Reply With QuoteLOLZ.Originally Posted by mr noble
"...said Mathew McDermott, Goldman Sachs' global head of digital assets..."
Is that financial advice?
LOLZ.
"...said Mathew McDermott, Goldman Sachs' global head of digital assets..."
Someone who lies about the little things will lie about the big things too.
... and in loss territory now.
Someone who lies about the little things will lie about the big things too.
Unprecedented amounts of Tether and USDc (even worse quality than Tether) being issued today. There are a lot of forces with huge means trying to prop up the crypto space.
If this operation fails, it will be the most spectacular financial implosion ever, dwarfing the GFC or the Dot.com bust of 2000. Will it fail? - I have no idea, we have seen over the past year that any garbage can be propped up (Tesla, GSX, CVNA...). When I look how Tesla continues to defy gravity despite all of the negative news of late, I am sceptical.
What a time to be alive.
Last edited by Raffe; 24th May 2021 at 16:32.
Someone who lies about the little things will lie about the big things too.
As speculation who do you think might be involved in propping it up? Has to be co-ordinated surely?
It is yeah. The invoice is in the mail.
https://www.centre.io/hubfs/pdfs/att....pdf?hsLang=en
Circle is a subsidiary of coinbase. Apparently they have all the USD in custody accounts.
Is it similar to a fund like SMT buying and selling large blocks of their own stock in their treasury account in order to move their share price?
Last edited by mr noble; 24th May 2021 at 17:23.
I'll look out for it; I assume you take Hacken Token ...
That is my question ... would take an awful lot of capital from a single player to prop it up alone ... and they would be very visible.
There are also equal amount of nay sayers to those who believe/prop up crypto, yesterday the big two hit a point where a lot of Whales (as they are called!) would have bought BTC/ETH in big numbers off setting recent losses, I feel I'll regret not buying more ETH at yesterdays low point.
I think the biggest problem with crypto is that it's too techy/complicated for most investors so they shy away and discount it before really delving in to the projects and what they are about.
It really doesn't help with jokecoins, unfortunately that tars the whole crypto world for some people, personally I think in the future all the crapcoins will disappear or be forced out hopefully by a verified system that holds stature - or it will all come crashing down like you said..
Last edited by murkeywaters; 24th May 2021 at 17:28.
https://www.bloomberg.com/news/artic..._medium=social
Wonder if this might change the mindset of a few people?
No doubt its all been taken out of context but interesting non the less
Sent from my Pixel 3 XL using Tapatalk
Surely (and this is my opinion) in truth this is a market fueled by speculators but with no actual underlying value.
If one day crypto gets backed officially and therefore
tied to currencies backed by governments - it would gain more respectability but become no different to any other currency.
The huge price swings are great for the brave and where these “fortunes” can be made.. though you still need to get all the money out into those good old protected bank accounts 😀
Its all very interesting to watch… but honestly where this will all go.. who knows !
Cheers
Matt
PS I picked up the book mentioned in the linked article about financial scams
and how money works - looks like a interesting read !
https://twitter.com/elonmusk/status/1396914548167233537
Good news for miners I suppose.
We're having two discussions at the same time. Let's keep 'em separated.
1. The merits of crypto, mainly Bitcoin. For me this is very much a question of the belief system than of rational arguments. You can repeat your arguments about freeing money from government influence and repeat your inflation FUD all you want, I will not buy into the story that Bitcoin has any intrinsic value. I do believe that blockchain has merits tokenizing assets, but an empty token like bitcoin - which doesn't have any underlying - is the definition of fiat money for me. Then there are a million other coins, and I will say that 99% serve no purpose. Some may and I have no problem acknowledging that, I just despise the hype of every man trying to tell the world that their wisdom springs eternal and they know. Shit do they know, 99.9% of them, and that includes 100% of the fanbois and 100% of those who can't even explain how a blockchain works. And one thing is sure: even if there is value in some of the coins, all of them are overvalued. All. Of. Them. No exception.
