451–460 of 517 posts
I'm waiting patiently for the whole Tether printing scheme to fall and crush to finally purchase Bitcoin / Ether. However I'm not viewing them as inflation hedges so long as Bitfinex / etc. are allowed to continue with their obvious money printing scheme. When most crypto trading volume is traded at trustworthy exchanges which actually hold dollars as much as they say they do, I'll trust $/BTC to be a fair market. It…
Cryptocurrency isn’t the only way to escape USD inflation. Investors have been investing to avoid inflation long before Bitcoin was invented. Investing in virtually any asset other than cash will, almost by definition, shield you from inflation. Inflation is an increase in asset prices, resulted in reduced buying power. You only need to invest in assets (stocks for example) and minimize holdings in cash if your goal…
Inflation is an an interaction between the supply of any non-dollar "thing" and dollars. Sometimes that means certain assets like equities become more expensive in $, sometimes that means commodities like oil, sometimes it means labor.
But to be clear, rising Consumer Goods Inflation (what people most commonly talk about when they mean inflation) can lead to significantly lower asset prices, depending on valuation methodologies.
Earlier quoted context omitted.
I didn’t write that everything is fine and dandy with them. The world toolset doesn't function under a “your either with us or against us” mentality, it functions as a gradient. That gradient is that the NY AG case showed Tether was functioning properly until 2017/2018. If you were around crypto at that point in time, you would know that people would not have believed they had full reserves ever. Just reread what I w…
They haven't "functioned properly" because they promised audits, transparency/openness and independence, and none of that happened even back then. They then found out that they can keep up the empty promises and started dipping into the sauce, and now finally one investigation caught up with them. Your selective omissions imply advocacy - at least this is how it seems to me, and I'm not saying that's bad/good.
The accuracy of any statement can be weighed and discussed on its own merits
Earlier quoted context omitted.
What’s your recommendation for least-worse inflation hedge?
Paper towels never lose value and pretty pegged to inflation. But seriously, look at the past 20 years and your takeaway should be that USD is indestructible and that the Fed can do no wrong. They ran the printing press day and night for years and struggled to hit 2% inflation. "Full Faith and Credit of the US Government" is evidently the best inflation hedge in the world.
Earlier quoted context omitted.
Why does USDC and USDT need to exist for this? What’s the benefit of not just having USD in your Coinbase/bitfinex acc if they’re meant to be pegged anyway?
Tax arbitrage, iirc. In some jurisdictions like the US, exiting your position into USD is a taxable event for capital gains taxes. I seem to recall stable coins were invented to avoid that. I can't imagine tax authorities allow that loophole though.
If you made profit and traded against another coin, you pay tax, simple.
If you hold for a year though. You dont pay taxes.
My portfolio is up quit a bit now and its almost a year. Hope it stays almost like that just few more weeks :)
But who knows?
Earlier quoted context omitted.
Nice this is how Coinbase functions with USDC too Likely they all piggyback off of each other’s implementations in the face of evolving regulatory guidance
Why does USDC and USDT need to exist for this? What’s the benefit of not just having USD in your Coinbase/bitfinex acc if they’re meant to be pegged anyway?
I've been following Tether for quite a long time. I have no absolute proof it is a scam but the writing is on the wall. Here are some facts. - The current Market Cap of USDT is 34 Billion Dollars. It was 4B this time last year. Since the value is pegged this means there has been an influx of cash of 30 B into this shady company in the last year alone. Who invested this money? We have no idea since Tether doesn't disc…
What will happen to NY AG which investigated Tether for 2 years, went through 2.5 mil pages of documentation, yet missed such an obvious scam that a lot of people, including on this forum, can clearly see? If Tether implodes, is this proof that NY AG is incompetent or even worse, somehow implicated in this giant scam by covering it up? In the NY AG settlement PDF it clearly states that they will not indict Tether in…
The real world isn't a nice place and police show...
Earlier quoted context omitted.
They haven't "functioned properly" because they promised audits, transparency/openness and independence, and none of that happened even back then. They then found out that they can keep up the empty promises and started dipping into the sauce, and now finally one investigation caught up with them. Your selective omissions imply advocacy - at least this is how it seems to me, and I'm not saying that's bad/good.
Not everything needs a dissertation long disclaimer just so you can decide if you want to listen to me The accuracy of any statement can be weighed and discussed on its own merits
It comes across as dishonest and makes me, an outsider, wonder how much tether you own.
Earlier quoted context omitted.
Surprisingly, yes. That is fairly normal in financial institutions. It seems nonsensical at a first glance, but: https://www.investopedia.com/articles/analyst/090501.asp
What you are pointing to is expressly pointing out that 1) it is illegal, 2) it is illegal for a very good reason, 3) if anyone finds out the illegal things going on, it will likely result in catastrophic (or at least very, very expensive) consequences. The pretending part that Tether and Bitfinex were doing was fundamentally different than the walling happening within financial institutions, where it has to be disjo…
I've been following Tether for quite a long time. I have no absolute proof it is a scam but the writing is on the wall. Here are some facts. - The current Market Cap of USDT is 34 Billion Dollars. It was 4B this time last year. Since the value is pegged this means there has been an influx of cash of 30 B into this shady company in the last year alone. Who invested this money? We have no idea since Tether doesn't disc…
> There's no way to transfer USDT into USD. The few exchanges that say they offer withdraws actually don't if you go and try. It's perfectly possible to exchange USDT for USD and withdraw USD to your bank account; it does not involve complicated steps nor outrageous fees. Kraken, for example, has a very liquid USDT/USD market, is a well respected exchange, and processes USD withdrawals that arrive within minutes to U…