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xtal posted:Decentralized currency: A reliable investment. Solid. Dependable. If you check the talk page for Wikipedia's Tether article, you can easily see that pro-coiners attempted to influence the article. Their content was removed because they failed to provide reliable sources for their claims. Feel free to find some reliable pro-coin sources to help them out. That can't be too difficult for a master hacker such as yourself, right?
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Apr 27, 2021 17:18
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Uh, I don't think Wikipedia is decentralized Edit: actually every part of your post is wrong but that's the part that stood out to me first
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Apr 27, 2021 17:43
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xtal posted:Edit: actually every part of your post is wrong but that's the part that stood out to me first So reliable pro-coin sources are too difficult for you to find?
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Apr 27, 2021 17:47
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What are you even asking me for? In case you missed my point, I'm alluding to the Wikipedia editor who posts in this thread. Not exactly wild speculation.
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Apr 27, 2021 17:50
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Also Jimmy Wales is an objectivist. But I guess you can overlook that when you're at the top of the ladder.
xtal fucked around with this message at 18:03 on Apr 27, 2021 |
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Apr 27, 2021 17:53
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xtal posted:Also Jimmy Wales is an objectivist. But I guess you can overlook that when you're at the top of the ladder. You're like a real life version of the "you participate in society" comic
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Apr 27, 2021 18:17
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xtal posted:What are you even asking me for? In case you missed my point, I'm alluding to the Wikipedia editor who posts in this thread. Not exactly wild speculation. Yes, his name is all over the comments on the discussion page. In case you missed my point (no one cares about yours), if any pro-coin Wiki editors wanted to change the article to present what they and apparently you would consider to be a more neutral article, all they have to do is base their contributions on reliable sources. Mysteriously, they can't seem to come up with any. If you find the article problematic, feel free to contribute. I watched a similar situation play out a few years ago on the Wiki article on Morgellon's, between some very enthusiastic folks who thought it was a real disease and several editors who repeatedly tried to explain to them that their sources were garbage. Hello Sailor fucked around with this message at 18:44 on Apr 27, 2021 |
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Apr 27, 2021 18:39
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I didn't even read the article history so it's actually super funny that my post, where all I said was "this was probably written by a goon" ended up being true. Lol. Edit: snipped some stuff that is uncomfortably close to offsite drama. xtal fucked around with this message at 18:49 on Apr 27, 2021 |
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Apr 27, 2021 18:46
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xtal posted:Uh, I don't think Wikipedia is decentralized I'm distinctly disappointed you didn't call them a nocoiner. That's incredible restraint for you
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Apr 27, 2021 19:21
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Tether being supposedly backed by USD I can understand (although I'm unclear as to if you can actually cash out USDT for dollars and from whom). What perplexes me is how Tether supposedly backs Bitcoin. Is it the idea that you can hypothetically swap BTC for USDT and then cash out? Or something else?
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Apr 27, 2021 19:41
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Bright Bart posted:Tether being supposedly backed by USD I can understand (although I'm unclear as to if you can actually cash out USDT for dollars and from whom). It works in one direction, but the other way has yet to be determined
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Apr 27, 2021 19:52
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Bright Bart posted:Tether being supposedly backed by USD I can understand (although I'm unclear as to if you can actually cash out USDT for dollars and from whom). Everything works until lots of people start trying to change large amounts of bitcoin into cash in the exchanges. The exchanges are going to have to tell them they don’t have the cash but you can have tons of tether. 😂
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Apr 27, 2021 20:14
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Tether is essentially serving the purpose that fractional reserve banking serves for real currencies. You need a lot of liquidity in a financial system to keep it functioning. Most banks are able to operate with only a fraction of the total amount of deposits on their books actually in their vaults, and they can use the rest to make loans and provide finance to other entities (who need the money to grow their various enterprises). Since cryptocurrency in general and bitcoin in particular were conceived in a pool of libertarian brainworms, the very notion of fractional reserve banking is anathema to them and no exchange would be able to do it without freaking out the true believers and causing them to abandon it. The true believers want every single cent in their exchange accounts to actually exist in the exchange's bank account. How do you achieve this and have a workable business (especially in the early days of crypto, when there still wasn't a lot of liquidity in the market)? You run the tether printer. Now the exchange can multiply the power of the USD in its bank account, by making purchase with USDT that will raise the price of crypto in USD. It's a scam, but it seems to have worked. At this point there is an obscene amount of tether out there, but the scam hasn't collapsed yet. Also, there is now enough actual real-USD liquidity in the crypto market that tether is no longer as critical to the pricing as it used to be.
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Apr 27, 2021 20:53
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I'll make a stablecoin you can buy for 1 USD but the button to sell it back on the exchange will just be a dead link.
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Apr 27, 2021 20:57
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Lol $100m of Tesla's $400m profit in Q1 was from selling bitcoins after Elon pumped it in January.
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Apr 27, 2021 21:03
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blunt posted:Lol $100m of Tesla's $400m profit in Q1 was from selling bitcoins after Elon pumped it in January. That's hilarious.
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Apr 27, 2021 21:14
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Literally nothing could make me happier than a TSLA quarterly earnings report indicating that they would have been profitable but for a dive in crypto prices
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Apr 27, 2021 21:30
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Hammerite posted:roko's modern basilisk
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Apr 27, 2021 21:41
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Mad Dragon posted:NM... it's still there..... People who cannot spell “you’re” or “you” in the middle of giving investment advice maybe are not the folks giving investment advice you should listen to.
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Apr 27, 2021 22:06
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These are the same people who think constantly posting links to their MLM bullshit is "muh hustle".
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your just jealous, stupid hater nocoiner
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Apr 27, 2021 22:14
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DerekSmartymans posted:People who cannot spell “you’re” or “you” in the middle of giving investment advice maybe are not the folks giving investment advice you should listen to. time is money and I ain't got time to spel corect words
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Apr 27, 2021 22:14
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Ccs posted:Haha yeah the Tether wikipedia article is a greatest hits of all the ways it has hosed up. I dunno, the “auditing” process, explained by a financial goon to us laypersons was even better. I mean who have you known to laugh at an audit?
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Apr 27, 2021 22:50
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Hello Sailor posted:Yes, his name is all over the comments on the discussion page. In case you missed my point (no one cares about yours), if any pro-coin Wiki editors wanted to change the article to present what they and apparently you would consider to be a more neutral article, all they have to do is base their contributions on reliable sources. Mysteriously, they can't seem to come up with any. If you find the article problematic, feel free to contribute. Morgellon’s By Proxy would be a cool antivaxxer’s Username.
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Apr 27, 2021 22:53
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Don't forget that, for a long time, Bernie Madoff (and his supporters) pointed to how quickly people would get checks when withdrawing as a source of legitimacy. It was only when a lot more people were withdrawing money that the whole thing imploded.
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Apr 27, 2021 23:04
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I don’t see what anyone’s worried about I’m sure you’ll be able to cash out all of your bitcoin for tether.
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Apr 27, 2021 23:30
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Decentralize my rear end. Right into the toilet.
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Apr 28, 2021 00:30
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I still want to know where the money is coming from that is supposedly backing tether. Maybe I'm missing a piece of the puzzle, but if there's 50 billion in tether then shouldn't there be 50 billion sitting in a bank account somewhere earning .001% interest? Seems like a good use for that money.
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Apr 28, 2021 00:32
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InternetJunky posted:I still want to know where the money is coming from that is supposedly backing tether. Maybe I'm missing a piece of the puzzle, but if there's 50 billion in tether then shouldn't there be 50 billion sitting in a bank account somewhere earning .001% interest? Seems like a good use for that money. No, scroll up. Most of it is dollars owed to tether by crypto-adjacent companies they loaned tether to. The dollars didn't exist in the first place, but they theoretically will if everyone tether loaned out is paid back Andy Dufresne fucked around with this message at 00:53 on Apr 28, 2021 |
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Apr 28, 2021 00:35
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buttcoin
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Apr 28, 2021 01:00
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Andy Dufresne posted:No, scroll up. Most of it is dollars owed to tether by crypto-adjacent companies they loaned tether to. I mean they’re only printing like 5 billion Tether a month. Im sure its legit.
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Apr 28, 2021 01:04
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Jose Valasquez posted:You're like a real life version of the "you participate in society" comic That's a bit of an understatement or an oversimplification. Put simply it just seems weird to me to hate libertarians so much and then spend a lot of time working for one for free. It leaves you to speculate why, because I won't.
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Apr 28, 2021 01:29
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xtal posted:That's a bit of an understatement or an oversimplification. Put simply it just seems weird to me to hate libertarians so much and then spend a lot of time working for one for free. It leaves you to speculate why, because I won't. So we do live in a society, huh, really makes you think.
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Apr 28, 2021 01:45
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Paladinus posted:really makes you think.
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Apr 28, 2021 01:47
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If I wanted to buy $5000 worth of Bitcoin, which ones should I get
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Apr 28, 2021 04:03
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Get Bitcoiin2gen, how can a currency promoted by Steven Seagal fail to give profits?
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Apr 28, 2021 04:06
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Diet Coke Can posted:If I wanted to buy $5000 worth of Bitcoin, which ones should I get Only buy unwashed buttcoins. You need to be able to smell them.
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Apr 28, 2021 04:59
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Lol at calling your dodgy coin company explicitly designed to be as murky as possible “Bitcoin Fog” https://www.wired.com/story/bitcoin-fog-dark-web-cryptocurrency-arrest/ With of course the added lol that it actually wasn’t murky at all smellmycheese fucked around with this message at 05:21 on Apr 28, 2021 |
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Apr 28, 2021 05:19
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xtal posted:Hahaha they call them shares They are shares! Shares... of the future.
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Apr 28, 2021 05:34
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InternetJunky posted:I still want to know where the money is coming from that is supposedly backing tether. Maybe I'm missing a piece of the puzzle, but if there's 50 billion in tether then shouldn't there be 50 billion sitting in a bank account somewhere earning .001% interest? Seems like a good use for that money. Banks charge negative interest for anything over like 100k. You would have to invest to get any return or you're losing money. Would be p lol if the (non-existent) tether dollars are bound up in normal investment vehicles like ETF's and such
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Apr 28, 2021 06:36
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If tether literally leverages existing interest bearing sites, they could be compounding far above 20-60% annually on tether. Especially if they are diversifying, if you look at things like curve and yield.fi where hundreds of millions sit, they could be contributors of those pools.
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Apr 28, 2021 08:57
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