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> everyone in the space knows that Tether is a scam For those interested, Coffeezilla did a piece on Tether: https://youtu.be/-whuXHSL1Pg https://youtu.be/-wh

by sshine 4y ago

> everyone in the space knows that Tether is a scam For those interested, Coffeezilla did a piece on Tether: https://youtu.be/-whuXHSL1Pg https://youtu.be/-whuXHSL1Pg And yes, it’s a scam. Hodlers seem to tolerate it because crashing Tether would impact their net value. It’s sad.

MuffinFlavored 4y ago
so BTCUSD is like $15-$16kish now if anything happens to Binance, Coinbase, or Tether, it’s most likely going lower I feel like a lot of people who still dollar cost average into cryptocurrencies shouldn’t. If you make $300k/yr, you can do whatever you want with your money in my opinion. If you make $15/hr working part time, you probably shouldn’t touch crypto. The risk is too low. What’s the upside chance?
- rrdharan 4y ago
  I agree with you - but I think you meant "the risk is too high" if you're a low income earner?
  - MuffinFlavored 4y ago
    I just feel most people who are obsessed with crypto that I’ve come across in my personal life are some of the least financially responsible/educated people I’ve ever met that and r/bitcoin comment sections are very delusional cult to me
- RestlessMind 4y ago
  Counterintuitively, the person making $300K/yr can just keep buying SPX every paycheck for the next 10-15 years and have a very cushy upper middle class lifestyle with a nice nest egg. For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty. More so if that someone is making only a few dollars per day in a despot regime with weak currency management; then crypto* is truly a rare lifeline for them. * I only trust BTC. There are some noteworthy projects like Ethereum who have earned benefit of doubt, but its better to stay away from rando shitcoins. Also stay away from centralized exchanges (Binance, FTX and the likes).
  - MuffinFlavored 4y ago
    > For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty. Or help keep them there as they keep getting "scammed" out of their money. Think about $15/hr people who bought anything other than Bitcoin when Bitcoin was at $60k+ Crypto has most likely been harmful for a bunch of lower class people.
    - RestlessMind 4y ago
      > Think about $15/hr people Actually let's think about them. What could they buy in Q4 2021 (when BTC was 60k+)? If they were in the US, then probably some random stocks or some index fund, which has gone down in value (-20% for S&P, to -65-70% for "blue chip" ones like TSLA or META). Definitely not real estate. And forget about commodities. Outside the US? I'd wager similar scene in other advanced economies. I don't even know what good options they have in developing markets. Even today, I'd wager that BTC* will have a better outcome than S&P over the next 10 years. *to me, BTC is the only reputable crypto. ETH, if you understand how it works. Forget about everything else.
- latchkey 4y ago
  17.2 tonight.
  - panarky 4y ago
    18.3 right now. In the past, the bitcoin price sometimes increased when there were rumors that a centralized exchange was insolvent, as people liquidated their positions and bought bitcoin to get their assets out of the exchange. I don't have any assets on exchanges, but if I did I'd want to get them out now. If I have to choose an offline store of value that will still be worth something in five years, should I use Tether or bitcoin?

by sshine 4y ago

MuffinFlavored 4y ago

so BTCUSD is like $15-$16kish now if anything happens to Binance, Coinbase, or Tether, it’s most likely going lower I feel like a lot of people who still dollar cost average into cryptocurrencies shouldn’t. If you make $300k/yr, you can do whatever you want with your money in my opinion. If you make $15/hr working part time, you probably shouldn’t touch crypto. The risk is too low. What’s the upside chance?

rrdharan 4y ago
I agree with you - but I think you meant "the risk is too high" if you're a low income earner?
- MuffinFlavored 4y ago
  I just feel most people who are obsessed with crypto that I’ve come across in my personal life are some of the least financially responsible/educated people I’ve ever met that and r/bitcoin comment sections are very delusional cult to me
RestlessMind 4y ago
Counterintuitively, the person making $300K/yr can just keep buying SPX every paycheck for the next 10-15 years and have a very cushy upper middle class lifestyle with a nice nest egg. For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty. More so if that someone is making only a few dollars per day in a despot regime with weak currency management; then crypto* is truly a rare lifeline for them. * I only trust BTC. There are some noteworthy projects like Ethereum who have earned benefit of doubt, but its better to stay away from rando shitcoins. Also stay away from centralized exchanges (Binance, FTX and the likes).
- MuffinFlavored 4y ago
  > For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty. Or help keep them there as they keep getting "scammed" out of their money. Think about $15/hr people who bought anything other than Bitcoin when Bitcoin was at $60k+ Crypto has most likely been harmful for a bunch of lower class people.
  - RestlessMind 4y ago
    > Think about $15/hr people Actually let's think about them. What could they buy in Q4 2021 (when BTC was 60k+)? If they were in the US, then probably some random stocks or some index fund, which has gone down in value (-20% for S&P, to -65-70% for "blue chip" ones like TSLA or META). Definitely not real estate. And forget about commodities. Outside the US? I'd wager similar scene in other advanced economies. I don't even know what good options they have in developing markets. Even today, I'd wager that BTC* will have a better outcome than S&P over the next 10 years. *to me, BTC is the only reputable crypto. ETH, if you understand how it works. Forget about everything else.
latchkey 4y ago
17.2 tonight.
- panarky 4y ago
  18.3 right now. In the past, the bitcoin price sometimes increased when there were rumors that a centralized exchange was insolvent, as people liquidated their positions and bought bitcoin to get their assets out of the exchange. I don't have any assets on exchanges, but if I did I'd want to get them out now. If I have to choose an offline store of value that will still be worth something in five years, should I use Tether or bitcoin?