Tethers Cause Traffic Jam on Ethereum

Tether, associated exchange Bitfinex and their parent company iFinex are all being investigated for fraud now by the Attorney General of New York.

The unexplained recent migration of almost a billion USD-pegged tether cryptocoins to the Ethereum network has caused 100 000 transactions to get “stuck” in processing there, Trustnodes reports.

(Graphic courtesy of Trustnodes)

The controversial tether coins have been moving from their native OMNI network and other crypto networks to Ethereum, and no one but the parties responsible can say for sure why.

“The Ethereum network has become congested with users complaining transactions are taking hours or in some rare instances, even days,” Trustnodes writes:

“The culprit appears to be Tether. They’re now taking about 50% of the entire network capacity, with USDT handling $18 billion in unfiltered trading volumes, far more than eth’s $6 billion.”

According to the outlet, tethers (USDTs), “…(are) used for arbitrage between global and local exchanges as well as to bypass national or international restrictions…on crypto trading, capital controls, and so on.”

Tethers are generated by a company called Tether.

Critics have long questioned Tether’s claims that each tether token it produces is 100% backed by equivalent real-world US dollars held by the company in reserve.

Tether, meanwhile, has attempted to pass off declarations from lawyers as legitimate audits.

Tether coins have also been linked by finance professor John Griffin and others to market manipulation of bitcoin and smaller cap cryptos.

According to the abstract of an oft-cited June 2018 paper by Griffin and grad student Amin Shams:

“Using algorithms to analyze the blockchain data, we find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies. The flow clusters below round prices, induces asymmetric auto-correlations in Bitcoin, and suggests incomplete Tether backing before month-ends. These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices.”

Tether, associated exchange Bitfinex and their parent company iFinex are all being investigated for fraud now by the Attorney General of New York.

Despite all this, tethers have remained popular in cryptomarkets, and the coins have reportedly supplanted bitcoins as the remittance currency of choice used by Chinese merchants selling wares to retail outlets in Moscow.

Tether’s creators may be migrating tethers off of OMNI, the network controlled by iFinex et al., in order to ensure they remain circulating no matter what happens at iFinex.

As well, for some unknown reason, in July, the world’s 7th largest and most-known crypto exchange, Binance, decided to stop supporting OMNI-based tethers in favour of tethers hosted on Ethereum.

USD tethers have been spreading onto other networks, including Liquid, for some time, but recent moves, particularly onto Ethereum, have been substantial.

According to another article at Trustnodes in July, “The number of Ethereum based USDT tokens has doubled in about a month from $600 million in June to now $1.2 billion ERC20 Tethers.”

As well:

USDT (on Ethereum) has increased by $1 billion to above $3.6 billion from the previous all time high of $2.8 billion in October.”

Tether et al. likely believe that Ethereum is a more “decentralized” network (one with more globally dispersed nodes that cannot be shut down by authorities in a single jurisdiction).

“In light of India potentially outright banning bitcoin and other cryptos,” Trustnodes writes, “code-based exchanges that automatically run on an unstoppable network might be the only somewhat convenient way of accessing crypto in the country.”

Trustnodes describes that process of trading crypto in jurisdictions under a ban as follows:

“The process here would start Over the Counter (OTC) by buying ERC20 USDT that can then easily be exchanged on dexes (decentralized exchanges) for any crypto, including Bitcoin which has been tokenized.”

Related Posts:

  • No Related Posts

V Systems (VSYS) Price Down 11.6% This Week

One V Systems coin can currently be bought for $0.13 or 0.00001269 BTC on cryptocurrency exchanges including Bitfinex, BitForex and KuCoin.

V Systems (CURRENCY:VSYS) traded down 2.3% against the dollar during the 24-hour period ending at 10:00 AM ET on September 14th. One V Systems coin can currently be bought for $0.13 or 0.00001269 BTC on cryptocurrency exchanges including Bitfinex, BitForex and KuCoin. During the last seven days, V Systems has traded down 11.6% against the dollar. V Systems has a market capitalization of $237.13 million and approximately $4.28 million worth of V Systems was traded on exchanges in the last day.

Here’s how similar cryptocurrencies have performed during the last day:

  • XRP (XRP) traded 3.5% higher against the dollar and now trades at $0.26 or 0.00002543 BTC.
  • Tether (USDT) traded 0.1% lower against the dollar and now trades at $1.00 or 0.00009672 BTC.
  • Binance Coin (BNB) traded down 0.4% against the dollar and now trades at $20.95 or 0.00202263 BTC.
  • Bitcoin SV (BSV) traded up 0.5% against the dollar and now trades at $119.04 or 0.01149491 BTC.
  • Stellar (XLM) traded 1.1% lower against the dollar and now trades at $0.0574 or 0.00000554 BTC.
  • TRON (TRX) traded up 2.6% against the dollar and now trades at $0.0155 or 0.00000149 BTC.
  • COZ (COZ) traded 26.7% higher against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded 1.1% higher against the dollar and now trades at $9.08 or 0.00087660 BTC.
  • Chainlink (LINK) traded 3.3% lower against the dollar and now trades at $1.58 or 0.00015289 BTC.
  • Atlantis Blue Digital Token (ABDT) traded up 18.2% against the dollar and now trades at $2.37 or 0.00022948 BTC.

