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strange feelings re Daisy posted:It hasn't crashed yet. The New York Attorney General ordered them to issue a full audit of their reserves and they haven't done that yet. They hired a company in the Cayman Islands that did an attestation on their total assets. That report doesn't specify how much liquid USD they have. In fact the total assets would include bitcoin purchased with fraudulently printed Tether so the attestation is useless.
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Apr 1, 2021 05:51
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salt shakeup posted:It's more like 100 trillion now. And no, there was never a crash. In fact we've reached an All Time High every month for the past 4 months. If these trends continue.. .. ay! $100 trillion is more money than exists on earth.
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Apr 1, 2021 07:21
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Like, I have to emphasise this: $100 trillion is more money than actually exists in any sort of real form on this planet, including all digital ledgers. If salt shakeup is correct, there is no ability for the world to actually realise the "valuation" that Bitcoin has, so we have now hit the point where a very hard crash is mathematically the only way this can possibly end. This is why all of the vultures have started to circle; they know their connections and power will let them be the ones to extract that value while it still exists, before they destroy it.
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Apr 1, 2021 07:27
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Stanley Pain posted:Why would you want crypto back though? how else can you sell low and buy high? The thing is the technicals support further moves up even if the fundamentals scream hard no. So up we go notwithoutmyanus fucked around with this message at 08:30 on Apr 1, 2021 |
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Apr 1, 2021 08:27
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Isn't it known how many bitcoins are out there and by the valuation it's just over $1 trillion, where's the 100 come from? All the other coins combined can't make up the difference can they?
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Apr 1, 2021 08:33
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priznat posted:Isn't it known how many bitcoins are out there and by the valuation it's just over $1 trillion, where's the 100 come from? All the other coins combined can't make up the difference can they?
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Apr 1, 2021 09:38
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According to coindesk Tether's market cap (which should be their reserves if they're telling the truth (lmao)) is $42B https://www.coindesk.com/price/tether
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Apr 1, 2021 09:45
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strange feelings re Daisy posted:The thing is, they already admitted this in April 2019 when they said Tether is only 74% backed by USD. There was no crash when they released that information. I believe the NYAG audit deadline is in late May. Let's say that happens and it turns out Tether is 55% backed by USD. Will that information cause a crash when the revelation of 74% backing didn't? I don't know. IIRC it's the middle of May BUT the settlement also gives them room to gently caress around beyond that. so they could drag it on well into the summer if they want to. re: amount of tether printed: https://coinmarketcap.com/currencies/tether/ - change it to "market cap". Since the supposed value of a tether is 1 USD, the number in dollars gives you approximately the number of tethers printed. Obviously that will stop working if the happening happens.
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Apr 1, 2021 10:09
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Hammerite posted:IIRC it's the middle of May BUT the settlement also gives them room to gently caress around beyond that. so they could drag it on well into the summer if they want to. this also lets you marvel at how the graph of "lying over time" resembles an exponential function. there's probably an economic law about it, that someone cleverer than me would know about.
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Apr 1, 2021 10:11
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Somfin posted:Like, I have to emphasise this: $100 trillion is more money than actually exists in any sort of real form on this planet, including all digital ledgers. If salt shakeup is correct, there is no ability for the world to actually realise the "valuation" that Bitcoin has, so we have now hit the point where a very hard crash is mathematically the only way this can possibly end. This is why all of the vultures have started to circle; they know their connections and power will let them be the ones to extract that value while it still exists, before they destroy it. Not like any part of the economy makes sense or is real anymore.
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Apr 1, 2021 10:53
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Flannelette posted:Not like any part of the economy makes sense or is real anymore. You're not wrong. But today I found out the estimate for total money tops out at a bit above 80 trillion. And that caps the price of crypto real nice.
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Apr 1, 2021 11:48
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Party Boat posted:According to coindesk Tether's market cap (which should be their reserves if they're telling the truth (lmao)) is $42B Yeah, tether is very clearly a scam and will eventually crumble, but at this point there is enough actual USD in the crypto ecosystem that tether's collapse won't cause a complete crypto collapse. The thing that will cause the next crash will be the same thing that caused the current high prices: hype and momentum. When that will happen, who knows. poo poo, Gamestop stock is still at $189 today.
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Apr 1, 2021 12:36
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strange feelings re Daisy posted:The thing is, they already admitted this in April 2019 when they said Tether is only 74% backed by USD. There was no crash when they released that information. I believe the NYAG audit deadline is in late May. Let's say that happens and it turns out Tether is 55% backed by USD. Will that information cause a crash when the revelation of 74% backing didn't? I don't know. Requirements (or lack thereof) aside, Tether is never, ever going to get a full-fledged honest-to-god financial statement audit, for a variety of reasons in addition to problems with their reserve. No stablecoin issuer is, because drafting and auditing GAAP or IFRS-compliant financial statements would force them to reckon with the fact that the legal arrangements behind stablecoins are either unenforceable bullshit or in violation of American securities laws.
