101–110 of 219 posts
Bloomberg absolutely loves writing these "Anything not a central bank is on the brink of implosion" scare articles. They must generate a tons of views. Unfortunately Bloomberg as a whole doesn't know anything about cryptocurrency beyond the speculation side which is similar to their existing competencies. But that's all they see. We have a blind man feeling an elephant's ass and telling us it's shitty. While true, it…
I feel like its another case of the tech bubble. The projects with real causes and uses will come back from any implosion in the long run.
So illegal transactions and money laundering it is.
In the meantime it'll be fun to say snarky things about shitcoins, no question about it, but the tech does have some pretty exciting potential.
An important harbinger of trouble to come is that the Tether (USDT) coin, which is supposed to be pegged 1:1 to USD, is now trading substantially below $1: https://www.bloomberg.com/news/articles/2018-10-15/dollar-pe... Billions of Tethers were printed seemingly out of thin air and used to purchase Bitcoin. It's part of the foundation of the house of cards that keeps Bitcoin at its current price: "Despite their modes…
I saw a couple of comments today about the price of USDT so I think it's worth while explaining how it works just in case anyone is interested in knowing more. USDT is a pegged-currency. It's often described as a stablecoin but that's not correct because it doesn't have an inbuilt stabilisation mechanism unlike Maker's DAI for instance. The way it works is purely based on well known legal mechanisms that have no cryp…
Why would this report be believable?
Earlier quoted context omitted.
For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.
Also one could argue the intrinsic value of Bitcoin is it's computing power, as that is worth something.
Seeing as how I can't retrieve the computing power back out of Bitcoin that was mined, it is a cost.
Would you believe that the author of this research was harping about blockchain adoption by large companies less than a year ago? A lot has changed in 11 months, such as a slow price drop from the 2017 December insanity.
Isn't it a bit rich to first make companies anxious to join in on the bandwagon, then to turn around and say they are investing into something that is on the very brink of destruction? Based on pretending that Bitcoin was invented at its height in December 2017?
Heck, I did not sell any of my market research, I gave it away for free (silly me). Sure, sure, I made a few million here and there, but nothing like charging 0.5 BTC to tell you the financial world is collapsing, because John McAffee is so irrationally bullish.
This time it is real though. I can feel it too. Bitcoin is over! I hope you made out like a bandit, because soon, the only way to make money is to sell research about the impending bounce-back of crypto.
Of course the early adopters of Bitcoin are critical about its demise. They have a vested financial interest in seeing it succeed. Unlike these researchers, who only stumbled upon Bitcoin when they realized that people are willing to pay for their objective expert opinion on something they themselves missed the boat on.
Earlier quoted context omitted.
I think you're right. I saw a document that I thought was the audit report but it's a simple memorandum. https://tether.to/announcement-transparency-update/
That's exactly what Tether wanted you to think. They also parted ways with that firm because they were unwilling to provide what the auditor requested. They've never completed an audit, despite their website claiming "subject to frequent professional audits".
Yeah. "Our auditor wanted to actually conduct an audit to say we had been audited."
Tether tried to give them an instantaneous bank account balance of an account with no history, and say "Yes, on day x, there's this much in the account".
Whereas, of course, there should have been nine digit deposits (sometimes multiple times a week, lol) showing on this account.
Not so much.
Earlier quoted context omitted.
Do you know if any tethers have ever been destroyed? I have not seen it confirmed that this has occurred and if people were withdrawing to the dollar via USDT I would expect there to have been destructions.
No tether has ever been destroyed. While tether in its terms maintains that Tethers are redeemable "provided that you are a fully verified customer of Tether" [1], there is no known case of this ever happening, in fact it is a running joke that the tether signup page [2] is permanently suspended. Nor does anyone know who is buying them (and causing their creation). For example, when $250m of them were printed in june…
The moon also had to be in full eclipse while in Mercury retrograde.
An important harbinger of trouble to come is that the Tether (USDT) coin, which is supposed to be pegged 1:1 to USD, is now trading substantially below $1: https://www.bloomberg.com/news/articles/2018-10-15/dollar-pe... Billions of Tethers were printed seemingly out of thin air and used to purchase Bitcoin. It's part of the foundation of the house of cards that keeps Bitcoin at its current price: "Despite their modes…
Tether isn't what cryptocurrencies was/is supposed to be. It's as if you took Herbalife as a valuable/honest/model player in the dietary supplement market...
Are they not? Shakes can be a decent way to lose weight. Seems to be that people are willing to pay a premium for the "community". But IMHO saying their stuff is overpriced is like saying beer in a bar is overpriced because you can buy a beer for one dollar in the supermarket. Yes, it is correct. In some way.
>Echoing sentiments of mainstream economists Yea, Paul Krugman has been saying "Bitcoin is doomed" since 2012. He'll always be wrong because this is all politically motivated. The banking and political establishment are scared shitless by alternative currencies, crypto or otherwise. Google the "Liberty Dollar". Mouth pieces for the financial industry like Bloomberg will attack alternatives to the petrodollar no matte…
One of the strongest argument Paul Krugman makes against bitcoin is about trust. Like, he says dollar has value because US government backs it and you can pay taxes with it. Basically, he is questioning can bitcoin gain that level of trust among its users to be successful. Not the current level of some transaction around dark markets.
Personally, I don't know.
Earlier quoted context omitted.
Also one could argue the intrinsic value of Bitcoin is it's computing power, as that is worth something.
"Value" implies you can retrieve that work back out of it. Otherwise, it is a cost. Seeing as how I can't retrieve the computing power back out of Bitcoin that was mined, it is a cost.