|
I think it’s still fair to say that it does matter, since every tether being backed by 1 United States dollar was a foundational principle of the confidence scam
|
#
?
Jul 16, 2019 20:17
|
|
|
|
| # ? May 31, 2024 03:24 |
|
|
Lambert posted:Whether or not Bitfenix actually has one Dollar for every Tether doesn't matter, because they don't guarantee that you'll ever be able to redeem one Tether for a Dollar. There's also the fact that there's no evidence they have the USD, and all signs point to no
|
|
#
?
Jul 16, 2019 20:38
|
|
|
According to Reddit we're all wrong. 'Pegged' simply means selling them for one USD, not anything else and not being able to exchange them for a USD is nbd. That said, while some tether sites nominally cash out it's only for corporate accounts and only for transactions in excess of $100,000. Minus fees. Nominally. I've yet to see any evidence that they've done anything of the sort. Of course, why having any USD 'backing' tether matters isn't a question defenders can really answer but I'm sure it's all legit and aboveboard and nothing's wrong at all. 
|
|
#
?
Jul 16, 2019 20:43
|
|
|
I think I have it now. Most people using Tethers willfully ignore the fact that those coins ultimately have no true value, if it lets them get around some laws and taxes. Will the tether scam falling apart take crypto currency with it? Or will the cycle continue when a new coin pops up to take Tether’s place? I have to imagine that if Bitfinex keeps printing them whenever they need to push up Bitcoin’s price, they will eventually reach a saturation point.
|
|
#
?
Jul 16, 2019 20:51
|
|
|
I thought the us government was going after tether? Is there any news on that? How has this scam gone on so long and why is it being tolerated?
|
|
#
?
Jul 16, 2019 20:57
|
|
|
Overheard on NPR this morning: "Is Libra the astrological sign for money-laundering?" I chuckled.
|
|
#
?
Jul 16, 2019 21:07
|
|
|
Jenrai posted:Overheard on NPR this morning: "Is Libra the astrological sign for money-laundering?" idgi Shouldn't it be Gemini?
|
|
#
?
Jul 16, 2019 21:23
|
|
|
Libra is facebooks attempt to enter the financial services sector and get that sweet cut of dirty money that HSBC rolled around in
|
|
#
?
Jul 16, 2019 21:33
|
|
|
Tether is no longer even pegged to the USD, they gave up on that around half a year ago. And they fat-fingered it when printing another 500M tethers the other day and accidentally printed 5B, so they had to cancel 4.5B. I don’t know about you, but that seems 1000% legitimate to me!
|
|
#
?
Jul 16, 2019 21:34
|
|
|
So as of right now, the current bag holders are anyone with tethers, including Bitfinex because its is unlikely many of them could be exchanged for their purchase price if you bought them with dollars. Bitfinex also faces impressive liabilities in its ongoing prosecution by the New York State attorney general. It’s been a steady trickle of laughs.
|
|
#
?
Jul 16, 2019 21:38
|
|
|
I've kinda learned to not invest my trust in the American justice system.
|
|
#
?
Jul 16, 2019 22:15
|
|
|
Orvin posted:Will the tether scam falling apart take crypto currency with it? Ifinex (?) has said that if they fall over the price of bitcoin could tumble below 1000 I look forward to blood
|
|
#
?
Jul 16, 2019 22:20
|
|
|
Fleetwood Crack posted:I thought the us government was going after tether? Is there any news on that? How has this scam gone on so long and why is it being tolerated? It's just the New York state government going after them right now, and the US legal system operates at a glacial pace. The next court date is July 29.
|
|
#
?
Jul 16, 2019 22:26
|
|
|
Lambert posted:I've kinda learned to not invest my trust in the American justice system.
|
|
#
?
Jul 16, 2019 22:43
|
|
|
comedyblissoption posted:the next financial bailout in the impending crash earmarks funds for making whole depositors in USDT because some gullible billionaire was really hard into crypto Can't wait for Kamala Harris to go back to being a DA and talk a big game about prosecuting those Bitcoin fraudsters only to settle like all the other DAs.
|
|
#
?
Jul 16, 2019 22:47
|
|
|
 Decentralization always prevails
|
|
#
?
Jul 16, 2019 23:36
|
|
|
ghosTTy posted:
|
|
#
?
Jul 16, 2019 23:44
|
|
|
ghosTTy posted:Decentralization always prevails on the other hand, all of recorded history
|
|
#
?
