Earlier quoted context omitted.
You can use DAI ( https://makerdao.com/en/ ) or BUSD ( https://www.binance.com/en/lending , 2.5% interest anually) which are tied to the USD value.
These are scams.
Please explain how DAI is a scam.
Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
121–130 of 377 posts
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#122It could be possible, but I doubt it. Here is the growth of Bitcoin before Tether was created [0]. Within 3 years, the price went from $0.05 to $1177 and then settled at $220. I remember there was an article claiming that even this growth was caused by a single whale [1], but again, was it really? In comparison, here is the price of Gold within the last 40 years [2]. Looking at this chart, one could say that the pric…
The run up to 1100 was also due to rampant fraud and theft on mtgox
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#123Earlier quoted context omitted.
The idea here is that the blockchain model where everyone checks everything that happens doesn't scale to billions of users. Fortunately for people who disagree, there are hundreds of crypto projects that think this is possible. Including straight up copies of Bitcoin like Bitcoin Cash and Bitcoin SV.
It doesn't even scale to millions of users. And basically every project that tries to claim different is just ignoring the problem and trying to pump their own price. Everything in cryptocurrencies is a scam.
The internet didn't support millions of users after a decade either. Is the internet a scam?
I'm not sure why you are saying all efforts go into a flawed second layer?
a) Dozens of teams are working on other efforts.
b) Many do not consider lightning flawed.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#124Earlier quoted context omitted.
It doesn't even scale to millions of users. And basically every project that tries to claim different is just ignoring the problem and trying to pump their own price. Everything in cryptocurrencies is a scam.
This is absurd hyperbole. There are people working on legitimate answers to your concerns, such as the Lightning Network and other initiatives.
Is Lightning usable yet? I recall hearing it's been "imminent" since at least 2017...
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#125Earlier quoted context omitted.
Thankfully your circle of acquaintances isn't even remotely close to representing the wider world out there and the plethora of legitimate use cases that it presents for all sorts of people in this world. Just last week a friend of mine from another country was suppose to send me a few hundred bucks. He could have sent it 'traditionally' but he would have been harassed about why he was sending money abroad and wasted…
> He could have sent it 'traditionally' but he would have been harassed about why he was sending money abroad and wasted considerable time and effort going to a physical bank branch. Instead in under a minute he sent me some Ethereum and we both were able to confirm the transaction near immediately Have you heard of options like TransferWise or OFX? They offer immediate transfers, lower transaction fees than ETH or B…
> lower transaction fees than ETH or BTC
Citation needed. At the time of this post, a https://ethgasstation.info/
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#126Earlier quoted context omitted.
You're implying a single exchange moving the market needs cash to move it. If the ecosystem has decided one exchange is the lead price, then they manipulate the price without needing the underlying assets. Furthermore, bitcoin is one of the only markets I've seen which rewards "whales" instead of punishing them, because in most markets moving the market you will lose money to slippage. The market price will retract a…
>If the ecosystem has decided one exchange is the lead price, then they manipulate the price without needing the underlying assets. Okay, but I think there's a big difference between: A) Some whale committed bottomless resources to keep bidding up an asset whenever it fell in price, leading to a much higher price over six months, vs B) Some whale caused a one-day surge in price of the asset, which got the asset atten…
It’s somewhat of a stretch, for sure. I’d normally expect “one whale caused the rally” to mean that the whale started buying arbitrary amounts of bitcoin at a price near the top of the rally.
But I think any other description is more of a stretch. If (B) is correct it’s a speculative bubble, which happened in response to the whale’s activity, and wouldn’t have happened if not for the whale.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#127Earlier quoted context omitted.
Dai is explained here: https://www.youtube.com/watch?v=GnoQOlVTMeg
The only way to find out is to watch a 20 minute video by a crypto nutter? Is there not a simple explanation for how Dai is pegged to the dollar?
DAI is a complex series of loans, borrowing, and interest that creates incentive to sell your DAI if it goes over $1 and incentive to buy if it goes below $1. DAI has basically maintained $1 for years even as ETH prices have been all over the place. It's battle tested. If you can't be bothered to do a few minutes of research on a complicated topic I don't know what you're doing here.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#128Earlier quoted context omitted.
> He could have sent it 'traditionally' but he would have been harassed about why he was sending money abroad and wasted considerable time and effort going to a physical bank branch. Instead in under a minute he sent me some Ethereum and we both were able to confirm the transaction near immediately Have you heard of options like TransferWise or OFX? They offer immediate transfers, lower transaction fees than ETH or B…
>Earning interest He's talking about "DeFi" ("distributed finance") - the current craze in the Ethereum world. Various groups are offering significant interest rates for loaning out your Eth. It's hard to see how it's not another speculation bubble waiting to burst.
DeFi loans are typically very over-collaterized. Due to this, they represent way less of a risk to the economy than traditional credit.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#129Earlier quoted context omitted.
This is absurd hyperbole. There are people working on legitimate answers to your concerns, such as the Lightning Network and other initiatives.
Is Lightning usable yet? I recall hearing it's been "imminent" since at least 2017...
You're clearly listening to the wrong people.
It's usable for sure, but that doesn't mean billions of people can (nor want) to use it now. I'm using it just fine.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#130cryptocurrencies are algorithms. if you want algortihsm to succedd do ....xyz
the idea of financializing algorithms for people to speculate on the serial numbers...in an unregulatred environment sounds fine. but it's just NOT the equivalent of people used to making their own version of money because in the old days , corporations had promissory notes and credit.
credit is king. cryptocurrencies are just another form of credit. with the assumption being you can get 'real money' when you sell them. watch the price of btc go down and you see how many ideologues start complaining about 'price'. in the 'old' days the sign of a true believer was that they said they wouldn't sell and didn't care about price going down.
tru belieevers had faith that btc would make them really wealthy quickly because enough dumb money could be sucked in. and they were right!
the only true beelievers now that btc will get you another 100x to 1000 x are idiots , yea, btc will be worth 1 trillion , almost bigger than the u.s. dollars, yep, that makes sense. sure. because didn't you know...hyperinflation is right around the corner.