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Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes, I get it, some love the whole "blockchain is the f

Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes, I get it, some love the whole "blockchain is the future" topic and others hate it, that was pretty much the discussion here, but both parts should be again talking about tether and it just doesn't happen anymore, what happened? tether is even worse than before edit: yeah, for everyone outthere, don't forget about tether please, remember that it exist, it gets printed by billions without any clear evidence of it being backed and its being used to increase bitcoin price.. So go make your research before you getting heavily invested in bitcoin Anyways, I am still in bitcoin, but everyday im thinking more about getting out, it baffles me how with certain volume, the price goes down 10% in the course of 3 days and then with 1/8 of that very same volume it recovers the % lost plus additional %. I am starting to enjoy betting money on markets, thus im visiting WSB every other day and picking up the trends there and betting them on robinhood, it hasnt gone bad at all for me, it's a steady income if you don't really depend on it or risk anything you can't lose, but I am not getting that feeling from bitcoin at all, everytime I check the coinbase APP when I wake up, my hands literally shake because of the fear that while I slept the price went down some insane %

xur17 6y ago
Tether is discussed, multiple times in almost every post about Bitcoin on here.
- firekvz 6y ago
  it might be, but it's not getting the same visibility as it was getting before (i.e during the 2017 pump), while clearly the impact of it on bitcoin price its even higher than in 2017.
hn_throwaway_99 6y ago
> Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes. Not sure why you think this, the first time I discovered the relationship and theories as to how Tether influences Bitcoin price was from previous HN discussion threads.
- firekvz 6y ago
  Yeah, I just checked some threads and definetly it's still being talked but not with the same visibility, I am afraid that it might be getting hardly downvoted by big enthusiasts, same as I am getting downvoted now
  - hn_throwaway_99 6y ago
    Or, downvoters could be like me, who simply believe that your assertion that Tether isn't (still) widely discussed whenever the topic of Bitcoin valuation comes up is false.
formalsystem 6y ago
Currency pegs can only be maintained via Ponzis, there is no such thing as a Stablecoin
- ur-whale 6y ago
  I would tend to agree, but I'd love to hear your actual rationale.
jpmattia 6y ago
> Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes. Because it's not an issue? The NY AG issued the subpoena roughly 3 years ago. If tether were fraudulently unbacked, it would not take that long for a restraining order to be issued. Hell, it would be malpractice to see missing funds on their balance sheet and not file in that time. To believe otherwise is to say that Leticia James got the results of the subpoena, looked at the lack of funds, and decided to let them continue issuance rather than take expeditious action. You'd have to be deep into tinfoil-hat territory to believe she's in on the con.
- SnowProblem 6y ago
  Agree. Regardless whether or not Tether is fraudulently backed, it is fractionally backed. 74% last year, with the remaining lent out. But I suppose that's expected. Even if Tether hadn't lent out their cash, the bank they deposit into certainly would.
  - raesene9 6y ago
    Out of curiousity what's the basis for your assertion on 74%, given that, as far as I'm aware, Tether has never completed an audit with an independent third party.
    - SnowProblem 6y ago
      It came from an investigation by New York's AG last year: > In fact, Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74 percent of the outstanding amount of tether. This sort of “fractional” reserving arrangement is similar to how commercial banks work. No bank holds in liquid cash more than a small percentage of depositors’ money. The funds are invested. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=JcKQms/tM52ywY78HUsInw== https://iapps.courts.state.ny.us/nyscef/ViewDocument?docInde...
      - raesene9 6y ago
keymone 6y ago
On low volume price reacts to changes in sentiment more than on high volume, this is not evidence of anything shady. Tether has been discussed many times and for all the doom prophecies of past five years, it’s been quite anticlimactic. Audits and bookkeeping aside, the argument “omg have you seen tether printed X amount of BTC to pump the price” laughably misses the point, that it’s exactly what stablecoin are - when somebody wants to buy large amount of BTC through tether, they send real USD which get converted into “printed” USDT which then is traded for BTC on exchange, driving the price up. That’s like literally what one should expect of how this system should work, what’s the issue? And lastly, if your hands are shaking checking the price - you shouldn’t be trading, you’re killing yourself.
- firekvz 6y ago
  Never said it was evidence of anything shady, it just doesn’t feel right to me, it might feel super good and normal for you, that’s fine Is just that while NA markets sleeps you see some candle of +600 USD at plain 4am with a volume of barely 80 coins on most used exchanges, its clear orderbook spoofing so when everyone wakes up, it's happy about the price again Also, I really wonder, how its such big news that MicroStrategy buys 150millions of bitcoin, cause it's a "big amount", yet, tether it's printing the same 150million 3 or 4 times per week, woah, is there so much money coming into bitcoin, people putting 600millions weekly specially into tether so they can buy bitcoin? who are those people, if MicroStrategy hits the news for 150m purchases, why aren't those buying 600m hitting the news? My last comment about hands shaking it's because the uncertainty it gives me, I can trade everything, I have no problems with it, problems come when I am able to see by myself all that there’s wrong with those exchanges, yet, I'm still part of it and I acknowledge those problems and I am aware of the risks however there’s people making justifications over it.
  - keymone 6y ago
    > its clear orderbook spoofing so when everyone wakes up, it's happy about the price again sorry, you have to provide a tad more solid evidence for claims like this. when sentiment changes, exactly 0 volume is required for that to reflect on the price. buyers/sellers at price X just go away and proceed trading at price Y. > tether it's printing the same 150million 3 or 4 times per week that's about $25-30 billion per year while entire tether's market cap after operating for 5 years is at $19 billion. obviously you're wrong and need to crunch the numbers some more.
jl2718 6y ago
There are laws being proposed now that basically say all stablecoins are banks.
DSingularity 6y ago
If your hands are shaking you might be doing yourself harm by being so invested. Try to imagine how you would feel if it crashed 50%. If devastated is your answer, why not scale back a bit? If you scaled back and Bitcoin came to rule the financial world you would still be in a very good position. I know a friend who got so excited and put a large, large amount in BTC. Bought quite a few. It crashed and he sold. Probably at the bottom — didn’t ask. Later when it rebounded and he bought 1 BTC. He could have saved a lot of money if he just bought 1 from the start. What stopped him? He never sincerely considered what his reaction would be if it crashed and then rebounded. Don’t be like this guy.
- caymanjim 6y ago
  > If your hands are shaking you might be doing yourself harm by being so invested. Reading WSB and using that to direct funds is not investing. It's pure gambling based on the odds of getting out of a pump and dump before it turns the corner. The parent is not an investor, and will with certainty lose all their money.
Erlich_Bachman 6y ago
> everytime I check the coinbase APP when I wake up, my hands literally shake because of the fear that while I slept the price went down some insane % That's an emotional reaction. Emotions have no place in a profficent investor or trader. They will fuck you up, it is just a matter of time. They are also not a signal for anyone else to change, or any system to change, or any discussions to start or stop on certain news aggregators - they are a signal for you to learn to chill with your investment decisions, become more analytical and less emotional with it, or at the very least scale back the size of investments to a comfortable for you level.
LAMike 6y ago
Because they dismissed it, and missed out on returns greater than ANY YCOMBINATOR angel investment in their 1000+ bets as a company. Imagine feeling like the smartest person in class who missed out on getting rich from Internet money.

