Crypto Currency Thread (Vol.2)

[Some Gump]

Mr Whippy said:

I thought Tether just took dollars and issued Tethers, and left the dollars as collateral so it’d be stable and tethered?

Hahahaha good one!

[DonkeyApple]

Condi said:

But it strikes to the heart of "what is Bitcoin for", for every argument that it's a store of value then the evidence is that it isnt a good store of value, for every comparison with gold which is generally counter cyclic, then Bitcoin isn't following gold, for every argument that Bitcoin is a currency, nobody is using it for transactions.

Comparing it with stocks shows a fundamental misunderstanding, both of what Bitcoin was designed to be, and also how stocks and currencies function, and by repeating the same erroneous comparison then it just shows you haven't learnt anything from 10 pages ago when you wrote the same stuff last time.

So, if Bitcoin isn't a good store of value, and it isn't a good currency, then, ummmm, what is it? 2 Volumes and 5 years later, I am still waiting for a good answer to this really very basic question.

But the question has been answered. It's just made $2tln of inflationary, printed furlough cash evaporate.

The concept will eventually find a real use but in the meantime the single most valuable thing that crypto has done for society is disappear a vast amount of toxic cash, which will benefit everyone.

Plus, by blasting through Mystic Megs imaginary magic number it's also shown a lot of newbies that TA is a load of fantasy twaddle given out in pretty charts by brokers to get retail punters to punt.

Edited by DonkeyApple on Sunday 19th June 20:50

[anonymous-user]

DonkeyApple said:

The concept will eventually find a real use but in the meantime the single most valuable thing that crypto has done for society is disappear a vast amount of toxic cash, which will benefit everyone.

It has been around for 13 years now and doesn't have a real world use, I am interested to know what you think might change and what potential use it might have?

If you believe it might be used as a viable form of payment, do you believe it is fully scalable to handle hundreds of millions of transactions a day?

Surely crypto is only used to transfer toxic cash, from something as simple as tax avoidance, to something as terrible as drug money or paying for child pornography?

[g4ry13]

I'm going to keep an eye on financial markets this week. Looks like we may have bottomed out for now. I was eyeing up moving some funds to buy more bitcoin but hesitant about buying after a bounce and finding I'm in a loss the next day (which happens far too often )

Probably will buy some more stuff to stake as well as I'm not planning on going anywhere in the short term.

[Ouroboros]

just looking at Tether, that is nearly 15 billion USD cashed out in 6 weeks.

Would be very interesting where they are getting the cash from to pay out. As well as a very good indicator that prices are heading lower.

Circa a billion USD a day, so the impact on the markets will be 3-4 billion in Crypto money.

Good news though tether will be reducing commercial papers to Zero.

https://cointelegraph.com/news/tether-aims-to-decr...

40 billion US treasury bills, bit ironic lol

Wonder if they will get a full proper audit?

Edited by Ouroboros on Sunday 19th June 21:26

[dimots]

Wondering where this currency war is leading and whether both sides are building powder for mass BTC acquisition?

[Some Gump]

dimots said:

Wondering where this currency war is leading and whether both sides are building powder for mass BTC acquisition?

Currency war, or reality war?

BTC values have been hugely inflated due to the printing of billions of fake dollars by Tether. When it inevitably implodes, to quote that guy from Aliens, "game over man game over!"

[bloomen]

Some Gump said:

BTC values have been hugely inflated due to the printing of billions of fake dollars by Tether. When it inevitably implodes, to quote that guy from Aliens, "game over man game over!"

As we have seen over and over through the years if there's no real dollar peg then you will get found out considerably sooner rather than later. You simply cannot survive. You'll be preyed upon from every angle until it's over.

Tether has been around for a long, long time now with barely any fluctuation in its peg.

Conclusion - Tether has enough of the real money it claims to have.

And that is the only possible conclusion no matter how questionable they themselves are. I've no doubt they have sailed close to the wind at certain points but you don't stick around for this length of time unless you're the real enough deal.

[DonkeyApple]

Joey Deacon said:

It has been around for 13 years now and doesn't have a real world use, I am interested to know what you think might change and what potential use it might have?

If you believe it might be used as a viable form of payment, do you believe it is fully scalable to handle hundreds of millions of transactions a day?

Surely crypto is only used to transfer toxic cash, from something as simple as tax avoidance, to something as terrible as drug money or paying for child pornography?

I think I said around 5+ years ago on here that like any new financial service, it wouldn't work for any non criminal or non thicko punting toy until there were sufficient regulation. Obviously, what holds crypto back is the religious belief among the base followers that regulation is bad and that random strangers on the other side of the world are 100% trustworthy. Combine that idiotic nativity with a delusion of elevated self worth and the magical world of tea leaves and you have the usual penny share fiasco played out globally among millions.

But the concept is out and it will find a use. I just suspect that is going to happen until appropriate regulation appears, which in itself has been hindered recently as everyone has collapsed into fits of laughter at the utter stupidity of the fact that some stable coins were nothing more than a fixed algo or that others can have their assets removed whenever some people wish to cash in on their sucker army.

Many aspects of crypto are completely farcical. Have been from the beginning and with many farces getting highlighted each time the tide goes out. The fact that the media this month is obsessed with aligning the price of cryptos with magic tea leaf readings that have zero common sense or relevance just sums up the completely childlike and infantile nature of the market still.

However, while the market remains in the same sucker hole as P2P, minibonds, raffles, PayPal app games, chase the lady and all the other financial grifts that blight the wilfully simple, greedy or deluded, I do believe that it's an instrument that will not remain the preserve of the street hustler.