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Apr 1, 2021 12:49
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BUYING BITCOIN (aka HODLING) is NOT a good idea. I’ve tried it (back in the day) and it was WORSE than anything that happened to HUNTER BIDEN. I “bought in” with some buddies in Kentucky and woke up 4 days later in Nairobi, Kenya. With no idea what happened. DON’T BUY BITCOIN.
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Apr 1, 2021 13:12
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LanceHunter posted:Yeah, tether is very clearly a scam and will eventually crumble, but at this point there is enough actual USD in the crypto ecosystem that tether's collapse won't cause a complete crypto collapse. The thing that will cause the next crash will be the same thing that caused the current high prices: hype and momentum. When that will happen, who knows. poo poo, Gamestop stock is still at $189 today. One of my friends has cashed out $17000 from gamestop, mostly day trading while working in an abusive environment for barely more than minimum wage. He still has like 5k in or something but extracted the lion's share. Dumb, and hilarious. Good on him for not telling me until after, too, since I would have strongly discouraged this.
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Apr 1, 2021 13:37
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LOL! https://www.wildbrain.com/newsreleases/teletubbies-launch-new-cryptocurrency-tubbycoin/
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Apr 1, 2021 13:59
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Good lord, Teletubbies is dunking on nocoiners at this point. You're some real cus-tards. 
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Apr 1, 2021 14:01
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NARRATOR: where have my tubbycoins gone?!
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Apr 1, 2021 14:03
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InternetJunky posted:Last time I was in this thread more than a year ago tether coins were all the rage and millions in "very real" currency was being injected into them to prop up bitcoin prices. Is that still a thing? Did a huge crash happy when people realised it's just some dude saying "I totally have 300 million in the bank, trust me" Tether proved their current reserves were backed for a minute by getting a second rate accountancy firm to do, not an audit, but an attestation. And all the backing isn't in cash, it's in myriad forms including "digital assets". Is Tether required to show the results of a full audit to the public anytime soon? I'm not aware of the full requirements of their settlement. Ccs fucked around with this message at 14:29 on Apr 1, 2021 |
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Apr 1, 2021 14:26
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Ccs posted:Tether proved their current reserves were backed for a minute by getting a second rate accountancy firm to do, not an audit, but an attestation. And all the backing isn't in cash, it's in myriad forms including "digital assets". Ccs posted:Is Tether required to show the results of a full audit to the public anytime soon? I'm not aware of the full requirements of their settlement. Blotto_Otter posted:FYI, the NY AG settlement agreement makes no mention of an audit requirement. They are requiring Tether to provide certain financial information, but I do not believe that they stipulated a full audit.
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Apr 1, 2021 14:51
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I'm failing to understand why people are still joining the pile-up of getting owned by Teletubbies
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Apr 1, 2021 14:52
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The sun baby but instead of laughing and smiling it's animatedly trying to convince you to get into Tubbycoin the second any part of its head is above the horizon
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Apr 1, 2021 14:53
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what the gently caress is a tella tubby and why does some dipshit think that an april fool's joke poking fun at the crypto craze is "owning the nocoiners"
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Apr 1, 2021 15:00
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Vinesauce Vinny play with teletubbies https://www.youtube.com/watch?v=ONl8TSlzV5U
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Apr 1, 2021 15:05
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Also im getting flash backs yet again to the epic chuck e cheese token vs bitcoin practicality argument ITT
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Apr 1, 2021 15:06
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xtal posted:I'm failing to understand Yes.
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Apr 1, 2021 15:08
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teletubbies are dunking on someone there for sure but it's not nocoiners perhaps some people have such vast crypto riches they doth forget what day it is
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Apr 1, 2021 18:16
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1617249600? So what?
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Apr 1, 2021 19:37
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A recently hired manager at my workplace has started selling NFTs and scheduled a meeting today to pitch the concept to us and show us the SNL NFT sketch. A half hour pitch and then “discussion” about the power of NFTs for another half hour. Everyone was required to attend the meeting, even the ceo and upper management. A few people raised the environment issue but were assured they would be solved soon. We were told we could bill this time as overhead so basically a few hundred people wasted an hour of company time, adding up to at least $10,000 of labor cost, to hear this pitch that circuitously benefits one person.
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Apr 2, 2021 03:03
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What in god's name does your company do. I've always found it a bit amusing that the very successful software company I've been working at for 11 years has exactly zero bitcoin advocates.
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Apr 2, 2021 03:17
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xtal posted:1617249600? So what?
