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What is “tether”?
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Dec 24, 2017 05:21
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lazorexplosion posted:And like easily $20 of that is spent by the miners on electricity. Imagine an economy that uses $20 of electricity to buy a beer. I'm suddenly extremely excited that I will be starting a new assignment at the Electric utility portion of my company at the beginning of the year. They're the real winners in the bitcoin mania.
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Dec 24, 2017 05:21
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Burt Sexual posted:What is “tether”? Simplest explanation Bitfinex got hacked, took 37% of everybody's money to make up for it. They then replaced it with Tether tokens that they pegged to USD 1:1 so people could trade on the exchange with the token that represent what was taken from them.They have since made 1.25 billion more of those tokens and used them to to pump up the price every time it fell a little bit. They claim to have $1 USD in their reserves for every tether they have produced. They refuse to prove it, they refuse to exchange USD for tethers. It's basically fake USD that can be used on a few different exchanges and they just keep printing them all willy nilly. It's the $1,250,000,000 elephant in the room.
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Dec 24, 2017 05:38
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Powershift posted:Simplest explanation Hahaha well of course. Thx for the explanation of idiocy and gullibility that is btc in its latest form. Where is bitinex based? And do they trade inside the us?
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Dec 24, 2017 05:42
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Burt Sexual posted:What is “tether”? The long version is that it works like this: You give me $1 and I will give you 1 tether, the exciting new cryptocurrency paradigm that's actually backed by fiat currency. Now you can spend your tether as a virtual $1 bill, because the value of a tether is pegged to USD. Also, the terms of service specifically say I will not redeem your tether for $1. Also, I can issue infinitely many tethers at a par value of $1 (that they cannot be redeemed for) based only on my say-so that I have enough USD to back them 1:1. The short version is that it works like this: You give me $1 and
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Dec 24, 2017 05:43
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Burt Sexual posted:Hahaha well of course. Thx for the explanation of idiocy and gullibility that is btc in its latest form. Hong Kong. They keep getting bank accounts closed for money laundering, and are currently using a polish farmers bank that only has $198 million in assets. They don't serve US customers themselves, but other exchanges like Bittrex's only USD related item is USDT which is tether, and does operate within the united states. So you sell your bitcoin for tethers on Bittrex, then ask Tether to trade your tethers for USD and they tell you to gently caress off.
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Dec 24, 2017 05:50
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Powershift posted:Simplest explanation there's enough reason to be concerned, but several of those allegations are unproven. there's no question that they need to submit to a full audit though. i'm not trading on a tether exchange until they do
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Dec 24, 2017 05:51
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Uranium 235 posted:allegedly Does coinbase submit to full audits? Idk like someone they don’t pick.
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Dec 24, 2017 05:54
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Burt Sexual posted:What is “tether”? It makes my head hurt but I think I understand it sort of. Basically trading bitcoin or other cryptocurrencies within an exchange is has much less transaction fees than trading bitcoin for USD, is much faster and doesn't trigger capital gains tax. So instead you make a digital currency that is tethered to the USD, called 'tether' by only ever having one tether for every USD backing it. So if you wanted to get into crypto you could instead buy tether and if you thought bitcoin was going to go up against the USD you sell the tether to buy bitcoin and if you thought it was going to go down you sell bitcoin to buy tether and it's like you cashed out into USD but technically you didn't so you're okay and when you wanted to cash out you could sell the tether for 1 per 1 USD because every tether has a USD - it is pegged. All this only works if it is actually pegged and it would be incredibly easy for a shady company to only pretend they has $1 USD for every tether, and if they don't they're effectively ripping people off who are holding tether and creating what looks like USD out of thin air to pump and dump or whatever they want. So of course crypto nerds bought like a billion dollars of it.
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Dec 24, 2017 05:55
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Uranium 235 posted:allegedly Just like when the front of the titanic was allegedly heading for an iceberg, best to stay at the back of the boat where it's safe. Burt Sexual posted:Does coinbase submit to full audits? Idk like someone they don’t pick. Here's a comprehensive list of large bitcoin companies that act as banks or trading platforms that have submitted to an external audit:
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Dec 24, 2017 05:56
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Also it literally saysquote:PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.
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Dec 24, 2017 05:59
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Although to be fair though when I say they bought a billion of them I mean some of them maybe bought some tether for USD and others maybe traded bitcoin for tether and the rest may or may not be completely made up? Who knows.
