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Andy Dufresne posted:I'll just say this: It's a sensational claim that professional investors have been the big losers and /r/bitcoin posters have been the big winners in this bubble. Sensational claims require sensational proof and all that. There currently aren’t any big losers (that comes later) but the biggest winners have all held since 2011 aka they bought a lot of drugs and then forgot btc existed or went to jail for a while or stuck it to the man. The second biggest winners are the ones who bought in 2014 aka bought drugs or stuck it to the man. The third group bought the right icos and most of them weren’t institutional yet either.
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Jan 18, 2018 17:44
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my low-mid range graphics card from 2012 is worth 200 dollars wtf glad i upgraded before all this dumb poo poo, the price has almost tripled what i paid december 2016
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Jan 18, 2018 17:45
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Adar posted:There currently aren’t any big losers (that comes later) but the biggest winners have all held since 2011 aka they bought a lot of drugs and then forgot btc existed or went to jail for a while or stuck it to the man. You're leaving out those who bought altcoins in early 2017 and held. Not even considering ICOs.
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Jan 18, 2018 17:51
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lol, Tether has NO available financial audits. "In the coming weeks and months" hahahaaaaa
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Jan 18, 2018 17:59
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Adar posted:There currently aren’t any big losers (that comes later) but the biggest winners have all held since 2011 aka they bought a lot of drugs and then forgot btc existed or went to jail for a while or stuck it to the man. some of the biggest hodlrs (involuntary, though) are darknet vendors. A surprising number of the successful ones (ie, the ones who don't get caught) are smart and have good heads for business, so when bitcoin took off and rocketd upward late last year they started sitting on their customer's payments instead of cashing out. Just about all of them sold around the 20k peak, right around the time when they and the markets were forced to start accepting monero because their customers were getting killed on the transaction fees and the screams were deafening. A couple of vendors are making credible claims to getting out of bitcoin with seven figures, they're closing up shop and retiring on it. None of them were bitcoin true believers, they just treated the whole thing like a business opportunity and made ridiculous bank. <-- source: an unhealthy fascination with reading subreddits where these things are discussed. Bitcoin isn't the currency of choice at some of the markets any more and a lot of the vendors and customers who have changed to monero aren't going to be in the mood to jump back on the btc crazy train anytime soon. The only genuine real world utility bitcoin has ever had is on the markets, I don't think we've seen the impact of the switch yet. What'll happen when not even the darknet wants to trifle with it any more and the entire bitcoin use case is just people passing virtual trading cards around to one another?
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Jan 18, 2018 17:59
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Adar posted:In the last twelve months there have been hundreds of new crypto funds opened. You won't hear about them because the amount of money being thrown at them means they don't have to be public and in fact most prefer not to be. Why would oligarchs and hedge funds invest in "crypto" as opposed to penny stocks or other random speculative pump and dump garbage? I'm not saying they definitely aren't, but what's the reasoning? Hedge funds generally need more proof than "number go up"
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Jan 18, 2018 17:59
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Some of the technology behind these coins is legitimate but I also don't think any large institutions would use blockchain technology that they don't totally control.
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Jan 18, 2018 18:06
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So let me see if I understand this Tether thing: Company creates these "Tether" tokens, how many and whenever they want. They're supposedly a 1:1 match of Tether to USD. As in the company says each Tether is backed by a real dollar they have to allow for easy trading between different cryptos. Except there's not proof they have the money and they've been creating Tethers like crazy to buy up Bitcoins to inflate the price again. So people have been selling them Bitcoins for essentially USD IOUs that can never be cashed in for real money.
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Jan 18, 2018 18:09
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Inept posted:Why would oligarchs and hedge funds invest in "crypto" as opposed to penny stocks or other random speculative pump and dump garbage? I'm not saying they definitely aren't, but what's the reasoning? Hedge funds generally need more proof than "number go up" Has every single penny stock gone up 100% or more over the past 6 months?
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Jan 18, 2018 18:10
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Mr Luxury Yacht posted:So let me see if I understand this Tether thing: There is lots of back story with the exchange that created them losing banking access because banks don't want to be involved with the shady poo poo which further indicates there is no 1:1 backing, but yes, that's the long and short of it.
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Jan 18, 2018 18:10
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Fojar38 posted:my low-mid range graphics card from 2012 is worth 200 dollars wtf Holy loving poo poo. I just looked up the card I bought for $250 last April. It's now $769.99 on newegg.