Jul 16, 2019 23:52
|
|
|
Me, in the age of centralized cloud providers: "Decentralization always prevails" 
|
|
#
?
Jul 16, 2019 23:54
|
|
|
bitcoin gud becuz cold war
|
|
#
?
Jul 17, 2019 00:05
|
|
|
ghosTTy posted:Decentralization always prevails Khorne fucked around with this message at 00:11 on Jul 17, 2019 |
|
#
?
Jul 17, 2019 00:08
|
|
|
Khorne posted:It's weird because bitcoin and crypto are more centralized than regular currency. You can have millions of cash transactions with only two parties privy to each. For a bitcoin transaction to take place there has to be a centralized consensus from tons of parties at once. Resulting in delays, crazy fees, and a highly inefficient centralized system for achieving consensus. Adding more people decreases the efficiency of communication, and the myriad of payment processors for real digital transactions aren't all centralized. They act independent of one another. If Visa, Mastercard, or Amex were inefficient a new company would emerge and take a percent of each transaction to compensate. If crrpyot is inefficient tough luck. Better hope the devs improve it. None of this is correct, but you're still right, because the premise was wrong. Decentralization never wins because it's harder than centralization. Unless you're actively fighting against centralization, things naturally trend that way, hence why we all use Facebook and Google for everything on the internet now.
|
|
#
?
Jul 17, 2019 00:11
|
|
|
xtal posted:None of this is correct, but you're still right, because the premise was wrong. Decentralization never wins because it's harder than centralization. Unless you're actively fighting against centralization, things naturally trend that way, hence why we all use Facebook and Google for everything on the internet now. Khorne fucked around with this message at 00:21 on Jul 17, 2019 |
|
#
?
Jul 17, 2019 00:15
|
|
|
Awww, now you're bringing your schoolwork to the thread. So cute.
|
|
#
?
Jul 17, 2019 00:37
|
|
|
Khorne posted:There are facets of centralization and decentralization. Obviously I get how the existing system is very centralized in a way bitcoin is not, but bitcoin is centralized in a way that normal currency is not as well. And it turns out normal currency has a ridiculous efficiency advantage. Partially as a result. Bitcoin isn't centralized just because there's a single authoritative blockchain. You and your friends can make your own blockchain, but that doesn't mean other people are going to decide to use it. The decision of which blockchain to use takes work, which is why decentralized solutions cost more energy. The % of energy advantage is probably directly proportionate to the difference in centralization. To the extent that you can use the energy difference as an argument that it's more decentralized.
|
|
#
?
Jul 17, 2019 00:41
|
|
|
There's the real centralization that occurs because mining is a winner-takes-all activity which encourage huge economies of scale. Mining stops being something that a bunch of people can do in their idle time and instead has become an industrial process that now concentrates the "useful" work of bitcoin into a handful of the largest pools that effectively have veto authority on anything that happens on the network and the protocol. Literally the idiot's understanding of how the Fed works is being realized with Bitcoin which is an irony that seems lost on all the various proponents thereof.
|
|
#
?
Jul 17, 2019 01:07
|
|
|
Khorne posted:There are facets of centralization and decentralization. Obviously I get how the existing system is very centralized in a way bitcoin is not, but bitcoin is centralized in a way that normal currency is not as well. And it turns out normal currency has a ridiculous efficiency advantage. Partially as a result. Not exactly. Bitcoin is not centralized because no one put the power to control it into a single hand. The only value of something like this being made decentralized is to remove power from an individual. That's it. There is no other benefit to decentralization. The costs of doing this are higher costs, inefficiencies and slower processing time. But then here comes the core problem: with the system being open to everyone, it naturally leads to jungle law of open competition. The weak is weeded out until only a few remains. So they became the centralized power in control of the system. So Bitcoin is originally designed to be decentralized. It failed spectacularly. It will never work unless there's a governing body to oversee it and keep it decentralized. Ironically, that governing body would be centralized.
|
|
#
?
Jul 17, 2019 01:34
|
|
|
Bitcoin is decentralized
|
|
#
?
Jul 17, 2019 01:35
|
|
|
ghosTTy posted:Bitcoin is decentralized i don't know guys, this is a pretty strong argument. the rest of you posted a bunch of confusing words while this is simple and easy to grasp
|
|
#
?
Jul 17, 2019 01:44
|
|
|
The thing about "The weak is weeded out until only a few remains. So they became the centralized power in control of the system." is that anybody else can come along and 50%+1 that person as well
|
|
#
?
