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Star Man posted:lol watch this stupid dumbass bullshit jump to $100k by the end of the year. Nothing good ever happens.  All of the  proof of its intrinsic value. Twitter (and USDC) go crazy and its back to  "This is good for Bitcoin"
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Jun 21, 2022 12:59
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I think this time it's different, we're going to see the whole ecosystem start to really eat itself as exchanges and other coin orgs continue to halt withdrawals and shutdown. e: https://twitter.com/Cryptadamist/status/1539026666604810240?t=-MuW1boyZo9xHw5W1vG8vw&s=19
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Jun 21, 2022 13:02
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More https://twitter.com/Cryptadamist/status/1539075882253434886?t=SYZ5aR0vAwZEM7Sjtr8ZWA&s=19
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Jun 21, 2022 13:09
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wallet "maintenance" lol just coincidentally preventing you from withdrawing
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Jun 21, 2022 13:15
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When there's nothing left to burn you have to set yourself on fire.
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Jun 21, 2022 13:17
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Why are all these coins “USDWhatever”? What does USD mean in this context?
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Jun 21, 2022 13:39
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Scratch Monkey posted:Why are all these coins “USDWhatever”? What does USD mean in this context? It's supposed to be worth exactly one dollar
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Jun 21, 2022 13:43
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Scratch Monkey posted:Why are all these coins “USDWhatever”? What does USD mean in this context? What you wish they were
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Jun 21, 2022 13:45
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Star Man posted:Why's the fuckin number going up and not down Setup for drop tbh.
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Jun 21, 2022 13:51
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Maybe someone can enlighten me https://twitter.com/whale_alert/status/1538758706761973761 https://twitter.com/whale_alert/status/1538907805473808394 What does 'burned' mean in this instance? Also are these transfers to unknown wallets people successfully liquidating their holdings into real dollars?
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Jun 21, 2022 13:53
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^^Burned means that the Tether are no longer in circulation, they've been redeemed for cash or other stores of value from Tether's reserves. In reality, there probably wasn't anything backing the Tether being burned or Tether itself is behind the redemption to better reflect the worth of their holdings. A lot of what they have is either commercial paper or actual stocks in Chinese real estate companies, neither of which are holding much value.Serjeant Buzfuz posted:I think this time it's different, we're going to see the whole ecosystem start to really eat itself as exchanges and other coin orgs continue to halt withdrawals and shutdown. I think the Terra/Luna debacle was thought to be contained back when it happened and the general price on cryptos of various pedigrees didn't crash immediately (though there was that one company that was just putting everything they took in from customers into TerraUSD/Anchor and pocketing 3% of the APY that died immediately). Because crypto is speedrunning the history of the financial system it turns out there was a ton of contagion that we still don't know the extent of. That's why Celsius shutting down withdrawals helped kill 3AC as both had heavy investments in both Luna and each other, so once one Ponzi got called out it was impossible for others to keep operating like nothing was wrong. Tether burning billions in reserves suggests either they're trying to avoid further penalties during their current investigation or that whales are cashing out of the crypto market entirely, which is going to reduce the amount of ready "money" that can be used to prop up BTC. USDC is trying to print liquidity, but seems to only be able to hold the line while Tether was able to dictate crypto prices at will before. Lazyfire fucked around with this message at 13:57 on Jun 21, 2022 |
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Jun 21, 2022 13:54
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PITY BONER posted:Ahaha, ayyy, it's your boy... uhh, did mark karpeles get a tan and change his name to a more iberian persuasion
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Jun 21, 2022 13:59
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Serjeant Buzfuz posted:I think this time it's different, we're going to see the whole ecosystem start to really eat itself as exchanges and other coin orgs continue to halt withdrawals and shutdown. Yeah, everything is showing signs of severe strain. Doesn't mean that another pump and dump can't happen, but right now we're waiting on the one good shock that will send everything crashing. We'll, crashing more than it already has.