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Jan 18, 2018 18:12
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hostile apostle posted:https://twitter.com/tetherprinter/status/954025966124216320 450 mil in the last 5 days, they must be getting some big checks!! 
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Jan 18, 2018 18:12
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Adar posted:In fact if the bubble lasts through a sizable part of this year and keeps inflating a bit more there's a really good chance that it becomes the first time in history more millionaires are created through a bubble than destroyed. (Honestly, I wouldn't bet on it because humans are Really Dumb about when to cash out, but I feel like the number of early adopters who have *already* cashed out for seven figs is high enough to make it plausible) also, source your quotes
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Jan 18, 2018 18:12
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KrunkMcGrunk posted:Holy loving poo poo. I just looked up the card I bought for $250 last April. It's now $769.99 on newegg. this is the REAL gamergate IMO
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Jan 18, 2018 18:15
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Pivotal Lever posted:450 mil in the last 5 days, they must be getting some big checks!! Nice round $100 mil checks. How consistent. It used to print once every two weeks or once a week or so and now it's several times a day. It only switched to this frequency as soon as the price started to crater. Roll your whole 401K into tether backed Bitcoin is what I'm saying.
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Jan 18, 2018 18:16
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LMAO people are still mad at Mark Karpeles https://twitter.com/shinsyotta/status/953058508903206915 https://twitter.com/nknarula/status/953305550816792576 https://twitter.com/nissan_sport/status/953169775143858176 https://twitter.com/CerBTC/status/953064238670602247 https://twitter.com/wealthawareness/status/953060026238709760 https://twitter.com/Slayback85/status/953058343144189952 and then it's a dude posting dozens of tweets about trump
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Jan 18, 2018 18:16
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Mr Luxury Yacht posted:So let me see if I understand this Tether thing: While I'm sure some people do baghold tether for an extended amount of time, it's usually used as a way to temporarily lock in a price to wait out for another trade. It's easily convertible until everything shits the bed to other coins such as eth/btc, which then can be sold for actual fiat pretty easily on a fiat exchange such as GDAX/coinbase. Once everything explodes, yeah it's going to take everything with it, but if you're trading and haven't taken that into consideration, then welp...
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Jan 18, 2018 18:17
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KrunkMcGrunk posted:Holy loving poo poo. I just looked up the card I bought for $250 last April. It's now $769.99 on newegg. The card I paid $180 for in 2012 is now something like $250. If I'd had known video cards would actually appreciate in value I may have bought something better.
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Jan 18, 2018 18:19
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Rad Russian posted:Nice round $100 mil checks. How consistent. It used to print once every two weeks or once a week or so and now it's several times a day. It only switched to this frequency as soon as the price started to crater. Seems it would be easier to just find whomever is "backing" these Tethers and asking them to give you the money directly. Has the same effect either way.
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Jan 18, 2018 18:19
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Zil posted:Seems it would be easier to just find whomever is "backing" these Tethers and asking them to give you the money directly. Has the same effect either way. Actually in their legal disclaimer, they tell you that you can't redeem them for anything. Yeah, that's actually a thing. 
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Jan 18, 2018 18:22
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Mr Luxury Yacht posted:So let me see if I understand this Tether thing:
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Jan 18, 2018 18:26
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Communist Q posted:Actually in their legal disclaimer, they tell you that you can't redeem them for anything. Yeah, that's actually a thing. Well, then it’s all above water
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Jan 18, 2018 18:31
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Mr Luxury Yacht posted:So let me see if I understand this Tether thing: If you ever think you don't understand something in the bitcoin world because it's too stupid that can't possibly be it, you actually understand it perfectly You know, like how transaction ids shouldn't be used as ids since they can be formed in multiple equally valid ways
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Jan 18, 2018 18:31
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zaurg posted:Has every single penny stock gone up 100% or more over the past 6 months? Inept posted:Hedge funds generally need more proof than "number go up"
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Jan 18, 2018 18:35
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I have gone through a buyout at work and the audit we went through involved them finding a few instances 10 year old source code that had been copy and pasted from the Internet. The idea that hedge funds are just like "bitcoin? ALL IN!" -- especially since tether's insolvency isn't hard to find -- is really unbelievable. Oh also, avoid these exchanges when you touch the poop: https://wallet.tether.to/richlist edit: dk2m posted:if you have tether, can you exchange it for USD? idgi, why would i buy BTC with tether if i could just use real money Right now there are ways you can get USD for your tether, either through a direct USDT/USD pair at some exchange or buying *coin with USDT and trading the coin for USD. At some point that will change, and everyone holding tether will panic sell. That's where the real popcorn will come out. Andy Dufresne fucked around with this message at 18:47 on Jan 18, 2018 |
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Jan 18, 2018 18:44
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if you have tether, can you exchange it for USD? idgi, why would i buy BTC with tether if i could just use real money
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Jan 18, 2018 18:44
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Andy Dufresne posted:I have gone through a buyout at work and the audit we went through involved them finding a few instances 10 year old source code that had been copy and pasted from the Internet. The idea that hedge funds are just like "bitcoin? ALL IN!" -- especially since tether isn't a new concern -- is really unbelievable. I’ve seen businesses bought where the owner wrote “yeah I give it to this guy” on a napkin
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Jan 18, 2018 18:45
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dk2m posted:if you have tether, can you exchange it for USD? idgi, why would i buy BTC with tether if i could just use real money Yes on a few exchanges. It's mostly because transaction fees are lower than going to fiat, as well as not every exchange deals in fiat so it can be useful to keep gains if you're going through a crash like the past few days. It cost like .1% of the transaction to do USDT to btc where as buying with fiat usually cost like 3 - 4% depending on the exchange.
