This is good news for quality cryptocurrency organizations. Bitfinex has problems, so does Tether and it's good to see bad actors in the crypto world getting weeded out, called out and put down.
a) Chase Manhattan Bank in New York City ( USD )
b) National Westminster Bank in London ( GBP )
c) HSBC ( Paris ), account in Euros.
The wire must show up live in 72 business hours and post to the account within 72 * 2 hours.
It may not be overnight, and there may be additional fees, but it’s not going to take 100’s of days to move $1M unless you aren’t trying very hard.
(a) i am already a customer and they have verified that I'm me.
(b) i have completed all needed forms before
(c) i have followed the authorization protocol, including verification via control phone number registered with the bank and controlled authorization code
Same goes for any brokerage.
You are correct, but even banks and brokerages have limits (AFAIK) that they can invoke as needed.
Those soft-caps are significantly above $10k/daily, however.
My main point was with Coinbase you can do the required prework to request the higher daily limits and receive similar service, but you need to think about it in advance vs. having it automatically in place.
Not sure how this works for non dutch citizens. Presumably a dutch bank-account suffices. They don't seem to be an exchange though. Instead they are essentially market making, keeping their own supply. You don't have an account there. Instead, when selling they present you an address to send to, and when buying you give them the address to send to, Moving 500 BTC there in a single trade would probably exhaust their supply. At the moment they report 250BTC+, I've seen ~150BTC the last few times I checked.
Still, it seems to be an actual functional on/off ramp for BTC - EUR.
Second time, though, no problem. Less than 72 hours.
If people were holding tether because they wanted to be flat with respect to the cryptocurrency market, they will likely sell their cryptocurrency on a dollar exchange, suppressing prices there.
Dollar prices will adjust as BTC->Dollar and Dollar->BTC flows change. Dually the Tether prices. The only thing that keeps these prices in line is a Tether/Dollar arbitrage, but that arbitrage will slow and halt as people flee tether.
If anything, I would guess that a sudden increase in selling pressure from people doing Tether->Crypto->Dollar risks pushing people into a Crypto->Dollar fear feedback loop.
it's the late to the game profit seekers who have bought in over the past few months who will get killed by this. even if the tether founders have made off with whatever cash deposits they had and there's nothing in the vault, cryptocurrencies will still have value and will rise again.
Are there any? I’m being honest and not snarky here: I’ve yet to see a single company in the space that’s not at least somewhat shady.
Iirc, the idea is you say you want x amount of cryptocurrency M sent to address A1, and you want to pay in cryptocurrency N, and it gives you an address B2 and a quantity y, and you send it, then they send it. With this set-up, I don't see much of a way for them to behave dishonestly that wouldn't be immediately discovered, as either you get the currency or you don't, and if they don't, then you can quickly tell.
(I mean, the exchange rate they give might not be the best available, but it is the consumer's choice whether or not to accept the exchange rate for the convenience.)
Also, it is possible that I am substantially mis-remembering how it works, as I've never used it (I don't in fact own any of any cryptocurrencies, and never have except for testnet ether)
Also, I don't know if shapeshift is still around or not.
I mine eth and/or zcash in small quantities. If I want to buy a small quantity of something else I use shapeshift. This way I hold no accounts anywhere.
'course I have no way to cash out, but then my holdings total less than 1 ETH so it's no big thing...