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Shampy posted:It's kind of nutty how people who have no idea how any of this poo poo works are coming out of the woodwork making GBS threads on anything that even resembles a cryptocurrency. I have no stake in this except $40 in change left over but I at the very least can acknowledge how helpful it is to those of us who live in areas without access to medical marijuana and carfentanil. oh god i forgot about all the people unfortunate enough to not have a carfentanil supplier on their block, maybe bitcoin is the future....
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Feb 7, 2018 14:12
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CommieGIR posted:Friend touched the poop The old 'this is good for bitcoin' defence, lol.
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Feb 7, 2018 14:14
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Why the heck do these people hate the US central bank so much? Those bastards, overseeing this safe, stable, predictable, globally dominant currency! Can't wait to get rid of them! 
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Feb 7, 2018 14:18
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There are also four bills going through the Wyoming State Legislature this legislative session to expand cryptocurrency's availability in Wyoming - including one that allows for the placement of state records (business licenses, property deeds, etc.) to be stored on the blockchain, instead of in file cabinets that live in the Secretary of State's office. That's the entire point of the blockchain! The price is something we all certainly watch, but cryptocurrency is more than a "get rich quick" vehicle, and that's why cryptocurrency is here to stay Yes, the entire point of the blockchain. Which is related to bitcoin as a currency/store of value because
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Feb 7, 2018 14:18
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paternity suitor posted:I’m 100% sure a lot of people have thought this, and I’m 100% sure a non zero number of people have been killed because of it lol Does anyone have access to recent anonymyzed search queries for research/academia? I want to know how many people searched for both "buy btc" and "how to sell drugs"
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Feb 7, 2018 14:20
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lazorexplosion posted:Why the heck do these people hate the US central bank so much? Those bastards, overseeing this safe, stable, predictable, globally dominant currency! Can't wait to get rid of them! It's because they hate the economy (for good reasons), but have to blame it on a central authority or government figure (for bad ideologic reasons).
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Feb 7, 2018 14:23
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Finally, government can be truly fixed. By putting PDFs in a Git repo
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Feb 7, 2018 14:25
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Yes, surely a blockchain is the most efficient, nay only way to put government files on the internet.
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Feb 7, 2018 14:28
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A pamphlet being distributed in Brazil streets and public transport: "Invest your money 100% profit in 12 months guaranteed" loving lol
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Feb 7, 2018 14:42
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Just double checking to make sure I understand Tether. BTC goes down. Bitfinex/tether "prints" a bunch of $$ out of their asses, then buys a bunch of BTC to drive the price back up. But there is no real $$ behind the purchases. So they are just gaining more and more BTC without actually paying for it. For the people who are selling, where are they getting the $$ from? I feel like I might be missing something. But maybe not because the whole thing is so stupid that this very well may be exactly what is happening.
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Feb 7, 2018 14:50
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Elias_Maluco posted:A pamphlet being distributed in Brazil streets and public transport: "guaranteed by contract", no less. I'd like to think that my south-american fellows will be a bit more resistant to this type of scam by virtue of living in a region where even the government itself will scam you on a regular basis if you let them, but eh I've seen too many Herbalife idiots.
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Feb 7, 2018 14:54
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Waltzing Along posted:Just double checking to make sure I understand Tether. A Ponzi scheme in the flesh is always great to watch from the sidelines. The crash will be delicious, but I hope nobody kills himself over it, because there will be a pretty big fallout once they get shut down/get out while the getting is good.
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Feb 7, 2018 15:06
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Decius posted:A Ponzi scheme in the flesh is always great to watch from the sidelines. The crash will be delicious, but I hope nobody kills himself over it, because there will be a pretty big fallout once they get shut down/get out while the getting is good. stop hoping, dozens, if not hundreds of people will very definitely kill themselves over this (and other bitcoin scams/losses)
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Feb 7, 2018 15:28
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maybe there should be a blockchain for suicide prevention
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Feb 7, 2018 15:31
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Mozi posted:maybe there should be a blockchain for suicide prevention KevorkiKoin™ whenever somebody on the blockchain dies all their coins get distributed to other participants, whoever holds out to the end gets all the money!
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Feb 7, 2018 15:32
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Mirthless posted:KevorkiKoin™ Tontinecoin
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Feb 7, 2018 15:43
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lmfao at Euro Tethers someone brooding in the office then suddenly I GOT IT WE PRINT IT IN A DIFFERENT CURRENCY TO DA MOON
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Feb 7, 2018 16:01
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Fallows posted:oh god i forgot about all the people unfortunate enough to not have a carfentanil supplier on their block, maybe bitcoin is the future.... lmfao
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Feb 7, 2018 16:17
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yeah man my elephant is gettin real rowdy and i need to calm him down before he breaks into my banana warehouse again
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Feb 7, 2018 16:24
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Lets just tell Jeff Sessions this was a fake currency used to buy drugs on the interwebs. He'll be all over banning the piss out of it before you can blink.