Jul 17, 2019 01:48
|
|
|
ghosTTy posted:Bitcoin is decentralized Why isn’t it at $1m yet?
|
|
#
?
Jul 17, 2019 01:52
|
|
|
Crawling out of my cave, I lift myself up. Whipping the blanket up and down near the bonfire, I send a smoke signal to my nearest neighbor, living ten miles away. The hot summer sun beats down on the cracked desert landscape. He lights a firework in response, to tell me he got the message. He's always been the smart one, able to make his own fireworks to send messages that way. Hopefully he doesn't lose his other foot making homemade explosives, but if he does, that's on him. I'm glad he got the message. It's an important message. The message was "DECENTRALIZATION ALWAYS PREVAILS". I hope he sends a microtransaction to the satellite high above to crypto-tip me for it. I could really use the money. I don't have reliable electricity to be able to check.
|
|
#
?
Jul 17, 2019 02:07
|
|
|
Burt Sexual posted:Why isn’t it at $1m yet? ...Because it's decentralized
|
|
#
?
Jul 17, 2019 02:25
|
|
|
xtal posted:The thing about "The weak is weeded out until only a few remains. So they became the centralized power in control of the system." is that anybody else can come along and 50%+1 that person as well How are you going to win the arms race against the current players who can expand their existing infrastructure for less than it would cost you to build new infrastructure? If you have so much money that you can afford to wrestle for control over butts, why aren't you spending it on something with actual economic value instead?
|
|
#
?
Jul 17, 2019 02:54
|
|
|
isndl posted:How are you going to win the arms race against the current players who can expand their existing infrastructure for less than it would cost you to build new infrastructure? Don't ask me, I'm just a scientist, you'll need an engineer to figure out the practice
|
|
#
?
Jul 17, 2019 03:00
|
|
|
ghosTTy posted:
Ghost tits who loving wrote that? Name me the historian who is dumb enough to claim decentralized "data processing" is what won the cold war so I can ensure I never read their work.
|
|
#
?
Jul 17, 2019 03:07
|
|
|
BUG JUG posted:Ghost tits who loving wrote that? Name me the historian who is dumb enough to claim decentralized "data processing" is what won the cold war so I can ensure I never read their work. "Homo Deus: A Brief History of Tomorrow (Hebrew: ההיסטוריה של המחר) is a book written by Israeli author Yuval Noah Harari, professor at the Hebrew University in Jerusalem." Apparently it's also about Internet-Of-Things and Big Data. Truly a must-read for anyone in middle-management at a dying mid-western insurance company.
|
|
#
?
Jul 17, 2019 03:13
|
|
|
Imagining that large organizations have an exploitable weakness borne of sluggishness and complacency is like crack for the libertarian mind. I think the reality is that large players warp their ecosystem around them to fit their own image, like a black walnut tree or other allelopaths.
|
|
#
?
Jul 17, 2019 03:27
|
|
|
resistentialism posted:Imagining that large organizations have an exploitable weakness borne of sluggishness and complacency is like crack for the libertarian mind. I think the reality is that large players warp their ecosystem around them to fit their own image, like a black walnut tree or other allelopaths. China Mieville has such a good quote about libertarians: "Big capital will support tax-lowering measures, of course, but it does not need to piss and moan about taxes with the tedious relentlessness of the libertarian. Big capital, with its ranks of accountant-Houdinis, just gets on with not paying it. And why hate a state that pays so well? Big capital is big, after all, not only because of the generous contracts its state obligingly hands it, but because of the gun-ships with which its state opens up markets for it. Libertarianism, by contrast, is a theory of those who find it hard to avoid their taxes, who are too small, incompetent or insufficiently connected to win Iraq-reconstruction contracts, or otherwise chow at the state trough. In its maundering about a mythical ideal-type capitalism, libertarianism betrays its fear of actually existing capitalism, at which it cannot quite succeed. It is a philosophy of capitalist inadequacy."
|
|
#
?
Jul 17, 2019 04:06
|
|
|
|
| # ? May 31, 2024 03:24 |
|
|
ghosTTy posted:Bitcoin is decentralized That's amazing! That must mean you don't need banks of any sort! Can you image if you went to big centralized exchanges for your transactions and they vanishedohwaitthatalreadyhappened... Decentralized though! Still working on that ExhaustCoin thing?
|
|
#
?
Jul 17, 2019 04:15
|
|
