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Posted: 5/19/2021 12:23:33 PM EDT
[#1]
China and IRS cracking down. Gave people an instant limp dick.
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Posted: 5/19/2021 12:25:34 PM EDT
[#2]
Quote HistoryQuoted: All of you guys Blaming Elon: He has major dealings in China. Major investors. You think he didn’t have a little friendly heads up? Not to insult anyone, but I’m amazed that some of you are surprised or mystified by this. It’s a straight like calculation. Like 420-320=120 I thought the same thing. He got out before they broke the news. Probably gonna buy that dip |
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Posted: 5/19/2021 12:27:02 PM EDT
[#3]
Good time to buy if you believe in the fundamentals.
It’s done this before like a dozen times. Just saying... |
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Posted: 5/19/2021 12:30:29 PM EDT
[#4]
Quote HistoryQuoted: Musk opened his mouth….it’s been on its way down ever since he had his great epiphany about it consuming too much electricity to mine. I haven’t been able to look at my portfolio for days. Naw. The big deal was that they had some shit in china, power went down and 60% of the hashing capacity fell off the network for a short period. Something like that. It reveals the major flaw in bitcoin, and a fuck-up Satoshi should have fixed when he was still involved. Using Double SHA256 (which can be unrolled and aggregated in ASIC custom chips) led to miner centralization. The original Satoshi whitepaper intended that everyone with a CPU could mine. He was around when graphics card mining started and could have forked to get things back into commodity hardware (probably proof of work where some portion of the nonce is a function of the current block hash as a map or mask to grab a specific transaction hash from somewhere in the entire history of the blockchain, i.e., requiring a different twiddle for every single hash -- such that fast ASICs wouldn't work without every instance having fast access (i.e., on the local machine) to the historical blockchain. Bitcoin is a problem because if 60% of the hash can fall off due to a power outage, then 60% of the hash can be commandeered by Chinese authorities and 60% of the hash can be abused attacks to rewrite prior blocks. On top of all that, Bitcoin is STILL being traded as a speculative investment commodity like pork bellies or oil futures, and is not being used as CURRENCY as was the idea. And whenever use climbs the network gets bogged and, frankly, the "lightning network" was an overt attempt by some devs to do rent-seeking as a layer on top of Bitcoin and is a failure anyway. Then add the Pipeline hack and the fact that its going to draw regulation, the IRS staffing up to go after crypto for taxes and countries starting to restrict etc., and its fairly uncertain all the sudden. OH, and of course any huge climb leads to people setting profit taking stops and those are getting hit now. |
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Posted: 5/19/2021 12:35:08 PM EDT
[#5]
Yeah I picked a really bad time to get into cryptos a few days ago.
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Posted: 5/19/2021 12:37:39 PM EDT
[#6]
If you are basing crypto trades on the whims of the biggest con man sociopath in history and the Chinese, just make sure it's money you can afford to lose
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Posted: 5/19/2021 12:45:31 PM EDT
[#7]
Quote HistoryQuoted: https://i.imgur.com/CQgpGUW.png https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html Of course they are. You know when every meathead and thot on social media is shilling crypto its time to get out. |
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Posted: 5/19/2021 12:45:45 PM EDT
[#8]
Quote HistoryQuoted: All of you guys Blaming Elon: He has major dealings in China. Major investors. You think he didn’t have a little friendly heads up? Not to insult anyone, but I’m amazed that some of you are surprised or mystified by this. It’s a straight like calculation. Like 420-320=120 Quote HistoryQuoted: Quoted: Quoted: Elon's going to talk himself into a stay in the gray bar if he's not careful. The gov could make a pretty good case he's intentionally involved in currency manipulation. Someone needs to be taking a serious look at Elon right now. No fucking way he goes from hyping Crypto as much as he was, to suddenly abandoning it completely, just a matter of days before China announced that they are banning all Crpyto. No fucking way anyone is that lucky. All of you guys Blaming Elon: He has major dealings in China. Major investors. You think he didn’t have a little friendly heads up? Not to insult anyone, but I’m amazed that some of you are surprised or mystified by this. It’s a straight like calculation. Like 420-320=120 I don't know if anyone is blaming Elon. I'm just curious if he can be held accountable for insider trading or any other violation. It can't be a coincidence that he got out a couple days before China banned it all. |
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Posted: 5/19/2021 12:47:17 PM EDT
[#9]
Quote HistoryQuoted: There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. Quote HistoryQuoted: Quoted: Quoted: This should really kill any remaining arguments for crypto as a regular currency. Volatility like this is not compatible with using crypto as a regular means of exchange.  you done did it now  nothing like having your pay check cut in half because of some volatile exchange medium There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. so where do you think the money comes from that you get paid with? |
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Posted: 5/19/2021 12:50:22 PM EDT
[#10]
Biden saying that he's going to tax Crypto didn't help.
