91–100 of 209 posts
- "limited supply they still wouldn’t be worth” I think limited supply is one of the most attractive things of Bitcoin :)
This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…
Excuse me, how is this different from banks, which have money to cover ~1% of their deposit liabilities? Scratch that, US and UK banks, for example, now have 0% reserve requirements.
This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…
What other asset has this situation where the reason for the movement of its price is so obfuscated?
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What a boring comment. Unfortunately, this comment reveals more about you as a person than it does about Ray Dalio for putting out that article. Too bad writing pessimistic comments about others on HN doesn't earn you any money, otherwise you could have made some too! I'd love it if your comment could raise the same point as you did, but also include examples of the poor sentences and how it could be better. Then at…
The fact that you chose to comment on a "negative comment" simply by stating that it is "boring" and "pessimistic" is pretty funny.
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I think it is much more likely that tether is backed by bitcoin and is a ponzi scheme. Price rises seems to be driven heavily by more tether being created out of nothing, leading to another speculation and news frenzy, leading their btc being more valuable and safety from default despite creating more tether. If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actuall…
> If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actually get USD from it) I think it will end up exposed To be fair, this already happened. Bitcoin crashed from $22k to $4k, and this was at the height of tether worry.
I actually wrote a comment about their dynamic two years ago when this happened.
MacroVoices #255 with Mike Green discussed another regulatory threat not mentioned in the Bridgewater post. Governments don't have to ban BTC outright. They have other tools for making it wildly unattractive to hold. I can't remember the details but they discussed a scenario where the US government classifies BTC as a commodity and requires K-1 style taxation. That would mean that you would have to pay taxes on any g…
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Tether FUD always returns when there's an influx of a lot newcomers to Bitcoin. It's been debunked over and over. Here's one by Nic Carter that explains why these "takedowns" are completely wrong: https://medium.com/@nic__carter/assessing-bitcoins-liquidity...
According to Tether's own transparency page [0], there's $30 billion of USD sitting in some random bank, somewhere. No, they haven't told anybody where it is, and they have never released an audit. Yes, they are still delaying the NY Attorney General's investigation [1]. We know that at least $850 million has been seized and lost for good [2]. No, they don't report that on the transparency page. [0] https://wallet.te…
Additionally, if that bank goes bankrupt, the money is not secured.
This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…
All of this shows how the supposed transparency of Bitcoin is useless. The blockchain does not really tell you anything. Price goes up 500%. Nobody knows why. People speculate it is because of Tether or some cabal of Chinese BTC mining tycoons or exchanges faking volume;, or WallSt playing their voodoo with billions worth of BTC. What other asset has this situation where the reason for the movement of its price is so…
This seems like begging the question to me. Was bitcoin ever supposed to be some sort of asset where the pricing is transparent?
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> If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actually get USD from it) I think it will end up exposed To be fair, this already happened. Bitcoin crashed from $22k to $4k, and this was at the height of tether worry.
That happened over the course of a year and I don't think there was a massive (enough) run on tether while it was low, since it didn't stay at that price for very long. There just isn't as much activity when bitcoin is low which I think also works in tether's favor. I think they do have significant btc backing them, just no USD. I actually wrote a comment about their dynamic two years ago when this happened. https://…
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Ray isn't the only one, the market is pricing in zero risk of tether collapsing. It trades at no discount to real dollars, anybody with a Coinbase account could convert pretty high volumes of tether to real dollars. I really have no idea why, it seems sketchy.
It looks like Coinbase doesn't support Tether: https://www.coinbase.com/price/tether