Moridin920 posted:TAKE PROFITS SOMETIMES lmao jfc
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# ? Sep 14, 2018 05:34 |
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# ? May 29, 2024 17:50 |
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Klyith posted:Well when one single idiot hedge fund lost $134 million dollars on buttcoins at least he's technically correct that the vast majority of monetary loss is by big players.
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# ? Sep 14, 2018 08:01 |
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I always figured if you make gains you sell off our initial investment and play with house (other idiots') money afterward
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# ? Sep 14, 2018 09:49 |
ilmucche posted:I always figured if you make gains you sell off our initial investment and play with house (other idiots') money afterward
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# ? Sep 14, 2018 10:43 |
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this isn't an investment, this is a religion.
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# ? Sep 14, 2018 19:33 |
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A big flaming stink posted:this isn't an investment, this is a religion. It is not a cult. Also: one of the OG altcoin scammers finally got sent to prison (kind of?)
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# ? Sep 14, 2018 19:40 |
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EorayMel posted:It is not a cult. My ex interviewed for a job at this place. She ultimately turned it down because she felt uneasy working with crypto when she barely understood it herself. The interviewer told her "If you ever figure out bitcoin please let me know, lol!"
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# ? Sep 14, 2018 19:45 |
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I thought this comment was pretty funny:quote:The astonishing amount of time, money and effort that has been put into cryptocurrencies is a sociological marvel. Every emotion, every cognitive bias, every aspect of the human experience is on display. And it's all fully documented, in real time. Mass delusion in Big Data. A thousand sociology PhDs could be written about reddit's /r/cryptocurrency alone. A joyous, despairing, dissonant, gloating, brooding, witty, witless, confusing, euphoric mass. from here: https://news.ycombinator.com/item?id=18000907
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# ? Sep 17, 2018 10:22 |
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I appreciate how the responses to that response are so perfectly up their own rear end to make that one a perfect singularity.
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# ? Sep 17, 2018 16:20 |
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shitcoin
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# ? Sep 17, 2018 17:42 |
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6k seems to be both titular to this thread, and the point at which the tether printer is triggered. Keep your eyes peeled boys, the printer is warming up.
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# ? Sep 17, 2018 23:29 |
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*gets big whiff of that dot matrix smell*
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# ? Sep 18, 2018 00:06 |
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Alan Smithee posted:*gets big whiff of that dot matrix smell* please don't post your reboot fan fics
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# ? Sep 18, 2018 00:09 |
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I love the smell of ozone in the morning
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# ? Sep 18, 2018 00:17 |
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My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.
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# ? Sep 18, 2018 00:56 |
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Veni Vidi Ameche! posted:My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters. you print a certificate (?) that corresponds to a dollar and that dollar is somehow also a dollar's worth of bitcoin also the dollars are totally real no need to go worrying about where all the dollars are
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# ? Sep 18, 2018 01:01 |
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Veni Vidi Ameche! posted:My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.
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# ? Sep 18, 2018 01:02 |
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Veni Vidi Ameche! posted:My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters. In order to hike up the price of crypto coins, you need dollars to buy them. This is problematic if you have limited dollars. So what if there's a type of coin that can made and the makers just say that they're worth 1 dollar each? Then you have unlimited dollars to buy other coins with! It's monopoly money to buy other monopoly money, like trading newspaper clipping for paint chips. So it's not technically illegal (???).
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# ? Sep 18, 2018 01:14 |
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Lol, wait. Are you saying there's another coin that's just pegged to the dollar, and you can mine it (presumably more easily than Bitcoins), and then trade it on exchanges for Bitcoin? Am I completely misunderstanding that? If not, why in the world would the exchanges allow that? Are people actually paying $1 for a coin that is pegged to $1, and won't go up?
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# ? Sep 18, 2018 01:59 |
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you can't mine tether and you can't actually trade it back in for dollars tho lol
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# ? Sep 18, 2018 02:02 |
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sincx fucked around with this message at 06:39 on Mar 23, 2021 |
# ? Sep 18, 2018 02:03 |
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Veni Vidi Ameche! posted:Lol, wait. Are you saying there's another coin that's just pegged to the dollar, and you can mine it (presumably more easily than Bitcoins), and then trade it on exchanges for Bitcoin? Am I completely misunderstanding that? If not, why in the world would the exchanges allow that? Are people actually paying $1 for a coin that is pegged to $1, and won't go up? A major exchange was insolvent, so they printed millions of IOUs they call "Tether" to pay off their debts with instead. It worked so well that they regularly print millions more that they use to buy more Bitcoin and pump up the price.
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# ? Sep 18, 2018 02:14 |
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Veni Vidi Ameche! posted:Lol, wait. Are you saying there's another coin that's just pegged to the dollar, and you can mine it (presumably more easily than Bitcoins), and then trade it on exchanges for Bitcoin? Am I completely misunderstanding that? If not, why in the world would the exchanges allow that? Are people actually paying $1 for a coin that is pegged to $1, and won't go up? First, to the exchange Bitfinex it's free money. They pinky-swear there's a dollar in a bank somewhere for every Tether they've ever sold. There almost certainly is not and everyone knows it. They will under no circumstances give you USD in exchange for your Tethers. Second, to traders/consumers it's a "stablecoin" they can cash out to from other riskier shitcoins and vice versa. Going from BTC -> USD involves significant fees and paperwork, but going BTC -> something that is always worth exactly a dollar involves minimal fees and less paperwork, so obviously you should just trade Tethers. Everyone trading Tether knows the emperor has no clothes, but as long as everyone pretends the emperor does everyone can go on trading Tethers for other altcoins and back and forth forever.
