3 ms·

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 w

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?
  - arcticbull 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". Why on earth would you believe them now? You probably believed them the first time too :) Do you have the audit? Either way the Tether T&C's don't actually give anyone holding Tether right to withdraw anything from Tether. Ever. Not assets, not dollars, nothing. There's nothing stopping them from running with all of those assets, they may or may not have, legally. Ask their CEO or CFO! If you can find them that is, they've been missing for about a year now, nobody's heard from them. > 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. It actually always did. [1] > Anyway, still curious how the 9 trillion printed by the Fed and the 10 million going to "Pakistani NGOs" 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? Money printing is irrelevant. Totally and utterly irrelevant so long as inflation remains on track for 2%. The whole reason for printing was to offset a reduction in velocity of money. You're pointing at a system working, that you don't understand, and screaming fraud. You're basically a financial anti-vaxxer. Everything you need to learn about finance, about economics, is available to you at your local college. The course is called "ECON-101." Put all the time and effort and money into crypto you want, I know plenty of beanie baby collectors who do the same! > Has any bitcoiner hurt you? Of course not, I made a ton of money on crypto on the run up and sold in January 2018 lol. If you saw someone's house on fire, would you say to yourself, huh, that's weird, and walk away? Or would you maybe tell people that they're about to get seriously hurt. [1] https://twitter.com/JacobOracle/status/1346133083645476869/photo/1 https://twitter.com/JacobOracle/status/1346133083645476869/p...

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?
- arcticbull 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". Why on earth would you believe them now? You probably believed them the first time too :) Do you have the audit? Either way the Tether T&C's don't actually give anyone holding Tether right to withdraw anything from Tether. Ever. Not assets, not dollars, nothing. There's nothing stopping them from running with all of those assets, they may or may not have, legally. Ask their CEO or CFO! If you can find them that is, they've been missing for about a year now, nobody's heard from them. > 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. It actually always did. [1] > Anyway, still curious how the 9 trillion printed by the Fed and the 10 million going to "Pakistani NGOs" 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? Money printing is irrelevant. Totally and utterly irrelevant so long as inflation remains on track for 2%. The whole reason for printing was to offset a reduction in velocity of money. You're pointing at a system working, that you don't understand, and screaming fraud. You're basically a financial anti-vaxxer. Everything you need to learn about finance, about economics, is available to you at your local college. The course is called "ECON-101." Put all the time and effort and money into crypto you want, I know plenty of beanie baby collectors who do the same! > Has any bitcoiner hurt you? Of course not, I made a ton of money on crypto on the run up and sold in January 2018 lol. If you saw someone's house on fire, would you say to yourself, huh, that's weird, and walk away? Or would you maybe tell people that they're about to get seriously hurt. [1] https://twitter.com/JacobOracle/status/1346133083645476869/photo/1 https://twitter.com/JacobOracle/status/1346133083645476869/p...