291–300 of 382 posts
In the commercial Matt, walks past dioramas of past explorations / failed attempts then in the end he mentions that fortune favors the brave.
Gotta wonder it was a warning all along
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It's there. It continues to happen almost hourly. https://twitter.com/whale_alert https://twitter.com/usdcoinprinter Two hours ago $100m USDC went into circulation. Almost another $100m two hours before that.
I'm not sure I understand what this is showing. What does "Just printed $100,494,053 USDC!" mean? I think this means that someone minted $100M of USDC by depositing USD. The way this normally happens, USD deposits are made to an exchange that has a relationship with Circle, and 1 USDC is minted for each 1 USD on deposit at Circle. Circle then invests those funds in things that are considered financially prudent, maki…
Is it a "fraud" is an open question because all that crap is unregulated wild west. They be doing it legally.
Besides drug (a trillion dollar market) and money laundering, is there a serious legal use of cryptocurrency?
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The idea of a "currency"[0] attracting investment is kinda crazy in its own right. Normally currencies don't attract investment; you can bet on the difference between them, but you usually "invest" (buy) large amounts of it specifically to do business with the country or economic entity that issued it. You buy Euros to do business in the EU, not to "invest" in the currency itself. 0 - Which crypto currencies actually…
Betting on the difference between is done by buying and selling them. I'm no defender of cryptocurrencies but speculation and trading have been a major feature modern forex markets since their inception.
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What the alert shows is that the coins came into existence. It makes no claim one way or another whether it means that somebody deposited $100M USD or whether there was creation ab nihilo. But I find it generally a bit suspicious that people would choose to buy a stablecoin in order to buy bitcoin instead of buying the bitcoin directly (the explanation given is usually something about evading currency controls/KYC).…
> or whether there was creation ab nihilo. Just to be clear, you're alleging a massive fraud by these people: https://www.crunchbase.com/organization/circle-2 > But I find it generally a bit suspicious that people would choose to buy a stablecoin in order to buy bitcoin instead of buying the bitcoin directly (the explanation given is usually something about evading currency controls/KYC). I think it has more to do wi…
And that's only what rose to the surface.
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Money is fungible. There is no rational difference between "continue to hold X BTC that I already own" and "buy X BTC today when I currently own 0 BTC."
There is a logical difference between making a decision that some time is a right time to make a decision and making a decision that you don't have enough confidence in either decision.
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I'm not sure I understand what this is showing. What does "Just printed $100,494,053 USDC!" mean? I think this means that someone minted $100M of USDC by depositing USD. The way this normally happens, USD deposits are made to an exchange that has a relationship with Circle, and 1 USDC is minted for each 1 USD on deposit at Circle. Circle then invests those funds in things that are considered financially prudent, maki…
> The way this normally happens, USD deposits are made to an exchange that has a relationship with Circle, and 1 USDC is minted for each 1 USD on deposit at Circle. On the other hand, the most popular (?) stablecoin, Tether (USDT) doesn’t have a one-to-one relationship with USD deposits, and the amount it really has in USD is believed to be very low (I don’t know the numbers, but have read that there haven’t been any…
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The thing about Bitcoin specifically, though, is that there are only really 2 possible outcomes: 1. The world decides it's "tulips" at some point, and the value goes to 0. 2. The world decides it will be a major part of the financial system, and it goes to 500k or 1 million. Basically, anything in between is just a probability calculation of whether it will end up at one end or the other. The problem with this, thoug…
> The amount of electricity needed to protect the network is directly tied to the price of BTC This is not how proof of work functions. Hash rate and price are not directly related, they are somewhat correlated because when the price goes up it becomes more profitable to mine. Bitcoin doesn't need more hash rate for the price to go up - the price is the independent variable and the hash rate is the dependent variable…
I own no crypto and I think it's a ridiculous piece of hype, but I think all that reporting (and, on twitter, all that schadenfreude) about bitcoin (etc) going down is nonsense. If you look at a 5 year chart of the BTC value, it's still super insane high and it's been going down hard once before (summer 2021). If I were a crypto fan I'd just tweet HODL like every previous time.
The problem is that, due to exponential growth, the majority of bitcoin holders entered in the last year. So, in a very meaningful way, the chart is always effectively only a year old in the collective's mind.
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The thing about Bitcoin specifically, though, is that there are only really 2 possible outcomes: 1. The world decides it's "tulips" at some point, and the value goes to 0. 2. The world decides it will be a major part of the financial system, and it goes to 500k or 1 million. Basically, anything in between is just a probability calculation of whether it will end up at one end or the other. The problem with this, thoug…
> The amount of electricity needed to protect the network is directly tied to the price of BTC. Why? I keep seeing this claim and it makes no sense to me.
Of course, they would beef up their rigs (spending commensurately more in electricity), and the required hash difficulty would go up to keep the mining speed at a block per 10 minutes.
Another way to think of it, is why do you think the electricity requirements of Bitcoin are now the output of Argentina? Years ago they were a teeny fraction of that. As Bitcoin became more valuable, the competition for mining increased, so the hash difficulty adjusted to ensure the new block rate matched the higher wattage miners were willing to put in to increase their hash rates.