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Posted: 5/19/2021 12:51:45 PM EDT
[#11]
Quote HistoryQuoted: Good time to buy if you believe in the fundamentals. It’s done this before like a dozen times. Just saying... I bought more BTC, ETH, and LTC early this morning.  Attached FileHad been waiting for a correction to buy more. Loving the fast bounce rebound happening now! |
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Posted: 5/19/2021 1:01:12 PM EDT
[#12]
Quote HistoryQuoted: I don't know if anyone is blaming Elon. I'm just curious if he can be held accountable for insider trading or any other violation. It can't be a coincidence that he got out a couple days before China banned it all. Quote HistoryQuoted: Quoted: Quoted: Quoted: Elon's going to talk himself into a stay in the gray bar if he's not careful. The gov could make a pretty good case he's intentionally involved in currency manipulation. Someone needs to be taking a serious look at Elon right now. No fucking way he goes from hyping Crypto as much as he was, to suddenly abandoning it completely, just a matter of days before China announced that they are banning all Crpyto. No fucking way anyone is that lucky. All of you guys Blaming Elon: He has major dealings in China. Major investors. You think he didn’t have a little friendly heads up? Not to insult anyone, but I’m amazed that some of you are surprised or mystified by this. It’s a straight like calculation. Like 420-320=120 I don't know if anyone is blaming Elon. I'm just curious if he can be held accountable for insider trading or any other violation. It can't be a coincidence that he got out a couple days before China banned it all. He’s way beyond being held accountable. He’s an Instrument. |
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Posted: 5/19/2021 1:14:09 PM EDT
[#13]
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Posted: 5/19/2021 1:15:16 PM EDT
[#14]
Quote HistoryQuoted: https://i.imgur.com/CQgpGUW.png https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html 1. JP Morgan L  L2. Gold, that has an infinite supply available as an inflation hedge?  I’ll accept gold as an inflation hedge when it out performs the money printing. If it was an inflation hedge, why hasn’t it gone up at least 450% in the last year just to keep pace with the fed’s money printing? https://fred.stlouisfed.org/series/WM1NS |
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Posted: 5/19/2021 1:18:10 PM EDT
[#15]
Quote HistoryQuoted: Because crypto is backed by speculation only. Maybe like the tulip thing in Holland in the 1600's. You realize tulip mania was ONE growing season right? Bitcoin has been around a lot longer. |
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Posted: 5/19/2021 1:22:03 PM EDT
[#16]
Quote HistoryQuoted: Holy shitballs I shouldn't have checked my accounts. Thanks Elon. |
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Posted: 5/19/2021 1:27:01 PM EDT
[#17]
Quote HistoryQuoted: Naw. The big deal was that they had some shit in china, power went down and 60% of the hashing capacity fell off the network for a short period. Something like that. It reveals the major flaw in bitcoin, and a fuck-up Satoshi should have fixed when he was still involved. Using Double SHA256 (which can be unrolled and aggregated in ASIC custom chips) led to miner centralization. The original Satoshi whitepaper intended that everyone with a CPU could mine. He was around when graphics card mining started and could have forked to get things back into commodity hardware (probably proof