Rubini... lol
Nocoiner predictions: 2021 will be year of comedy gold
11–20 of 70 posts
Re: Nocoiner predictions: 2021 will be year of comedy gold
#12Weaver's claim about Tether being a vehicle to inflate the price of Bitcoin is odd. The main Tether-BTC transacting I'm aware of is in high frequency trading. Any longterm position in Tether is effectively against BTC (electing to instead hold a tokenized USD). Furthermore, Tether has a market cap only 1/16 of BTC. You can say either are flawed individually, but their valuations are independent.
China also has a geopolitical incentive to promote crypto and counter the USD's current status as the reserve currency. The capability for the US to inject USD into itself while retaining a worldwide demand is undoubtedly at the forefront of China's mind.
Re: Nocoiner predictions: 2021 will be year of comedy gold
#13This is the first I have heard of this Tether and Bitfinex story. Seems extremely shady. Does anyone have more details? However, I don’t really understand the distinction between Tether minting coins and people buying gold ETFs.
Tether has a very powerful place in the crypto ecosystem - it is the most widely used stablecoin. It was revealed in a court filing that it was not fully backed, it was like 70%, because governments seized some of the funds (according to Tether). This broke a fundamental promise Tether made - that all USDT was fully backed 1 for 1 with USD in bank accounts.
To remedy this, Tether now states USDT is backed 1 for 1 with cash and cash equivalents. For example, Tether released an "IOU" coin called UNUS SED LEO (LEO)[0] that trades at the amount of USD missing. Therefore Tether states it is now fully backed.
The veneer of sketchiness is actually preferable to a lot of crypto traders, who live in fear of various governments. This is why USDC is not as popular as USDT - many traders prefer a "vaguely sketchy" coin that is less likely to have their funds frozen by court order.
All that said, I worked at a company (Circle) that redeemed and minted billions of dollars of Tether back in 2017 / 2018. Tether serves big trade desks and is extremely popular in Asia, while USDC has become more popular in DeFi and is bigger in the west. Tether is not a giant ponzi scheme - it really has assets, and huge desks regularly mint and redeem billions of dollars.
Re: Nocoiner predictions: 2021 will be year of comedy gold
#14Here is the Michael Saylor interview (mentioned in the article):
https://youtu.be/Cg10yYZjK94?t=1h10m0s
This is the CEO of MicroStrategy who mainstreamed Bitcoin investment, saying stuff like:
"Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy”
On MicroStrategy's quarterly earnings conference call in July 2020, Saylor announced his intention for MicroStrategy to explore purchasing Bitcoin, gold, or other alternative assets instead of holding cash. The following month, MicroStrategy used $250 million from its cash stockpile to purchase 21,454 Bitcoin.
MicroStrategy later added $175 million of Bitcoin to its holdings in September 2020 and another $50 million in early December 2020. On December 11, 2020, MicroStrategy announced that it had sold $650 million in convertible senior notes, taking on debt to increase its Bitcoin holdings to over $1 billion worth. On December 21, 2020 MicroStrategy announced their total holdings include 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin. Saylor, who controls 70% of MicroStrategy's shares, dismissed concerns by observers that the move is turning MicroStrategy into a Bitcoin investment firm or exchange-traded fund (ETF).Re: Nocoiner predictions: 2021 will be year of comedy gold
#15Typical nocoiner, always focused on price...
Re: Nocoiner predictions: 2021 will be year of comedy gold
#16Here is the Michael Saylor interview (mentioned in the article): https://youtu.be/Cg10yYZjK94?t=1h10m0s This is the CEO of MicroStrategy who mainstreamed Bitcoin investment, saying stuff like: "Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy” Background from Wikipedia: On MicroSt…
He does seem like a bit of a lunatic but I'm not sure that it says much about Bitcoin. If you ever watch YouTube, you'll find there are similar characters in real estate, stocks, forex, etc.
Re: Nocoiner predictions: 2021 will be year of comedy gold
#17If you're going to write an article like this, it would be more honest to admit that you thought the same things were going to happen last year, and the year before that, but they didn't.
Re: Nocoiner predictions: 2021 will be year of comedy gold
#18This is the first I have heard of this Tether and Bitfinex story. Seems extremely shady. Does anyone have more details? However, I don’t really understand the distinction between Tether minting coins and people buying gold ETFs.
There's earlier (from 2018) Tether criticism:
Re: Nocoiner predictions: 2021 will be year of comedy gold
#19Here is the Michael Saylor interview (mentioned in the article): https://youtu.be/Cg10yYZjK94?t=1h10m0s This is the CEO of MicroStrategy who mainstreamed Bitcoin investment, saying stuff like: "Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy” Background from Wikipedia: On MicroSt…
He does seem like a bit of a lunatic but I'm not sure that it says much about Bitcoin. If you ever watch YouTube, you'll find there are similar characters in real estate, stocks, forex, etc.
Michael Saylor is the guy who "legitimized" Bitcoin
He is frequently mentioned in Bitcoin discussions as evidence that Bitcoin is mainstream: a rational, safe investment, good enough for MicroStrategy to invest hundreds of millions
When you actually watch him talk, the credibility vanishes
Re: Nocoiner predictions: 2021 will be year of comedy gold
#20Nocoiner Frances Coppola:
"Bitcoin is not scarce because each coin is subdivided into satoshis".