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Waltzing Along posted:I'm still trying to wrap my head around Tether. Could someone dumb it down to the level that say a true believer could understand? It's the FEDERAL RESERVE THEY'RE JUST PRINTING MONEY 
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Jan 20, 2018 03:00
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Well the fed is a joke but there isn't anything we can do about it at this point.
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Jan 20, 2018 03:02
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Is the price moving?
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Jan 20, 2018 03:04
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hostile apostle posted:So someone tried to explain the legitimacy of tether to me like this: I don’t see why you would need USDT for this, aside from bitfinex making you use it. I’m thinking the Tether thing is about keeping the fiat coming in (and maybe going out if anyone actually has gotten any out) because no bank will deal with bitfinex. Their bank already haulted all wire transfers to bitfinex, so they create Tether and do fiat conversions there to stay one step ahead of the banks trying to stop the flow of money. e: ofc now they are printing fake money to pump the market. Dunno if that was the plan from the start.
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Jan 20, 2018 03:08
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Sentient Data posted:The exchanges make fees on everything (NO FEES!) and don't (supposedly) buy/sell anything directly, they just match sellers to suckers Vbulliten was the first blockchain. Radium perfected it.
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Jan 20, 2018 03:13
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Pawn 17 posted:I don’t see why you would need USDT for this, aside from bitfinex making you use it. I’m thinking the Tether thing is about keeping the fiat coming in (and maybe going out if anyone actually has gotten any out) because no bank will deal with bitfinex. Their bank already haulted all wire transfers to bitfinex, so they create Tether and do fiat conversions there to stay one step ahead of the banks trying to stop the flow of money. Tether is not needed but for the banking restrictions which is large hurdle for these exchanges. The argument in that narrative is the increased issuance is just due to more players looking to arb (proliferation of exchanges), and larger discrepancies between markets on a larger bitcoin market cap today. hostile apostle fucked around with this message at 03:16 on Jan 20, 2018 |
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Jan 20, 2018 03:14
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Waltzing Along posted:I'm still trying to wrap my head around Tether. Could someone dumb it down to the level that say a true believer could understand? It's hard to wrap your head around because like many things in crypto, it is as loving retarded as it looks. The idea is that Tether is a centrally managed crypto, where 1 Tether always equals 1 USD, because the guy who runs Tether has a scrooge mcduck vault somewhere filled with dollar bills at 1:1 ratio to back it up. Except, you aren't allowed to exchange Tether for USD, there is no evidence that any financial assets are owned in reserve (they won't allow audits) and the Tether Terms of Service say "gently caress you, got mine" I don't think I have ever heard of why Tether is useful. I think the idea is that if you want to take your money out of one exchange to another, instead of having to cash out to a bank to get paid in USD, then take your USD to the other exchange and deposit it, you just convert everything to Tether, send the Tether to your new exchange, then can convert back to buttcoins, without having to go through banks. But you can do this with literally any accepted crypto. I mean it would cost you 20 bucks with Bitcoin, but there are common cryptos like Litecoin which have almost no transaction fee. There is no need for Tether to do this. It has turned into fractional reserve banking for Tether, but instead of the Feds stepping in with "quantitive easing", some guy presses Enter on his keyboard and shits out 100M of tether every other hour and uses the money to buy buttcoins. This causes the price of buttcoins to go up. Which is hilariously ironic because Satoshi, the guy who created Bitcoin, created it because of the bank bailouts and hatred of fractional reserve banking, thus the message in Block 1 of Bitcoin's blockchain.
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Jan 20, 2018 03:16
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Hence the term 'fictional reserve banking'
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Jan 20, 2018 03:18
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Alpha Mayo posted:It's hard to wrap your head around because like many things in crypto, it is as loving retarded as it looks. 
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Jan 20, 2018 03:20
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Hey guys let's make s currency just like the USD but without all the guarantee of legal tender. It's gonna be great
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Jan 20, 2018 03:23
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If you view Bitcoin as the most elaborately expensive way to educate people on why fractional reserve banking exists its good. If you view it in light of the fact its supposed to eliminate fractional reserve banking its transcendent
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Jan 20, 2018 03:25
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https://twitter.com/Protiled/status/954533712049225728
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Jan 20, 2018 03:28
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Lemming posted:It's the FEDERAL RESERVE THEY'RE JUST PRINTING MONEY why is that a problem?
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Jan 20, 2018 03:30
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Lemming posted:Lol why is this past the limit of what will flummox you fair call mind you i am sitting here, several glasses of home brewed mead down, discussing it with said loved one and we are laughing our heads off
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Jan 20, 2018 03:37
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Mumpy Puffinz posted:why is that a problem? Inflation by a controlling interest. ? The joke
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Jan 20, 2018 03:37
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Burt Sexual posted:Inflation by a controlling interest. ? The joke yeah what is the joke?
