6 ms·

Makes me wonder what they would say about the current market.

by sosuke 6y ago

arcticbull 6y ago
Well, if it found a pump and dump it would say "call the SEC." Thing is, the stock market may be erratic on smaller timescales but it is a legitimate and fair place to trade, and people roughly speaking all have access to the same information when making those trades. Speculative mania is not a pump and dump. It's poor decision making, and generally speaking, that's not illegal. On the other hand, if I start a stable coin, let's call it Anchor. Then I get a bunch of un-banked exchanges to use it in lieu of dollars because they can't get legitimate banking and don't want to bother with AML, KYC, the sanctions list or enabling international terrorism. I then start printing 750 million totally un-backed Anchors per day. I then use them to buy Bitcoin to drive the price up parabolically. I then sell all my Bitcoin for dollars to the most recent institutional clowns invested, and flee from the island I currently reside on to a different island. That's crime.
- rglullis 6y ago
  Started reading a comment full of false equivalences and trying to put all projects and people working on crypto as criminals and yes, of course it is the guy with the inappropriate username. I am not going to defend Tether, I truly wish they disappeared into a ball of fire and took every crook with them. However, you could avoid the hyperbole. There are ~14 billion USDT minted, and BTC alone is going for a market cap of 500bi. The top 3 "serious" exchanges are all averaging $1bi+ in daily volume (and if you believe they are doing wash trading, Uniswap alone is in the same ballpark and wash trading there would be very costly). Tether is bad, but to think they are able to prop BTC (and crypto in general) to this bubble is delusional. Also, it's interesting how you downplay the fact that the Fed printed 22% of the dollars in circulation in 2020 alone with the majority of it destined to bail out banks and surely to end up under control of Wall Street. Also interesting how you seem to be so bothered by the lack of KYC/AML of some exchanges and pull the "enabling terrorism" card, yet you see no problem in the Stimulus Bill having 10 million dollars for Pakistan. Perhaps if the crypto projects start saying that the funds are going to gender studies your worries will be eased?
  - arcticbull 6y ago
    I didn't realize a synonym for a muskox was an inappropriate name lol. Just wait till you hear what other animals are named! For your reference I've attached a photo of the eponymous magnificent beast in question [0]. There are ~14 billion USDT minted, and BTC alone is going for a market cap of 500bi. $14B my dude, that information is stale as all heck. They're printing $700 million dollars worth per day right now. Their market cap just reached $24B. Remember just days ago when microstrat announced a blockbuster $400M investment? Tether prints that every 12 hours. See the way market cap works is you only have to control the most recent trade to set the market cap. That means literally nothing. The old trope goes if you print 1 trillion of your own crypto and sell it to a buddy for $1, that's a $1T market cap. $24B of cash, with $700M new printed every single day buying up Bitcoin is absolutely enough to control the price. That's simple economics, and you can find an explanation anywhere. I can of course provide you with an article if you find yourself unable to obtain one. > Also, it's interesting how you downplay the fact that the Fed printed 22% of the dollars in circulation in 2020 alone with the majority of it destined to bail out banks and surely to end up under control of Wall Street. This is utterly irrelevant. The inflation rate is trending around 2% per annum. If that goes up, they'll print less or claw back more. Supply is not the only factor in the determination of inflation, velocity of money is critical. I suggest you learn more about the money supply before trying to reinvent it. In fact if we pretend for a moment that bitcoin is a currency, you can see that while the supply is