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Cuazl posted: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!
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Jan 20, 2018 07:12
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lmao it's so brazen
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Jan 20, 2018 07:20
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General reddit crypto consensus is "yeah Tether is bullshit but stop talking about it please, we don't want everything to crash"
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Jan 20, 2018 07:22
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Alpha Mayo posted:General reddit crypto consensus is "yeah Tether is bullshit but stop talking about it please, we don't want everything to crash" That's a good sign.
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Jan 20, 2018 07:24
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There's one thing I'm not totally clear on - do the guys that run the tether printer now personally hold $2bn of Bitcoin?
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Jan 20, 2018 07:29
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cubicle gangster posted:There's one thing I'm not totally clear on - do the guys that run the tether printer now personally hold $2bn of Bitcoin? Why be clear? Bitcoin isn't backed by anything, why should tether?
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Jan 20, 2018 07:38
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I feel like that is something that is quite important that not really many people are touching upon. If tether is being printed to purchase Bitcoin in order to prop up the price, who has those Bitcoin? And do they now hold $2bn of it?
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Jan 20, 2018 07:43
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Just made 2 million on Dash coin. LMfao. See you losers later, goling to live in hotels and date escorts for the rest of my eternal life. PEACE
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Jan 20, 2018 07:49
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Alpha Mayo posted:General reddit crypto consensus is "yeah Tether is bullshit but stop talking about it please, we don't want everything to crash"
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Jan 20, 2018 07:51
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"We should pressure Tether into an audit" cubicle gangster posted:There's one thing I'm not totally clear on - do the guys that run the tether printer now personally hold $2bn of Bitcoin? Let's say you are a scammer, and want to make as much money as you can. Would you keep $2bn of Bitcoin when it is valued at $10K plus each? Or would you try to offload that poo poo as fast as you can get away with for real money, without being too fast that you crash the market?
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Jan 20, 2018 07:53
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cubicle gangster posted:I feel like that is something that is quite important that not really many people are touching upon. The Bitfinex people, presumably. And probably. Though they're likely selling it off in smaller amounts as they're buying it, but for USD rather than Tether they create for themselves with the push of a button. 'Print' a shitload of Tether > Use shitload of Tether to buy the low end of the bitcoin market > Sell small portion of bitcoin bought with usdT for USD at slightly higher notional price than it was bought at (and much higher actual price since it was basically free because Tether is worth jack poo poo) That's how I'd be doing it, anyway 
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Jan 20, 2018 08:09
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I still don't get how we progressed from selling being difficult to people selling their Bitcoins for glorified IOU's virtually overnight. I feel liked I blinked at some point in the last 5 days and everything just became 5 times as insane as it already was.
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Jan 20, 2018 08:28
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Alpha Mayo posted:General reddit crypto consensus is "yeah Tether is bullshit but stop talking about it please, we don't want everything to crash" Satoshi's Basilisk (alt: Blocko's Basilisk)
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Jan 20, 2018 08:29
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hailthefish posted:'Print' a shitload of Tether > Use shitload of Tether to buy the low end of the bitcoin market > Sell small portion of bitcoin bought with usdT for USD at slightly higher notional price than it was bought at Yeah, see this is what I figured. My confusion is that most people in the Bitcoin community seem to see tether as either useful or something that is best ignored - and not really take into account the fact that this 'currency' which has a 'finite value' does in fact have some people personally printing it like it's no big deal. It's not just an exchange covering it's losses, there is a human distributing this for profit, it just happens to shift the market and fortunately they own an exchange. Even in this thread everyone focuses on the bigger picture inflation side, but I feel like the human side of this is more likely to be what destroys the average tether bagholders faith. This is kind of beyond pump & dump. It's pump and pump and etc
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Jan 20, 2018 09:01
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What's funny to me is that years ago I was looking into bitcoin and it was having a lot of difficulties with banks that wouldn't touch it, coin that was stuck in exchanges or just impossible to convert out to fiat, regulatory pressures, scams, thieves, wild volatility. Now all these years later after the price exploded and there was all this investment capital spent on bitcoin/blockchain and whatnot, I figured it was "legit" and all these things were fixed. NOPE. Same old poo poo lol
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Jan 20, 2018 09:05
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But it makes the number go up and be green, so it's good for bitcoin.
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Jan 20, 2018 09:05
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Tether is nail in the coffin on why unregulated currencies backed by no central bank was an awful idea. We now have a market-leading exchange running a fake bank pushing up demand for a fake currency by issuing market-traded zero-rate non-secured bonds (with blockchain flair) with assurances about real-world currency liquidity (which I'm pretty sure does not exist) which people are accepting because they just that desperate/stupid to not lose their fake-money investment.
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Jan 20, 2018 09:11
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shitcoin
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Jan 20, 2018 09:11
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I am pretty impressed with the quality of scam the Bitfinex/Tether guy is running. It is leagues above any other Bitcoin scam we've seen. He is single-handedly going to rip off billions from Libertarians. Bitcoin really has advanced a lot in 9 years.