of work where some portion of the nonce is a function of the current block hash as a map or mask to grab a specific transaction hash from somewhere in the entire history of the blockchain, i.e., requiring a different twiddle for every single hash -- such that fast ASICs wouldn't work without every instance having fast access (i.e., on the local machine) to the historical blockchain. Bitcoin is a problem because if 60% of the hash can fall off due to a power outage, then 60% of the hash can be commandeered by Chinese authorities and 60% of the hash can be abused attacks to rewrite prior blocks. On top of all that, Bitcoin is STILL being traded as a speculative investment commodity like pork bellies or oil futures, and is not being used as CURRENCY as was the idea. And whenever use climbs the network gets bogged and, frankly, the "lightning network" was an overt attempt by some devs to do rent-seeking as a layer on top of Bitcoin and is a failure anyway. Then add the Pipeline hack and the fact that its going to draw regulation, the IRS staffing up to go after crypto for taxes and countries starting to restrict etc., and its fairly uncertain all the sudden. OH, and of course any huge climb leads to people setting profit taking stops and those are getting hit now.  Attached File |
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Posted: 5/19/2021 1:29:34 PM EDT
[#18]
When your doctor friends, exterminator, and sprinkler guy tell you that crypto is where they are putting all their money, it’s time to get out.
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Posted: 5/19/2021 1:30:27 PM EDT
[#19]
 I don't get the responses. This is a great opportunity to buy BTC or even Ethereum.
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Posted: 5/19/2021 1:31:55 PM EDT
[#20]
Quote HistoryQuoted: Good time to buy if you believe in the fundamentals. It's never a good time to invest in cryptos if you believe in fundamentals, since currently existing crypto lacks fundamentals. That is, and always has been, it's core problem. If you believe in trends and timing the market, then yes you would probably believe now is a good time to invest. |
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Posted: 5/19/2021 1:32:30 PM EDT
[#21]
Boomers yelling at clouds as far as the eye can see
Nobody is making them buy it, and they are quiet when the market is pumping, then come out of the woodwork when it's correcting/dropping |
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Posted: 5/19/2021 1:33:46 PM EDT
[#22]
Quote HistoryQuoted: I don't get the responses. This is a great opportunity to buy BTC or even Ethereum.The playing field has changed. There's doubt and fear that governments will allow crypto to remain unbridled. |
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Posted: 5/19/2021 1:37:20 PM EDT
[#23]
33% of total volumn created in the last year. 1% of holders own over 50% of the supply. 30 trillion market cap. buying power down over 50% in the last 25 years.
what a shitcoin. just kidding, thats the US dollar. its confusing why no one bats an eye when crypto goes up 2000% in a year but then freaks out when it drops 75% to only be up 500% for the year. |
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Posted: 5/19/2021 1:41:11 PM EDT
[#24]
Quote HistoryQuoted: The playing field has changed. There's doubt and fear that governments will allow crypto to remain unbridled. That’s nothing new. |
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Posted: 5/19/2021 1:55:24 PM EDT
[#25]
Glad it does this. Easy money.