flat-ish, the price is skyrocketing. This is massively deflationary for a currency, and this is in fact, in part, due to a reduction in velocity of money (aka HODL BRUH). > Perhaps if the crypto projects start saying that the funds are going to gender studies your worries will be eased? I have no idea where you're going with that and I won't be following you. This has nothing to do with social policy and everything to do with the North Korean government collecting hundreds of millions of dollars to fund their nuclear weapons program. [0] https://www.alaskaphotographics.com/alaska-photo-articles/muskox-photos/ https://www.alaskaphotographics.com/alaska-photo-articles/mu...
    - rglullis 6y ago
      You are not helping your case. It's been a while already where they stopped claiming to have USD to back the USDT and are claiming to have "diverse investments". Just in last two weeks the price of BTC basically doubled. ETH as well. Printing now kind of correlates with the price hike. Yes, if we assume that they are completely naked, then all of this printing is fraudulent (whether at 14 or 24B). However, if they do have reserves, this printing does make sense in the overall market. Anyway, still curious how the 9 trillion printed by the Fed and the 10 million going to "Pakistani NGOs" [0] does not bring you the same outrage as a bunch of people putting their own time, money and effort in crypto projects. Has any bitcoiner hurt you? [0]: https://finance.yahoo.com/news/coronavirus-relief-legislation-includes-10m-023954195.html https://finance.yahoo.com/news/coronavirus-relief-legislatio... : getting funds from government aid and putting in corrupt, violent pockets is one of the oldest tricks in the book. 10 million is "nothing" in international terms, but it can go quite a long way to help fund terrorist cells in Pakistan, no?
- darawk 6y ago
  You've been repeating this Tether stuff for a few years now. Still waiting for the collapse. I'm sure its coming any day now.
  - arcticbull 6y ago
    Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Asset-backed commercial paper is another great example. [1] Head's up, btw, nobody's seen their CEO or CFO in about a year now haha. I'm going to screenshot this comment by the way for r/agedlikemilk :) [1] http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails-you-lose/ http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails...
    - bb88 6y ago
      > Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. This. Specifically, it's worth noting that Madoff's scheme collapsed in the 2008 financial crisis when people were asking to pull money out of the fund. IOW it worked as long as Madoff could convince more and more people to put money in. When he could no longer make the redemptions, he was caught: > For years, Madoff had simply deposited investors' money in his business account at JPMorganChase and withdrew money from that account when they requested redemptions. He had scraped together just enough money to make a redemption payment on November 19. However, despite cash infusions from several longtime investors, by the week after Thanksgiving it was apparent that there was not enough money to even begin to meet the remaining requests. His Chase account had over $5.5 billion in mid-2008, but by late November was down to $234 million, a fraction of the outstanding redemptions. On December 3, he told longtime assistant Frank DiPascali, who had overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother about the fraud. https://en.wikipedia.org/wiki/Bernie_Madoff https://en.wikipedia.org/wiki/Bernie_Madoff
    - darawk 6y ago
      > Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Madoff's scheme persisted because nobody knew about it. People have been writing articles claiming Tether is a fraud for many years now. The price even dipped a few times as a result. But then it went right back up. There's a reason for that, of course. And that reason is that arbitrageurs are arbitraging, because they can simply withdraw to USD. > I'm going to screenshot this comment by the way for r/agedlikemilk :) I'll be waiting :)

