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Tether Discussion featuring Bennett Tomlin and George Noble

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Re: Tether Discussion featuring Bennett Tomlin and George Noble

#41

Post by benreesman »

I know some seriously sophisticated folks who are not only trading USDT at par, but even long, which I have long found puzzling given that anyone who didn’t just fall off the turnip truck knows it’s not even remotely capitalized to par.

My personal suspicion is that when a trivially distressed asset is valued at or above par by smart people that those people expect a bailout/recapitalization.

(Sidebar: USD is special among “fiat” currencies at the moment because its backed by the world’s largest military. Having guys with guns show up if you refuse to treat something as valuable is a pretty compelling argument to treat that thing as valuable.)

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#42

Post by 0xdeadb00f »

whatanorigtht wrote: post #33
cobookman wrote: post #26

Sometimes I wonder if this is how Michael Burry and others felt before the housing crash. Right before the housing crash, most the in-industry folks were fully aware it was unsustainable, but they felt it would continue long term. Same goes for tether, majority of those involved in crypto know what they are doing, and the pump-up effect it's had to crypto.

Oh so brave! Another hackernews commenter who hates bitcoin and thinks the price is too high! You're going to get so many upvotes!

I've seena crapload more commenters on here putting crypto in a positive light.

It's only recently I've started to see some genuine opposition.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#43

Post by whatanorigtht »

shlant wrote: post #40
whatanorigtht wrote: post #37

Earlier quoted context omitted.

Sure thing. The rise in bitcoins price certainly has nothing to do with the actions of central bankers. Have fun staying poor. Never leave your hackernews echo chamber.

I'm all for pushing back a bit against the usual HN crypto hate-fest, but you are really going about it in the most insufferable way possible. Maybe leave the crypto twitter level discourse out of it.

Oh, I used to bother trying. Then eventually you realize any wrong think simply gets down voted into oblivion, your posting throttled, and eventually shadowbanned.

So now I basically enjoy just telling the community to gfy.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#44

Post by shlant »

whatanorigtht wrote: post #43
shlant wrote: post #40

Earlier quoted context omitted.

I'm all for pushing back a bit against the usual HN crypto hate-fest, but you are really going about it in the most insufferable way possible. Maybe leave the crypto twitter level discourse out of it.

Oh, I used to bother trying. Then eventually you realize any wrong think simply gets down voted into oblivion, your posting throttled, and eventually shadowbanned. So now I basically enjoy just telling the community to gfy.

what a sad way to get enjoyment... go back to twitter if that's the kind of discourse you want to engage in

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#45

Post by chaostheory »

whatanorigtht wrote: post #37
swarnie wrote: post #36

Earlier quoted context omitted.

I think its more that Tether, the coin which provides the most liquidity in the market is an obvious scam. I know too many people are too deeply involved now to accept it...

Sure thing. The rise in bitcoins price certainly has nothing to do with the actions of central bankers. Have fun staying poor. Never leave your hackernews echo chamber.

You have a valid point, but so do the other commenters. The difference is with you it dangerously verges on religion.

Everyone is betting on an outcome but no one knows the future unless they are a fly on wall in various political offices.

Imo ignoring everything about crypto, all I know is historically government’s will take drastic measures to protect their currency. Gold ownership was banned for decades in the 20th century. Of course, this revelation doesn’t matter for crypto that’s truly decentralized. The problem is that the major ones aren’t decentralized. To make matters worse, transactions are neither fast or cheap, which makes a reliance on brokers a necessity, which is also another vector that governments can use for attack. There’s no near guarantee on anonymity either unless it’s Monero

Tether’s very existence helps bolster my point.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#46

Post by NikolaNovak »

whatanorigtht wrote: post #37
swarnie wrote: post #36

Earlier quoted context omitted.

I think its more that Tether, the coin which provides the most liquidity in the market is an obvious scam. I know too many people are too deeply involved now to accept it...

Sure thing. The rise in bitcoins price certainly has nothing to do with the actions of central bankers. Have fun staying poor. Never leave your hackernews echo chamber.

"have fun staying poor"

I don't understand the notion that bitcoin is making all people rich. It is a transactional system at best. If you cash out you are taking somebody else's money who decided to buy it at higher price. It has no fantastic democratizing magic which will make all people rich. It is. It building new things.

I can understand people who are invested in it wanting to perpetuate the positive story so they can eventually cash out. But the pretense it somehow helps the world / others, let alone those not well off , strikes me as callous or insencere or both.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#47

Post by nradov »

benreesman wrote: post #41

I know some seriously sophisticated folks who are not only trading USDT at par, but even long , which I have long found puzzling given that anyone who didn’t just fall off the turnip truck knows it’s not even remotely capitalized to par. My personal suspicion is that when a trivially distressed asset is valued at or above par by smart people that those people expect a bailout/recapitalization. (Sidebar: USD is specia…

The US government hasn't used their military to force anyone to transact in dollars, or even threatened to do so. The dollar has value primarily because taxes inside the US are denominated in dollars. If you don't pay your taxes with dollars then eventually civilian law enforcement will show up and seize your assets.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#48

Post by chaostheory »

shlant wrote: post #40
whatanorigtht wrote: post #37

Earlier quoted context omitted.

Sure thing. The rise in bitcoins price certainly has nothing to do with the actions of central bankers. Have fun staying poor. Never leave your hackernews echo chamber.

I'm all for pushing back a bit against the usual HN crypto hate-fest, but you are really going about it in the most insufferable way possible. Maybe leave the crypto twitter level discourse out of it.

It’s no longer a fully rational argument for some people since they’ve bet everything on crypto. A large enough portion of the argument is now emotional. Tbf certain subjects on HN trigger me as well

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#49

Post by koonsolo »

kgin wrote: post #21
Bombthecat wrote: post #18

Personally, i dont see any difference between any coin and and "real world" currency. I dont mean the power behind it and stuff. But crypto basically left the gold standard itself a long time ago!

USD gets its value from the legal requirement that taxes are paid in USD. Anyone who lives or wants to do business in the United States has to have dollars. That sets a floor of demand that more demand can be built on. Cryptos often have limited supply but have no floor on demand. For USD to go to zero, the United States as we know it would have to collapse. Most cryptos could go to zero with no real world change asi…

> USD gets its value from the legal requirement that taxes are paid in USD

How long will that last? Miami and El Salvador are already proving you wrong.

> For USD to go to zero, the United States as we know it would have to collapse

Not if your government and country switches to crypto before the fiat collapse.

Re: Tether Discussion featuring Bennett Tomlin and George Noble

#50

Post by ahtihn »

janandonly wrote: post #29

There are a few issues at play here: 1. A lot of newly 'minted' Tether's are being used to buy Bitcoin (so prop it up, the Bitcoin price rises). 2. Possibly as a next step, these now more valuable bitcoins are than sold for real money, and the owners of bitfinex/tether pocket this real earned money as profit. 3. It should be noted that although the total amount of tether is still rising, the total amount of all "stab…

Regarding point 4, it has nothing to do with unbanked people. The demand for stable coins comes from exchanges that don't want to deal wih US financial regulations.
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