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Posted: 5/19/2021 1:57:34 PM EDT
[#26]
Quote HistoryQuoted: When your doctor friends, exterminator, and sprinkler guy tell you that crypto is where they are putting all their money, it’s time to get out. No worries. They are all buying verge and tron. |
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Posted: 5/19/2021 1:59:31 PM EDT
[#27]
Quote HistoryQuoted: 1. JP Morgan L L2. Gold, that has an infinite supply available as an inflation hedge? I’ll accept gold as an inflation hedge when it out performs the money printing. If it was an inflation hedge, why hasn’t it gone up at least 450% in the last year just to keep pace with the fed’s money printing? https://fred.stlouisfed.org/series/WM1NS Quote HistoryQuoted: Quoted: https://i.imgur.com/CQgpGUW.png https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html 1. JP Morgan L L2. Gold, that has an infinite supply available as an inflation hedge? I’ll accept gold as an inflation hedge when it out performs the money printing. If it was an inflation hedge, why hasn’t it gone up at least 450% in the last year just to keep pace with the fed’s money printing? https://fred.stlouisfed.org/series/WM1NS Wow. You do realize that inflation is “sticky” yes? Before spouting off, do yourself a favor and read about it. Read as much as you can. Both, To protect your future, and to sound less  We haven't seen Bread or Gasoline go up 450% either, but do you think it might eventually? Everything has it’s own rate of inflation. That’s why it’s so insidious. People are easily confused. |
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Posted: 5/19/2021 2:19:12 PM EDT
[#28]
I'm a ETH trader, not a holder.
I had a sideways trade yesterday, nice dip today, I'm out already, probably won't play again until another major dip. China, major $$ manipulator Probably BTC manipulator as well, they have mined the Sh$T out of BTC, touche on the well timed crypto ban. Musk, yep tied to hip to china for parts, in league, maybe. Wouldn't be shocked to see more well timed crypto bans to see major price drops. Where is the bottom, watch the volume!!!! I'm still pro crypto, currently not a holder, but trader GO!! ETH, ADA, Matic, DOT, UNI, LINK, AAVE, KAVA, ATOM, Sushi, ALGO, ONE, XLM(next to no fees to transfer to different accounts) BTC in the future, HELL yes, I'll sure fell better after BTC dips to $25k |
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Posted: 5/19/2021 2:23:50 PM EDT
[#29]
Quote HistoryQuoted: I'm a ETH trader, not a holder. I had a sideways trade yesterday, nice dip today, I'm out already, probably won't play again until another major dip. China, major $$ manipulator Probably BTC manipulator as well, they have mined the Sh$T out of BTC, touche on the well timed crypto ban. Musk, yep tied to hip to china for parts, in league, maybe. Wouldn't be shocked to see more well timed crypto bans to see major price drops. Where is the bottom, watch the volume!!!! I'm still pro crypto, currently not a holder, but trader GO!! ETH, ADA, Matic, DOT, UNI, LINK, AAVE(staking oh MY), Sushi, ALGO, ONE, XLM(next to no fees to transfer to different accounts) BTC in the future, HELL yes The good news is that now we know Elon is 'in the know.' My plan is to just follow his tweets. If he's buyin, I'm buyin. If he's sellin, I'm sellin. |
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Posted: 5/19/2021 2:25:43 PM EDT
[#30]
Quote HistoryQuoted: The good news is that now we know Elon is 'in the know.' My plan is to just follow his tweets. If he's buyin, I'm buyin. If he's sellin, I'm sellin.  Player So smart |
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Posted: 5/19/2021 2:31:17 PM EDT
[#31]
Gambling
someone's going to get left with the bag |
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Posted: 5/19/2021 2:38:04 PM EDT
[#32]
Quote HistoryQuoted: Gambling someone's going to get left with the bag If $$ is involved, those in power will manipulate, we are watching it in real time I'll be sad if crypo crashes, staking is DA BOMB. |
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Posted: 5/19/2021 2:39:38 PM EDT
[#33]
Quote HistoryQuoted:
Someone needs to be taking a serious look at Elon right now. No fucking way he goes from hyping Crypto as much as he was, to suddenly abandoning it completely, just a matter of days before China announced that they are banning all Crpyto. No fucking way anyone is that lucky. |
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Posted: 5/19/2021 2:42:17 PM EDT
[#34]
Quote HistoryQuoted: Biden saying that he's going to tax Crypto didn't help. That is not new and never has been. It has been subject to capital gains for quite some time. |
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Posted: 5/19/2021 2:44:42 PM EDT
[#35]
Quote HistoryQuoted: Boomers yelling at clouds as far as the eye can see Nobody is making them buy it, and they are quiet when the market is pumping, then come out of the woodwork when it's correcting/dropping |
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Posted: 5/19/2021 2:46:30 PM EDT
[#36]
Quote HistoryQuoted: Boomers yelling at clouds as far as the eye can see Nobody is making them buy it, and they are quiet when the market is pumping, then come out of the woodwork when it's correcting/dropping Meh, I can't ridicule what I don't understand. I always just figured it was something that the .gov was going to do away or fuck with if it got too big for it's britches so I never bothered trying to figure it out.
