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Anyone Seen Tether’s Billions?

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Re: Anyone Seen Tether’s Billions?

#471

Post by thebean11 »

wpietri wrote: post #469
thebean11 wrote: post #397

Earlier quoted context omitted.

> Everyone who holds cryptocurrency is holding Tether’s bag of poo. Or they recognize you can't time the market, and see upside despite a nearly-inevitable tether crash? If investors had been waiting for tether to crash they would have missed the run from $1k - $30+k, and I don't think you can claim with a straight face that was all tether manipulation. Again, can't time the market.

Everybody holding a bag of poo believes there's upside. That's why they're holding it. I will grant that the cryptocurrency ecosystem is incredibly good at not just finding but creating greater fools. [1] But the fool supply is finite, and more than 10 years on cryptocurrencies still aren't good for much practical. [2] [1] https://en.wikipedia.org/wiki/Greater_fool_theory [2] https://news.ycombinator.com/item?id=2878…

If you’re criticism is based on payments you have not been paying attention to the space for the last 5 years.

Anyway, it’s easy to make a circular argument of “people buy it because they are fools, and they are fools because they buy it.” You’ll be right whether it goes up or down so there’s not much of a debate to be had..

Re: Anyone Seen Tether’s Billions?

#472

Post by wpietri »

thebean11 wrote: post #471
wpietri wrote: post #469

Earlier quoted context omitted.

Everybody holding a bag of poo believes there's upside. That's why they're holding it. I will grant that the cryptocurrency ecosystem is incredibly good at not just finding but creating greater fools. [1] But the fool supply is finite, and more than 10 years on cryptocurrencies still aren't good for much practical. [2] [1] https://en.wikipedia.org/wiki/Greater_fool_theory [2] https://news.ycombinator.com/item?id=2878…

If you’re criticism is based on payments you have not been paying attention to the space for the last 5 years. Anyway, it’s easy to make a circular argument of “people buy it because they are fools, and they are fools because they buy it.” You’ll be right whether it goes up or down so there’s not much of a debate to be had..

Well I'm glad we agree that Bitcoin has failed in its original purpose. Perhaps you can set straight all the people who argue otherwise? Because there sure are a lot of them.

The trouble is, it doesn't actually have another one, not a practical one.

Re: Anyone Seen Tether’s Billions?

#473

Post by jcpham2 »

joecool1029 wrote: post #294
jcpham2 wrote: post #244

Earlier quoted context omitted.

Bitcoin effectively is the reason I stopped leaving breadcrumbs for Twitter researchers in the future. I read his research and see forum posts from idiots we use to laugh at on irc, but I myself participated in the pirate@40 ponzi, as other people did - maybe 47 poor souls if memory serves. What a lot people can’t seem to grasp about 2012 is Bitcoin miners were flush with Bitcoin and no place to spend it, no place to…

Getting downvoted by people who weren't there, didn't understand the original community or how it worked, that or they just don't believe you. The community was small, I sold you a laptop at one point in it. It really was all a game in the early days, then it blew up.

Hi Joe . The Laptop that the UPS truck ran over that I bought for $100 in Bitcoin in 2013 still works.

I always get downvoted here because I don’t cite sources :-)

The over the counter chat and trade seemed to end around the first big ATH blow up of 2017. The prices got too high and the conversation ended, my friend.

I’m still around on libera

Re: Anyone Seen Tether’s Billions?

#474

Post by jcpham2 »

joecool1029 wrote: post #442
andruby wrote: post #354

Earlier quoted context omitted.

I don’t think so. At least I remember the pool payout “trick”.

People who do well on IRC often have trouble not rambling on forums. I should know, I'm one of those people. Jcpham is very much a real person talking about real things from the past: https://serajewelks.bitcoin-otc.com/trustgraph.php?source=jo...

A real boy!!!!

Re: Anyone Seen Tether’s Billions?

#475

Post by jcpham2 »

sydthrowaway wrote: post #313
jcpham2 wrote: post #236

Earlier quoted context omitted.

I never knew one of Trendons minions copied Bitcoinica and started BitFinex, thanks HN I sat in chat rooms with most of these crazy fucknuts a decade ago and that is frightening. Fun re reading old court transcripts yay

Hm, so they got rich and you didn't?

Define the word rich

Re: Anyone Seen Tether’s Billions?

#476

Post by jcpham2 »

Danieru wrote: post #332
jcpham2 wrote: post #244

Earlier quoted context omitted.

