Bitfinex (Tether) implies it’s exchange is listed in USD, but it’s in USDT (tether)

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1 BTC = $6278.31 USD  (via Coinbase)
1 ETH = $203.49 USD  (via Coinbase)
1 LTC = $48.95 USD  (via Coinbase)
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Kryptous

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I am am a verified customer on Bitfinex. This is the message I get when I check their info on USD. This is what I used to think when i decided to move most of my funds with them: that they pair with USD. This is why I moved there in the first place.

But they don't, all their pairings are in USDT and just assume parity with USD. That's the cause for the premium, the same premium seen on all other major exchanges (Binance, OKex, Huobi etc… basically all top 10 exchanges by volume).

No, there is no market on Bitfinex for USDT:USD (even if there might have been in the past, i don't remember). USDT is USD and USD is USDT.

When you send USD to Bitfinex (or eur and convert) you get USDT. You basically automatically buy their coin. When you long or short crypto there, you do it against their own stable coin that they vouch for. The crypto market is priced against another crypto.

There's now two parallel markets for Bitcoin, one USD denominated, another USDT denominated. And the major market is the USDT one, which is nothing but a leap of faith in Tether. I don't think I have to explain how volatile and risky such a situation is.

submitted by /u/5ty54y5yh45
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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $6278.31 USD  (via Coinbase)
1 ETH = $203.49 USD  (via Coinbase)
1 LTC = $48.95 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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