3 ms·

Give me one single solitary shred of evidence that $20B of tether in existence has any correlation with Bitcoin's $512B marketcap.

arcticbull 6y ago
Totally, ezpz. Here's a study [1]. And here's Tether creator and alleged sex offender Brock Pierce saying so [2]. You may also want to review the evidence submitted in the lawsuit brought by New York and Georgia, such as the time Bitfinex' "Merlin" (CFO Giancarlo Devasini) sent $1.5 billion dollars to a money launderer, CCC [3], claiming they didn't know his real name - and in an increasingly desperate conversation with CCC while attempting to get some of that money back, he said this leaves the entire global crypto market at risk. [4] Merlin [15.10.18 10:02] please understand all this could be extremely dangerous for everybody, the entire crypto community Merlin [15.10.18 10:03] BTC could tank to below 1k if we don't act quickly I don't know, honestly, if none of this convinces you, then I'm not sure even a direct literal admission of the scheme would anyways. You at least smell smoke dontcha? I guess this makes it your move! I expect that audit shortly! [1] https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903 https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903 [2] https://twitter.com/brockpierce/status/961044456421183489 https://twitter.com/brockpierce/status/961044456421183489 [3] https://www.reddit.com/r/Buttcoin/comments/hantb2/buttfinex_sent_15bn_to_a_dude_on_the_internet/ https://www.reddit.com/r/Buttcoin/comments/hantb2/buttfinex_... [4] https://cryptonews.com/news/how-merlin-lost-patience-trying-to-save-bitfinex-s-usd-851-m-3760.htm https://cryptonews.com/news/how-merlin-lost-patience-trying-...
arcticbull 6y ago
Just some quick fundamental recap here. 1. A "market cap" doesn't mean anything for a currency. But let's say it did. You know that a market cap is simply defined as the most recent transaction price times the number of outstanding assets yeah? 2. So that means if you control the most recent transaction you control the price. 3. Tether is minting $1B of new coinage per month and accelerating. They then use this money to buy bitcoin. They structure it at opportune moments to prop the price up. 4. There isn't $512B in value you can actually extract from Bitcoin. If you began to sell, the value would rapidly deflate towards zero. This is part of why market cap is such a poor way of measuring a currency. A small amount of transaction volume on the margin defines a false sense of value for the community.

arcticbull 6y ago

Totally, ezpz. Here's a study [1]. And here's Tether creator and alleged sex offender Brock Pierce saying so [2]. You may also want to review the evidence submitted in the lawsuit brought by New York and Georgia, such as the time Bitfinex' "Merlin" (CFO Giancarlo Devasini) sent $1.5 billion dollars to a money launderer, CCC [3], claiming they didn't know his real name - and in an increasingly desperate conversation with CCC while attempting to get some of that money back, he said this leaves the entire global crypto market at risk. [4] Merlin [15.10.18 10:02] please understand all this could be extremely dangerous for everybody, the entire crypto community Merlin [15.10.18 10:03] BTC could tank to below 1k if we don't act quickly I don't know, honestly, if none of this convinces you, then I'm not sure even a direct literal admission of the scheme would anyways. You at least smell smoke dontcha? I guess this makes it your move! I expect that audit shortly! [1] https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903 https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903 [2] https://twitter.com/brockpierce/status/961044456421183489 https://twitter.com/brockpierce/status/961044456421183489 [3] https://www.reddit.com/r/Buttcoin/comments/hantb2/buttfinex_sent_15bn_to_a_dude_on_the_internet/ https://www.reddit.com/r/Buttcoin/comments/hantb2/buttfinex_... [4] https://cryptonews.com/news/how-merlin-lost-patience-trying-to-save-bitfinex-s-usd-851-m-3760.htm https://cryptonews.com/news/how-merlin-lost-patience-trying-...

arcticbull 6y ago

Just some quick fundamental recap here. 1. A "market cap" doesn't mean anything for a currency. But let's say it did. You know that a market cap is simply defined as the most recent transaction price times the number of outstanding assets yeah? 2. So that means if you control the most recent transaction you control the price. 3. Tether is minting $1B of new coinage per month and accelerating. They then use this money to buy bitcoin. They structure it at opportune moments to prop the price up. 4. There isn't $512B in value you can actually extract from Bitcoin. If you began to sell, the value would rapidly deflate towards zero. This is part of why market cap is such a poor way of measuring a currency. A small amount of transaction volume on the margin defines a false sense of value for the community.