HomeЮморRelated VideosMore From: Doug Polk Crypto

We Need To Talk About Tether And Bitfinex

4240 ratings | 167385 views
Today Bloomberg is reporting that Bitfinex has been subpoenaed by U.S. regulators. This is all regarding Tether, which is claimed to be pegged to the U.S. Dollar. Apparently this subpoena was actually issued on December 6th, but we're just hearing about it today. This news has caused a lot of panic, as speculation has been building for months that Tether may be a house of cards waiting to fall. How concerned about this should we be? I also make videos about poker: https://www.youtube.com/c/DougPolkPoker I'm on Discord every day talking crypto. Join us here: https://discord.gg/sj3uBvg I also share my thoughts about crypto on Telegram: https://t.me/coincentral Follow me on Facebook: https://www.facebook.com/dougpolkcrypto Twitter: https://twitter.com/DougPolkPoker Instagram: https://www.instagram.com/dougpolkpoker/ Snapchat: http://www.snapchat.com/add/WCGRider Protect your crypto with the Trezor wallet: https://trezor.io/?a=coincentral.com Buy Bitcoin, Ethereum, and other currencies on Coinbase: https://www.coinbase.com/join/529fa0f298c10a166400013f Doug Polk is a professional poker player and cryptocurrency enthusiast. Crypto News is the show to keep up with the latest trends and stories involving Bitcoin price, Ethereum, Litecoin, Ripple, IOTA, investing, analytics, and various altcoins. I am not a financial advisor, and nothing in this video constitutes financial or legal advice. Please invest responsibly and do your research with due diligence.
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Text Comments (897)
Doug Polk Crypto (11 months ago)
How A BILLION Dollars Was HELD HOSTAGE After ICO Disaster - https://www.youtube.com/watch?v=G7_hTVsJGns
Matstyx G (10 months ago)
Have you seen the “Decentralized Deception” Documentary about it!? What are your thoughts Doug?
Kaleb Hebert (11 months ago)
You should do a video on some meme coins!
Rick Kettner (11 months ago)
Likely far more, because there is a big difference between the way Doug is calculating USDT vs market cap.  Total crypto market cap is $510B, but it's estimated the money actually spent on it is closer to $8-12B.  Tether represents upwards of 20% of total money spent on crypto.
poczta online (11 months ago)
PUMP IT UP LISK HOT NEWS hehhee
Roland Balázs (2 days ago)
Thanks for the video, but it could be explained in a shorter time
luca mereu (2 days ago)
Everyone tries to make panic around Bitfinex. This usually happens when platform is flourishing
ACfanpage HUN (3 days ago)
oh boy, I really like Bitfinex. I think they are the most advanced trading crypto trading platform there is.
bySholow_33 (4 days ago)
Old info, anyway Bitfinex is still reliable as it was half a year ago
MIKEL ARENAZA (6 days ago)
there actually no real evidence of the things you are talking about in this video. there are a lot of rumors in the internet nowadays about bitfinex and tether but these gossips do not have any real facts, only assumptions.
Scribbled Habbit (8 days ago)
So finally some crypto become be a support by real currency. That nice.
Hec Monroe (9 days ago)
BG is one of the most respectful magazines in USA. You really think you know more than they?
MS OffRoad (9 days ago)
i believe bloomberg - its only one social media which posts truth for now. especially nowadays it's inportant to get TRUE news
Dino Park (16 days ago)
who pays you for these videos about usdt?
Mitchell is-sxuxx (19 days ago)
something is really change a lot , bitfinex doing up-to the minute updates
Steven Goddard (23 days ago)
What can I say, bitfinex and tether are the best helpers for the trader
GAME CRUISER (29 days ago)
also eager to hear about Coinbase and USDC,they have got  ponzi schemes
omar ahmad (30 days ago)
Tether is stable, that's a fact. And all this bloggers just trying to hype around fake news about Tether and Bitfinex.
Ruddy Foto (1 month ago)
To my opinion, Bitfinex is the most popular exchange in cryptoworld now because of its transparency and reliable. Especially after they gave all truly information about their capitalization volumes.