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Jun 21, 2022 14:01
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How does one convert usdc or tether to cash, I don’t think I fully understand that
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Jun 21, 2022 14:03
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nachos posted:How does one convert usdc or tether to cash, I don’t think I fully understand that No cash! Only HODL! How does Chinese real estate even work? From what I understand there is no actual private land ownership in china. I thought “owners” lease the land from the government for a certain period of time (or until they don’t want you to have it anymore) which is why rich Chinese dump money into buying land in the US and western Canada.
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Jun 21, 2022 14:05
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nachos posted:How does one convert usdc or tether to cash, I don’t think I fully understand that 
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Jun 21, 2022 14:08
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nachos posted:How does one convert usdc or tether to cash, I don’t think I fully understand that you sell it to a moron, because the people who issued it certainly aren't going to give you a dollar for it
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Jun 21, 2022 14:08
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Foo Diddley posted:you sell it to a moron, because the people who issued it certainly aren't going to give you a dollar for it Its this. Most crypto is a Greater Fool scam, where the only way you get money out of it is to sell it to the next sucker. Then they are left holding the bag and have to drum up the value to do the same thing.
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Jun 21, 2022 14:15
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nachos posted:How does one convert usdc or tether to cash, I don’t think I fully understand that Realistically you can use Coinbase but only so long as they can stay solvent. Kraken also lets you hold actual USD (not synthetic). FTX actually has larger markets for non-americans based on USD (separate usdt markets), which was always telling. Not sure where we go from here but won't be pretty.
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Jun 21, 2022 14:16
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I prefer to trade in a currency backed by the world's largest military instead of the world's most guy at my office that won't shut up about it.
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Jun 21, 2022 14:16
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Ostensibly you can go to Tether's website and redeem it for cash whenever you like. There's a wallet address and you set up some paperwork and  . This is specifically not allowed for US Citizens!  Coinbase / USDC can be redeemed from their exchange, assuming you have an account / jumped through KYC hoops. Technically USDC is part of a larger network thats larger than just Coinbase but AFAIK Coinbase is the only way to get turn USDC into cash in the US. Also one of the vanishingly few ways you can turn really any crypto into cash... its a lot of weird wire transfer stuff for most foreign exchanges.
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Jun 21, 2022 14:40
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Mercury_Storm posted:wallet "maintenance" lol Tired: Wallet Inspector Wired: Wallet mandatory maintenance
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Jun 21, 2022 14:41
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Serjeant Buzfuz posted:I think this time it's different, we're going to see the whole ecosystem start to really eat itself as exchanges and other coin orgs continue to halt withdrawals and shutdown. Huh, I dug a little deeper into this platform, and (this was around a month ago): https://twitter.com/sasha35625/status/1529076417731997699 https://twitter.com/sasha35625/status/1529076420370223104 https://twitter.com/sasha35625/status/1529076426049200128 This proposal was accepted: https://twitter.com/viresfinance/status/1531636484058533888 (also note: they just assumed stablecoins would trade 1:1 without actually checking the prices,  )
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Jun 21, 2022 14:51
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They talk about collateral, but the collateral for their imaginary money is almost always other imaginary money. And despite constant, daily evidence that it's a scam and is likely to financially ruin most people, they throw MORE (real) money into it. Jeeze, this really is a cult, isn't it?
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Jun 21, 2022 16:29
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You're just jealous that you aren't getting rich quick.
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Jun 21, 2022 16:31
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WhiteHowler posted:They talk about collateral, but the collateral for their imaginary money is almost always other imaginary money. All it took was a single tweet from Elon claiming he's buying the dip, and people line up to hodl the bag for him as he offloads his stake.
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Jun 21, 2022 16:31
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Has it always been difficult to convert bitcoin into cash? If so, how was that not a huge red flag for any investor?
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Jun 21, 2022 16:49
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Why would you convert to cash when the number always goes up?
