-interview-to-mr-giancarlo-cfo-of-bitfinex-and-tether …
Bitfinex and Tether Hold 3 Billion USDhttp://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone …
Yes, the photo is at the Four Seasons in Tokyo. We don’t think Tether is bad and they probably do have the dollars in some hidden bank account. But is that really safe? If they can switch to another currency or at least diversify it could help.
http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone … こういう報道もありますしねー ちゃんと監査受けてもらいたいもんです
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