xur17 6y ago

Tether is discussed, multiple times in almost every post about Bitcoin on here.

firekvz 6y ago
it might be, but it's not getting the same visibility as it was getting before (i.e during the 2017 pump), while clearly the impact of it on bitcoin price its even higher than in 2017.

hn_throwaway_99 6y ago

> Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes. Not sure why you think this, the first time I discovered the relationship and theories as to how Tether influences Bitcoin price was from previous HN discussion threads.

firekvz 6y ago
Yeah, I just checked some threads and definetly it's still being talked but not with the same visibility, I am afraid that it might be getting hardly downvoted by big enthusiasts, same as I am getting downvoted now
- hn_throwaway_99 6y ago
  Or, downvoters could be like me, who simply believe that your assertion that Tether isn't (still) widely discussed whenever the topic of Bitcoin valuation comes up is false.

formalsystem 6y ago

Currency pegs can only be maintained via Ponzis, there is no such thing as a Stablecoin

ur-whale 6y ago
I would tend to agree, but I'd love to hear your actual rationale.

jpmattia 6y ago

> Really wonder why HN community nowdays completely ignores tether discussion everytime a bitcoin thread comes. Because it's not an issue? The NY AG issued the subpoena roughly 3 years ago. If tether were fraudulently unbacked, it would not take that long for a restraining order to be issued. Hell, it would be malpractice to see missing funds on their balance sheet and not file in that time. To believe otherwise is to say that Leticia James got the results of the subpoena, looked at the lack of funds, and decided to let them continue issuance rather than take expeditious action. You'd have to be deep into tinfoil-hat territory to believe she's in on the con.

