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gschmidl posted:It's the one that effectively props up bitcoin's price with the tether printer, no? in the sense that they're basically creating value out of thin air by claiming it's worth something and then buying butts with it, sure otoh there's still millions of people that are doing weekend at bernie's cosplay on coinbase and binance, so i honestly don't know if this is Good For Bitcoin
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May 14, 2022 21:49
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tether if I remember right is the one thing that basically all of crypto points to as it’s backing and liquidity, hence if it dies the entire market has its curtain ripped away, hence most important because if it falls it can take the entire crypto market with it
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May 14, 2022 21:52
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njsykora posted:tether if I remember right is the one thing that basically all of crypto points to as it’s backing and liquidity, hence if it dies the entire market has its curtain ripped away, hence most important because if it falls it can take the entire crypto market with it i'm sure it backs an absolute poo poo ton of monopoly money, but the major coins like BTC and ETH have institutional support, unfortunately. that's why i'm kinda hesitant to say "lol yeah it's definitely gonna crash and burn"
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May 14, 2022 21:57
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orange sky posted:Also, show yourself Nicholas (he retweeted this) fuckers are stealing my posts! i'm minting all my posts as nfts from now on!
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May 14, 2022 22:05
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Beeftweeter posted:lol, "tether is the most important crypto" by what measure exactly? it's capable of suddenly and sharply going to zero and blowing up the entire crypto ecosystem because it is propped up on a lie about reality that can be abruptly falsified bitcoin is just a mass delusion so it can't as effectively suddenly collapse
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May 14, 2022 22:08
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also 30% apr is insanely high for a ponzi scheme they must be loving desperate monday should be good
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May 14, 2022 22:13
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https://twitter.com/ben_mckenzie/status/1525214499770454018
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May 14, 2022 22:23
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skaboomizzy posted:https://twitter.com/evan_lorenz/status/1525518241665261569?s=21&t=2W2Q-qOADg-nbNvONeyxsQ I get paying depositors 30% APR for liquidity in USD, but what value does paying interest on Tether give them? If people are cashing out, who’d be happy with tether? DrankSinatra fucked around with this message at 23:19 on May 14, 2022 |
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May 14, 2022 23:16
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DrankSinatra posted:I get paying depositors 30% APR for liquidity in USD, but what value does paying interest on Tether give them? If people are cashing out, who’d be happy with tether? If you pay 30% for real money and not for tether everyone will exchange their tether for real money defeating the point
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May 14, 2022 23:29
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evilweasel posted:If you pay 30% for real money and not for tether everyone will exchange their tether for real money defeating the point My first thought was “I guess that makes sense, but it seems predicated on people being stupid as poo poo.” But, well, yep
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May 14, 2022 23:56
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I love that larry david was paid a ton of USD to play a luddite who called crypto a fraud in a super bowl ad and will turn out to be right
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May 15, 2022 00:09
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my "i am not a scam" superbowl ad has a lot of people asking questions already answered by the ad
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May 15, 2022 00:11
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Beeftweeter posted:i'm sure it backs an absolute poo poo ton of monopoly money, but the major coins like BTC and ETH have institutional support, unfortunately. that's why i'm kinda hesitant to say "lol yeah it's definitely gonna crash and burn" Institutional support in what sense? From what I've seen all banks involved in crypto poo poo apart from startups have all been as custodians or similar i.e. not holding any exposure to it
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May 15, 2022 00:34
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Powerful Two-Hander posted:Institutional support in what sense? From what I've seen all banks involved in crypto poo poo apart from startups have all been as custodians or similar i.e. not holding any exposure to it i'm sure someone else can answer this more in-depth because i don't really follow what the giant firms do with crypto, but as an example fidelity (which manages trillions in pension funds, 401ks, etc) just made butts part of their service like last week. this happened, iirc, about two days before everything went sideways e: in addition to ETFs and whatnot there's also paypal, venmo, robinhood, poo poo like that. afaik if you buy crypto on venmo or paypal (same thing ultimately) you don't actually get a wallet, so good luck transferring it somewhere else or converting it to some other crypto junk. the same was true for robinhood but apparently they offer private wallets now Beeftweeter fucked around with this message at 01:37 on May 15, 2022 |
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May 15, 2022 01:17
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Beeftweeter posted:i'm sure someone else can answer this more in-depth because i don't really follow what the giant firms do with crypto, but as an example fidelity (which manages trillions in pension funds, 401ks, etc) just made butts part of their service like last week. this happened, iirc, about two days before everything went sideways Yea cch that's just like, "well let you buy it (or a synthetic product that tracks it), but it may go to zero, buyer beware!" They aren't gonna be invested in the asset itself at all. That's almost the opposite of their job.
