-90%! Crypto Dump ON THE TABLE With These Current Events...

just kidding could this cause the entire cryptocurrency market cap to fall 90 percents hello and welcome back to another hopeful episode of crypto today now before we begin let me get some things off my chest those who are calling for advocating for the downfall of Biff Phoenix and tether are either one of two things number one stupid or uninformed number two sold and exited crypto a long time ago okay there's probably a few more explanations than that but I'm going to try and keep this episode as simple and as real as possible and explain how events that are currently unfolding are the biggest attack vector potentially for the entire cryptocurrency space that we've seen since the collapse of mount cox easily have I got your attention yet okay let's let's continue this infographic comes courtesy of BitFenix someone who has been waging war on the shady exchange for a very long time fighting the good fight no doubt but probably not back holding maybe I don't know what we can see here is what you could describe as a bank run on bit for Nexus part so the blue line that it's currently showing the cold storage balance for Bitcoin and late last year we can see that they absolutely froze the account no withdrawals no deposits to it until a few days ago where massive amounts of Bitcoin have been withdrawn four days ago 17,000 Bitcoin that's over half a billion dollars worth and then just yesterday a further almost 13,000 around 466 million dollars worth this could be ascribed to people leaving the exchange on due to all the negative press being sued by the New York Attorney General that's not really very good BitFenix has made the assumption they could need to deny withdrawals if this continues casual statement just throwing it out there but let me explain what would happen if that does happen hysteria in shoes and not from the public I don't know what's wrong with the public are they asleep do they they don't care are they living under a rock I'm not sure but there are still plenty of users on binax however one thing to understand here is that tether operates essentially as the banking solution and liquidity provider for many major exchanges I'm talking finance bit ryx pallone e^x ok X etc everything is not as decentralized as you might think think of it this way Biffen X or its parent company – X if we're going to be specific is the issuer of tether and it's so big so popular so rampant so omnipresent that it is essentially now the central bank operating form any crypto currency exchanges so an attack on them is not an attack on one singular exchange but all of them almost this is why it's theorized to be at least or up to a 90% drop from current valuations but why daily why are you saying all this rubbish tethers market cap is like 2.8 billion that's less than 2% of the entire crypto market can you idiots shut up I said sure all right all right all right I hear you I hear you let me explain if the majority of trading volume disappears from your alts and exchanges have been hindered in their ability to fund their operations and their withdrawals then a 90% drop from current valuations is definitely on the table maybe it's actually really hard to tell for Bitcoin at least primarily and the main reason for that is need to keep in mind most pairings for USCT are straight back into Bitcoin at least once with any volume a mass buying of Bitcoin and maybe aetherium well that doesn't sound so bad or it would be still I don't know I don't think anyone can truly say what would happen I'm none too excited to find out though what is pretty obvious is that devastation of vaults a huge percentage of vaults have their most popular by far trading pair to be you guessed it USD T so a disappearance of that and suddenly you're struggling to buy and most importantly potentially sell your favorite alt coin which let's be frank is one of the main selling reasons to sell into Bitcoin so yeah 90% drop maybe but despite all that I do want to make the point that hey BitFenix is still operating despite all this negative attention and they've been through worse maybe no I don't know they were able to borrow from tether and absorb an 850 million dollar loss and yeah okay not tell people about it but continue operations due to their own recent rewording of how backed tether is and not falling to external audit pressures they can probably just print new together and buy Bitcoin with it then sell and then fund their withdrawals indefinitely I don't see any reason for this to stop oh yeah there is that the New York Attorney General suing BitFenix they are based in Hong Kong though definites and don't even service US citizens the attorneys are primarily attempted to keep BitFenix within the law not take it down at least for now I think they know they might struggle to to do that maybe this for me it's a primary reason why tether is still doing absolutely fine today and maybe is the reason why bitcoin is still above five thousand now we do have this breaking news from this morning BitFenix is planning to issue an exchange token shareholder says although the details are not 100% confirmed so we basically know nothing about what the exchange token might do probably trading fees anything else maybe how much though they're looking to raise we don't know that yet but I'm going to throw it out there and say maybe 850 million it's just random guess this does raise a few eyebrows though for example there are a few inconsistencies from all the publicly available information number one if the finnex is highly cashflow positive why borrow from tether number two if the 850 million could be easily crawled back why initial exchange offering especially now the timing of it this of course comes with reputational damage whatever reputation that was left clearly they think it's worth it though but do I think tether is going to implode no probably not but I am Q my owner you know what with all this fear uncertainty and doubt floating around the subject do you know what would put my mind at ease put everyone's mind at ease we send Roger Villar over to their headquarters have him check out the bank statements and tell us everything's okay I'm sure that all the current withdrawal problems of mal Cox are being caused by the traditional banking system not because of a lack of liquidity at mal Cox thanks so that makes me feel a lot better anyway thank you for watching sub it up if you haven't what are you doing leave a like on this video if you enjoyed this very much pretty appreciated and I'll see you again soon

