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Larry Cermak
@lawmaster
, 3 tweets, 1 min read Read on Twitter
As the price of BTC rallies, there is currently no premium for either Tether or Bitfinex. So after more than two weeks, USD, Bitfinex USD and Tether are all trading at par.
Please stop searching for stupid reasons such as Binance. The explanation is very simple actually - Bitfinex started processing USD withdrawals and the premium was arbitraged away in a manner of days. When withdrawals start taking 7+ days again, the premium will grow again.
The larger issue here is that Bitfinex still seems to be using private bank accounts for processing withdrawals. This will not last long. And after this NYAG clusterfuck, I'm skeptical they will ever be able to get access to reliable banking. They are now a compliance nightmare
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Larry Cermak
@lawmaster
Some of my thoughts/insights on Binance hack

- $41M is peanuts for Binance - they can make it back in 47 days
- It was the sixth largest exchange hack in history and the total amount stolen from exchanges is now $1.35 billion
- reorg was a stupid idea that wouldn't work
- The hack barely affected the price of BTC. Price is virtually the same as before the hack. If this was two years ago, price would probably drop by 10%+. I think this is very positive
- More interestingly, the hack didn't even affect price of BNB as much. Only 6% drop
I very highly suspect that this hack has something to do with Binance not implementing Segwit yet. Binance said that the security system was bypassed by structuring the transaction in a way that it didn’t trigger any safeguards.
Read 5 tweets
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Larry Cermak
@lawmaster
Bitfinex released their IEO white paper to raise $1 billion and The Block has all the details. Summary below

theblockcrypto.com/2019/05/04/bit…
- Tokens will be called LEO and it will be a mix between a utility token and a redemption token
- Bitfinex wants to raise $1 billion and allegedly already has verbal commitments from private investors of $600 million
- White paper states that Bitfinex is “actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures.”
- LEO tokens will be bought back on a monthly basis, with at least 27% of Bifinex’s profit from last month
Read 8 tweets
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Larry Cermak
@lawmaster
I was in Hong Kong last week and one of the most dominant conversation topics were Initial Exchange Offerings (IEOs) - basically copycats of Binance Launchpad. And it's becoming a huge theme for Asian exchanges but it's still under the radar.
Nearly every exchange is talking about ways to replicate Launchpad’s success; and some have already launched their own versions:

- Bittrex IEO
- KuCoin Spotlight
- Huobi Prime
- BitMex

Others will follow.
What's important to realize is that these platforms' primary purpose isn't really fundraising. It’s about bootstrapping interest in the project. Binance only sells 6% of tokens in circulation and max raise has been a little over $7 million.
Read 9 tweets

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HMK alias MANOJ
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#TRADING Intraday - A very simple intraday trading method; No sophisticated systems / pivots / fibbonaci / indicators / EW..... etc ; This is being followed by sum of the successful intraday traders in the world and even in our markets too. The following are the steps:
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#TRADING Intraday Trading Setup 2 : Pivot - VWAP setup
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Jarzombek
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WHY @wavesplatform $WAVES should be on your radar and why I believe that it is one of the largest and the shiniest #gem on a #cryptomarket?

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1) Huge amount of #BTC (30k?)from ICO which are big financial cushion for such a large company. Hardly anyone knows, but they also rised about 140 m USD from private company in Dec 2018.
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Caitlin Long 🔑
@CaitlinLong_
1/ STUNNED but not surprised by #Bitfinex #Tether news out of #NewYork. I'll let other cryptolawyers analyze it but here are two macro thoughts: (1) There's a big double standard here. (2) Exchanges, clean up your act--cryptographically prove your solvency
2/ First, the double-standard. Why didn't the NY AG throw the Martin Act at Merrill Lynch for doing something actually quite similar from 2009-12? Seriously, why the double standard??? Quoting the SEC's press release here: sec.gov/news/pressrele…
3/ "The maneuver freed up billions of dollars per week from 2009-12 that Merrill Lynch used to finance its own trading activities. Had Merrill Lynch failed in the midst of these trades, the firm’s customers would have been exposed to a massive shortfall in the reserve account."
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Mind Trader
@mindandtrading
$BTC (#Bitfinex ) Parabolic Curve formation, I don;t know where it will end but when its start correcting it will be very ugly. #Bitcoin #Parabolic #RISE
$BTC (#bitfinex) Some selling now but still within Parabolic Curve. #Bitcoin
$BTC (#Bitfinex ) Parabolic Curve working so far. #Bitcoin #parabolic #curve #pattern 😬😬😬
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Matt Odell
@matt_odell
#Tether is/was:
- created to bypass KYC/AML laws & the banking blockade on exchanges that don't comply.
- a centralized stop-gap solution until connections to fiat are unneccesary.
- most likely holding reserves in an offshore bank account.

#bitcoin $btc
2/ @Tether_to cannot defend themselves b/c they risk gov't intervention. Making their bank account(s) public puts them at greater risk of being shut down & assets seized. They also can't acknowledge back room deals between the exchanges & them, that puts the exchanges at risk.
3/ The similarity between Tether & the online sportsbooks/casinos that have had to route around banking blockades for years is obvious. Both need to use sketchy banking practices to maintain their businesses or face government intervention.
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Trending hashtags

#bfx #maximalists #KAG #tether #Bitfinex #JohnSingerSargent #stocks #Bitcoin #TwitterProclamationFalse #bnb #homogenous #study #LetsDiveIn #Markadah #Vostok #NeverForget #NeverAgain #BTC #trading #checksandbalances #exploration #gem #crypto #ever #Ridiculous
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