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Earlier quoted context omitted.
And yet they were able to print like 800 million USDT a month after being subpoenaed by the US government. Strange, no?
This is what I thought about too. So either they just thought screw it, let's make hay while the sun shines, the feds will never get us - or they are legit
Could be the best buying opportunity of the year. As someone involved in bitcoin since 2012, these cycles are pretty standard. It went from $1000 to around $250 iirc at one point and recovered. No reason it cant go from $20000 to $5000 and recover. It may take many years, but its not as if all crypto will die overnight. I see crypto being big in the more distant future, 15-20 years away when many of the problems are…
There are plenty of reasons why it could never recover. The previous cycles happened with a very different environment and context for bitcoin. This time Bitcoin has just hit mainstream. This cycle will very likely crush the mainstream's faith in Bitcoin to where it will never recover.
The somewhat ironic part is that one of the core concepts of Bitcoin is that you can't counterfeit it. You can mathematically prove how many coins you own, if somebody sends you 3 BTC then once it's been validated on the blockchain you know that the money is now yours, they can't have lied, it can't bounce like a cheque Except this Bitfinex thing shows that while an amount of bitcoin can't be manipulated or counterfe…
The somewhat ironic part is that one of the core concepts of Bitcoin is that you can't counterfeit it. You can mathematically prove how many coins you own, if somebody sends you 3 BTC then once it's been validated on the blockchain you know that the money is now yours, they can't have lied, it can't bounce like a cheque Except this Bitfinex thing shows that while an amount of bitcoin can't be manipulated or counterfe…
Earlier quoted context omitted.
dead center, first row of their home page: Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.
Interestingly, that doesn't actually say it's backed by USD reserves, any "traditional currency" in sufficient amounts would satisfy their claims.
> In recent months, however, many investors have been raising alarm bells about Tether. Hundreds of millions of dollars worth of new Tether were created; almost always when the prices of other virtual currencies were heading down. The Tether were used on the Bitfinex exchange to make big purchases of Bitcoin and other tokens, helping push their prices back up, according to multiple analyses of data from Bitfinex. Sur…
Could be the best buying opportunity of the year. As someone involved in bitcoin since 2012, these cycles are pretty standard. It went from $1000 to around $250 iirc at one point and recovered. No reason it cant go from $20000 to $5000 and recover. It may take many years, but its not as if all crypto will die overnight. I see crypto being big in the more distant future, 15-20 years away when many of the problems are…
> Could be the best buying opportunity of the year. It could be, but it also could not be. Content free comment. As for cycles: the big mistake people make when they see a cycle is to believe it will repeat forever.
Markets suck up information so as you sell an "overvalued" asset, the price continues to drop until it's no longer overvalued.
No one has figured out a way to repeatedly and constantly predict the market.
I'm curious how big the ramifications for Bitcoin will be if the majority of Tether tokens are proven to be fraudulent and Binfinex collapses (which doesn't seem that unlikely at this point).
Edit: Grammer
The somewhat ironic part is that one of the core concepts of Bitcoin is that you can't counterfeit it. You can mathematically prove how many coins you own, if somebody sends you 3 BTC then once it's been validated on the blockchain you know that the money is now yours, they can't have lied, it can't bounce like a cheque Except this Bitfinex thing shows that while an amount of bitcoin can't be manipulated or counterfe…
Earlier quoted context omitted.
Respectfully, it's a comment in jest not deserving of such logical scrutiny.
Respectfully, HN simply does not do jest very well. Edit: See what I mean?