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I posted this in the other thread from today that briefly hit the front page: Bitcoin is a social phenomena - no government or company backs it. The only reaso

I posted this in the other thread from today that briefly hit the front page: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin is truly constrained and there cannot be anymore made in response to demand above the normal rate of inflation. This time, big money, institutions, and the very rich are coming in addition to the widespread purchase by retail. The price is going to rise a lot.

arcticbull 6y ago
Bitcoin is a Bitfinex and Tether phenomenon. Since the Tether article was posted a few weeks ago another $2B fake dollars have been generated and used to buy Bitcoin. This absolutely and completely dwarfs the pennies Square and PayPal threw into the wishing well.
- seibelj 6y ago
  Tether is a cornerstone of the crypto industry. You can post some random blog posts here but Tether is actually used by trading firms, and can be minted and redeemed through their portal here https://app.tether.to/app/login https://app.tether.to/app/login The Tether FUD is so dumb, but it's the last straw being grasped by perma-bears.
  - arcticbull 6y ago
    lol go on redeem some. If you actually read their terms of service it specifically says tethers do not grant you any claim on their reserves. I’ve no doubt they’re used by exchanges that don’t want to comply with the law and follow AML/KYC. That’s the point. Don’t carry water for these scammers they literally don’t have a bank account and admitted in court [1] much of their reserves are IOUs and crypto. Audit or gtfo (to tether inc not you). [1] https://www.google.com/amp/s/www.theblockcrypto.com/amp/daily/24139/tether-admits-in-court-to-investing-some-of-its-reserves-in-bitcoin https://www.google.com/amp/s/www.theblockcrypto.com/amp/dail...
  - headmelted 6y ago
    Nonsense. Tether has never been redeemed, and even if it could be redeemed, there is no possible way that they could cover the balance of issued tethers. It’s the mother of all Ponzi schemes, clearly, and is definitely going to implode in the next big pullback.
    - seibelj 6y ago
      You have no idea what you are talking about and are just spreading more FUD. https://www.theblockcrypto.com/post/48857/former-head-of-circle-otc-says-theres-more-to-the-tether-narrative https://www.theblockcrypto.com/post/48857/former-head-of-cir... I worked with Dan, I worked at Circle, we redeemed / minted billions and billions with Tether.
      - arcticbull 6y ago
        Oh I didn’t realize Dan was an auditor. Which of the big ones does he work at? KPMG? Deloitte? PwC? This is a classic strategy employed by scammers to legitimize a scam. You pick a prominent individual and you make the fraud work for them, so they can tell other people it’s legit. Their last auditor quit, half way through the audit. No audit, no legitimacy, period.
      - headmelted 6y ago
        Respectfully this is a difficult claim to believe. If your claim is that you redeemed billions of dollars in tethers for fiat USD then that’s newsworthy. Even if that were the case though, it does nothing to prove that Tether is able to cover its commitments. Especially not with the additional $16B USD on the books.
    - gruez 6y ago
      >Tether has never been redeemed Why is this relevant when you can withdraw tethers for USD at any participating exchange? Or are you saying that None of the exchanges that support tether (eg. bitfinex) has never fulfilled a withdraw? >It’s the mother of all Ponzi schemes, clearly, and is definitely going to implode in the next big pullback. Sounds like a great way to make a lot of money. Tether is currently trading 1:1 with USD (yes, even at exchanges that offer real USD). It should be easy to short-sell a bunch of tether, and buy it back when in collapses. And unlike short-selling stocks, your downside should be relatively low as tethers can't realistically go above their current price.

arcticbull 6y ago

Bitcoin is a Bitfinex and Tether phenomenon. Since the Tether article was posted a few weeks ago another $2B fake dollars have been generated and used to buy Bitcoin. This absolutely and completely dwarfs the pennies Square and PayPal threw into the wishing well.

seibelj 6y ago
Tether is a cornerstone of the crypto industry. You can post some random blog posts here but Tether is actually used by trading firms, and can be minted and redeemed through their portal here https://app.tether.to/app/login https://app.tether.to/app/login The Tether FUD is so dumb, but it's the last straw being grasped by perma-bears.
- arcticbull 6y ago
  lol go on redeem some. If you actually read their terms of service it specifically says tethers do not grant you any claim on their reserves. I’ve no doubt they’re used by exchanges that don’t want to comply with the law and follow AML/KYC. That’s the point. Don’t carry water for these scammers they literally don’t have a bank account and admitted in court [1] much of their reserves are IOUs and crypto. Audit or gtfo (to tether inc not you). [1] https://www.google.com/amp/s/www.theblockcrypto.com/amp/daily/24139/tether-admits-in-court-to-investing-some-of-its-reserves-in-bitcoin https://www.google.com/amp/s/www.theblockcrypto.com/amp/dail...
- headmelted 6y ago
  Nonsense. Tether has never been redeemed, and even if it could be redeemed, there is no possible way that they could cover the balance of issued tethers. It’s the mother of all Ponzi schemes, clearly, and is definitely going to implode in the next big pullback.
  - seibelj 6y ago
    You have no idea what you are talking about and are just spreading more FUD. https://www.theblockcrypto.com/post/48857/former-head-of-circle-otc-says-theres-more-to-the-tether-narrative https://www.theblockcrypto.com/post/48857/former-head-of-cir... I worked with Dan, I worked at Circle, we redeemed / minted billions and billions with Tether.
    - arcticbull 6y ago
      Oh I didn’t realize Dan was an auditor. Which of the big ones does he work at? KPMG? Deloitte? PwC? This is a classic strategy employed by scammers to legitimize a scam. You pick a prominent individual and you make the fraud work for them, so they can tell other people it’s legit. Their last auditor quit, half way through the audit. No audit, no legitimacy, period.
    - headmelted 6y ago
      Respectfully this is a difficult claim to believe. If your claim is that you redeemed billions of dollars in tethers for fiat USD then that’s newsworthy. Even if that were the case though, it does nothing to prove that Tether is able to cover its commitments. Especially not with the additional $16B USD on the books.
  - gruez 6y ago
    >Tether has never been redeemed Why is this relevant when you can withdraw tethers for USD at any participating exchange? Or are you saying that None of the exchanges that support tether (eg. bitfinex) has never fulfilled a withdraw? >It’s the mother of all Ponzi schemes, clearly, and is definitely going to implode in the next big pullback. Sounds like a great way to make a lot of money. Tether is currently trading 1:1 with USD (yes, even at exchanges that offer real USD). It should be easy to short-sell a bunch of tether, and buy it back when in collapses. And unlike short-selling stocks, your downside should be relatively low as tethers can't realistically go above their current price.