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Apr 2, 2021 03:22
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I've been busy trying so I haven't had time to process NFTs, but I am getting around to it... Is my understanding correctly, that it is basically a blockchain receipt from a digital gallery that you "own" the right to display, but not actually possess the actual copyright to a file that is capable of being exactly reproduced an unlimited number of times without relieving it's provenience, like the actual ultra-high end art market is absolutely full of forgeries, scams and why photographs dictate a much smaller market than sculptures and paintings? Like, literally the only difference between me making a copy of a Beeple file and displaying it in my home and the person that paid money for it is some pedantic nerd will argue with me that while it is completely identical in every way, I don't have the receipt? That doesn't make sense, at least in the case of artificial scarcity of art, the original negatives and molds are destroyed? Literally no one is like "Well, I actually subscribed to Brazzers to download this video, I didn't get it off some piracy site, I can show you the receipt!  " Like even in digital "art", there has always been some nominal DRM/actionable copyright mechanism and even then people didn't even really care if they had an easy way to bypass it.This is somehow ever incredibly dumber than Bitcoin if I understand it correctly, which I believe I do. I feel like this is like getting into some sort of argument with someone I printed a photo for on if it was printed in Genuine HP Photo Archival Ink TM. Three Olives fucked around with this message at 07:52 on Apr 2, 2021 |
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Apr 2, 2021 07:48
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Three Olives posted:I've been busy trying so I haven't had time to process NFTs, but I am getting around to it... More or less. I guess the most charitable take would be it's like a receipt for a donation you made to support a given piece of content. But then there is a market for selling donation receipts, I guess? Until it implodes once the weaponized stupidity catches up with "the NFT market."
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Apr 2, 2021 07:58
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CaptainSarcastic posted:More or less. I guess the most charitable take would be it's like a receipt for a donation you made to support a given piece of content. But then there is a market for selling donation receipts, I guess? Until it implodes once the weaponized stupidity catches up with "the NFT market."
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Apr 2, 2021 08:07
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CaptainSarcastic posted:More or less. I guess the most charitable take would be it's like a receipt for a donation you made to support a given piece of content. But then there is a market for selling donation receipts, I guess? Until it implodes once the weaponized stupidity catches up with "the NFT market." So basically this is the feeling about pirating the Brazzers video of your favorite sex worker instead of their OnlyFans content, if the OnlyFans content wasn't much more difficult to pirate because of market interest in piracy. Nessus posted:The impression I got is that the idea, ultimately, was like you have a certificate on some cockchain or other saying "The owner of this certificate is the legal owner of hello.jpg," despite the fact that you can make infinite copies of hello.jpg. You could, perhaps, analogize this to fine art etc. because while you could have a super-high-resolution photo of the Mona Lisa, or even a 3D scan that would catch all kinds of subtle details, someone has to have possession of the ACTUAL painting. But there still is an actual painting, actual reproductions of art have always commanded much less value, again, that's why the high-end fine art photography market is much, such, much smaller than the market for painting and sculpture. There is no actual painting, there is just the receipt. No one has ever come into my home and demanded to see the receipt if I insane enough to have an actual Dyson fan and not a knockoff because I am trying to fan flex, that is clearly crazy. Donald Trump was elected president and there are multiple cases of him lying about passing off reproductions or counterfeit goods as originals. Vanity Fair posted:Years ago, while reporting a book about a real-estate developer and reality-TV star named Donald Trump, Tim O’Brien accompanied his subject on a private jet ride to Los Angeles. The plane, as you can imagine, was overly ornate; hanging on one wall, for instance, was a painting of two young girls—one in an orange hat, the other wearing a floral bonnet—in the impressionistic style of Renoir. Three Olives fucked around with this message at 08:31 on Apr 2, 2021 |
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Apr 2, 2021 08:10
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I don't think that quite holds true, because anybody can make an NFT about anything. Buying an NFT is more like buying a burned DVD out of the back of a truck that the guy assures you is totally legit from your favorite entertainer. And then you get home and the DVD only has a torrent link.
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Apr 2, 2021 08:19
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Three Olives posted:I've been busy trying so I haven't had time to process NFTs, but I am getting around to it... I find it easiest to explain that NFTs are tinyurl links to someone's deviantart postings. That you pay money for. Why anyone is buying these is a wonderful lesson in how easy people are to bullshit. South Seas Company all over again.
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Apr 2, 2021 11:30
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You also have to remember that the technical nitty-gritties are not discussed at all, the marketing is all breathless hype proclaiming this as a new dawn of ownership that because of the BLOCKCHAIN and how each token is NON FUNGIBLE and [technobabble] GET YOURS TODAY.
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Apr 2, 2021 13:27
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 https://www.heraldmailmedia.com/new...2e84b4b206.html quote:The new indictment charges that Greenberg carried out a scheme to defraud the Tax Collector’s Office and Seminole County “of money and property” — using his elected position to “embezzle and divert” more than $400,000, including through purchases of digital currency.
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Apr 2, 2021 14:47
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Duhh. You need the bitcoin to pay for the sex trafficking.
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Apr 2, 2021 15:27
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