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# ? Sep 18, 2018 02:14 |
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uh oh, looks like a long dormant mt gox wallet is dumping $720M+ of coins, going to trouble to obscure the source of transactions. They could dump all this poo poo at once from all the new wallets. https://www.ccn.com/dormant-720-million-bitcoin-wallet-owner/ quote:This Dormant $720 Million Bitcoin Wallet Has Woken Up – But Who Owns It? Sophy Wackles fucked around with this message at 02:21 on Sep 18, 2018 |
# ? Sep 18, 2018 02:19 |
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It’s the us government. Moving seized funds.
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# ? Sep 18, 2018 02:56 |
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Bjørnhval!
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# ? Sep 18, 2018 03:03 |
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Tether is amazing. I did a quick skim of the Wikipedia Tether article to supplement what you’ve just told me. Let’s see if I’ve got this. - Tether is issued with the promise that each one is backed by one US dollar. No one believes this. - Bitcoiners being Bitcoiners, they buy (or cash out to) Tether, anyway. - The amount of Tether in the wild grew from $10,000,000 to $2,800,000,000 (lol) in a year and a half (lol), each one still backed by one US dollar (lol) - Tether accounted for 80% (lol) of Bitcoin trades in the summer of 2018. - The Tether scam issuing company promised an audit to prove they had the capital to back their funny money, but failed to follow through, and failed to satisfy withdrawal requests in 2017. - Because Tether is somehow even less negotiable than Bitcoin, people just use it as a value store to cash in and out of Bitcoin. A person with 6,000 Tether buys one Bitcoin, waits for the price to go up to $7,000, then cashes that back out to Tether. When Bitcoin drops to $6,000, again, that person buys another Bitcoin, cashes out when Bitcoin hits $7,000, again, and now has 8,000 Tether, no Bitcoins, and no actual dollars. How’d I do?
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# ? Sep 18, 2018 04:14 |
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Veni Vidi Ameche! posted:My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters. Have you ever heard a Bitcoiner rant about what they think (((The Federal Reserve))) is doing. That's basically what Tether is actually doing.
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# ? Sep 18, 2018 04:19 |
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Veni Vidi Ameche! posted:- The amount of Tether in the wild grew from $10,000,000 to $2,800,000,000 (lol) in a year and a half (lol), each one still backed by one US dollar (lol) most of them were printed around the end of the year, going from a couple million to billions in like 2 months. they started small, only adding a few thousand but by the peak they were printing millions at a time coincidentally this is also when bitcoin jumped up to 19.8k
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# ? Sep 18, 2018 05:56 |
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Veni Vidi Ameche! posted:Tether is amazing. Even better is that they not only failed to follow through on an audit, they actually kept hiring auditors so that they could post a document on reddit showing everyone that they're totally getting audited, but then they'd always fire the auditor at the last second. And eventually they hired an auditor who basically published a letter that was like "All that we can confirm is that they have a bank account" There have also been a number of studies showing that Tether is produced in response to market conditions and has propped up some insane amount of Bitcoin's price
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# ? Sep 18, 2018 08:10 |
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QuarkJets posted:There have also been a number of studies showing that Tether is produced in response to market conditions and has propped up some insane amount of Bitcoin's price its just a coincidence
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# ? Sep 18, 2018 09:02 |
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Veni Vidi Ameche! posted:Tether is amazing. You missed the part where its controlled by a major exchange and they always print a bunch more to boost the price of bitcoin whenever it starts dipping down
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# ? Sep 19, 2018 03:28 |
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Boxturret posted:
lol was tether really behind the great shitcoin bubble of 2017
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# ? Sep 19, 2018 03:35 |
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On a scale of 1 to mycrimes.txt, how stupid are these guys for not fleeing the country already? They've probably made a few million, could live on the beach somewhere nice under an assumed name.
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# ? Sep 19, 2018 04:13 |
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Tacky-rear end Rococco posted:On a scale of 1 to mycrimes.txt, how stupid are these guys for not fleeing the country already? We are presently hovering at mycrimes.zip. It's clear on the face of it what's in there, but no one's actually double-clicked "open" to actually read the contents.
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# ? Sep 19, 2018 04:54 |
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I am pissed off I didn’t think of tether, that is the best bitcoin money maker
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# ? Sep 19, 2018 04:58 |
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let it mellow posted:I am pissed off I didn’t think of tether, that is the best bitcoin money maker
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# ? Sep 19, 2018 07:28 |
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Tacky-rear end Rococco posted:On a scale of 1 to mycrimes.txt, how stupid are these guys for not fleeing the country already? They've probably made a few million, could live on the beach somewhere nice under an assumed name. They were never in the country to begin with. Bitfinex (the people who print Tether) are a Hong Kong company registered in the virgin islands. Everyone putting money into crypto has been throwing their money into international transfers to shady countries for years now. The first exchange owned and operated within the US only opened last year (and then promptly send everyone's earnings records to the IRS, which was quite a shock to many buttcoiners).
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# ? Sep 19, 2018 12:41 |
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Akratic Method posted:We are presently hovering at mycrimes.zip. It's clear on the face of it what's in there, but no one's actually double-clicked "open" to actually read the contents. Lol, thank you for this
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# ? Sep 19, 2018 13:00 |
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# ? May 29, 2024 17:50 |
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haha yes
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# ? Sep 19, 2018 18:15 |