Author Since: Mar 11, 2019

  1. Another new spanner in the works against Bitfinex since the recording of this video. https://www.coindesk.com/two-charged-with-running-shadow-banking-service-for-crypto-exchanges

  2. This is fud! They always try n finds ways to get people to sale so bitcoin Don t keep blowing the stock market out of the water . stock market is a joke compared to crypto. Only the smart know this tho. Truth

  3. Lol my guy those people lives under the rock public people are sleeping so while they are sleeping let's us create our own wealth

  4. Sorry guys for the confusion I was the one who withdrew 17,000 BTC my girlfriend wanted to go to the Luis Vuitton store

  5. In Feb 2018 I predicted Ethereum would drop to $250. No one agreed! In Feb 2019 I predicted Bitcoin would drop to $500. No one agreed with me.

  6. I love bitfinex – This will only hurt new buyers – and ver was right about Mount Gox. The US took them down and are trying the same thing with bitfinex. Mount gox did not have tether to help them overcome bank dollars being seized. The only people at fault here is the old banking system.

  7. 7:25 – If you're going to do a card read don't do it so close. Looked like he was watching a tennis match while speaking.

  8. 1:55 can u fucking do your job better? stop FUD. Investigate more and tell us the truth , STOP FUD.
    Go to school and learn to calculate better , there was around 30k BTC taken from exchange worth around $160M, from your calculation is $1 billion $$$.
    What u calculated there it means 1 BTC price is around $33.500.
    U showed us the remaining balance of exchange. Do your job better or i unscribe from your channel.

  9. When you say Tether $2.2B is 2% of the crypto market cap, please keep in mind Tether is supposed to be 1:1 backed (actually 76% now) BUT marketcaps are not real valuation! If a few Bitcoin get's sold the whole marketcap goes down by a few percent! If a few dollars buy Bitcoin the whole marketcap goes up. Marketcaps are not a 1:1 correlation. The actual significance of the Tether marketcap is thus vastly greater if we are talking $2.2B Actual dollars (minus $860M)

  10. The 4% who hate on your videos is proof positive that some people will never be happy. Can you say mental illness, class?

  11. im riding thsi bear market since 11 Mar 2018 and I don't give any F's about price or what happens..
    Just chill live your life come back 5 years later…

  12. Tether, Roger Ver, Craig wright, 3000 Alts and a 1000 more reasons Bitcoin is NOT ready for the next full on bull market.

  13. Wow! That is huge dump. I found a way to fast sell BTC if such dump's hapens. XCH4NGE platform – the platform where you can fast sell or buy BTC.

  14. Hmm use usdt usdc & tusd and don't have any prob trading. Why should that cause a 90% drop.

  15. No news hahaha. All media outlets should have that as their status and the world would be a much better place.

Related Post