Elliot öster (1 month ago)
The connection between Bitfinex and Tether exists, but there are no proofs, that Tether is scam and Bitfinex is major benefit taker from that situation. Actually, BTF has most volume of btc / usd transactions, but not btc / usdt ...
luan emmanuel (1 month ago)
People like blaming Bitfinex in wash trade with usdt, however, Bitfinex is a leader in btc/usd, and in btc/usdt leads Binance :)
N3 txis (1 month ago)
Well, guys, I want to say, that I am not so into theme of crypto, but my brother trades since 2014. He is now client of Bitfinex and he says that they offer best services for pro-traders, like low fees and commision as well as high leverage for margin trading.
Paco The Real Horse (1 month ago)
It's fun to check out older news sometimes. So much fuss around tether and bitfinex all the time and they are still there after months of gossips and speculation.
Hannah Dew (1 month ago)
Thank you for the video. As for me, for the moment I`m satisfied with the service provided by Bitfinex. During more than 2.5 years I have just a couple of small issues with them. Keeping in mind all their advantages, it`s like nothing.
BARIŞ SÖZERİ (1 month ago)
Again rumors around Bitfinex! Just agree that Bitfinex is getting stable! Don't just say this gossips.
selcuk satır (7 months ago)
bitfinex. You can not make mistakes. do not make mistakes. they also make mistakes. if someone makes a mistake and you want to reach a customer representative. forget it. You can not reach. Do not wait for us to do your job. try to get old if you wait in the hall. There is no BitFinex customer representative. but it does not exist. I have not seen it in six months. bitfinex. bitfinex. Hata yapamazsın. hata yapmayın. onlar da hata yaparlar. Birisi bir hata yaparsa ve bir müşteri temsilcisine ulaşmak istiyorsanız. unut gitsin. Erişemezsin. İşinizi yapmamızı beklemeyin. Salonda beklerseniz yaşlanmaya çalışın. BitFinex müşteri temsilcisi yoktur. ama mevcut değil. Altı aydır görmedim. bitfinex.
DCUPtoejuice (7 months ago)
is USDT buying and selling crypto to stabilize their balance?
Russell Popham (8 months ago)
Careful or the Columbian cartel might pay you a visit, lol. Seriously, Tether and ergo Bitfinex may be going the way of Liberty Reserve ala a nice 20 yr vacation at the Greybar Hotel, ;?D
Russell Popham (8 months ago)
Same 5-6 guys hold the exact same positions in both organization, so yeah, they are one in the same.
Dohray Me (9 months ago)
Shud I invest in ponzicoin now or let it fork off
jetliFAN (10 months ago)
I've been trying to spread the word that Tether is the Bernie Madoff of Cryptocurrency for months. It's tough to spread the word when everyone is so greedy. Not realizing they WILL lose their shirts. We need to form a community at least spread the news via social media that'll receive real media attention that we think/KNOW Tether is a ponzi scheme with Bitfinex behind them. I know that once CFTC exposes Tether for the fraud it is, it'll collapse the crypto markets. The fair value of Bitcoin is around $6000. The fair value of Etherium is around $270. We can avoid a strong crash in the crypto market once Tether falls if people take their money out of Tether and never use it again. Plus avoid Bitfinex. Let Tether see a reduced amount of interest in their product that way the pain will be slow and it'll allow people to actually use their money and buy coins/tokens with companies that are trying to solve a great problem in this world. However, most "investors" in cryptocurrency just see crypto as a get rich quick scheme. Most of those people are the same type of people who FALL for ponzi schemes. They NEVER learn. This will be just another hard lesson for stupid people.
Eric M (10 months ago)
governments are pussies bro
kieren robbo (10 months ago)
hay man  I reckon bit coin price will secretly be pushed up at some point at some level because do you remember when the obi shut Silk Road a took all the btc ,I know a guy who had 13 bitcoins (worth 5 dollars at the time ) they still have those whats your opinion Doug ?