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Jun 21, 2022 16:50
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Are enough people into crypto that this crash will have major effect on the rest of the "economy" of certain countries or industries? I know everything is already going to poo poo everywhere but is this going to hit anyone hard outside of crypto people?
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Jun 21, 2022 16:51
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HappyHippo posted:(also note: they just assumed stablecoins would trade 1:1 without actually checking the prices, China can do that because they can afford to buy other currencies and has assets and markets others need access to. Shitshow posted:Has it always been difficult to convert bitcoin into cash? If so, how was that not a huge red flag for any investor? Yes, that's why things like bitcoin atms, giftcards purchasable with btc and exchanges that haven't shutdown and stolen all the money have been big deals among crypto enthusiasts. It's also why the thread is pretty nonchalant in saying "No, you would have lost all of your play money if you bought btc when it was $5" because for a very long time you had to use sites like magic the gathering online exchange (mtgox) to trade crypto for cash. Or you know just arrange to meet a dude at a walmar parking lot over craigslist Coolness Averted fucked around with this message at 17:06 on Jun 21, 2022 |
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Jun 21, 2022 16:54
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run on sentience posted:Are enough people into crypto that this crash will have major effect on the rest of the "economy" of certain countries or industries? I know everything is already going to poo poo everywhere but is this going to hit anyone hard outside of crypto people? I think we're in the process of discovering how much the financial sector has been indulging in crypto
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Jun 21, 2022 16:55
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HLOD The Bag
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Jun 21, 2022 16:55
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pegging the buttcoin
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Jun 21, 2022 16:56
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run on sentience posted:Are enough people into crypto that this crash will have major effect on the rest of the "economy" of certain countries or industries? I know everything is already going to poo poo everywhere but is this going to hit anyone hard outside of crypto people? The real answer, is no one knows with certainty. Most seem to think the *broader* impact will be minimal, but domino effects are hard to predict.
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Jun 21, 2022 16:56
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We're thirteen years into this bullshit and I still don't get it. With stocks, my poor dumbass understands that you get interest on them and you get a check every quarter, or whatever happens with that money happens. With crypto, the value just grows, but you only get anything if you sell the coins. It's just something you sit on and sell it later to someone that wants to buy in later for more than what you did. Which I'd rather just buy vintage Magic cards, but the peoppe invested in that have the same habits where they just sit on them and keep them out of circulation, only to finally let go of them when they're in debt, divorce, or dead.
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Jun 21, 2022 16:57
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Star Man posted:We're thirteen years into this bullshit and I still don't get it. You don't get interest on stocks. If you buy one that pays dividends you get paid when they issue those (in more stock or in cash depending on the stock). Otherwise you just hold it and sell it later for hopefully more money
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Jun 21, 2022 17:00
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Star Man posted:We're thirteen years into this bullshit and I still don't get it. Yeah it's no coincidence that MtGox was an MTG finance site prior to pivoting to Bitcoin
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Jun 21, 2022 17:01
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Star Man posted:We're thirteen years into this bullshit and I still don't get it.
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Jun 21, 2022 17:04
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Squibbles posted:You don't get interest on stocks. If you buy one that pays dividends you get paid when they issue those (in more stock or in cash depending on the stock). Otherwise you just hold it and sell it later for hopefully more money Oh, right. Heath posted:Yeah it's no coincidence that MtGox was an MTG finance site prior to pivoting to Bitcoin Except it wasn't because they never got the MTGO service rolling. They just had the domain name and used that.
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Jun 21, 2022 17:05
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Shitshow posted:Has it always been difficult to convert bitcoin into cash? If so, how was that not a huge red flag for any investor? It's not that hard if you do the KYC stuff for a site like Coinbase then fund it with dollars, and never take your coins out of there, so there's no question about where the coins came from. The difficulty comes when you can't explain why some coins seem to come straight out of a mixer or something like that
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Jun 21, 2022 17:07
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