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Posted: 5/19/2021 2:47:27 PM EDT
[#37]
Quote HistoryQuoted: A lot of people made a lot of money on tulip bulbs. Just because some people will get in/out at the right time doesn't mean it's not a similar financial mania, bag holders and all. Quote HistoryQuoted: Quoted: That's what you guys said in 2013 when I was buying BTC at $200/each. How long does it take for you to admit that you are wrong? If 8 years aren't enough, how many more will it take? Serious question. If we get another few years down the road and BTC is trading north of $100k will you come back and say "Boy, maybe I misread that one" or will you dissappear and let the next guy step in to talk about tulips? Because that's exactly what happened in 2013 and 2017. The people who called it "Tulips" back then never came back to comment in 2021. A lot of people made a lot of money on tulip bulbs. Just because some people will get in/out at the right time doesn't mean it's not a similar financial mania, bag holders and all. Not holding them for 8 years they didn't. Tulip mania lasted a matter of months and survived exactly zero crashes. There is no reasonable comparison to Tulips. |
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Posted: 5/19/2021 2:52:13 PM EDT
[#38]
1. Elon Musk talking shit to talk shit, and idiots listening.
2. CCP banned it to force their citizens to use their shitty centralized 100% CCP controlled "crypto". 3. Biofeedback loop with people pannicking like lemmings. This is not financial advice but I'm stocking up. Wish I knew the CCP was gonna drive it down further i would have sold a bunch immediately only to buy back more today or tomorrow. |
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Posted: 5/19/2021 2:52:42 PM EDT
[#39]
Quote HistoryQuoted: so where do you think the money comes from that you get paid with? Quote HistoryQuoted: Quoted: Quoted: Quoted: This should really kill any remaining arguments for crypto as a regular currency. Volatility like this is not compatible with using crypto as a regular means of exchange. you done did it now nothing like having your pay check cut in half because of some volatile exchange medium There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. so where do you think the money comes from that you get paid with? What I'm saying is that someone can go USD to Crypto, make a transaction, and the other party be Crypto to USD (or any other fiat)...all within a matter of minutes. Neither side NECESSARILY has to accept substantial currency risk if they don't want to. |
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Posted: 5/19/2021 2:52:45 PM EDT
[#40]
Quote HistoryQuoted: Musk opened his mouth….it’s been on its way down ever since he had his great epiphany about it consuming too much electricity to mine. I haven’t been able to look at my portfolio for days. Musk has impressed me with his ventures but him bitching about the electricity used for crypto i find hilarious and hypocritical. Like his charging stations don't bleed the grids. Think of the losses when tranforming power stored in coal, nuclear, nat gas and hydro down to recharge one of his batteries. Compound that loss if all American vehicles were electric.