JK (10 months ago)
doug. love your videos and style. for trx. look into it. they are going mainnet. thats real. and they have a plan to move from eth platform to their own. and you gotta think that ali baba is going to do something big with them. justin has setup many successful companies already. so he gets hyped on his coin and tweets a storm. he is dedicated so ill hold some and wait and see. smart people joined trons dev team.
Hey, Doug. I know it's kinda late, however, I got to say, that number of total market cap is't represent the number of an actual cash influx into the market. No one really invested $500 bln. so far, this amount is much less. While Tether's cap should be backed by USD 1-to-1. Therefore, thinking that Tether's cap comparing to entire market cup is negligible would not be entirely correct. Thats a common misconseption of whole this Tether situatuion.
ray ray (10 months ago)
Insurance companies will start raking bills once they issue insurance on crypto currency
Sulfen (10 months ago)
Charlie Lee's decision happens in the stock world a lot. Often when people are involved in a project or are just giving opinions or advice people are always wondering on whether they're doing or saying something because they are invested in it. And so people just sell their investment so that there's no conflict of interest.
Rosen Fotenliev (11 months ago)
You wasted waaay too much time explaining why it's a shitcoin. It reminds me of that story with the magic beans. Like, oh you got 1000 bucks, here is your 1000 beans, I"ll keep your money save, trust me!
Crypto-Kev (11 months ago)
What music channel is playing in the background? That"s some nice chill isht : )
Aviator Joe (11 months ago)
Ha! I owned some mastercoins back in the day.
Kris Scammer Kantu (11 months ago)
Hey Doug, as a possible alternative to Tether what do think of Bitshares? It supposedly offer the same function.
Oksana Babenka (11 months ago)
Thank you for doing what you're doing! Keep up good work! ❤️
An R (11 months ago)
Doug, how can you say that being linked to Bitfinex is a good thing for Tether? Bitfinex is a shady exchange; also, the relationship (that they have the same CEO) was hidden, and this is fishy, to say the least.
TheMCpatschge (11 months ago)
In Tether is about 25-30% of all fiat money that ever went into crypto. If this shit blows up you will see at least a 90% correction guys take some money out of crypto and only trade with a amount you are willing to lose
Jorge Matute (11 months ago)
video is too long. Couldn't watch the whole thing
Jiji El (11 months ago)
It would be nice if you got to the point. I mean 47 minutes for saying something that should be said in 10 min max. Organize your thoughts, perhaps make a list of points you want to address and figure what music you want to listen to before hand, etc
Chris Nenshati (11 months ago)
Check out Crypto Celebrities. Its a really cool game might be the next big trend in cryptocurrency. It uses Ethereum Blockchain. People Invest in their favorite celebrities. When you buy a contract you are the only one who owns it; however, anyone can buy the contract at any time; but the new buyer must pay double to gain ownership. You lose the celebrity token but you gain Ether! Its really cool.
Hedin Gregersen (11 months ago)
Alt -right and crypto + gold and silver stacker! The government hates us.
Nikolas Talarico (11 months ago)
Hey big fan, but whoever told you to loudly play music over your voice needs to put down the crack pipe.
Tanno Bates (11 months ago)
Doug can you PLEASE do an in-depth analysis of the upcoming Monero fork with MoneroV? It's the first crypto dividend for Monero. What to do with my Monero?
Chris Filosa (11 months ago)
loved your disgusted/bitch face to start the video
crypto rocket (11 months ago)
you are a looser
neonone (11 months ago)
Crypto is US vs the banks and tether is on our side. Anti tether talk is planted and also misinformation based FUD. There's no difference between tether and any other middleman service between the exchange and the banks, besides that tether gives you a coin that represents a dollar. If you are angry about tether, be angry at the banks for not allowing exchange to buy and sell crypto without risky loopholes that leave them exposed to getting screwed by the banks without middleman service like tether. It's complicated stuff, but there is no reason to distrust tether any more than any crypto exchange or middleman between the exchange and the banks.
