The USA New York Attorney General Attack on Tether - A buying op
The ecoin market tanked recently allegedly over the news about USDT (i.e., Tether). It is that the USA New York Attorney General is accusing Bitfinex of using Tether to cover a loss of $800 Million. What does this mean for BTC? Let me tell you. It is not that bad.
It is critical to understand some history here. The USA government has gone to great efforts to prevent their citizens from using most foreign exchanges like Bitfinex. But, what court jurisdiction did they have to threaten those exchanges to prevent them from accepting Americans? None. It didn't matter. All the exchanges complied. It prevented Americans from using much leverage. It also forces Americans to use local exchanges. They have horrible fees, don't allow shorting, and have poor liquidity. Coinbase, one of the top world exchanges deemed to have "real" volume , for example, charges 1.49% on each buy and sell. Try making any money off of BTC with that nonsense. That's why they had to buy GDAX and offer it to it's "professional" traders aware of some of the scams.
The USA banking system has historically charged $75 to wire transfer money abroad to a bank, which then again charged a ~2% transfer fee to give the low of the day on the exchange rate instead of the spot rate. That's why wire transfers take several days, to allow them to give users the worst rate. It is a nice little scam for them.
Naturally, the USA banking cartel controlling the world does not like some aspects of BTC and USDT. It is wrong to say they are threatened by them, however. They just want things done ideally for them. They even wanted their citizens to use their CBOE! Of course, nobody did this because the fees sucked bigly as compared to foreign exchanges, like BITFINEX. They had to close it, tail between their legs.
If BTC wasn't bad news for that scam, even a bigger threat was Tether. It allows you to avoid the laws the US Banking cartel's SEC imposes on fiat currency tranfers, especialy USD. BTC does this to, but it has too much volatility , so people still do wire transfers. So, that's why USDT is such an issue for the US Banking Cartel.
So, what did they do? A few things. First, they had their Bitwise Asset Management apply for an EFT. Once approved, this would be the banker's blessed way for US shitizens to invest in BTC . No leverage is a huge plus since it allows them to manipulate the prices with less capital. So, Bitwise did their little attack on the non-USA exchanges accusing them of faking the volume . Of course, the example they used of fake volume was CoinBene, not Huobi. See, e.g., here. This attack meant the only foreign threats left were Bitfinex and Huobi, both of which use USDT, so that was the next thing to hit.
Soon, they will pimp their US citizens to buy BTC using their EFT. Perhaps as soon as money. It will be safu. But, could they announce approval yesterday?
No. They need to accumulate BTC at low prices first. Hence, the timing of this attack on the USD competitor, USDT, Tether. Expect approval soon, with a nice bart up. LONG
It is critical to understand some history here. The USA government has gone to great efforts to prevent their citizens from using most foreign exchanges like Bitfinex. But, what court jurisdiction did they have to threaten those exchanges to prevent them from accepting Americans? None. It didn't matter. All the exchanges complied. It prevented Americans from using much leverage. It also forces Americans to use local exchanges. They have horrible fees, don't allow shorting, and have poor liquidity. Coinbase, one of the top world exchanges deemed to have "real" volume , for example, charges 1.49% on each buy and sell. Try making any money off of BTC with that nonsense. That's why they had to buy GDAX and offer it to it's "professional" traders aware of some of the scams.
The USA banking system has historically charged $75 to wire transfer money abroad to a bank, which then again charged a ~2% transfer fee to give the low of the day on the exchange rate instead of the spot rate. That's why wire transfers take several days, to allow them to give users the worst rate. It is a nice little scam for them.
Naturally, the USA banking cartel controlling the world does not like some aspects of BTC and USDT. It is wrong to say they are threatened by them, however. They just want things done ideally for them. They even wanted their citizens to use their CBOE! Of course, nobody did this because the fees sucked bigly as compared to foreign exchanges, like BITFINEX. They had to close it, tail between their legs.
If BTC wasn't bad news for that scam, even a bigger threat was Tether. It allows you to avoid the laws the US Banking cartel's SEC imposes on fiat currency tranfers, especialy USD. BTC does this to, but it has too much volatility , so people still do wire transfers. So, that's why USDT is such an issue for the US Banking Cartel.
So, what did they do? A few things. First, they had their Bitwise Asset Management apply for an EFT. Once approved, this would be the banker's blessed way for US shitizens to invest in BTC . No leverage is a huge plus since it allows them to manipulate the prices with less capital. So, Bitwise did their little attack on the non-USA exchanges accusing them of faking the volume . Of course, the example they used of fake volume was CoinBene, not Huobi. See, e.g., here. This attack meant the only foreign threats left were Bitfinex and Huobi, both of which use USDT, so that was the next thing to hit.
Soon, they will pimp their US citizens to buy BTC using their EFT. Perhaps as soon as money. It will be safu. But, could they announce approval yesterday?
No. They need to accumulate BTC at low prices first. Hence, the timing of this attack on the USD competitor, USDT, Tether. Expect approval soon, with a nice bart up. LONG
Comment:
We've come up a little since my idea posting, but I think there's one more downpush before we go back up.
Trade closed manually:
(I am short.)
Trade active:
I am long again.
Trade closed: target reached:
closed @ 7780. entry 5300 gave 47% profit. (Didn't get etf but supreme state judge overturned judge's order since it was flagrantly unconstitutional (violated due process). Also got futures exchange news good enough. Needed to free up money for next idea (short).