Did this trigger the drop of all other coins? it happened right about the same time...
BitConnect Closes Exchange as States Warn of Unregulated Sales
181–190 of 254 posts
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#182Earlier quoted context omitted.
Lotteries are also illegal to operate privately, which makes them completely irrelevant to this conversation.
> Lotteries are also illegal to operate privately I didn't know that. Does that mean that raffles are technically illegal? Or is there some kind of special-case about winning money?
Raffles guarantee a winner. Picking a single person from a group of people have a very different probability profile than picking a number from a set of numbers that may not have associated lottery tickets.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#183Earlier quoted context omitted.
Just as reference as the comment here was deleted. Pretty important stuff. http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgW... https://i.imgur.com/BsPSZKO.png
Basically I think the tether are fraudulent. I do not have proof but they likely are. What is the best way to make money on them? Can one short tether?
It is possible to short tether on kraken platform...
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#184Earlier quoted context omitted.
The fact that Tether does not guarantee in their terms and conditions that they'll exchange Tether back into equivalent reserve currency makes it _super_ sketchy from my point of view. The only way that Tether should be considered backed by and equivalent to USD (risk-reduced) is if Tether is contractually obligated to convert it back into USD. Instead, this is what their TOS says: > Tethers are not money and are not…
I'm by no means an expert, but I'm wondering why the people responsible behind Tether do this? Why don't they ask people for a dollar for each Tether coin and then store those dollars indefinitely, wouldn't that guarantee that the currency is pegged? They would always be able to exchange the Tether back to a dollar.
It turns out to be a lot more profitable if you just make USDT out of thin air...
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#185Earlier quoted context omitted.
Poloniex and Binance let you convert to/from Tether (USDT). Do you consider Poloniex or Binance to be sketchy?
Absolutely. Is there any information available on the ownership of Poloniex? Do they provide any proof of reserves?
My friend has met some of Poloniex’s engineers. I think they’re based out of SF.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#186Earlier quoted context omitted.
Off topic: why do people put "I am not lawyer" disclaimer on posts? Ive rarely seen that sort of disclaimer about any other occupation
Because in many jurisdictions it is illegal to represent that you are a lawyer or provide legal advice if you are not a lawyer. http://hirealawyer.findlaw.com/do-you-need-a-lawyer/what-is-...
Lay people can comment and give their opinions on matters of law. They just can't claim to be or represent themselves as a lawyer if they're not.
Of course that opinion is worth the paper it's printed on.
I am not a lawyer.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#187Earlier quoted context omitted.
Basically I think the tether are fraudulent. I do not have proof but they likely are. What is the best way to make money on them? Can one short tether?
It is possible to short tether on kraken platform...
Though good luck getting paid when shit hits the fan, Kraken will go down along with Tether.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#188Earlier quoted context omitted.
There's a twitter account that tracks the printing of new Tether: https://twitter.com/tetherprinter There was another $100m invented 11 hours ago, in addition to the $100m created on Monday.
Jesus, they've printed 250 million of them in the last three days!
It's hard to catch a falling knife!
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#189Earlier quoted context omitted.
People love to think they're smarter than those 'experts'. It's a combination of Tall Poppy Syndrome [1] and the Dunning-Kruger Effect [2] [1] https://en.wikipedia.org/wiki/Tall_poppy_syndrome [2] https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
The fact that you invest in crypto is thinking you are smarter than many well respected experts like Warren Buffet. If you invest in cryptocurrencies (and I do), you are not any more clever than those who bought into BitConnect.
Oh yeah and assuming Warren Buffet et al can literally never be wrong is so much smarter.
The world is not black and white.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#190Earlier quoted context omitted.
Lotteries are also illegal to operate privately, which makes them completely irrelevant to this conversation.
> Lotteries are also illegal to operate privately I didn't know that. Does that mean that raffles are technically illegal? Or is there some kind of special-case about winning money?
In the UK there are special rules about raffles and lotteries on a small scale, and apparently they are only legal when for "a good cause" - http://www.gamblingcommission.gov.uk/for-the-public/Fundrais...