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Feb 7, 2018 16:39
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Bitfinexed
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Feb 7, 2018 16:53
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Can someone help me understand how tethers play into this whole mess? If these tethers are buying up chunks of bitcoin does that mean others are selling their bitcoins for the tether currency? Why would people do this instead of converting to USD?
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Feb 7, 2018 16:57
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InternetJunky posted:Can someone help me understand how tethers play into this whole mess? If these tethers are buying up chunks of bitcoin does that mean others are selling their bitcoins for the tether currency? Why would people do this instead of converting to USD? It's faster and they can use the tether to buy other crytocurrency
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Feb 7, 2018 17:00
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InternetJunky posted:Can someone help me understand how tethers play into this whole mess? If these tethers are buying up chunks of bitcoin does that mean others are selling their bitcoins for the tether currency? Why would people do this instead of converting to USD? or since bitfinex and tether are owned by the same company, fake tether owned accounts can buy from suckers that accept tether or from fake bitfinex owned accounts which drives the price to the moon then bitfinex can use money coming in from suckers to pay people if they have to or they can just not process withdrawals hence ponzu
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Feb 7, 2018 17:04
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So when a tether buys bitcoins, is there an actual conversion performed between tether -> fiat currency -> bitcoin, or is it really just "trust us guys, we'll trade you these 10000 tether coins that we totally have backed by real money for your bitcoins"? I guess I just don't understand why anyone would trust these tether currencies.
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Feb 7, 2018 17:22
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InternetJunky posted:So when a tether buys bitcoins, is there an actual conversion performed between tether -> fiat currency -> bitcoin, or is it really just "trust us guys, we'll trade you these 10000 tether coins that we totally have backed by real money for your bitcoins"? I guess I just don't understand why anyone would trust these tether currencies. 
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Feb 7, 2018 17:24
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InternetJunky posted:So when a tether buys bitcoins, is there an actual conversion performed between tether -> fiat currency -> bitcoin, or is it really just "trust us guys, we'll trade you these 10000 tether coins that we totally have backed by real money for your bitcoins"? I guess I just don't understand why anyone would trust these tether currencies. There is no conversion because it's all done internally by the exchange that is printing tethers. Cryptocurrency trading is only even possible because the exchanges don't actually deal with actual bitcoin transactions until you are either depositing or withdrawing the Bitcoins from an outside source. An actual Tether -> USD -> Bitcoin transaction would cost money and take hours or more. So using tethers on bitfinex is all just instant changes on their internal books and since they make the tethers out of nowhere it's just swapping amounts of USDT with equal market values of Bitcoins. They decide how big the number of USDT they have is. Only when someone tries to withdraw from the exchange in either bitcoins or USD are there actual transactions they have to shuffle real assets for. The scam stays afloat as long as there aren't too many people cashing out and testing the guarantee. Basically when it goes up it's going to be way worse than Mt.Gox due to the amount of the people in the market and the amount of people that believe that it's value is guaranteed. You wouldn't believe how many people I see using Tether as a "Safe Harbor" from price fluctuations so they can stay close to cryptos. The overall lost amount of money might not be as high as Mt.Gox but more people are going to be affected. Instead of a true believer losing thousands of bitcoins they've been hoarding you'll have 1000 John Mainstreets lose their life savings. VictorianQueerLit fucked around with this message at 17:47 on Feb 7, 2018 |
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Feb 7, 2018 17:39
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They printed more than 2 billion Tethers though, this must be more than people put into mount Cocks.
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Feb 7, 2018 17:46
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Teather: https://www.youtube.com/watch?v=YAKOWcs8w54
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Feb 7, 2018 17:49
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amotea posted:They printed more than 2 billion Tethers though, this must be more than people put into mount Cocks. I was thinking that the amount of money people lose directly on having tethers become worthless wouldn't be more than the $500,000,000 MtGox theft because the vast majority of tether activity is bitfinex buying bitcoins from themselves with them. I know a ton of people see Tether as a guaranteed safe harbor that is immune from crypto instability I just didn't think it would be more than $500m worth of people. However, I wasn't figuring in the overall money lost when the entire market crumbles with it, which could easily be more than that.