Access Tree Service LLC (11 months ago)
what are your thoughts on hashgraph, can you explain it and what do you think the future holds for hashgraph. Will bitcoin be sold on hashgraph platform somehow
Jeffrey Alindogan (11 months ago)
I shouldn’t have listened to this FUD about USDT. I would’ve locked in days ago.
Corvus Centaurus (11 months ago)
Jeffrey Alindogan same here
Gale Robinsons (11 months ago)
Great video bro. Thank you for the content, you've truly brought joy and quality news to us.
TVC Optimus Prime (11 months ago)
Why not just have USD like coinbase or gdax?
u mudder pucker (11 months ago)
Main stream doesn't hate you geez. They are trying to warn you that cryptos are gonna crash so you don't lose all your money. Warren Buffet already states hes very certain its going to crash. When he is certain about a investment thats like a stamp on the forehead. He doesn't make bold predictions like that unless he knows for sure. Its coming down hard. He predicted the .com bubble and everyone said he was stupid and old. Your just being warned is all cause you guys are noob to investing. I invested for over 20 years. I have researched a ton of coins and the people involved with making it and also the vaue of the coin in the eco system. 99% of them have no value. I have found maybe 10 coins that might be worth investing in and 4 coins I know for sure will be really good in the future. They have the right team they have it set up so the coin will have value not just the eco system. And they are doing it not cutting corners properly to make sure everything they are doing is legal. The rest are done by donks who have no clue or are scam artists or the coin has no value only the eco system. And this market is over inflated from tether. You wait 1 year your going to be getting these coins dirt cheap. I bought these coins when everyone hated them and bitcoin was around 200 bucks. The alt coins were dirt cheap. But with all regulation coming in and government doing subpoena on exchanges and auditing coin base its not a good time to buy or hold until all of this is over with. I cashed in on mine recently and I am not a person that almost ever sells my investments. once the regulation is set properly and all the scam cryptos are taken out of the market and they actually start auditing all of these crypto companies then you will find some value in the market. They will weed out all the bad apples. I know some of these guys who created these crypto coins and like one guy scammed some old people out of all their retirement money aorund half a million leaving them bankrupt and he went to prison for awhile for it. and you guys are invested in this guy. A lot of these people are frauds that you guys are putting money into. So do your research. Don't just buy a coin. Your going to see a lot of greasy stuff they are doing and realize these coins are not cracked up to what they were supposed to be. The technology has a bright future and only very few coins will have a bright future most are worthless, but u do your own research like i did and figure it out on your own.
Malcolm X (11 months ago)
Nytimes==Worries Grow That the Price of Bitcoin Is Being Propped Up== Unlike most digitals tokens, every Tether is supposed to be backed by traditional money — the United States dollar ==AND IF THE U.S. HAS NO GOLD BACKING FOR THEIR CURRENCY= [ JUST PRINT UP THEIR MONEY ] === THEN THE U.S. DOLLAR IS NO MORE THAN A ****VIRTUAL CURRENCY****
bugsan (11 months ago)
The fact a currency is "the future" doesnt mean it will be worth 1 million / coin. Oil reserves are limited (and destroyed over time!), and it was "the future" in early 20th century. Oil barrel price was $10 in 1950 and now $60. With your logic, OIL should be at 1 million dollar already but it's not. For exemple bitcoin could krach down to $1000 and stay like that for years, and maybe jump to 2k 3k then back to 1k etc... for DECADES, like oil did ...
bugsan (11 months ago)
Certified audits ? ever heard of Arthur Andersen and Enron ? In 2001, october 9th, Goldman Sachs says "Enron is the best of the best". December 2, Enron fills for bankruptcy.
bugsan (11 months ago)
Mindblown : what your trading account is showing as "dollar balance" arent dollars. You dont have anything. It's just numbers in an HTML page printed on your LED screen as red-green-blue pixels. The reality ? The trading plateform OWES you that money and promises to give it to you if you claim. Cross your fingers...
Bradley Smith (11 months ago)
verified now? fuck yeah doug
Gran McKerlie (11 months ago)
Bro. Don't you think he unloaded his LTC so people can't accuse him of insider trading?
