Quote:
Originally Posted by LouisVanDerWright
^^^ This is also the same pressure that has been driving Bitcoin, Chinese citizens are now only allowed to move $50,000 a year overseas, so a lot of them have been using cryptos to exchange Yuan for cryptos in China, take the cryptos out of China, and trade them for Dollars, viola! You got your money out and you only had to pay a 5-10% fee to launder it.
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Bitcoin's rise in value looks more and more the result of fraud or market manipulation. Bitfinex owns a dollar backed crypto called Tether that is supposedly valued at 1 tether to 1 USD. However, the rate of Tether creation has gone bananas coinciding with the rapid appreciation in Bitcoin's value. Whenever the value of Bitcoin looked to retreat suddenly a lot of new tether would be created and then used to purchase Bitcoins through Bitfinex.
Bitfinex had hired an outside auditor to regularly go over their books and prove that nothing shady is going on. However, despite assertions that they have engaged an auditor it turns out that they actually fired the auditor.