2. The discussion about Tether and the ongoing manipulation of the market (including the above mentioned cretins and the Elons, Saylors, Pomps and Winklevii). There is any number of large accounts who have a strong interest to keep the speculation alive. Just imagine you had a couple of hundred thousand bitcoins, it makes the hell of a difference if the last coin is marked at $60k or $20k. You know you can never realise the 'value' of your holdings, so any 2018-type market sell-off is a huge threat. And whenever any of the above mentioned whales talks about buying the dip you know that they are lying, because they told you a year ago that all of their net worth is in bitcoin and they already bought all the dips since. Where should they have the money from if they never sold? It's complete B/S, they are just sitting on their position and are crying into their pillow hoping the pyramid doesn't come tumbling down. What's easier than printing a couple of billion of tether, buy Bitcoin for them and then transfer these bitcoin as collateral into the Tether fund? That is what's happening all the time the market dips, and anyone not understanding that will see for themselves when the whole construct comes tumbling down. There is so much leverage in the system, starting with Tether and other 'stablecoins' being collateralised with crypto, to hedge funds and family offices (= unregulated Hwang-type investors) investing with borrowed money and not least Microstrategy and Tesla with their own crazy bets on Bitcoin. The only question is which will blow up first: Tether or MicroStrategy (or a hitherto unknown hedge fund). It's not a question of 'if', but 'when'. And when that has happened, we can continue the discussion about topic #1 above.
In the end it will be very similar to the 2000 dot.com bubble: the market let off a huge amount of hot air and when the tide went out it exposed many who were swimming stark naked. And even those who were clad may still have to wait for ten years until they see the same valuations again (Cisco is still 35% below its March 2000 all-time high).
You are welcome.
Why?
Someone who lies about the little things will lie about the big things too.
Thanks 🙏 nice summation !
$63 bln in stable shit coins issued since January. Will sure have a happy end.
Coin Printer Go BRRR
Someone who lies about the little things will lie about the big things too.
Where does it stop? Won’t they just keep minting new ones to buy more?
Isn’t there any regulation on their reserves and who makes the decision to create more?
No regulation exists, so unless somebody sues them for fraud because they say one and do the other nothing will happen. Enter SDNY.
Someone who lies about the little things will lie about the big things too.
Tether = crypto central bank
brrrrrrrrrr
Sent from my EVR-L29 using Tapatalk
Tether 2019:
Tether 2021:
Someone who lies about the little things will lie about the big things too.
But isn’t Bitfinex who own Tether holding $1 in reserve for each tether issued?
I think they are, yes, but the change as shown above is due to them now using their vast cash pot to generate an income from loaning it out. (Or using it to buy BTC as Raffe suggests above.)
Last edited by mr noble; 24th May 2021 at 21:58.
Hmmm, so how much of their reserves are backed by crypto assets?
Good post.
Are you asking why is it good that there is a new effort to make mining greener?
No they don't.
I posted it here: https://forum.tz-uk.com/showthread.p...=1#post5754319
Someone who lies about the little things will lie about the big things too.
I don't suppose that is public knowledge.
I think what Ralf is suggesting is that Tether used to be 1-1 backed with USD, but they've used some of that USD to buy Bitcoin (and other assets), meaning that if BTC comes crashing down, then Tether will do too.
However, my thought is that if they started buying Bitcoin with the Tether pot of cash a few years ago, then that pot of cash ought to now be worth many multiples of 1-1, so BTC would have to fall a very long way before their pot of cash/assets is worth less than the amount of USD they "owe" for all the tether they've issued.
I may not have explained that very well......
Except that over 60% of all Tethers were printed this year. That ratio is even higher with USDC (80%) and USDB (85%) - and most of 2021 issuance is under water today.
Someone who lies about the little things will lie about the big things too.
That’s a long read ... how can they function that way without falling foul of banking regulation?
I just hope when it all keels over it doesn’t tank the mainstream markets.
They simply are no bank, so banking regulations don't apply.
In 2021, you can provide $100bln fraudulent leverage to an unregulated asset and nobody cares.
Someone who lies about the little things will lie about the big things too.
But do you think regulation would bring order to the volatile beast that is decentralised currency? I’m just asking because you’re obviously very knowledgeable and it just melts my head how it’s been able to function like this.
Lots of people are making a lot of money though trading crypto so of course a blind eye is invariably turned
Sent from my iPhone using Tapatalk
About the same amount of USD that got printed in last 12 months.
I admit I don’t fully understand Tether, but maybe they print more tether to represent the overall market cap of Bitcoin? So they had to print more as its market cap rises?
I am a strong advocate for regulation and oversight - whether to weed out scammers from unregulated markets or to keep habitual liars from Sales Corner.
Someone who lies about the little things will lie about the big things too.
Well thanks for the first part I guess.. it would be so hard to regulate it though, do you think that’s the reason it’s not regulated?
I’m more of the school of thought it’s designed so it can’t be regulated and is easy to launder essentially.. it’s the anti christ to stable centralised currency in the wrong hands
Sent from my iPhone using Tapatalk
One thing I have picked up while researching crypto is that although they all mostly come under the crypto title, many are vastly different to each other.
