Cryptocurrency: US ETrade Adopting, Central Stable Exch Gov... all Proven to be Shitcoins, again
grarpamp at gmail.com
Sat Apr 27 14:40:24 PDT 2019
E*Trade Financial Corp. is getting ready to let customers trade
cryptocurrencies on its platform, according to a person familiar with
The firm will start by adding Bitcoin and Ethereum, and will consider
adding other currencies in the future, said the person, who asked to
remain anonymous because the matter is private. A spokesman for
E*Trade declined to comment.
This is said to be custodial / storage... actual coins... thus more
direct than Fiat settled futures or tracking ETFs, and without
Grayscale's NAV premium or Legacy Bank Brokerages blocking buyers, and
likely with low trade fees. Offloading to private wallets is yet
unknown. TDAmeritrade and Fidelity also in play.
The price of Bitcoin has dropped seven per cent after New York's
Attorney General accused leading exchange Bitfinex of trying to hide
$850 million in missing funds. The accusation came in a legal filing
[PDF] on Thursday that claims Bitfinex raided the reserves of Tether
-- a digital currency that is kept at parity with the U.S. dollar in
order to allow traders to switch easily between real and virtual
currencies -- in order to make up the massive shortfall. Both Tether
and Bitfinex are headquartered in the tax haven of the British Virgin
Islands and, according to the NY Attorney General, are owned and run
by the same group of executives and staff.
Tether is a so-called "stablecoin" and the company claims that every
Tether virtual coin is backed by a dollar held in reserves, the idea
being that people can be assured of its stability. But last month, on
March 4, the NY Attorney General notes that Tether changed that
assurance to note that "every Tether is always 100 per cent backed by
our reserves, which include traditional currency and cash equivalents
and, from time to time, may include other assets and receivables from
loans made by Tether to third parties." [...] As part of that
investigation, the OAG uncovered documents that purportedly show that
in mid-2018 Bitfinex didn't have sufficient real-world currency
deposits to meet customer demand.
All "stable" coins are centralized Fiat shitcoins.
If it can be sued or shot, it's Fiat shit too.
There are always degrees on continuum, but in the end...
Not your keys, Not your coins.
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