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Nocoiner predictions: 2021 will be year of comedy gold

amycastor.com

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Re: Nocoiner predictions: 2021 will be year of comedy gold

#31

Post by seibelj »

freeAgent wrote: post #29
seibelj wrote: post #13

Earlier quoted context omitted.

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 wit…

Tether’s total supply didn’t exceed 2B at any point in 2017 or 2018 and it certainly didn’t fluctuate by anywhere close to that, particularly on the down side, during that period. I think either your dates are wrong or you’ve vastly overstated how much Tether Circle “redeemed” (please explain exactly the redemption process you used) over that period.

https://www.theblockcrypto.com/post/48857/former-head-of-cir... I worked with Dan. Circle Trade was the second biggest desk back then after Cumberland.

You don’t do all billions at once, that was in total.

Re: Nocoiner predictions: 2021 will be year of comedy gold

#32

Post by CyberRabbi »

miguelmota wrote: post #30

People like Amy Castor, Peter Schiff, Nouriel Roubini, etc don't seem to fundamentally understand that intrinsic value is completely subjective and that bitcoin being a borderless, trustless, and scarce resource is what makes it valuable to many. Focusing on the negative aspects and neglecting the upsides of what cryptocurrencies have unlocked for millions of people worldwide is short-sighted.

I think the key things for Bitcoin are that it’s not forgeable and it’s transferable. Anything that satisfies those two conditions will eventually be used as a reliable store of value.

Re: Nocoiner predictions: 2021 will be year of comedy gold

#33

Post by ufo »

cwhiz wrote: post #8

This 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.

This one is my favorite summary of the Tether story: https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

Re: Nocoiner predictions: 2021 will be year of comedy gold

#36

Post by tzone »

Is this satire? The very first comment: "He believes the bitcoin ecosystem is running low on cash", is provably false since it is not just Tether that is increasing in MarketCap. USDC + PAX dollars have also increased in MarketCap to ~5 billion total now.

USDC and PAX are both regulated by US financial regulators, including NY.

There are plenty of ways to be skeptical of Bitcoin or Ethereum or rest of the Crypto, but this article is not it.

Re: Nocoiner predictions: 2021 will be year of comedy gold

#37

Post by jayd16 »

rarefied_tomato wrote: post #12

Weaver'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 geop…

>but their valuations are independent.

The key complaint is that they are, in fact, NOT independent. You can use one to manipulate the other under the guise of being backed by USD when in reality its backed by loans backed by BTC (or some other permutation).

Re: Nocoiner predictions: 2021 will be year of comedy gold

#38

Post by freeAgent »

seibelj wrote: post #31
freeAgent wrote: post #29

Earlier quoted context omitted.

Tether’s total supply didn’t exceed 2B at any point in 2017 or 2018 and it certainly didn’t fluctuate by anywhere close to that, particularly on the down side, during that period. I think either your dates are wrong or you’ve vastly overstated how much Tether Circle “redeemed” (please explain exactly the redemption process you used) over that period.

https://www.theblockcrypto.com/post/48857/former-head-of-cir... I worked with Dan. Circle Trade was the second biggest desk back then after Cumberland. You don’t do all billions at once, that was in total.

Yes, I recognized the language from that article/interview. It did not explain how Tether was redeemed by Circle. That interview did not cover in any detail how much Tether was redeemed or how Tether was wiring millions or billions of USD to Circle. I want to be very clear here that selling USDT is not the same as redeeming it directly with Tether themselves.

Re: Nocoiner predictions: 2021 will be year of comedy gold

#39

Post by suikadayo »

I do find it odd that Bitcoiners who tend to be incredibly, incredibly outspoken about Ending the Fed, and QE money printing, call any criticism of Tether as FUD in a cult manner, or shrug it off as non-issue. It was/is effectively a fractional reserve, where they admitted in court in the past that Tether wasn't completely backed by cash. It does seem a little convenient that they aren't ideologically consistent, and against Tether because it just so happens to help prop up the price of Bitcoin.

Re: Nocoiner predictions: 2021 will be year of comedy gold

#40

Post by jayd16 »

disruptalot wrote: post #3

The same tired arguments as ever: miner death spiral, not scarce, ponzi, tether etc. But with a new timeline. I'm sure it'll happen this year!

You act like it hasn't been barely 3 years since the last massive crash. You need it to happen every other year?
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