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Posted: 5/19/2021 2:55:23 PM EDT
[#41]
Quote HistoryQuoted:
I don't get the responses. This is a great opportunity to buy BTC or even Ethereum. |
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Posted: 5/19/2021 2:55:26 PM EDT
[#42]
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Posted: 5/19/2021 3:06:11 PM EDT
[#43]
Quote HistoryQuoted: China just announced new crypto restrictions on its citizens. Cant fully control citizens if they have a way to store and gain wealth outside the party. What i see coming. First, crypto is a brilliant concept. Set quantities that can't be inflated with a print press. The weak point i see is injection of the middlemen between the product and buyers. This is where the sabotage will play. Take into account the flood of counterfeit gold that has surfaced in the last several years. Expertly faked trading bullion that is full of tungsten. Guess who? When they finish hyperinflating the USD, crypto will also be sunk. The Chinese will suddenly announce the yuan is solidly pegged to real gold they've been secretly stealing/hoarding for years. The Great Reset. |
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Posted: 5/19/2021 3:09:18 PM EDT
[#44]
- The realization Tether probably isn’t backed by anything close to what they say it it.
https://davidgerard.co.uk/blockchain/2021/05/13/tether-publishes-two-pie-charts-of-its-reserves/ - Musk and his comments toward Bitcoin and Dogecoin. - General market negativity. - Any one, or all of these causing a partial sell off of crypto and negative outlook in general. Some people taking profits. People being leveraged 1:100 in crypto, a small drop in the value of crypto and people end up being margin called. All these things have a snowball effect, the crypto market drops, people sell (either out of panic, they lost money and don’t want to lose more, they rode the wave up and want to get out while they have profits, or they get margin called and were forced to sell), and that creates more selling, and it just keeps snowballing. |
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Posted: 5/19/2021 3:10:04 PM EDT
[#45]
Quote HistoryQuoted: Money isn't real, anyway. Only the tangible assets you gain from any of the bullshit dollars, physical or digital. Guns, ammo, TP, and gold. |
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Posted: 5/19/2021 3:12:11 PM EDT
[#46]
Quote HistoryQuoted: I’m the first to admit I missed the boat, but did you at least sell a few million dollars worth at the high, so you can live comfortably on safe FRN dividends? Quote HistoryQuoted: Quoted: Quoted: Because crypto is backed by speculation only. Maybe like the tulip thing in Holland in the 1600's. That's what you guys said in 2013 when I was buying BTC at $200/each. How long does it take for you to admit that you are wrong? If 8 years aren't enough, how many more will it take? Serious question. If we get another few years down the road and BTC is trading north of $100k will you come back and say "Boy, maybe I misread that one" or will you dissappear and let the next guy step in to talk about tulips? Because that's exactly what happened in 2013 and 2017. The people who called it "Tulips" back then never came back to comment in 2021. I’m the first to admit I missed the boat, but did you at least sell a few million dollars worth at the high, so you can live comfortably on safe FRN dividends? Yes, I've sold BTC along the way at several points when the need to re-balance became overwhelming. That selling and the correction not withstanding, I'm still massively in to crypto. I'm more than happy to take the gamble that it continues to grow long term even at the risk of a 100% loss. I would have never gotten to this point in crypto in the first place if I was scared to lose it. That said, no matter how much it is, it's not make or break for me. I've been investing in stocks since I was 13 years old and maxing my IRA / 401k since I started my career. My remaining crypto could go to zero and I'd be fine. I'd rather take a shot with it and be disappointed than never take a shot and feel smug. Keep in mind, this conversation we are having now is one I had here in 2013 and 2017. I'm just repeating myself for a 3rd time. Once again, I expect to get piled on with "tulips" and "ponzi" schemes and once again, I expect that it all be forgotten in a few years down the road. Crypto threads are like Groundhog day. There's literally nothing that I've seen from either side (skeptics and FOMO buyers) that I didn't see in 2013 and 2017. Literally nothing. Almost nobody has introduced a new and original thought in my 8 years doing it. |
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Posted: 5/19/2021 3:15:15 PM EDT
[#47]
crypto is too volatile to be of any use, it a speculative asset that is all, it's game to try and make quick money, some are getting burned today,
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Posted: 5/19/2021 3:16:24 PM EDT