V Systems Profile

V Systems’ total supply is 3,708,783,791 coins and its circulating supply is 1,803,925,327 coins. The official message board for V Systems is medium.com/vsystems. V Systems’ official website is www.v.systems. V Systems’ official Twitter account is @

and its Facebook page is accessible here. The Reddit community for V Systems is /r/V_SYSTEMS and the currency’s Github account can be viewed here.

V Systems Coin Trading

V Systems can be traded on these cryptocurrency exchanges: Bitfinex, KuCoin and BitForex. It is usually not possible to purchase alternative cryptocurrencies such as V Systems directly using US dollars. Investors seeking to trade V Systems should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase V Systems using one of the aforementioned exchanges.

Receive News & Updates for V Systems Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for V Systems and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Humaniq (HMQ) Reaches One Day Trading Volume of $102734.00

One Humaniq token can currently be bought for $0.0053 or 0.00000051 BTC on popular cryptocurrency exchanges including Mercatox, Bittrex, Hotbit …

Humaniq logoHumaniq (CURRENCY:HMQ) traded down 14.7% against the dollar during the 24-hour period ending at 10:00 AM E.T. on September 14th. Over the last seven days, Humaniq has traded down 15.3% against the dollar. One Humaniq token can currently be bought for $0.0053 or 0.00000051 BTC on popular cryptocurrency exchanges including Mercatox, Bittrex, Hotbit and Upbit. Humaniq has a market cap of $986,037.00 and approximately $102,734.00 worth of Humaniq was traded on exchanges in the last day.

Here is how other cryptocurrencies have performed over the last day:

  • XRP (XRP) traded up 3.5% against the dollar and now trades at $0.26 or 0.00002543 BTC.
  • Tether (USDT) traded 0.1% lower against the dollar and now trades at $1.00 or 0.00009672 BTC.
  • Binance Coin (BNB) traded 0.4% lower against the dollar and now trades at $20.95 or 0.00202263 BTC.
  • Bitcoin SV (BSV) traded up 0.5% against the dollar and now trades at $119.04 or 0.01149491 BTC.
  • Stellar (XLM) traded 1.1% lower against the dollar and now trades at $0.0574 or 0.00000554 BTC.
  • TRON (TRX) traded up 2.6% against the dollar and now trades at $0.0155 or 0.00000149 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded up 1.1% against the dollar and now trades at $9.08 or 0.00087660 BTC.
  • Chainlink (LINK) traded 3.3% lower against the dollar and now trades at $1.58 or 0.00015289 BTC.
  • Atlantis Blue Digital Token (ABDT) traded 21.7% higher against the dollar and now trades at $2.37 or 0.00022939 BTC.

About Humaniq

Humaniq was first traded on December 11th, 2016. Humaniq’s total supply is 207,143,695 tokens and its circulating supply is 185,811,695 tokens. Humaniq’s official Twitter account is @Humaniq_co and its Facebook page is accessible here. The official website for Humaniq is humaniq.com. The Reddit community for Humaniq is /r/Humaniq and the currency’s Github account can be viewed here.

Buying and Selling Humaniq

Humaniq can be bought or sold on these cryptocurrency exchanges: Bittrex, YoBit, Mercatox, Hotbit and Upbit. It is usually not currently possible to purchase alternative cryptocurrencies such as Humaniq directly using US dollars. Investors seeking to acquire Humaniq should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Humaniq using one of the aforementioned exchanges.

Receive News & Updates for Humaniq Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Humaniq and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Bloom (BLT) Trading Up 3.7% Over Last Week

One Bloom token can now be purchased for approximately $0.0353 or 0.00000341 BTC on exchanges including Bittrex, EtherDelta (ForkDelta), IDEX …

Bloom logoBloom (CURRENCY:BLT) traded down 7.6% against the dollar during the 24-hour period ending at 10:00 AM Eastern on September 14th. Over the last seven days, Bloom has traded 3.7% higher against the dollar. One Bloom token can now be purchased for approximately $0.0353 or 0.00000341 BTC on exchanges including Bittrex, EtherDelta (ForkDelta), IDEX and AirSwap. Bloom has a total market capitalization of $1.89 million and approximately $485.00 worth of Bloom was traded on exchanges in the last day.

