leppr

43 ms·

421.
by leppr 6y ago
People are not buying BTC to get out of USDT, they're buying other stablecoins and tokens pegged to real world assets. The last week has seen a surge in the price of those tokens compared to USDT. I've made good money arbitraging
422.
by leppr 6y ago
You can do this indeed but that'll cost you money as USDT is valued slightly below 1 USD, and you will incur slippage the larger your amount is. The best way to withdraw large amounts of Tether's to USD is through their platform i
423.
by leppr 6y ago
> it sort of crystallized an answer to a question I've had about Binance for quite a while: how did they manage to get so big, so fast. ... No, Binance didn't get big because of Tether or leverage. It was already eating most
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by leppr 6y ago
There are some Defi options on Ethereum that could allow you to short BTC with a USDC [1] collateral, like dYdX [2]. You would need to keep a small amount of ETH to operate the smart contracts, which could fluctuate in dollar value, but eve
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by leppr 6y ago
Taking a position and then publicizing the position and the thesis behind it is standard procedure everywhere in finance. It's a way of accelerating pricing-in of the information. You can indeed just short an artificially inflated asse
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by leppr 6y ago
Yes, and that parity is precisely the thesis behind the author's contrarian short position.
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by leppr 6y ago
Yes, three other markets accounting for a total of... $4 million daily volume. That's less than many random Uniswap tokens, and could consist entirely of some minimal market making. I've done stablecoin market making myself, it&#x
428.
by leppr 6y ago
Did you read the article? The author doesn't concluse that Bitcoin in itself is bad, they simply realized by themselves that most of the dollar value increase was caused by Tether, and they fear Tether eventually going down might be a
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by leppr 6y ago
Related: Tether’s bank Deltec says it invests customer funds in Bitcoin https://www.deltecbank.com/2021/01/14/a-covid-year-in-review... https://www.coindesk.com/tethers-bank-says-it-invests-cu
430.
by leppr 6y ago
There's a TV series on Netflix Japan about this story: https://mydramalist.com/55311-rental-nan-mo-shinai-hito https://www.netflix.com/title/81287347
431.
by leppr 6y ago
Submitted patio11's thread as it provides some context and commentary. Direct link to source: https://www.deltecbank.com/2021/01/14/a-covid-year-in-review... Coindesk article: https://www.coin
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Tether’s bank Deltec says it invests customer funds in Bitcoin(twitter.com)
6 points by leppr 6y ago|1 comments
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by leppr 6y ago
Just a nitpick but not "half of the US population" follows Trump. Not even getting into the fallacy of attributing more than can be to participants of a binary choice dilemma, the American Republic presidential elections are not &
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by leppr 6y ago
We had that before with forums. Customizable rules, mechanisms and moderation could get you quite far. People like general social networks because they value the specific human connections more than the topics of interest.
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by leppr 6y ago
Have you ever heard of the term "disposable income"? There's a reason it's a separate concept from non-disposable income.
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by leppr 6y ago
Increased financial literacy is precisely why people are drawn to Bitcoin. If Bitcoin didn't exist, there'd simply be a mad rush on stocks and gold (well, there has been one). The media has spent years teaching people about what h
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by leppr 6y ago
That's the real tragedy of this uncontrolled fiat money printing. Any way you cut it, the poorer one is, the lower the % of assets to cash one owns (all the way to 0). Small bouts of token helicopter money don't fix this. Bitcoin
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by leppr 6y ago
Not all demand for an asset is tied to states. Most activity around Bitcoin is actually precisely about evading state controls.
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by leppr 6y ago
It is still true. The latest buying by Microstrategy doubled the price (and more as more buyers piled on after the announcement), and they had to accumulate it over months. That's how a fixed supply asset works, the price reacts to sup
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by leppr 6y ago
If your voice is not fed to other people's ears through a recommendation algorithm, do you even have a voice at all?
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by leppr 6y ago
"White" US activists have been labeled terrorists and dealt with swiftly for decades[1]. Shifting the focus to pure racism is a trendy oversimplification, but misses the more complex political aspects to this story. If a random gr
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by leppr 6y ago
Just a nitpick but not "half of the US population" follows Trump. Not even getting into the fallacy of attributing more than can be to participants of a binary choice dilemma, the American Republic presidential elections are not &
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by leppr 6y ago
Should we ban tabloids too or are those okay since they're not P2P?
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by leppr 6y ago
Don't put too much hope on that. The only country that would realistically single Tether out to "outlaw" it would be the US. They may do so, but even then they won't be able to stop the redeeming process from taking plac
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by leppr 6y ago
> What do they enable? I won't make the case for cryptocurrencies here, have a look at ethereum.org for instance. > Is what they enable worth $40.000 to the enthusiasts? I'm not denying that the current price hike and me
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by leppr 6y ago
"Nobody" is an exaggeration. There is a big community of enthusiasts who enjoy cryptocurrencies for what they are and enable, not for their USD value in the markets.
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by leppr 6y ago
Have you considered the fact that "better regulated" might not be an advantage for someone using it as a capital flight tool? A big value proposition of Tether as an on-ramp is its discretion.
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by leppr 6y ago
There's better use of people's outrage than rallying behind a developer giving away their time to Apple in their walled garden. The replies in the HN thread confirm a derivative of my opinion is shared by most. And in this case, a
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by leppr 6y ago
Can we stop endlessly puting Apple's various authoritarians missteps under the spotlight? It's been literally decades now, we know they can and will do whatever they want in their walled garden. Stop giving them attention. Complai
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by leppr 6y ago
"Big serious investors" are also putting hundreds of millions into bitcoin. These are crazy times. There is already over 20% more dollars now than there was last year[1]. If you follow the news you can see the dollar devaluation i

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