[Mr Whippy]

Hedgeman said:

Mr Whippy said:

I am sitting on a notional profit and an actual profit.

It can go to zero now and I’ve done ok.

I don’t think it ever went below my buy in price because I didn’t buy at an ATH. I bought in the doldrums.

You still sound like a man who failed to crystallise a large unrealised PnL and is now trying to convince himself it doesn't matter

I’d be more concerned if I didn’t think it was going to shoot back up again in a number of years and neutralise the “loss” by many factors.

My only regret is taking profits at relatively bad times vs the recent ATH.


I’d have taken it all out but I have a 28pc cap gains exposure (resi) that I want the allowance for.
No way am I paying gov ~ full 20pc on my crypto gains when I can defer taking gains to next year and get a chunk off.


If it goes to zero now. I’ve still done about 4000% in profits.

I’d love to have bought 10x more at the start but knowing me I’d have just been more cautious and sold it down earlier and probably been no better off any way haha.

[Ari]

Timing the moment a ponzi scheme goes pop is always going to be difficult. If you made some cash out of the other suckers and got out ahead then I should regard that as a win.

[AW111]

bloomen said:

As we have seen over and over through the years if there's no real dollar peg then you will get found out considerably sooner rather than later. You simply cannot survive. You'll be preyed upon from every angle until it's over.

Tether has been around for a long, long time now with barely any fluctuation in its peg.

Conclusion - Tether has enough of the real money it claims to have.

And that is the only possible conclusion no matter how questionable they themselves are. I've no doubt they have sailed close to the wind at certain points but you don't stick around for this length of time unless you're the real enough deal.

Are crypto years like dog years? 8 years isn't all that long.

[Simpo Two]

Mr Whippy said:

I’d love to have bought 10x more at the start but knowing me I’d have just been more cautious and sold it down earlier and probably been no better off any way haha.

I think investing (in which I include making a quick buck on magic beans) is full of wishes.

'Wish I'd bought more'
'Wish I hadn't bought it'
'Wish I'd bought it later'
'Wish I'd sold it sooner'

etc... There is probably 'An Investor's Poem' in there.

[DonkeyApple]

Simpo Two said:

I think investing (in which I include making a quick buck on magic beans) is full of wishes.

'Wish I'd bought more'
'Wish I hadn't bought it'
'Wish I'd bought it later'
'Wish I'd sold it sooner'

etc... There is probably 'An Investor's Poem' in there.

Tennyson wrote the poem years ago.

[Simpo Two]

DonkeyApple said:

Tennyson wrote the poem years ago.

He's actually in my family tree, so that explains it

'There was a young man from Belgrave
Who found a dead we in cave...'
etc

Yep, me and Tennyson, look out world

[Mr Whippy]

My favourite.

[Chamon_Lee]

Ouroboros said:

just looking at Tether, that is nearly 15 billion USD cashed out in 6 weeks.

Would be very interesting where they are getting the cash from to pay out. As well as a very good indicator that prices are heading lower.

Circa a billion USD a day, so the impact on the markets will be 3-4 billion in Crypto money.

Good news though tether will be reducing commercial papers to Zero.

https://cointelegraph.com/news/tether-aims-to-decr...

40 billion US treasury bills, bit ironic lol

Wonder if they will get a full proper audit?

Edited by Ouroboros on Sunday 19th June 21:26

Your assuming its actually been paid out and not made to look like its been paid out.
Tether just created USDT out their backside and have admitted they do this in advance of even getting funds as they try to predict needs.

If you follow the case in NY even back in 2017 they had naff all reserves and apparently had billions according to its USDT issuance.

At the moment they are doing damage limitation and making it appear its ok and no issues.

[g4ry13]

Ari said:

Timing the moment a ponzi scheme goes pop is always going to be difficult. If you made some cash out of the other suckers and got out ahead then I should regard that as a win.

[Scootersp]

AW111 said:

bloomen said:

As we have seen over and over through the years if there's no real dollar peg then you will get found out considerably sooner rather than later. You simply cannot survive. You'll be preyed upon from every angle until it's over.

Tether has been around for a long, long time now with barely any fluctuation in its peg.

Conclusion - Tether has enough of the real money it claims to have.

And that is the only possible conclusion no matter how questionable they themselves are. I've no doubt they have sailed close to the wind at certain points but you don't stick around for this length of time unless you're the real enough deal.

Are crypto years like dog years? 8 years isn't all that long.

Also 2 years ago they gave a asset breakdown

https://www.ft.com/content/529eb4e6-796a-4e81-8064...

Key quote

"The reserve analysis also shows that Tether’s assets are made up mainly of various forms of long and short-term corporate debt. We do not know if this debt is secured or unsecured, nor what the assets backing it are (if there are any). And we have no idea who the borrowers are, except that long-term loans are not made to Tether’s “affiliates”. The reserves are thus exposed to unknown levels of credit and liquidity risk. 

I would have expected to see far higher levels of genuine cash equivalents such as T-bills and insured deposit accounts in a reserve report for a financial institution that claims to guarantee redemption at par. There is a very real possibility that in the event of a run on USDT, Tether would be unable to realise sufficient real USD to meet redemption requests. The 1:1 peg to the USD is therefore not remotely credible. "

[Blown2CV]

wanted to transfer coin holdings out of coinbase exchange, but didn't really want to shell out for a hardware wallet if avoidable. Went for coinbase wallet, which as far as I can tell is not at risk if coinbase does go pop. Transferred some of what I had, but I can see other assets where whilst they are tradable on coinbase exchange, they are evidently not supported by coinbase wallet. Annoying. Any ideas how i can solve this?