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Dec 24, 2017 06:04
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fuckin lol at tether, that’s genius
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Dec 24, 2017 06:13
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Does ham sandwich know any answers to my ignorance? * I read my foxnews app as well as WaPo
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Dec 24, 2017 06:14
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Burt Sexual posted:Does coinbase submit to full audits? Idk like someone they don’t pick. ctrl-f "reports and financial disclosures" http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
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Dec 24, 2017 06:16
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It's a $1 giftcard to buy more $1 giftcards
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Dec 24, 2017 06:17
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Uranium 235 posted:yes it's a condition of their NY state license Why tie a crypto to a US dollar?
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Dec 24, 2017 06:18
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lol tether is basically a bunch of imaginary "I owe you $1", except not even written on paper like a real IOU.
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Dec 24, 2017 06:19
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Burt Sexual posted:Why tie a crypto to a US dollar? Tether is a different outfit. And because giving fake dollars to idiots is lucrative.
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Dec 24, 2017 06:21
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Powershift posted:Just like when the front of the titanic was allegedly heading for an iceberg, best to stay at the back of the boat where it's safe.
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Dec 24, 2017 06:22
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Uranium 235 posted:yes it's a condition of their NY state license That seems to be the reg, can I see the audit?
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Dec 24, 2017 06:22
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Burt Sexual posted:Why tie a crypto to a US dollar?
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Dec 24, 2017 06:22
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Burt Sexual posted:That seems to be the reg, can I see the audit?
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Dec 24, 2017 06:23
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Uranium 235 posted:maybe if you ask the ny state department of financial services they'll show it to you? so it doesn’t exist because they have a year from filing the registration?
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Dec 24, 2017 06:24
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wow I sure hope they don’t get hacked within that year and shutdown since all the money disappears
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Dec 24, 2017 06:25
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XK posted:Tether is a different outfit. And because giving fake dollars to idiots is lucrative. What is tether tethered to?
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Dec 24, 2017 06:25
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actually lol that’s their business plan
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Dec 24, 2017 06:25
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Uranium 235 posted:maybe if you ask the ny state department of financial services they'll show it to you? They are public records? Which are required to be online I thought.
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Dec 24, 2017 06:27
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tether is a bitfinex thing not a coinbase thing I am led to believe bitfinex is completely shut off from the banking system and part of the reason for tethers was because of this
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Dec 24, 2017 06:28
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Uranium 235 posted:are you asking about tether? why are you asking me? You know a lot about crypto 
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Dec 24, 2017 06:28
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comedyblissoption posted:tether is a bitfinex thing not a coinbase thing How do I get usd in and out of this new tether crypto? I want to go in eyes wide open. E wait. Are independent audits good or bad to crypto currencies? Are there any in existence? Idk Burt Sexual fucked around with this message at 06:33 on Dec 24, 2017 |
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Dec 24, 2017 06:30
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Uranium 235 posted:allegedly 
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Dec 24, 2017 06:33
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Hey guys! My video card made some numbers. Somebody is supposed to give me money now? Please advise.
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Dec 24, 2017 06:34
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let it mellow posted:so it doesn’t exist because they have a year from filing the registration?
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Dec 24, 2017 06:35
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Uranium 235 posted:i don't think we know what the expectation is for when the first audit should be submitted. if it's a year from filing date then they have three weeks, but that doesn't mean they haven't already done it so you don’t know? then why u tell the guy that wants in on this stuff to make a NY public records request when it’s Christmas Eve in NY?
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Dec 24, 2017 06:37
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XK posted:Hey guys! My video card made some numbers. You need to show feet first.
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Dec 24, 2017 06:37
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XK posted:Hey guys! My video card made some numbers. So far I’ve heard don’t use tether, for now. So idk about that one, yet. Use bitcoin because it’s platforms are regulated and fully audited.
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Dec 24, 2017 06:38
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Uranium 235 posted:i don't think we know what the expectation is for when the first audit should be submitted. if it's a year from filing date then they have three weeks, but that doesn't mean they haven't already done it You seem to be sending me on a fools errand. Please be respectful.
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Dec 24, 2017 06:40
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Hold on, I'm trading shares in futures of my video card numbers on the Chicago Board of Exchange.
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Dec 24, 2017 06:40
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Burt Sexual posted:They are public records? Which are required to be online I thought. does regulators audit conventional financial services companies? are those public? i have no idea
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Dec 24, 2017 06:40
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