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Jan 20, 2018 03:42
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Alpha Mayo posted:It means someone cleared out the order book. It was at 10900, then they cleared it out to 11600. If you are wanting to $30+ million shares (or "coins"), it makes more sense to spread that out over time, since doing it in one big chunk is the most expensive way to do it. one noteworthy thing is that the price was several % lower on bitfinex than it was on GDAX at that time. the huge buy brought bitfinex up to GDAX's price. still, if you're buying on an exchange where the price is lower, you wouldn't want to market buy with several percent of slippage. you'd buy slowly, preferably on the bid Uranium 235 fucked around with this message at 03:53 on Jan 20, 2018 |
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Jan 20, 2018 03:48
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https://twitter.com/tetherprinter/status/954533642038009856
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Jan 20, 2018 03:48
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the usd is more of a scam than tether
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Jan 20, 2018 03:56
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ghosTTy posted:the usd is more of a scam than tether That's what I tell my landlord every month when I try to pay my rent in funbux.
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Jan 20, 2018 04:05
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hostile apostle posted:So someone tried to explain the legitimacy of tether to me like this: At the end of your series of transactions, someone is holding 9000 USDT. The USDT will at some point in the near future be worth $0. This person is called a bag-hodler. At any point in the series of transactions the whale did in your example, USDT could have become worth $0 to the community. The whale could become a bag-hodler in the middle of his arbitrage scheme. At some point in your series of transactions, that 9000 USDT originated from bitfinex. Bitfinex could have sold the whale 9000 USDT for 9000 USDT. At some point along the series of transactions, Bitfinex has scammed someone out of 9000 USD. Bitcoin also has a value of $0, but for different reasons. Bitcoins has no actual use except enabling delusional beliefs about a futuristic currency that can't actually function as a currency.
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Jan 20, 2018 04:11
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as per his latest tweet, USDT stands for United States Donald Trumps
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Jan 20, 2018 04:13
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Mumpy Puffinz posted:why is that a problem? The real problem is that the Federal reserve is backed by the US government saying "we promise we will give you this money" and tether is bitfinex or whoever scammers saying "we promise we will give you this money" but it's 2 billion dollars and they definitely don't have the money and they already say they won't give you money The reason you put it like that to the true believers is they're by and large libertarian nutjobs and they haaaaaaaaaate the Federal reserve
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Jan 20, 2018 04:32
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Lemming posted:The real problem is that the Federal reserve is backed by the US government saying "we promise we will give you this money" and tether is bitfinex or whoever scammers saying "we promise we will give you this money" but it's 2 billion dollars and they definitely don't have the money and they already say they won't give you money the USD also has great value because you need it to pay taxes and practically participate in the American economy
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Jan 20, 2018 04:36
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Lemming posted:The real problem is that the Federal reserve is backed by the US government saying "we promise we will give you this money" and tether is bitfinex or whoever scammers saying "we promise we will give you this money" but it's 2 billion dollars and they definitely don't have the money and they already say they won't give you money Also, Tether cannot levy a tax.
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Jan 20, 2018 04:37
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The US government can also shoot people if they don't take your usd
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Jan 20, 2018 04:41
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If it gets cold at night you can turn your USD into a campfire.
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Jan 20, 2018 04:42
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oh yah you also gotta buy oil in usd in lots of places in the world lol
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Jan 20, 2018 04:44
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I think this is what you will see: -Exchanges that trade in USDT will value cryptos at a higher price. For example, Bitfinex used to always be about $200 behind GDax. Now they are less than $20 behind. I don't think it will be long before GDax is trading Bitcoin for less than Bitfinex. -The value of Tether:USD drop. Dropping below 1.00 will show that there is a lack of confidence in Tether being as good as real money. -Overall price of crypto continue to inflate, on all exchanges. If they are lucky, there will be a large crypto rally, which would bring fresh money into the Ponzi and keep everything going for a bit. But if that doesn't happen and they continue printing Tether, even the dumbest of Libertarians might catch on that printing $200M a day isn't something a legitimate company can do, and the value of Tether will crash. On the Tether-only exchanges, the value of Bitcoin will skyrocket. Maybe even to 200K! The downside of course is that you are paid in Tether, which no one will want except the few remaining True Believers. On the non-Tether exchanges, the value of Bitcoin will crash. People will rush to transfer their Bitcoin over to more legitimate exchanges like GDAX. With so much fresh supply of Bitcoin and limited buyers paying with real USD, the value will crash to one without inflation. Also, Tether doesn't have to go very far below 1.00 to trigger a crash. Going to 0.99 would mean that people are effectively paying 1% more for ALL cryptos, leading people to flee those exchanges for exchanges where they get their full dollars worth. Also I am assuming there is rationality to the market. Which is a bad idea with crypto. I mean people rallied Ponzicoin 13000% in one day, after it was revealed to be a scam.