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May 15, 2022 01:21
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Powerful Two-Hander posted:Yea cch that's just like, "well let you buy it (or a synthetic product that tracks it), but it may go to zero, buyer beware!" They aren't gonna be invested in the asset itself at all. That's almost the opposite of their job. lol i edited while you were replying, but wouldn't they need some way to do the conversion anyway? i mean since they're presumably not just pulling btc out of their asses (to the extent that you accept btc has value) for someone to hold on to, there's got to be some sort of trading exposure going on so that they can actually provide it to people. i don't see how it would work without them acting as a middleman. they'd need to buy butts from an exchange and then offload it somewhere, somehow, in the event it's actually worth something. that would give them exposure i guess, however brief it might be again i honestly don't really know how that whole system works because lol yeah sure like i'm gonna buy butts
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May 15, 2022 01:34
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DrankSinatra posted:I get paying depositors 30% APR for liquidity in USD, but what value does paying interest on Tether give them? If people are cashing out, who’d be happy with tether? they figure if they wave enough big numbers under people's noses, they'll stop cashing out and go back to hodling
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May 15, 2022 01:49
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they do the exchange and then charge their customers a fee for the transaction. that's how these firms make money, they don't care about the underlying asset just as much as your broker doesn't care that the shares of peleton you bought through them are now worth like a 10th of the value
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May 15, 2022 02:02
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https://twitter.com/coffeebreak_YT/status/1525478171575033856?s=20&t=H28cq9rmYF3C_2C7VEkllQ speculation that all of the bitcoin assets in the LFG were *shocker* not actually spent on propping up Terra but instead have vanished!
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May 15, 2022 02:18
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Deep Dish Fuckfest posted:fuckers are stealing my posts! i'm minting all my posts as nfts from now on! I've already minted your post so both you and david own me money for using it without my permission. Real money.
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May 15, 2022 02:22
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DrankSinatra posted:I get paying depositors 30% APR for liquidity in USD, but what value does paying interest on Tether give them? If people are cashing out, who’d be happy with tether? The tether has to be locked in for a period of time in order to get those APR numbers. So the value is preventing people from getting rid of their tether. Also since they are supposed to be interchangeable for dollars you're also preventing the dollars escaping the ponzi.
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May 15, 2022 02:25
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Man it's been a while since I've posted in this thread. SC did replace butts for my pena ajena fix for a while.
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May 15, 2022 02:30
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Cantorsdust posted:https://twitter.com/coffeebreak_YT/status/1525478171575033856?s=20&t=H28cq9rmYF3C_2C7VEkllQ They are bailing out the high rollers and leaving everyone else hanging. Also underlying the system was rotten from the start given it was entirely a scam.
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May 15, 2022 02:40
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trucutru posted:I've already minted your post so both you and david own me money for using it without my permission. Real money. it's super effective
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May 15, 2022 03:14
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exchanges shouldn't need to do any sneaky bullshit since they can straight just make money by slurping off a bit of every transaction as (additional) fees and yet somehow they always get into the shadiest poo poo lol butt coin
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May 15, 2022 03:19
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Cantorsdust posted:https://twitter.com/coffeebreak_YT/status/1525478171575033856?s=20&t=H28cq9rmYF3C_2C7VEkllQ that’s a lot more clever than I thought they were
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May 15, 2022 03:31
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Beeftweeter posted:lol, "tether is the most important crypto" by what measure exactly? like if you understand one thing about the crypto market in the period since china shut down all the chinese exchanges it should be fuckin' tether
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May 15, 2022 04:13
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buttcoin:SubG posted:load bearing scam
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May 15, 2022 04:17
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Zamujasa posted:exchanges shouldn't need to do any sneaky bullshit since they can straight just make money by slurping off a bit of every transaction as (additional) fees and yet somehow they always get into the shadiest poo poo poo poo like tether is there to keep the price high enough that their percentage is enough (in actual, real money) that they (and everyone else) can keep the lights on. if the price today fell to anything remotely approximating where it was before the tether started fortuitously discovering billions of dollars in the seat cushions, then literally every exchange and mining operation would suddenly be underwater
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May 15, 2022 04:20
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SubG posted:no, tether is absolutely the most important thing in the crypto space because it's the main load bearing scam i get what tether does. what i was saying is that while it might wipe out a bunch of altcoins, i'm not entirely sure about btc itself
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May 15, 2022 04:20
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also jfc that was a joke about how every crypto bro on twitter invariably says whatever they hold the most of is the most important. jeez sorry it wasn't funny i guess
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May 15, 2022 04:22
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something like 70% of btc's upward price movement over the past several years is due to tether
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May 15, 2022 04:22
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and for comparison it's something like 6% for transactions with actual us dollars
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May 15, 2022 04:24
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SubG posted:something like 70% of btc's upward price movement over the past several years is due to tether that is indeed a lot, unironically thanks for this because i'm too lazy to look up crypto stats so yeah this should get interesting pretty fast it seems
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May 15, 2022 04:26
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Shumagorath posted:buttcoin:
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May 15, 2022 04:38
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https://twitter.com/Fish_CTO/status/1525685785235628032
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May 15, 2022 04:55
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Beeftweeter posted:also jfc that was a joke about how every crypto bro on twitter invariably says whatever they hold the most of is the most important. jeez sorry it wasn't funny i guess yospos buthc
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May 15, 2022 05:07
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Weatherman posted:yospos buthc lately i'm into an obscure thing called "computer comedy", you probably haven't heard of it
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May 15, 2022 05:12
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Beeftweeter posted:lately i'm into an obscure thing called "computer comedy", you probably haven't heard of it given your posting neither have you
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May 15, 2022 05:52
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sorry your posting is quite fine but you can’t set yourself up like that
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May 15, 2022 05:53
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