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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"

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...
- rglullis 6y ago
  > Why on earth would you believe them? I don't! I'm just saying that this crazy printing is consistent with the current market. I also tell loud and clear to stay away from them and to any exchange that wants you to be holding this shit. This doesn't mean that I swear off anyone working in crypto as a fraud like Tether. > Money printing is irrelevant (...) You're pointing at a system working Working for whom? For the ones that already have access to cheap capital? For companies in Wall Street that have enough money in their balance sheets to buy Uruguay or half the Mediterranean? For banks that should've been liquidated decades ago? Inflation rate is under the target? Oh great, so now all the small business owners will go bankrupt and not be able to afford the things they need at almost the same price they were before, and the rest of the unemployed people can just take their $600 checks to buy a PS5 to kill the time they will be spending at home. Yay, economics! > 10M to Pakistani NGOs rounds to zero. How about the 700M to Sudan? In any case, it's not the amount. It's the absurd "crypto is used by criminals and funds terrorists" claim while being completely blind for an obvious mechanism that is taking tax-payer money and putting in very questionable hands.
  - arcticbull 6y ago
    > I don't! I'm just saying that this crazy printing is consistent with the current market. And every other bull market since Tether was formed, yeah. > I also tell loud and clear to stay away from them and to any exchange that wants you to be holding this shit. This doesn't mean that I swear off anyone working in crypto as a fraud like Tether. Tether is 80% of trading volume lol. The water is so murky you could build a hut out of it. There is no market without Tether. Not one that looks anything like you imagine it does. [1] > Inflation rate is under the target? Oh great, so now all the small business owners will go bankrupt and not be able to afford the things they need at almost the same price they were before, and the rest of the unemployed people can just take their $600 checks to buy a PS5 to kill the time they will be spending at home. Yay, economics! Ah now I see the issue. You've conflated fiscal, monetary, foreign and social policy into one abomination. This is your mistake. The Fed only manages the money supply. This is monetary policy. The Fed does this by increasing and decreasing the supply of money and managing interest rates and aims at a target 2% rate of inflation. It has done this incredibly successfully. Then there's fiscal policy - and by extension social policy. This is government spending on social programs and also on foreign aid. Businesses going bankrupt are being allowed to do so by bad fiscal policy and not bad monetary policy and no amount of crypto will change that. Only you voting will change that. That's not economics, that's fiscal and social policy. For instance, Canada is centrally banked, and doesn't have the issues you're pointing out because their fiscal policy was to provide everyone $2000 per month during COVID and is now paying small business rents. This is nothing to do with Bitcoin. And your NGOs and the Sudan. This is both a distraction, whataboutism, and also not monetary policy. This is foreign policy. This is nothing to do with Bitcoin. This would still happen with Bitcoin, of course, but bitcoin also opens up a new avenue on top of making the situation strictly worse. Please, learn about economics. Take an ECON-101 course. Stop trying to reinvent what you don't understand. I'm sure this is tough to hear because for many folks in the crypto space a whole lot of their identity gets wrapped up in crypto. > Not every crypto project is a fraud. No, but most of them are. And the ones that aren't don't solve anything better than a classical solution because trust is a huge optimization. By all means, continue working on crypto. It's not illegal, its just, you know, not smart. But poor decisions tend not to be criminal! [1] https://coinlib.io/coin/BTC/Bitcoin https://coinlib.io/coin/BTC/Bitcoin (@konamicode, reference added here due to rate limit - I was referring to the "Money flow from/to Bitcoin in the last 24 hours" chart showing 12B of flow into Bitcoin was via Tether, out of a total of 15B).
deleted 6y ago
[deleted]
pontifier 6y ago
Lol, if they're holding enough BTC, and they can pump the price enough they can basically go as high as they want and still be "backed". Maybe this has been the plan all along. If tether disappears and takes all the cash and BTC with them what happens?

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...

rglullis 6y ago
> Why on earth would you believe them? I don't! I'm just saying that this crazy printing is consistent with the current market. I also tell loud and clear to stay away from them and to any exchange that wants you to be holding this shit. This doesn't mean that I swear off anyone working in crypto as a fraud like Tether. > Money printing is irrelevant (...) You're pointing at a system working Working for whom? For the ones that already have access to cheap capital? For companies in Wall Street that have enough money in their balance sheets to buy Uruguay or half the Mediterranean? For banks that should've been liquidated decades ago? Inflation rate is under the target? Oh great, so now all the small business owners will go bankrupt and not be able to afford the things they need at almost the same price they were before, and the rest of the unemployed people can just take their $600 checks to buy a PS5 to kill the time they will be spending at home. Yay, economics! > 10M to Pakistani NGOs rounds to zero. How about the 700M to Sudan? In any case, it's not the amount. It's the absurd "crypto is used by criminals and funds terrorists" claim while being completely blind for an obvious mechanism that is taking tax-payer money and putting in very questionable hands.
- arcticbull 6y ago
  > I don't! I'm just saying that this crazy printing is consistent with the current market. And every other bull market since Tether was formed, yeah. > I also tell loud and clear to stay away from them and to any exchange that wants you to be holding this shit. This doesn't mean that I swear off anyone working in crypto as a fraud like Tether. Tether is 80% of trading volume lol. The water is so murky you could build a hut out of it. There is no market without Tether. Not one that looks anything like you imagine it does. [1] > Inflation rate is under the target? Oh great, so now all the small business owners will go bankrupt and not be able to afford the things they need at almost the same price they were before, and the rest of the unemployed people can just take their $600 checks to buy a PS5 to kill the time they will be spending at home. Yay, economics! Ah now I see the issue. You've conflated fiscal, monetary, foreign and social policy into one abomination. This is your mistake. The Fed only manages the money supply. This is monetary policy. The Fed does this by increasing and decreasing the supply of money and managing interest rates and aims at a target 2% rate of inflation. It has done this incredibly successfully. Then there's fiscal policy - and by extension social policy. This is government spending on social programs and also on foreign aid. Businesses going bankrupt are being allowed to do so by bad fiscal policy and not bad monetary policy and no amount of crypto will change that. Only you voting will change that. That's not economics, that's fiscal and social policy. For instance, Canada is centrally banked, and doesn't have the issues you're pointing out because their fiscal policy was to provide everyone $2000 per month during COVID and is now paying small business rents. This is nothing to do with Bitcoin. And your NGOs and the Sudan. This is both a distraction, whataboutism, and also not monetary policy. This is foreign policy. This is nothing to do with Bitcoin. This would still happen with Bitcoin, of course, but bitcoin also opens up a new avenue on top of making the situation strictly worse. Please, learn about economics. Take an ECON-101 course. Stop trying to reinvent what you don't understand. I'm sure this is tough to hear because for many folks in the crypto space a whole lot of their identity gets wrapped up in crypto. > Not every crypto project is a fraud. No, but most of them are. And the ones that aren't don't solve anything better than a classical solution because trust is a huge optimization. By all means, continue working on crypto. It's not illegal, its just, you know, not smart. But poor decisions tend not to be criminal! [1] https://coinlib.io/coin/BTC/Bitcoin https://coinlib.io/coin/BTC/Bitcoin (@konamicode, reference added here due to rate limit - I was referring to the "Money flow from/to Bitcoin in the last 24 hours" chart showing 12B of flow into Bitcoin was via Tether, out of a total of 15B).

deleted 6y ago

[deleted]

pontifier 6y ago

Lol, if they're holding enough BTC, and they can pump the price enough they can basically go as high as they want and still be "backed". Maybe this has been the plan all along. If tether disappears and takes all the cash and BTC with them what happens?