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Jan 18, 2018 18:49
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"Red is good and green is bad for Bitcoin. Therefore, I should sell low and buy high. This makes perfect sense."
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Jan 18, 2018 18:50
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Communist Q posted:Actually in their legal disclaimer, they tell you that you can't redeem them for anything. Yeah, that's actually a thing. Its confusing to see "100% backed" but then the disclaimer saying nothing is worth anything. Are you trying to tell me I might be getting scammed here?
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Jan 18, 2018 18:54
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Communist Q posted:Actually in their legal disclaimer, they tell you that you can't redeem them for anything. Yeah, that's actually a thing. There's no way that would be considered valid. The claims of the website completely contradict the legal disclaimer. If they're hoping that will protect them in the future, they're screwed.
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Jan 18, 2018 18:57
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Sickening posted:Its confusing to see "100% backed" but then the disclaimer saying nothing is worth anything. Are you trying to tell me I might be getting scammed here? Did you read under "Transparent" that they submit to regular audits and publish their reserve holdings daily?
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Jan 18, 2018 18:58
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There Bias Two posted:There's no way that would be considered valid. The claims of the website completely contradict the legal disclaimer. Then sue them in the British Virgin Islands, which their TOS states is the only jurisdiction you can sue them in Checkmate 
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Jan 18, 2018 18:58
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Powershift posted:Then sue them in the British Virgin Islands, which their TOS states is the only jurisdiction you can sue them in Their logic is about as sound as the legal disclaimers below YouTube videos.
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Jan 18, 2018 19:01
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There Bias Two posted:There's no way that would be considered valid. The claims of the website completely contradict the legal disclaimer. If they're hoping that will protect them in the future, they're screwed. Haha, I am in no way defending it beyond that it has a useful purpose on exchanges, but it's totally going to blow the whole thing up once they're no longer able to prop up the market as the new money stops coming in. Crypto is incredibly dumb. Their whole legal page is pretty nuts if you actually sit down and read the entire thing. Other cool notes are as of January 1st, 2018 US residents are barred from owning tether.
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Jan 18, 2018 19:05
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Well, if they printed another 100 million doesn't seem like they are using it to immediately prop up bitcoin.
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Jan 18, 2018 19:11
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"poo poo, everyone's on to us. Print the tethers now, don't deploy until it's dropped back to 10k"
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Jan 18, 2018 19:14
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Inept posted:Why would oligarchs and hedge funds invest in "crypto" as opposed to penny stocks or other random speculative pump and dump garbage? I'm not saying they definitely aren't, but what's the reasoning? Hedge funds generally need more proof than "number go up" Source your quotes
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Jan 18, 2018 19:20
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He is going to win https://www.youtube.com/watch?v=9867KiOdXH8 Frankenstein, Sysadmin
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Jan 18, 2018 19:20
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Communist Q posted:Yes on a few exchanges. It's mostly because transaction fees are lower than going to fiat, as well as not every exchange deals in fiat so it can be useful to keep gains if you're going through a crash like the past few days. It cost like .1% of the transaction to do USDT to btc where as buying with fiat usually cost like 3 - 4% depending on the exchange. ah so you would hold this for short period of times to make transactions seems like if this blows up and exchanges stop accepting tethers, then most people would be fine since their portfolio should ideally not have long positions on tethers? unless i’m missing something
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Jan 18, 2018 19:24
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