Enrique Cornejo (11 months ago)
Pleas do a video on CriptoNick He RUNNING🤤🤤🤕🏃‍♂️🏃‍♂️🏃‍♂️🏃‍♂️
Arian Nunez (11 months ago)
Doug can you do a video on USI-Tech ?? And their “TechCoin”
Arthur Wrotnowski (11 months ago)
I regard the CFTC as a highly politicized agency. I do not trust them.
Vik Table (11 months ago)
cuck detected :P
Vik Table (11 months ago)
You should be a bit less verbose imo.
Pity about the blasphemy Doug...
John Smith (11 months ago)
Tether is the FED
Marc M (11 months ago)
Worldcom 2002
Luis Rosario (11 months ago)
Tether is for day trade.. everything is going down.. parking on tether and buy low..
John Flint (11 months ago)
Tron is the future
Dusty Hostutler (11 months ago)
Here's the issue I have with Tether: Proving you have the money is very simple, a very easy audit. With the FUD we've had around Tether for months, if they had the money, why wouldn't they do an easy audit and just show they do? I'd be happy to see them within 10-20% of what they claim to have.
Palmer Media (11 months ago)
keep up the good work, crypto needs more honesty and transparency, kudo's.
Sobuka (11 months ago)
USDT just needs to go away. It’s becoming an unnecessary nightmare.
Aminlv (11 months ago)
useful info tnX
unclchunk (11 months ago)
Should back with Government or Bank Bonds instead.
Alex (11 months ago)
good live show held our attention didn't show many faults proud of you Doug good work
ReelChris (11 months ago)
Today bloomberg is talking about Bitcoin.
Duke Ung (11 months ago)
Tether is a ticking time bomb and BITFINEX is an accomplice. They continued to ignore the subpoena.... it won’t be long until it ends abruptly like bitconnect.
Colin (11 months ago)
I love the stream version of a video, especially if you don't have time to edit a vid for it
Duck (11 months ago)
biggest use of usdt is to park ur coins/gains/currencies there, as u predict to short the market when it crashes/downtrends, kinda like now
Ryan Sheppard (11 months ago)
LOL @ people who claim that USDT is backed by actual USD assets/accounts.
Mick K (11 months ago)
Pls pls pls keep doing your stuff. Too many fuckwits here and people are following their shit. We need more legit people in this game to give the credibility it needs to go the next step
Gerrit Jaap (11 months ago)
Furthermore, who guarantees no extra USDT has been printed for Tether (as company) to use themselves? And let's say Tether indeed has the exact amount of USD stored in a bank, who says they are allowed to withdraw that? The information on this is scarce, which is a direct contradiction to their claim on transparency.
mrarmymanful (11 months ago)
They got subpoenaed in December.
william smith (11 months ago)
zcl to btcp is shit never talk about it again .
Dave B (11 months ago)
I would do the same thing AS charlie lee: some people quit whiie they are ahead and don't have the american infinite growth/greed principles. Alot of BS comes with being wealthy that you only know when you are.
Abdul Aburwein (11 months ago)
Can you cover the hack that occurred in the BEE ICO. Alot of people sent their contributions to the scammer's eth address.
Dave B (11 months ago)
I know this is coming but still want to trade binance. WHAT AM I GONNA DO? took my money out but still have coins I know are going to win.
Rob Clark (11 months ago)
Doug! I love your snow but... What are you talking fractional reserves? It's suppose to be whole reserves right?! Ofcourse the govt will want taxes on reserves! No?!
Bitcoin and Altcoin Now (11 months ago)
I don’t see the difficulty all they have to do is show the bank records just like they did when it was 44 million
ThomasTuesday (11 months ago)
Anyone wanna drop a tl;dw?
Crypto Shoot (11 months ago)
But it is not about the MarketCap only about Liquidity = Volume. If USTD is false than whole volume is fake and will comeback to its real value approx to Sep 2017. Then everything will crush like a Rocket coming back from the moon with no fuel. Going to the Moon --> Moon will come to us.
Punk Rock Libertarians (11 months ago)
Research Nexus, talk about it!!!