SnowProblem 6y ago
Agree. Regardless whether or not Tether is fraudulently backed, it is fractionally backed. 74% last year, with the remaining lent out. But I suppose that's expected. Even if Tether hadn't lent out their cash, the bank they deposit into certainly would.
- raesene9 6y ago
  Out of curiousity what's the basis for your assertion on 74%, given that, as far as I'm aware, Tether has never completed an audit with an independent third party.
  - SnowProblem 6y ago
    It came from an investigation by New York's AG last year: > In fact, Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74 percent of the outstanding amount of tether. This sort of “fractional” reserving arrangement is similar to how commercial banks work. No bank holds in liquid cash more than a small percentage of depositors’ money. The funds are invested. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=JcKQms/tM52ywY78HUsInw== https://iapps.courts.state.ny.us/nyscef/ViewDocument?docInde...
    - raesene9 6y ago

keymone 6y ago

On low volume price reacts to changes in sentiment more than on high volume, this is not evidence of anything shady. Tether has been discussed many times and for all the doom prophecies of past five years, it’s been quite anticlimactic. Audits and bookkeeping aside, the argument “omg have you seen tether printed X amount of BTC to pump the price” laughably misses the point, that it’s exactly what stablecoin are - when somebody wants to buy large amount of BTC through tether, they send real USD which get converted into “printed” USDT which then is traded for BTC on exchange, driving the price up. That’s like literally what one should expect of how this system should work, what’s the issue? And lastly, if your hands are shaking checking the price - you shouldn’t be trading, you’re killing yourself.

firekvz 6y ago
Never said it was evidence of anything shady, it just doesn’t feel right to me, it might feel super good and normal for you, that’s fine Is just that while NA markets sleeps you see some candle of +600 USD at plain 4am with a volume of barely 80 coins on most used exchanges, its clear orderbook spoofing so when everyone wakes up, it's happy about the price again Also, I really wonder, how its such big news that MicroStrategy buys 150millions of bitcoin, cause it's a "big amount", yet, tether it's printing the same 150million 3 or 4 times per week, woah, is there so much money coming into bitcoin, people putting 600millions weekly specially into tether so they can buy bitcoin? who are those people, if MicroStrategy hits the news for 150m purchases, why aren't those buying 600m hitting the news? My last comment about hands shaking it's because the uncertainty it gives me, I can trade everything, I have no problems with it, problems come when I am able to see by myself all that there’s wrong with those exchanges, yet, I'm still part of it and I acknowledge those problems and I am aware of the risks however there’s people making justifications over it.
- keymone 6y ago
  > its clear orderbook spoofing so when everyone wakes up, it's happy about the price again sorry, you have to provide a tad more solid evidence for claims like this. when sentiment changes, exactly 0 volume is required for that to reflect on the price. buyers/sellers at price X just go away and proceed trading at price Y. > tether it's printing the same 150million 3 or 4 times per week that's about $25-30 billion per year while entire tether's market cap after operating for 5 years is at $19 billion. obviously you're wrong and need to crunch the numbers some more.

jl2718 6y ago

There are laws being proposed now that basically say all stablecoins are banks.

DSingularity 6y ago

If your hands are shaking you might be doing yourself harm by being so invested. Try to imagine how you would feel if it crashed 50%. If devastated is your answer, why not scale back a bit? If you scaled back and Bitcoin came to rule the financial world you would still be in a very good position. I know a friend who got so excited and put a large, large amount in BTC. Bought quite a few. It crashed and he sold. Probably at the bottom — didn’t ask. Later when it rebounded and he bought 1 BTC. He could have saved a lot of money if he just bought 1 from the start. What stopped him? He never sincerely considered what his reaction would be if it crashed and then rebounded. Don’t be like this guy.

caymanjim 6y ago
> If your hands are shaking you might be doing yourself harm by being so invested. Reading WSB and using that to direct funds is not investing. It's pure gambling based on the odds of getting out of a pump and dump before it turns the corner. The parent is not an investor, and will with certainty lose all their money.

Erlich_Bachman 6y ago

> everytime I check the coinbase APP when I wake up, my hands literally shake because of the fear that while I slept the price went down some insane % That's an emotional reaction. Emotions have no place in a profficent investor or trader. They will fuck you up, it is just a matter of time. They are also not a signal for anyone else to change, or any system to change, or any discussions to start or stop on certain news aggregators - they are a signal for you to learn to chill with your investment decisions, become more analytical and less emotional with it, or at the very least scale back the size of investments to a comfortable for you level.

LAMike 6y ago

Because they dismissed it, and missed out on returns greater than ANY YCOMBINATOR angel investment in their 1000+ bets as a company. Imagine feeling like the smartest person in class who missed out on getting rich from Internet money.