Here’s how similar cryptocurrencies have performed over the last day:

  • XRP (XRP) traded up 3.5% against the dollar and now trades at $0.26 or 0.00002543 BTC.
  • Tether (USDT) traded 0.1% lower against the dollar and now trades at $1.00 or 0.00009672 BTC.
  • Binance Coin (BNB) traded down 0.4% against the dollar and now trades at $20.95 or 0.00202263 BTC.
  • Bitcoin SV (BSV) traded 0.5% higher against the dollar and now trades at $119.04 or 0.01149491 BTC.
  • Stellar (XLM) traded 1.1% lower against the dollar and now trades at $0.0574 or 0.00000554 BTC.
  • TRON (TRX) traded up 2.6% against the dollar and now trades at $0.0155 or 0.00000149 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded up 1.1% against the dollar and now trades at $9.08 or 0.00087660 BTC.
  • Chainlink (LINK) traded 3.3% lower against the dollar and now trades at $1.58 or 0.00015289 BTC.
  • Atlantis Blue Digital Token (ABDT) traded 21.7% higher against the dollar and now trades at $2.37 or 0.00022939 BTC.

About Bloom

Bloom’s launch date was November 10th, 2017. Bloom’s total supply is 150,000,000 tokens and its circulating supply is 53,642,697 tokens. Bloom’s official Twitter account is @BloomToken and its Facebook page is accessible here. The official website for Bloom is hellobloom.io. The Reddit community for Bloom is /r/BloomToken and the currency’s Github account can be viewed here.

Buying and Selling Bloom

Bloom can be bought or sold on these cryptocurrency exchanges: AirSwap, IDEX, Upbit, Bittrex, Bibox, EtherDelta (ForkDelta) and TOPBTC. It is usually not possible to purchase alternative cryptocurrencies such as Bloom directly using US dollars. Investors seeking to trade Bloom should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bloom using one of the exchanges listed above.

Receive News & Updates for Bloom Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Bloom and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Viberate Tops One Day Trading Volume of $479294.00 (VIB)

Viberate can be traded on the following cryptocurrency exchanges: Coinbe, Upbit, HitBTC, IDEX, OKEx, Bittrex, Bancor Network, Livecoin and Binance …

Viberate logoViberate (CURRENCY:VIB) traded 6.6% higher against the U.S. dollar during the one day period ending at 9:00 AM Eastern on September 14th. Viberate has a total market capitalization of $3.39 million and approximately $479,294.00 worth of Viberate was traded on exchanges in the last 24 hours. In the last week, Viberate has traded up 7.7% against the U.S. dollar. One Viberate token can currently be bought for approximately $0.0177 or 0.00000171 BTC on major exchanges including OKEx, Bancor Network, Coinbe and Bittrex.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

  • XRP (XRP) traded up 1.7% against the dollar and now trades at $0.26 or 0.00002509 BTC.
  • Tether (USDT) traded 0.1% higher against the dollar and now trades at $1.00 or 0.00009735 BTC.
  • Binance Coin (BNB) traded down 0.9% against the dollar and now trades at $20.91 or 0.00202914 BTC.
  • Bitcoin SV (BSV) traded down 0.4% against the dollar and now trades at $117.76 or 0.01142840 BTC.
  • Stellar (XLM) traded 1.4% lower against the dollar and now trades at $0.0572 or 0.00000555 BTC.
  • TRON (TRX) traded 3.4% higher against the dollar and now trades at $0.0153 or 0.00000149 BTC.
  • COZ (COZ) traded 26.7% higher against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded 0.3% lower against the dollar and now trades at $8.94 or 0.00086754 BTC.
  • Chainlink (LINK) traded 3.6% lower against the dollar and now trades at $1.60 or 0.00015531 BTC.
  • Atlantis Blue Digital Token (ABDT) traded up 6.2% against the dollar and now trades at $2.32 or 0.00022499 BTC.

Viberate Token Profile

Viberate’s total supply is 200,000,000 tokens and its circulating supply is 191,764,794 tokens. Viberate’s official Twitter account is @viberate and its Facebook page is accessible here. The Reddit community for Viberate is /r/viberate and the currency’s Github account can be viewed here. Viberate’s official website is www.viberate.com.

Buying and Selling Viberate

Viberate can be traded on the following cryptocurrency exchanges: Coinbe, Upbit, HitBTC, IDEX, OKEx, Bittrex, Bancor Network, Livecoin and Binance. It is usually not presently possible to buy alternative cryptocurrencies such as Viberate directly using U.S. dollars. Investors seeking to acquire Viberate should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, GDAX or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Viberate using one of the exchanges listed above.

Receive News & Updates for Viberate Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Viberate and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts