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Thanks. A further question: I have a question about tether. When they say they print 1B of USDT - how does that enter the market? Do people have to exchange USD for it? Or do they exchange their shitcoins for it that have gone up in value? Or some of each? Basically if they are exchanging their existing coins that have gone up for usdt then that means there isn’t real USD actually entering the market to back the printed USDT - basically the coins are being pumped by USDT injections. Im sure some people just buy USDT from USD but I can’t believe that when they mint 1B tether that there is anywhere near 1B usd entering the space. This means that there are going to be A LOT of people holding the bag when this ends. I’m guessing the people that run tether (binance right?) get some cash from people trading USD to USDT and their only real interest is to keep desire for USDT high so they can get more cash from suckers converting USD to USDT from them. How close am I? What a loving nightmare.
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Dec 13, 2021 22:22
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stramit posted:Thanks. A further question: Nobody knows, what exactly is exchanged for the newly minted tether is completely opaque. You can just see the new tethers going straight to an exchange but you can't see the flow in the opposite direction.
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Dec 13, 2021 22:27
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stramit posted:When they say they print 1B of USDT - how does that enter the market? There's really no transparency or trustworthy audit. Somebody in Tetherland runs a software comman that creates 1 billion tethers. We take it on... faith? that they only run that command when they receive a billion "dollars", but even they no longer claim it's always actually currency: it could be commercial paper (short term corporate bonds) or other things. Keep in mind Tetherland is like 6 employees who live on an island somewhere. It's probably totally legit! (sidebar: commercial paper is very legit when transparent, and it's a huge market. But if tether's "commercial paper" is shady debt from other random crypto firms... welp.)
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Dec 13, 2021 22:28
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Well somebody loving knows and is making a killing off this racket.
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Dec 13, 2021 22:28
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stramit posted:Thanks. A further question: If I understand it correctly, they just do "loan swaps" with other cryptocurrencies as sort of a cargo cult version of interbank lending. They lend Tether to another exchange, that exchange lends them whatever fairy dust coin they produce, then both exchanges treat both the received "currency" and the IOU as "cash or cash equivalents" for purposes of leveraging the creation of more of their own coin to whatever ratio they decide is okay.
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Dec 13, 2021 22:33
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I don't really think Tether is the 9th-dimensional consipiracy people make it out to be. The tether operators just try to maintain a 1-to-1 exchange rate between Tether and dollars by buying and selling Tether on the major exchanges. If the price of Tether rises, and their reserve of Tether is low, they just create more and sell it as necessary to maintain the 1-to-1 peg. There may be additional intermediaries but it doesn't change the fundamental dynamics. Since the price of cryptocurrencies (including Tether) has tended to rise over time due to mass speculation, they've been able to maintain the peg by creating Tether as necessary and selling it on the exchanges, and will be able to do so as long as prices continue to rise. If prices fall they'll need to buy Tether on the exchanges to maintain the peg. How much cash they have to do this is anyone's guess. It's probably a huge number, but not huge enough to cover all the Tether in circulation. So if there's ever a mass sell off of Tether, they'll eventually run out of cash to maintain the peg and the price will collapse.
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Dec 13, 2021 22:53
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coelomate posted:There's really no transparency or trustworthy audit. Somebody in Tetherland runs a software comman that creates 1 billion tethers. We take it on... faith? that they only run that command when they receive a billion "dollars", but even they no longer claim it's always actually currency: it could be commercial paper (short term corporate bonds) or other things. No one who deals with commercial paper believes anything they say.
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Dec 13, 2021 23:03
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I.G. posted:I don't really think Tether is the 9th-dimensional consipiracy people make it out to be. The tether operators just try to maintain a 1-to-1 exchange rate between Tether and dollars by buying and selling Tether on the major exchanges. If the price of Tether rises, and their reserve of Tether is low, they just create more and sell it as necessary to maintain the 1-to-1 peg. There may be additional intermediaries but it doesn't change the fundamental dynamics.
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Dec 13, 2021 23:06
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Tether was initially invented as an IOU when the exchange was hacked (or "hacked") and instead of giving the people who were responsible for maintaining security the haircut, decided to give it to all their depositors because gently caress you, that's why. From its very inception it was a way to plug holes in their balance sheets, and it's only gotten worse as everyone else has basically relied on it to provide the liquidity the crypto market requires to maintain its price level.
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Dec 13, 2021 23:25
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zedprime posted:You're coming at this like the reason to print is to sell to other parties. They print tether and use it themselves in exchanges to pump the market, squeeze options, or both. It's their personal leverage account that people prop up because it keeps the tax evasion exchanges going. Yeah, when it comes to tether my stupidcoin is on them just adding it to their balance arbitrarily and then straight up buying crypto with it. No need for faker versions of bad financial instruments, just "Why yes, we have enough tether to buy that crypto!" and when the account is low they add some more. The price of tether is not rising, so they shouldn't be printing more to keep parity with the dollar. In fact, it should be just the opposite given how much tether is getting wished into existence. Funny though: the price of bitcoin and other crypto is a direct result of tether hyperinflation.
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Dec 13, 2021 23:27
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kw0134 posted:Tether was initially invented as an IOU when the exchange was hacked (or "hacked") and instead of giving the people who were responsible for maintaining security the haircut, decided to give it to all their depositors because gently caress you, that's why. From its very inception it was a way to plug holes in their balance sheets, and it's only gotten worse as everyone else has basically relied on it to provide the liquidity the crypto market requires to maintain its price level. Why is it every time I learn something about crypto, it makes something that I already thought was as dumb as possible dumber. Please spare me from the origin story of NFTs. My mind can't take it
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Dec 14, 2021 00:23
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kw0134 posted:Tether was initially invented as an IOU when the exchange was hacked (or "hacked") and instead of giving the people who were responsible for maintaining security the haircut, decided to give it to all their depositors because gently caress you, that's why. From its very inception it was a way to plug holes in their balance sheets, and it's only gotten worse as everyone else has basically relied on it to provide the liquidity the crypto market requires to maintain its price level. Don't forget how they pretended teather was a completely separate entity from bitfinex for a long time.
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Dec 14, 2021 00:31
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ikanreed posted:Why is it every time I learn something about crypto, it makes something that I already thought was as dumb as possible dumber. Wait until you learn about the origin story of Ethereum
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Dec 14, 2021 01:25
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Gutcruncher posted:I should just make an NFT for every single Netflix catalog page. Now YOU can own the entire hit series Squidgame by merely wiring me some bitcoins! I'm sure it's been joked about already here, but you could make NFTs of real life coordinates and therefore sell genuine NFTs of Eiffel Tower, Taj Mahal, or the Brooklyn Bridge. If it hasn't been joked about then it's probably been done for real
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Dec 14, 2021 01:43
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I follow a lot of artists on twitter and I keep seeing stuff like this. It absolutely kills me. This happened recently to an artist named Qinni who passed away about a year or two ago. She was a fairly popular DA artist, even if you didn't know her name you could probably recognize her art since she got featured on the front page a lot. Anyway, her brother posted on her Twitter account super recently that a bunch of crypto assholes minted almost all of her public artwork without permission from anyone in her family. Just absolute loving ghouls. Happy Landfill fucked around with this message at 02:12 on Dec 14, 2021 |
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Dec 14, 2021 02:09
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But I’m confused, I thought NFT was good for artists!?!
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Dec 14, 2021 02:13
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Gutcruncher posted:But I’m confused, I thought NFT was good for artists!?! Yeah, but you need to preface it with "con-"
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Dec 14, 2021 02:16
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rotinaj posted:
So, you mean to say that buttcoins created a world wide decentralized MLM?
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Dec 14, 2021 03:15
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Your graph appears to be upside-down...
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Dec 14, 2021 03:41
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how does the network keep running once they mine all the butts?
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Dec 14, 2021 03:47
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punishedkissinger posted:how does the network keep running once they mine all the butts? the 7 transactions per second with associated sending fees will be like a perfectly fitting glove over the invisible hand of the free market
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Dec 14, 2021 03:49
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Every crypto bro imagines that they'll never be effected by the seven a second limit. Others might but not them. Imagine being told to their face that yeah they're late for work but their payment is delayed by 30inutes because there's too many people using crypto now. Maybe try card or cash instead?
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Dec 14, 2021 03:55
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"cryptocurrency disagreement" does not do this justice quote:Matt McDonald, a former campaign aide, brought a protection order against Linn this fall. McDonald alleged in court documents that Linn gave him money to invest in cryptocurrency this year, but then Linn reversed course upon return from an overseas trip and sought to buy drugs falsely touted as COVID-19 cures. Linn pointed a gun in McDonald’s direction when the two met to try to resolve the dispute, McDonald said in the court filing.
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Dec 14, 2021 03:55
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Slower transactions just mean you can spend more time thinking about how great Bitcoin is.
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Dec 14, 2021 03:55
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ikanreed posted:Why is it every time I learn something about crypto, it makes something that I already thought was as dumb as possible dumber. It's even better than that, the initial use of tether was presented as a choice: either accept 1 tether = $1 and we've made you whole or take a massive haircut on your account and maybe possibly get actual dollars (probably not) So from the very start tether was explicitly a "pretend this obvious fiction is true or lose a fuckton of your 'money'" deal.
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Dec 14, 2021 04:16
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reporter sneaks into one of the "exclusive" bored ape parties https://www.theverge.com/22824387/bored-ape-yacht-club-nft-party-new-york quote:Just as I was stepping off the bus, though, H called me. He had wisely gone to the security to ask about the protocol for admission and had been told that they would be checking not for NFT ownership but yellow wristbands that had been given out at a prior event. What? But what about the NFT, the thing that costs hundreds of thousands of dollars? Nope, she was just checking for yellow wristbands. they first got denied because they didn't have yellow wristbands, even their friend who could prove ownership of an ape got denied because they didn't have yellow wristbands then they tried again some hours later and no one checked anything at all
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Dec 14, 2021 04:31
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Dec 14, 2021 04:35
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wow now that my friends, is what I call poggers
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Dec 14, 2021 04:52
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punishedkissinger posted:how does the network keep running once they mine all the butts? by changing the protocol so there's more butts I predict the miners will start ignoring the "halvenings" soon enough
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Dec 14, 2021 04:53
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ymgve posted:reporter sneaks into one of the "exclusive" bored ape parties welp that's it for NFTs. if you can't get any girls at a party fulla rich lonely suckers with an open bar that's curtains
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Dec 14, 2021 05:28
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chaosbreather posted:welp that's it for NFTs. if you can't get any girls at a party fulla rich lonely suckers with an open bar that's curtains "rich"
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Dec 14, 2021 05:30
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ultrafilter posted:"rich" Pixel rich, cash poor
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Dec 14, 2021 06:07
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Gutcruncher posted:The cops not bothering to come when you call that your home was broke into, saying “lol why didn’t you install bars on your windows, stupid?” pretty sure they literally do this
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Dec 14, 2021 06:44
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jokes posted:Wait until you learn about the origin story of Ethereum Ah, the Marvelous Craptacular Metaverse series...NFTs are like action figures from there.
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Dec 14, 2021 07:28
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ymgve posted:reporter sneaks into one of the "exclusive" bored ape parties lol quote:“This is kind of about art, right?” Julian Casablancas pleaded from the stage. “NFTs? I don’t know, what the hell. All I know is... a lot of dudes here tonight.”
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Dec 14, 2021 08:54
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That's just one of those single downward candles but really zoomed in. Nice try nocoiner! Shifty Pony posted:The really disgusting thing is all the crypobros in the reply chain blaming her for not minting her own NFTs first. If tweets were faces this is one I'd gladly punch.
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Dec 14, 2021 11:14
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Durzel posted:That's just one of those single downward candles but really zoomed in. Nice try nocoiner! Person A: A bad thing happened to me because of custard ham world. This sucks and I'm upset. Person B: Have you considered that custard ham world is the pinnacle of technological advancement and that instead of criticising it you should embrace it? What you should do here is spend all of your time curating your collection of custard ham world instead of doing the thing you wanted to do in the first place. If you don't do this then custard ham world can steal your work and may possibly eat your children, but really that would be your fault for not being on the cutting edge of the future of money, so if you think about it it's all pretty reasonable. Please also give all your money to custard ham world
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Dec 14, 2021 12:43
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Time’s Man of the Year runs a quick little pump and dump 
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Dec 14, 2021 12:47
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“It’s your fault I’m stealing your work because you aren’t participating in my MLM scam.” Never have more American words been spoken.
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Dec 14, 2021 12:54
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smellmycheese posted:Time’s Man of the Year runs a quick little pump and dump And it's far from the first time he's done this. Part of me just viscerally hates Musk for stuff like this, but part of me just views him as an insect who will do this because it's in his nature to do. I'm more fascinated by the legions of fans and Crypto investors who either fail to notice his habit of doing this and then backtracking, or come up with some elaborate explanation for why he does it.
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Dec 14, 2021 13:31
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