Some are projects with real world problems to solve, especially for poorer nations, others are the baby of computer science bods that just want to change the way we operate our current currencies, one even comes across like a Bond villain creating a new internet that will do away with the current www., and then there are the jokecoins probably created by Uni geeks for a piss take.
Unfortunately they all come under the crypto title which is a shame, good solid projects that could in the right conditions make a sizeable change to the planet are probably being hindered under the wild west banner that is crypto currency.
Who knows where it will go, I'm having a play with it and quite enjoy it, saying that I do feel like I'm sat on the dock looking at the crypto ship on the horizon which has long sailed - just hope it doesn't get hit by a Chinese torpedo!
Last edited by murkeywaters; 24th May 2021 at 23:47.
I always thought you were just a small-time dealer who has no shame. But you are also a philosopher. Respect.
Someone who lies about the little things will lie about the big things too.
Are you sniffing around Raffe to glean some valuable financial advice? If so you must have forgot how much you dislike him -
Last edited by murkeywaters; 24th May 2021 at 23:44.
He is just a.
Someone who lies about the little things will lie about the big things too.
No not at all, I’m allowed to be civil am I not? He’s clearly very knowledgeable on this subject, was just being polite, I’ve got a bit of crypto but no professing to know a lot to be honest, I do follow these threads and read Raffes posts and take an interest, isn’t that what it’s all about around here
Sent from my iPhone using Tapatalk
Being civil sort of goes out the window with a micro penis tirade like that!No not at all, I’m allowed to be civil am I not? He’s clearly very knowledgeable on this subject, was just being polite, I’ve got a bit of crypto but no professing to know a lot to be honest, I do follow these threads and read Raffes posts and take an interest, isn’t that what it’s all about around here
Reading between the lines you know virtually nothing about crypto like most of us but would like to cash in like most of us so here you are sniffing around.
While Raffe is very financially astute he is also very sceptical of crypto so I don't think you'll get much crypto investment advice from him other than to not get involved with it in the first place..
Just to clarify I’m not after financial advice
I’m not clueless just crypto is very complicated
I asked someone knowledgeable about how it could be regulated, that’s not asking for advice
I don’t want to speak any more about willies
Sent from my iPhone using Tapatalk
Someone who lies about the little things will lie about the big things too.
Was down to minus 80% after the Musk/Saylor pump, back to breakeven now.... and in loss territory now.
I am fascinated. The journey so far:
+300% / - 50% / +560% / - 80% / 0%
Someone who lies about the little things will lie about the big things too.
Interesting that stablecoins need some sort of reserve backing which you think makes sense.. Yet anyone questioning the dollar itself?
"the Board reduced reserve requirement ratios to zero percent effective March 26, 2020."
https://www.federalreserve.gov/monet...reservereq.htm
Are you not able to close your positions early? Unfortunate you didn't lock in some of those juicy profits.
Yeah, hindsight is nice.
I wanted a minimum tenbagger, so 560% wasn't enough.
Someone who lies about the little things will lie about the big things too.
So if things start tanking do Bitfinex just invent more Tethers and buy Bitcoin to prop it up?
https://news.bitcoin.com/usdc-attest...pto-community/
Someone who lies about the little things will lie about the big things too.
I hate to try and discuss things like this with Raffe in the front of the classroom, especially when he has done a lot of reading up and I have not........
....but, I thought that Tether and Binance's USDB and Coinbase's USDC were the pots into which all the fiat money which you/I/we all deposit onto the exchanges goes. That is the "real" money that's converted into digital money, and then that is used in your own account to buy and sell crypto. So Tether (and the others) "should" represent the same amount of cash that have been put onto the exchanges, which should also match the total market cap of all the coins.
I am confused with my own thoughts on this as on my Binance account I seem to be able to hold GBP or USDT/B/C etc and trade between any of them in the coin pair. So, maybe I've got totally the wrong idea. (Again). Still learning...
You are so childish, I apologise for my outburst and insulting you but I do not see how your reciprocity makes you any better
Sent from my iPhone using Tapatalk
Great fun this crypto rollercoaster, five weeks in and I’m roughly back to where I started. I was reading Larry Connors ‘Buy the fear, sell the greed’ during the recent crash and it all unfolded exactly as he described, including the bit about how hard it would feel to buy the dip during a panic sell, when everything on the news says it’s the end of the world.
It may or may not go up again, but I’m increasingly convinced that utility is value, particularly when it comes to alt coins needed to run a service that has genuine demand, or potentially will do one day. With bitcoins it’s harder to call, it’s also backed by its own utility, in that it would be convenient if we all agreed that there is such a thing as digital gold, but that’s about it. I think it may be conceptual art.
Posting Permissions