Makes me wonder what they would say about the current market.

by sosuke 6y ago

Makes me wonder what they would say about the current market.

Well, if it found a pump and dump it would say "call the SEC." Thing is, the stock market may be erratic on smaller timescales but it is a legitimate and fair place to trade, and people roughly speaking all have access to the same information when making those trades. Speculative mania is not a pump and dump. It's poor decision making, and generally speaking, that's not illegal. On the other hand, if I start a stable coin, let's call it Anchor. Then I get a bunch of un-banked exchanges to use it in lieu of dollars because they can't get legitimate banking and don't want to bother with AML, KYC, the sanctions list or enabling international terrorism. I then start printing 750 million totally un-backed Anchors per day. I then use them to buy Bitcoin to drive the price up parabolically. I then sell all my Bitcoin for dollars to the most recent institutional clowns invested, and flee from the island I currently reside on to a different island. That's crime.

rglullis 6y ago
Started reading a comment full of false equivalences and trying to put all projects and people working on crypto as criminals and yes, of course it is the guy with the inappropriate username. I am not going to defend Tether, I truly wish they disappeared into a ball of fire and took every crook with them. However, you could avoid the hyperbole. There are ~14 billion USDT minted, and BTC alone is going for a market cap of 500bi. The top 3 "serious" exchanges are all averaging $1bi+ in daily volume (and if you believe they are doing wash trading, Uniswap alone is in the same ballpark and wash trading there would be very costly). Tether is bad, but to think they are able to prop BTC (and crypto in general) to this bubble is delusional. Also, it's interesting how you downplay the fact that the Fed printed 22% of the dollars in circulation in 2020 alone with the majority of it destined to bail out banks and surely to end up under control of Wall Street. Also interesting how you seem to be so bothered by the lack of KYC/AML of some exchanges and pull the "enabling terrorism" card, yet you see no problem in the Stimulus Bill having 10 million dollars for Pakistan. Perhaps if the crypto projects start saying that the funds are going to gender studies your worries will be eased?
- arcticbull 6y ago
  I didn't realize a synonym for a muskox was an inappropriate name lol. Just wait till you hear what other animals are named! For your reference I've attached a photo of the eponymous magnificent beast in question [0]. There are ~14 billion USDT minted, and BTC alone is going for a market cap of 500bi. $14B my dude, that information is stale as all heck. They're printing $700 million dollars worth per day right now. Their market cap just reached $24B. Remember just days ago when microstrat announced a blockbuster $400M investment? Tether prints that every 12 hours. See the way market cap works is you only have to control the most recent trade to set the market cap. That means literally nothing. The old trope goes if you print 1 trillion of your own crypto and sell it to a buddy for $1, that's a $1T market cap. $24B of cash, with $700M new printed every single day buying up Bitcoin is absolutely enough to control the price. That's simple economics, and you can find an explanation anywhere. I can of course provide you with an article if you find yourself unable to obtain one. > Also, it's interesting how you downplay the fact that the Fed printed 22% of the dollars in circulation in 2020 alone with the majority of it destined to bail out banks and surely to end up under control of Wall Street. This is utterly irrelevant. The inflation rate is trending around 2% per annum. If that goes up, they'll print less or claw back more. Supply is not the only factor in the determination of inflation, velocity of money is critical. I suggest you learn more about the money supply before trying to reinvent it. In fact if we pretend for a moment that bitcoin is a currency, you can see that while the supply is flat-ish, the price is skyrocketing. This is massively deflationary for a currency, and this is in fact, in part, due to a reduction in velocity of money (aka HODL BRUH). > Perhaps if the crypto projects start saying that the funds are going to gender studies your worries will be eased? I have no idea where you're going with that and I won't be following you. This has nothing to do with social policy and everything to do with the North Korean government collecting hundreds of millions of dollars to fund their nuclear weapons program. [0] https://www.alaskaphotographics.com/alaska-photo-articles/muskox-photos/ https://www.alaskaphotographics.com/alaska-photo-articles/mu...
  - rglullis 6y ago
    You are not helping your case. It's been a while already where they stopped claiming to have USD to back the USDT and are claiming to have "diverse investments". Just in last two weeks the price of BTC basically doubled. ETH as well. Printing now kind of correlates with the price hike. Yes, if we assume that they are completely naked, then all of this printing is fraudulent (whether at 14 or 24B). However, if they do have reserves, this printing does make sense in the overall market. Anyway, still curious how the 9 trillion printed by the Fed and the 10 million going to "Pakistani NGOs" [0] does not bring you the same outrage as a bunch of people putting their own time, money and effort in crypto projects. Has any bitcoiner hurt you? [0]: https://finance.yahoo.com/news/coronavirus-relief-legislation-includes-10m-023954195.html https://finance.yahoo.com/news/coronavirus-relief-legislatio... : getting funds from government aid and putting in corrupt, violent pockets is one of the oldest tricks in the book. 10 million is "nothing" in international terms, but it can go quite a long way to help fund terrorist cells in Pakistan, no?
darawk 6y ago
You've been repeating this Tether stuff for a few years now. Still waiting for the collapse. I'm sure its coming any day now.
- arcticbull 6y ago
  Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Asset-backed commercial paper is another great example. [1] Head's up, btw, nobody's seen their CEO or CFO in about a year now haha. I'm going to screenshot this comment by the way for r/agedlikemilk :) [1] http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails-you-lose/ http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails...
  - bb88 6y ago
    > Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. This. Specifically, it's worth noting that Madoff's scheme collapsed in the 2008 financial crisis when people were asking to pull money out of the fund. IOW it worked as long as Madoff could convince more and more people to put money in. When he could no longer make the redemptions, he was caught: > For years, Madoff had simply deposited investors' money in his business account at JPMorganChase and withdrew money from that account when they requested redemptions. He had scraped together just enough money to make a redemption payment on November 19. However, despite cash infusions from several longtime investors, by the week after Thanksgiving it was apparent that there was not enough money to even begin to meet the remaining requests. His Chase account had over $5.5 billion in mid-2008, but by late November was down to $234 million, a fraction of the outstanding redemptions. On December 3, he told longtime assistant Frank DiPascali, who had overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother about the fraud. https://en.wikipedia.org/wiki/Bernie_Madoff https://en.wikipedia.org/wiki/Bernie_Madoff
  - darawk 6y ago
    > Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Madoff's scheme persisted because nobody knew about it. People have been writing articles claiming Tether is a fraud for many years now. The price even dipped a few times as a result. But then it went right back up. There's a reason for that, of course. And that reason is that arbitrageurs are arbitraging, because they can simply withdraw to USD. > I'm going to screenshot this comment by the way for r/agedlikemilk :) I'll be waiting :)