Krzysztof Szumny (11 months ago)
Are you on Steem? You could monetize your content in this way instead having ads which you do not control.
Ego Equus (11 months ago)
In theory, the concept of USDT is nothing new. Mutual funds already do this when you shift funds into their "cash" funds. You don't actually have USD in your mutual funds, you have shares in a fund pegged to the USD. These cash funds are subject to reserve rules. I don't think all of any of these are even FDIC insured like bank accounts. I suspect the problem with USDT is they are gaming the reserves. When you sell your BTC or ETH or whatever for USDT, Tether is issuing you USDT and then holding the other cyrpto (rather than immediately converting to actual USD). This is fine for aggregating transactions. However, if they are actually deferring the crypto-to-USD in hopes of getting a better exchange later, then that is dangerous. If they are further lending out those crytpos for income, then that is really dangerous. All of these schemes work as long as whatever cryptos they are holding go up against the USD. If their market values decline AND people try to redeem USDT for actual USD, then we will see a classic run-on-the-bank.
InThe Matrix? (11 months ago)
Bitfinex is being dishonest for the following reason IMO: As an exchange, Bitfinex can take in USD or Crypto’s into their inventory as an initial customer deposit.  The USD goes into their bank account with a payable to the customer, and BTC (for example) goes into their BTC inventory with a payable to the customer (to balance the books).   From this point cash and the crypto inventory aren’t touched until a customer makes a withdrawal, but they are freely traded amongst customers on the exchange with no effect on the exchanges’ assets.  As the exchange owner you can have tons of cash and crypto’s in your possession, just like a bank, that you owe to customers.   As the exchange owner you then see all these assets, that are very stable, and think to yourself we need an exchange mechanism that mirrors the USD value so customers can trade newly created pairs against the USD, or flee to safety in the USD without actually holding USD.  You create the Tether coin and issue it from another company you helped form and carry it on your exchange as an inventory item.  You let people on the exchange trade their USD or BTC for Tether (USDT).   Everything is fine up to this point, except say 40% of people entering your exchange deposit USD and 60% come in with BTC.  The BTC market starts dropping and 100% of people flee to USDT on your exchange!  All of a sudden as the exchange owner you don’t have enough USD to cover the USDT demand but nobody knows so you just issue more Tether coins to cover the demand.  You now have everybody’s cash and BTC, and the customers own all the exchanges newly issued USDT.   If somebody comes in and does an audit to verify $1 USD for each USDT it won’t happen, since only 40% of the assets are USD.   This isn’t a problem until say BTC goes to zero and everybody wants the USD to exit the exchange.  There is only 40% in the bank to cover these withdrawal requests.   This I believe explains why Bitfinex doesn’t actually get a clean audit report issued now or in the future that confirms a $1 USD to $1 USDT ratio, and why they, as an exchange or Tether as a coin, won’t exist in the near future after someone opens the hood.
Henri Linnainmaa (11 months ago)
What if I told you the reason Tether price always goes back to 1 dollar is that Tether/Bitfinex themselves are buying it to keep the price fixed. This has been a common practice for many governments throughout history, and there are youtube videos providing pretty good hints that that is exactly what is going on. If you don't want to lose a lot of money, I recommend waiting until Tether has crashed(or cleared their legal issues, though this is unlikely imo) and the markets stabilized after that before buying ANY cryptos atm. The effects on the crypto markets will be bigger than many people think.
EMINƎNT Productions (11 months ago)
Hey bro. I didn't really get this one. But What do you think of Sophia joined and there's the coin SingularityNET. You agree that jumps to top 10 ?
Nicolas Bardol (11 months ago)
Doug, I respect your videos and think they are very resourceful, but as a man whose wife originally had the last name "Friedman," I must take a stand. It is not pronounced "Fried-man," it is pronounced "Freed-mun." That is all.
Brett VandenBerg (11 months ago)
I've been following you for a while now Doug. And I think we would be best friends. HMU
Geoffrey Claridge (11 months ago)
Hi Doug , are you able to review Waves please ?

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