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Feb 7, 2018 17:50
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VictorianQueerLit posted:I was thinking that the amount of money people lose directly on having tethers become worthless wouldn't be more than the $500,000,000 MtGox theft because the vast majority of tether activity is bitfinex buying bitcoins from themselves with them. I know a ton of people see Tether as a guaranteed safe harbor that is immune from crypto instability I just didn't think it would be more than $500m worth of people. Good point.
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Feb 7, 2018 17:54
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Feb 7, 2018 18:07
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VictorianQueerLit posted:There is no conversion because it's all done internally by the exchange that is printing tethers. I’m thinking the Tether scam is set up like this: 1) Print tethers 2) Trade Tether for BTC to suckers 3) Sell BTC for fiat on other exchanges or through private placement to investors, money launderers, drug lords, etc 4) Skip town with all the money Those Tether people are for sure going to just up and leave if they haven’t already.
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Feb 7, 2018 18:22
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ilmucche posted:There are also four bills going through the Wyoming State Legislature this legislative session to expand cryptocurrency's availability in Wyoming - including one that allows for the placement of state records (business licenses, property deeds, etc.) to be stored on the blockchain, instead of in file cabinets that live in the Secretary of State's office. That's the entire point of the blockchain! The price is something we all certainly watch, but cryptocurrency is more than a "get rich quick" vehicle, and that's why cryptocurrency is here to stay Bitcoiners sure makes it sound like intra-institutional document forgery is a more common problem that it seems. It's as if they think every day, a dozen people go to the State office and find out that their house belongs to someone else because without ~blockchain~ no one guarded the integrity of the deeds.
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Feb 7, 2018 18:33
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Pawn 17 posted:I’m thinking the Tether scam is set up like this: Wasn't Tether also taking direct Cash -> Bitcoin purchases? I suspect they are taking USD that way and planning to skip town.
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Feb 7, 2018 18:33
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dads friend steve posted:Tontinecoin You jest, but all this needs is a white paper. Dead Like Rev posted:Lets just tell Jeff Sessions this was a fake currency used to buy drugs on the interwebs. He'll be all over banning the piss out of it before you can blink. He already knows, google Operation Bayonet. There's no move to ban bitcoin because of the trail that transactions leave behind in the blockchain, which can be obfuscated by methods like tumbling, but not eradicated. It's not worth law enforcement's time to use something as high-effort as blockchain analysis on small buys and small buyers, especially since almost all small buyers on the darknet have no info at all about the identity of the person is they're buying from so there's nothing to be gained from them. But the big players like market management and vendors? They'll spend the time there, and the nature of the blockchain makes it worth it for them. That's another reason why there's a growing interest among markets and vendors in monero. Jikes fucked around with this message at 18:44 on Feb 7, 2018 |
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Feb 7, 2018 18:34
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Pawn 17 posted:I’m thinking the Tether scam is set up like this:
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Feb 7, 2018 18:43
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InternetJunky posted:It seems so ridiculously obvious, which is why I thought I didn't understand something about the process. True believers want it to not be a scam so it's not a scam to them. No matter how obvious of a scam it is. Just like me, being a rational person, responded to the news that there is a new flavor of tether in a different currency was that it was probably in response to the legal challenges they are facing in the United States and could be an attempt by them to profit while they can in a fresh market before it too can develop regulations and bust them. However the people that want it to not be a scam have spent all morning talking about how it's actually good for bitcoins because (insert whatever insane opinion you can dream of) I've heard anything from this making more europeans interested which is good because they have lower rates of acceptance of crypto than the rest of the developed world so therefore a huge market boost is incoming due to new buyers to This is actually a sign of extreme strength of tether because they wouldn't be dealing in Euros if they weren't confident enough to grow their business. Growth in the business of tethers means growth in cryptos and proof of the security and strength of Tethers since they are secure and strong enough to allow this move. or my personal favorite Bitfinex having EuroTethers means that it's a safety for the USDTethers. If they have issues with liquidity and cashing out the USDTethers then they now can use the Euros they guarantee they possess for EuroTethers to support USDTethers. And the USDTether's popularity will only boost and provide security for the EuroTether!
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Feb 7, 2018 18:54
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Pawn 17 posted:I’m thinking the Tether scam is set up like this: It's either that or they do have inventory of USD/Euro from sources that they are laundering money for, is the only explanation that make any semblance of sense to me.
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Feb 7, 2018 19:27
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I started a coin named SA-Tether and if you paypal me  or give me bitcoin i will give you a hash that shows that you own SA-Tether on my website.I will totally buy those back for real money soon, just not right now. But they are totally backed by real money. You see, I got investors because nothing gets investors faster than making a business that makes a dollar from one dollar. Low risk, steady income.
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Feb 7, 2018 19:32
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