21–30 of 126 posts
This will be the true extinction level event for this era of crypto. I now fully expect it to happen on this bear cycle. It will be interesting to watch - potentially the FTX investigation coming off the bankruptcy will set loose enough threads we will learn the truth.
People keep saying this, but it runs counter to the history of gambling. As long as enthusiasts have money, the game will keep going.
Earlier quoted context omitted.
I’m still amused by how much investment still VCs make into this space. If the industry shakes the bad apples out that would be truly great for the entire economy.
The industry IS a bad apple. There are zero legitimate use cases STILL of any crypto related product.
Think about something like private/public pensions, annuities etc. A cogitating being knows that they are getting older and will need money for retirement, but they also should know that there are essentially just 4 ways to make an investment grow without any labor input from the investor: the bond market, the stock market, the real estate market and private lending to companies or individuals.
Now with the possible exception of private lending a citizen can do all the above, and remember they also know that they will need money for retirement. So tell me again why do they need public/private pensions and annuities? And why we allow such actors to operate given they redundacy considering the fact that they are preying on people's fears that they won't be able to make it in the future?
If crypto preys on people's greed then the legacy financial system preys on people's fears. They are 2 equally bad behaviors.
I have a theory of why Tether is able to dodge risk. If they are owned by Bitfinex can they not front-run the Bitfinex order book to guarantee their stops will hit their target? They know the bitfinex order depth for every asset so they can for example buy into bitcoin and then calculate exactly when they must get out. Its possible this could be built into the core layer of their exchange software. That’s how I would…
>If they are owned by Bitfinex can they not front-run the Bitfinex order book to guarantee their stops will hit their target? They know the bitfinex order depth for every asset so they can for example buy into bitcoin and then calculate exactly when they must get out. This makes no sense to me. Can you rephrase/elaborate what you mean by this?
Boom, $0.03 free money. Multiply by scale of their client base.
> The risk-on assets are 12.86% of the reserves, via simple division. Their equity is 0.36% of assets. If their risk-on assets were impaired by more than about 2.86%, Tether must have (by their own numbers) needed recapitalization. It is not credible that they suffered no serious impairment. Bitcoin, the blue chip cryptocurrency, is down by more than 10%. > I challenge anyone to find a portfolio construction for digi…
Earlier quoted context omitted.
>If they are owned by Bitfinex can they not front-run the Bitfinex order book to guarantee their stops will hit their target? They know the bitfinex order depth for every asset so they can for example buy into bitcoin and then calculate exactly when they must get out. This makes no sense to me. Can you rephrase/elaborate what you mean by this?
Bitfinex (B) sees orders incoming for BTC or other currency. Then B acquires for $X. Then B fills the order to clients at $X.03 Boom, $0.03 free money. Multiply by scale of their client base.
Earlier quoted context omitted.
>If they are owned by Bitfinex can they not front-run the Bitfinex order book to guarantee their stops will hit their target? They know the bitfinex order depth for every asset so they can for example buy into bitcoin and then calculate exactly when they must get out. This makes no sense to me. Can you rephrase/elaborate what you mean by this?
Bitfinex (B) sees orders incoming for BTC or other currency. Then B acquires for $X. Then B fills the order to clients at $X.03 Boom, $0.03 free money. Multiply by scale of their client base.
Each USDT printed and sold to a sucker = $1 USD free money.
This will be the true extinction level event for this era of crypto. I now fully expect it to happen on this bear cycle. It will be interesting to watch - potentially the FTX investigation coming off the bankruptcy will set loose enough threads we will learn the truth.
> will be the true extinction level event for this era of crypto People keep saying this, but it runs counter to the history of gambling. As long as enthusiasts have money, the game will keep going.
I just hope that this is the beginning of the end for the whole crypto space. Good riddance. This fraud galore has no legal basis for existing.
This will be the true extinction level event for this era of crypto. I now fully expect it to happen on this bear cycle. It will be interesting to watch - potentially the FTX investigation coming off the bankruptcy will set loose enough threads we will learn the truth.
> will be the true extinction level event for this era of crypto People keep saying this, but it runs counter to the history of gambling. As long as enthusiasts have money, the game will keep going.
The music stopped sometime last year, now we’re in the end game.
Earlier quoted context omitted.
The industry IS a bad apple. There are zero legitimate use cases STILL of any crypto related product.
Might even be an existential risk. One possible solution to the Fermi Paradox is that they invented crypto and it wrecked them.