4 ms·

Almost as bad as some governments, the way they are printing money...

mannykannot 6y ago
So you are suggesting that bitcoin, far from having shed the problems of government-issued currency, is going through the process by which irresponsible governments can destroy a currency.
- jariel 6y ago
  "far from having shed the problems of government-issued currency," Government currency is backed by assets, or the governments ability to pay debt. BTC is backed by nothing and they issue currency on the basis the ability to do fancy math problems. So which currency has a 'problem' now?
- yowlingcat 6y ago
  Reminds me of a Matt Levine quote: "It is not original to me, but one thing that I think and write a lot is that cryptocurrency enthusiasts keep re-learning the lessons that regular finance learned decades ago, and that you can see a lot of financial history replaying itself, sped up, by observing cryptocurrency." I see this play out a lot. While ironic, it is (to your point) instructive to see the cryptocurrency ecosystem learn the same lessons of traditional financial history all over again. [1] https://www.bloomberg.com/opinion/articles/2018-05-16/high-frequency-trading-for-bitcoins https://www.bloomberg.com/opinion/articles/2018-05-16/high-f...
  - Black101 6y ago
    But Tether is not a traditional cryptocurrency and has nothing to do with Bitcoin besides the fact that they buy Bitcoins with Tethers... the creators can issue as much of it as they want, just like the governments.
- Black101 6y ago
  > So you are suggesting that bitcoin, far from having shed the problems of government-issued currency, is going through the process by which irresponsible governments can destroy a currency. As far as I know, Thether is not Bitcoin and coins are issued randomly (usually, multiple times a week) by the creators, unlike Bitcoin. There is no proof of work, or proof of stake here... just plain issuing "pre-mined" coins. A bit like the currency in most countries nowadays. I have no clue why Bitcoin was brought up. Look at this: https://twitter.com/search?q=%22minted%20at%20Tether%20Treasury%22%20%20(from%3Awhale_alert)&src=typed_query&f=live https://twitter.com/search?q=%22minted%20at%20Tether%20Treas... It is nuts.
- imtringued 6y ago
  It's the reverse. Someone prints counterfeit USD and convinces everyone that they are just as good as the real thing.

So you are suggesting that bitcoin, far from having shed the problems of government-issued currency, is going through the process by which irresponsible governments can destroy a currency.

jariel 6y ago
"far from having shed the problems of government-issued currency," Government currency is backed by assets, or the governments ability to pay debt. BTC is backed by nothing and they issue currency on the basis the ability to do fancy math problems. So which currency has a 'problem' now?
yowlingcat 6y ago
Reminds me of a Matt Levine quote: "It is not original to me, but one thing that I think and write a lot is that cryptocurrency enthusiasts keep re-learning the lessons that regular finance learned decades ago, and that you can see a lot of financial history replaying itself, sped up, by observing cryptocurrency." I see this play out a lot. While ironic, it is (to your point) instructive to see the cryptocurrency ecosystem learn the same lessons of traditional financial history all over again. [1] https://www.bloomberg.com/opinion/articles/2018-05-16/high-frequency-trading-for-bitcoins https://www.bloomberg.com/opinion/articles/2018-05-16/high-f...
- Black101 6y ago
  But Tether is not a traditional cryptocurrency and has nothing to do with Bitcoin besides the fact that they buy Bitcoins with Tethers... the creators can issue as much of it as they want, just like the governments.
Black101 6y ago
> So you are suggesting that bitcoin, far from having shed the problems of government-issued currency, is going through the process by which irresponsible governments can destroy a currency. As far as I know, Thether is not Bitcoin and coins are issued randomly (usually, multiple times a week) by the creators, unlike Bitcoin. There is no proof of work, or proof of stake here... just plain issuing "pre-mined" coins. A bit like the currency in most countries nowadays. I have no clue why Bitcoin was brought up. Look at this: https://twitter.com/search?q=%22minted%20at%20Tether%20Treasury%22%20%20(from%3Awhale_alert)&src=typed_query&f=live https://twitter.com/search?q=%22minted%20at%20Tether%20Treas... It is nuts.
imtringued 6y ago
It's the reverse. Someone prints counterfeit USD and convinces everyone that they are just as good as the real thing.