[#48]
Quote HistoryQuoted: There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. Quote HistoryQuoted: Quoted: Quoted: This should really kill any remaining arguments for crypto as a regular currency. Volatility like this is not compatible with using crypto as a regular means of exchange. you done did it now nothing like having your pay check cut in half because of some volatile exchange medium There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. https://davidgerard.co.uk/blockchain/2021/05/13/tether-publishes-two-pie-charts-of-its-reserves/ It doesn’t solve the issue if you can’t trust that the crypto is actually backed by something. If the entire purpose of your crypto is that it’s 100% backed by assets, shouldn’t you be going out of your way to provide proof of that? Instead you release 2 pie charts that don’t even list amounts, they just have percentages, this is after being fined millions of dollars and being required to release something. I don’t believe Tether is 100% asset backed. I think it’s a big scam and Tether has been propping up the value of Bitcoin. Tether is going to fail and it’s going to drag everything else with it. |
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Posted: 5/19/2021 3:22:09 PM EDT
[#49]
Quote HistoryQuoted: Gambling someone's going to get left with the bag That argument only holds up if there is a certain end. Gold has relied on a "greater fool theory" for ages yet here it still is. The majority of Gold is used for investment and jewelry so the whole "industrial uses" argument just don't fully support it's price. It quite literally is worth whatever it is because there are greater fools out there willing to pay for it. It doesn't actually do anything for the holder other than sit in a bank vault or a safe and collect dust. What creates a "certain end" for Bitcoin? Not that this can't happen, but it would take a concentrated effort of governments around the world but even then you might still not be able to kill it. The Bitcoin network can run on a handful of laptops if it really needed to. It's viral in the digital sense. You can stomp on the value from time to time but shoving it back in the box is extremely difficult. That's why we are 11 years and 3...maybe now 4 major crashes on and it's still kicking. |
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Posted: 5/19/2021 3:24:39 PM EDT
[#50]
Quote HistoryQuoted: https://davidgerard.co.uk/blockchain/2021/05/13/tether-publishes-two-pie-charts-of-its-reserves/ It doesn’t solve the issue if you can’t trust that the crypto is actually backed by something. If the entire purpose of your crypto is that it’s 100% backed by assets, shouldn’t you be going out of your way to provide proof of that? Instead you release 2 pie charts that don’t even list amounts, they just have percentages, this is after being fined millions of dollars and being required to release something. I don’t believe Tether is 100% asset backed. I think it’s a big scam and Tether has been propping up the value of Bitcoin. Tether is going to fail and it’s going to drag everything else with it. Quote HistoryQuoted: Quoted: Quoted: Quoted: This should really kill any remaining arguments for crypto as a regular currency. Volatility like this is not compatible with using crypto as a regular means of exchange. you done did it now nothing like having your pay check cut in half because of some volatile exchange medium There are cryptos that attempt to solve that. One USDC is still worth $1 just like it was yesterday. Same thing with Tether. Same thing with BUSD. Same thing with DAI. The other important fact is that there is nothing about Crypto which requires you to remain it for any period of time longer than the moment of the transaction itself. Services that allow you to accept BTC and convert it instantly to cash at the point of sale have existed for many years now. There is no reason to accept exchange rate risk in crypto if you don't want to. https://davidgerard.co.uk/blockchain/2021/05/13/tether-publishes-two-pie-charts-of-its-reserves/ It doesn’t solve the issue if you can’t trust that the crypto is actually backed by something. If the entire purpose of your crypto is that it’s 100% backed by assets, shouldn’t you be going out of your way to provide proof of that? Instead you release 2 pie charts that don’t even list amounts, they just have percentages, this is after being fined millions of dollars and being required to release something. I don’t believe Tether is 100% asset backed. I think it’s a big scam and Tether has been propping up the value of Bitcoin. Tether is going to fail and it’s going to drag everything else with it. Entirely possible. I don't follow Tether specifically but the "idea" behind a stable coin where it actually is backed by something is a valid idea and the manifestation of that idea doesn't have to be tether specifically. |
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