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Jan 20, 2018 09:23
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what is the point in cryptocurrency besides being used as a tool of circumvention? i still don't get it
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Jan 20, 2018 09:39
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Indulging in the sensation of being a smug libertarian autist? Being momentarily rich on paper from the contributions of other, dumber idiots who arrived later to the party?
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Jan 20, 2018 09:42
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Calvin Johnson Jr. posted:what is the point in cryptocurrency besides being used as a tool of circumvention? Basically what it started out as, and then it got waaaaaay out of hand.
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Jan 20, 2018 09:53
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Calvin Johnson Jr. posted:what is the point in cryptocurrency besides being used as a tool of circumvention? That's it. Which Bitcoin could easily fulfill with a price at $100. Back in my day, I had to walk 15 miles uphill to transfer my money to online drugdealers using Money Gram. Then walk 15 miles uphill back to home where I awaited my phenazepam. At least that's how I remember it going.
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Jan 20, 2018 09:57
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If you didn't wire transfer cash to shady eastern European P.O.boxes with a 6 week shipping lead, did you ever truly buy drugs off the internet?
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Jan 20, 2018 10:11
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i used daoc plat
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Jan 20, 2018 10:12
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comedyblissoption posted:The fundamental flaw in this analysis is assuming that USDT is fundamentally worth anything more than $0. Like, pretty much the definition of Fiat Money?
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Jan 20, 2018 10:35
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after bitfinex closes up i wonder how much extra money theyll make selling all the identity theft info its users freely gave
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Jan 20, 2018 10:36
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MrMoo posted:Like, pretty much the definition of Fiat Money? Put your trust in Bitfinex; buy now! Fame Douglas fucked around with this message at 10:48 on Jan 20, 2018 |
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Jan 20, 2018 10:46
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its not the earliest opportunity but for it but it may be the best one that you will ever have again: trade your worthless fiat money for valuable bitcoin while the exchange rate is still this favorable
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Jan 20, 2018 10:51
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gary oldmans diary posted:after bitfinex closes up i wonder how much extra money theyll make selling all the identity theft info its users freely gave This has me concerned as well. People are giving away ridiculous quantities of sensitive personal information to blacklist exchanges like Bitfinex. A lot of people are opening themselves up to fraud but don't care because they want to get rich quick.
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Jan 20, 2018 10:53
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the dumb and dumber scene where lloyd opens up the briefcase and shows IOUs to mr samsonite except with USDTs
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Jan 20, 2018 11:32
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MrMoo posted:Like, pretty much the definition of Fiat Money? Exactly! Except instead of its value being based on the full faith and credit of a sovereign nation and the guranteed acceptance of that currency within that nation's jurisdiction, it's based on the full faith and credit of Phil Potter and Giancarlo Devasini and their British Virgin Islands-based company whose website sure seems to imply it's a totally real currency guaranteed to be backed in US Dollars at a 1:1 ratio and able to be freely converted back at any time, but whose terms and conditions plainly state it's not, and can't be, and whose only guaranteed acceptance is being used to trade with other autists for other cryptocurrencies. So exactly the same in every way. 100% correct. You're very clever for pointing that out. Thank you for enlightening us.
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Jan 20, 2018 12:27
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MrMoo posted:Like, pretty much the definition of Fiat Money? 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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Jan 20, 2018 12:33
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Who wants to play guess when they tried to pump bitcoin
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Jan 20, 2018 12:36
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I just came upon this site where we can get the latest news on upcoming ICOs! https://tokenmarket.net/ico-calendar/upcoming Buy them all and watch your money go up up up! Wasn't the whole bloody point of bitcoin was to create a universal world currency?
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Jan 20, 2018 12:42
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So Tether is like when I would start selling, say, something new I invented and I'm calling it Link. 1 dollar buys you 1 Link, and you can buy Bitcoins with them. I do say that I'm not obligated to buy back your Links for dollars, so I can just keep your dollars. I can also just print my own Links to buy Bitcoins. Said Links are presumably backed by dollars, except they're not. So as long as I can buy Bitcoins with the Links I just created out of thin air and cash those out for dollars, I'm basically printing my own money and the people now holding Links are left holding nothing because I'm not obligated to buy them back even if they were backed by actual money which they're probably not. Genius.
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Jan 20, 2018 12:48
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uXs posted:So Tether is like when I would start selling, say, something new I invented and I'm calling it Link. 1 dollar buys you 1 Link, and you can buy Bitcoins with them. I do say that I'm not obligated to buy back your Links for dollars, so I can just keep your dollars. The Aristocrats!
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Jan 20, 2018 12:55
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uXs posted:So Tether is like when I would start selling, say, something new I invented and I'm calling it Link. 1 dollar buys you 1 Link, and you can buy Bitcoins with them. I do say that I'm not obligated to buy back your Links for dollars, so I can just keep your dollars. i'm selling fethers, that are always worth (and backed by) 1 bitcoin = 1 fether! all the pogness without the transaction fees or delays! get em while theyre hot!
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Jan 20, 2018 13:06
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Uh oh, Bitcoin is slipping. Better inject 100MUSD-T, stat.
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Jan 20, 2018 13:14
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It's the adult version of "no give-backsies!!!!"
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Jan 20, 2018 13:23
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