Bitcoin effectively is the reason I stopped leaving breadcrumbs for Twitter researchers in the future. I read his research and see forum posts from idiots we use to laugh at on irc, but I myself participated in the pirate@40 ponzi, as other people did - maybe 47 poor souls if memory serves. What a lot people can’t seem to grasp about 2012 is Bitcoin miners were flush with Bitcoin and no place to spend it, no place to…

Can you explain how the proportional payout is broken? It is not immediately obvious to me how the pool hopping worked. Of course I accept it was broken, I've just never seen an explanation of now. Any explanation of PPLN lasts the historic perspective.

Early on Bitcoin mining pools payed proportional to mining hashpower. Not PPLNS, not PPS, just proportional.

Bithopper would basically jump to, or jump away from deepbit( the largest proportional payout pool) on long rounds, long 10 minute blocks.

Deepbit and Bitcoin.lc were basically the only two proportional pools you could overwhelm with hashpower, take block rewards from the pool, and damn anyone’s shares or how long they mined there for how many blocks.

Others could and should be able to speak to pool hopping but this is why the pools pay the way they do - we exploited the payouts early

Re: Anyone Seen Tether’s Billions?

#477

Post by xur17 »

ikeboy wrote: post #240
NelsonMinar wrote: post #28

I don't understand how Tether has survived this long. Bitfinex and Tether sure look transparently like a fraud, all the way back to the "no really we have $1 in the bank for every Tether but you can't audit us" days. And yet it continues to occupy its role as the underpinning of most cryptocurrency markets. Why hasn't it blown up yet? My best guess is that it's useful to everyone taking in money from new retail inves…

It's very easy to short tether, it costs around 4-5% a year. You can do it directly on FTX, or you can do it on ethereum by borrowing tether on aave against, say, USDC, and then selling it for USDC. You can do this in significant size, 8 figures+ if you'd like.

Doing this on aave would actually be net profitable right now with the "liquidity incentives" they offer, and you can apply leverage (deposit USDC, borrow USDT, swap for USDC, deposit again, ...). The rates aren't fixed, so you'd have to watch it, but it would be an interesting strategy.

Re: Anyone Seen Tether’s Billions?

#478

Post by xur17 »

impostervt wrote: post #31

People have been yelling about Tether for years, myself included. But nothing seems to stop it. Not lawsuits, not major news articles. The conclusion I draw is that, yes, the game is rigged - AND EVERYONE IS OK WITH IT. As long as it's making everyone money, no one will really complain. What I also find interesting, is that if tether ever DOES crash, the result might be a big boost for Bitcoin. If you hold Tether, an…

Bitfinex has a very profitable system with Tether (loaning USDT out, and earning 5-6% interest), so they're incentivized to keep it running as long as possible. If they're smart, they have liquid reserves to cover the first x% of withdrawals.

Which means - you would need something like a large drop in their backing assets (crypto, commercial paper, etc) + a confidence drop in the system large enough to cause a run on the bank, burning through all of their reserves.

If no catalyst like this occurs, the game could easily continue on for years.

Re: Anyone Seen Tether’s Billions?

#479

Post by CryptoPunk »

dustintrex wrote: post #314
CryptoPunk wrote: post #257

Earlier quoted context omitted.

The August 2021 change seems to be in response to a disclosure, that revealed more about USDC, than had been known in the past. This is a move toward more transarency and accuracy, not in USDC becoming less backed. And CoinGeek is a notoriously anti-decentralization media outlet. It's a mouthpiece for BSV, whose founder, Craig Wright, has called for anonymity to be abolished in cryptocurrencies, and for miners who pr…

Did you just call a SEC subpoena FUD?

There is no indication that this is due to some recent misbehavior by USDC's issuer, as opposed to an independent decision by the SEC to subject stablecoins in general to its control.

Re: Anyone Seen Tether’s Billions?

#480

Post by headmelted »

fleddr wrote: post #166
headmelted wrote: post #102

Earlier quoted context omitted.

“There’s a sizeable chance to lose your money but a larger chance to get returns that are astronomical” Past performance is not indicative of future returns.

Yes, and live life to the fullest. Are we exchanging cliches now?

No, but you’re strongly implying that there’s significantly more chance of making a large return than losing a lot of money, which you have no way of knowing.

The reason the rest of us on the other side of this fence aren’t being as loud is not because we consider the jury to be out - it’s because we’re being responsible with our claims. It’s why no-one is countering you with a claim that it’s all going to zero - as no-one can guarantee that will happen either.

Joining the cryptocurrency pyramid in 2021 and expecting 500% returns is foolish. Could it happen? Sure it could. It doesn’t make it as likely as those inside the religion are implying.

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