Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Bitfinex cold wallet loose 70k btc in one month and nobody asking any question?
by
pooya87
on 14/05/2020, 09:53:16 UTC
⭐ Merited by gentlemand (1)
in fact it can be said that bitfinex /tether are single handedly responsible for btc 2018 bear market,
that is complete nonsense. the bear market, like all the previous bear markets, happened because of the big bubble burst.

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after propping the price beyond reasonable valuation using usdt in the end of 2017,
yet another nonsense. bitcoin bubbles have been happening long before Bitfinex or their Tether shitcoin even existed and will continue happening long after Bitfinex dies unless the market grows big enough to be able to eat the sudden surges in buys or sells.

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-selling 70k btc  in march(they admitted after being questioned about one third of their btc holding missing ), https://cointelegraph.com/news/bitfinexs-btc-holdings-decrease-by-one-third-in-a-month, what's more suspicious is the time of which is when btc was at it's low point (4k~5k), why would they sell so much so low?,who know?
it is just you who is labeling this as "sell".

exchanges don't own bitcoin to sell it. exchanges are custodians that are holding users' funds. more importantly they have multiple wallets to store those funds usually between hot wallet and cold wallet. unless you have a way of finding all bitfinex addresses and report the sum of all their balances you can not make the claims you made here.

additionally during price rises there is a lot of trades which means a lot of traders are storing their funds on exchanges. as things become more stable, less trades take place which means less people keep coins on exchanges hence the lower exchange balances. it is very similar if you check other exchanges' balances.
of course nobody is denying Bitfinex's shadiness which can also play into traders decision of withdrawing their coins from this exchange.

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all this are facts easily verified by anyone , but still there is no articles from the crypto "journalist" about the cold wallet missing btc.
there is no such thing as "crypto journalist", there are only idiots who are trying to make a buck by publishing all kinds of crap like the website you keep quoting here Wink