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Jan 20, 2018 04:46
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turn off the TV posted:I'm not sure what you think EDI is, but EDI in terms of Hipaa is standardized documents with faxing being the electronic transfer component, Hate to get all, "my job title is senior EDI software developer at a healthcare company," on you but EDI ANSI x12 is a data format with enveloped transactions that, in healthcare, are used to transmit all manner of hipaa sensitive PHI like claims, enrollments, eligibility, etc.. between two trading partners. If the trading partners don't agree, or the file is formatted incorrectly the dataset is usually rejected as a whole. The preferred method of "data interchange" in this instance is FTP since a eligibility file or claims batch could have hundreds of thousands of records and faxing something like that would be a loving nightmare. What you're talking about with block chain already loving exists in almost all aspects of health care minus the GP from Cumfart Montana or wherever who can't be bothered to adopt because it's not practical for his office.
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Jan 20, 2018 04:53
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comedyblissoption posted:The fundamental flaw in this analysis is assuming that USDT is fundamentally worth anything more than $0. USDT is only useful as a mechanism of exchange as long as the community continues to believe that USDT is backed by USD 1:1. When the community figures out that this is not true, USDT will be worth $0. In theory the whale can exchange that 9000 USDT back to USD from Bitfinex because "tether is backed by usd" (the critical assumption). Also, if Bitfinex themselves is doing the arb, they're not scamming anyone out of the 9K provided the money from the sale is actually ending up in the bank account backing up tether. Yes, technically the original seller is left hodling the tether.
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Jan 20, 2018 04:55
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hostile apostle posted:In theory the whale can exchange that 9000 USDT back to USD from Bitfinex because "tether is backed by usd" (the critical assumption).
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Jan 20, 2018 05:00
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Alpha Mayo posted:Also, Tether doesn't have to go very far below 1.00 to trigger a crash. Going to 0.99 would mean that people are effectively paying 1% more for ALL cryptos, leading people to flee those exchanges for exchanges where they get their full dollars worth.
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Jan 20, 2018 05:09
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Alpha Mayo posted:I think this is what you will see: Potentially the tether is a legitimate mechanism for closing this gap via the arb I mention? Not that I believe the dollars are actually there behind the scenes...
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Jan 20, 2018 05:12
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dick wizard posted:Hate to get all, "my job title is senior EDI software developer at a healthcare company," on you but EDI ANSI x12 is a data format with enveloped transactions that, in healthcare, are used to transmit all manner of hipaa sensitive PHI like claims, enrollments, eligibility, etc.. between two trading partners. If the trading partners don't agree, or the file is formatted incorrectly the dataset is usually rejected as a whole. Lol this is why I’m here
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Jan 20, 2018 05:15
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Are the tether guys just buying their own butts with monopoly money? That seems like the obvious way to falsify demand. Just have their flagrantly dodgy exchange pretend funbux purchases are actual money purchases and watch the graph go UP UP UP! The legal mess this poo poo is going to make when it finally tears itself apart is going to be interesting, that's for sure.
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Jan 20, 2018 05:37
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dick wizard posted:Hate to get all, "my job title is senior EDI software developer at a healthcare company," on you but EDI ANSI x12 is a data format with enveloped transactions that, in healthcare, are used to transmit all manner of hipaa sensitive PHI like claims, enrollments, eligibility, etc.. between two trading partners. If the trading partners don't agree, or the file is formatted incorrectly the dataset is usually rejected as a whole. It sounds real simple and why it might seem smart to bet on the tech or its developers and implementers but unless they get a critical mass of happy outcomes it'll get shelved because this is one of many piles of poo poo getting flung at the wall to see what sticks.
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Jan 20, 2018 05:56
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Watching the fraud take place in real time is entertaining. Bitfinex is now $60 ahead of GDAX after a pump a couple minutes ago. Not sure how arbitrage people handle this.
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Jan 20, 2018 05:57
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Alpha Mayo posted:Watching the fraud take place in real time is entertaining. Bitfinex is now $60 ahead of GDAX after a pump a couple minutes ago. Not sure how arbitrage people handle this. Buy on GDAX for USD, sell on Bitfinex for USDT Now net long USDT below par
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Jan 20, 2018 06:23
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Alpha Mayo posted:Watching the fraud take place in real time is entertaining. Bitfinex is now $60 ahead of GDAX after a pump a couple minutes ago. Not sure how arbitrage people handle this. that difference in price is not at all noteworthy
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Jan 20, 2018 06:36
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