BITCOIN

Zola.

@Malthusian definitely appears to have/had some bitcoin or at least interest in it (I noticed he/she didn't answer this before when I asked directly), seems to have at least partially gone down the rabbit hole, but has maybe sold or held on and is frustrated.

Malthusian

By "nothing much will happen" I mean there won't be a big influx of money into other cryptos. The disappeared money won't do anything, it will already be gone. It will certainly cause shockwaves but mostly in the closed circle of the crypto world, it'll be doing well if it makes the first page of the business news.

Everyone said "it's been around for years" the day before the bottom fell out of every single bubble in history. All it takes is for people to no longer be willing to hand over 1 real dollar for 1 Tether. As to when that might happen, nobody knows. It is random, same as wars, fashions and every other mass social movement.

The entire raison d'etre of Tether is that it has 1 real dollar in the bank for every digital dollar in circulation, which rapidly became "1 dollar's worth of a bunch of investments nobody's allowed to audit", but that reverse ferret only took place after people had already handed over loads of real dollars. At which point nobody wanted to test Tether's promise because they wanted to be able to get 1 real dollar back when they sold their digital dollars.

If it turns out that Tether only has enough money to hand over, say, 3 cents per Tether, nobody has any reason to hand over more than 3c for a Tether, other than the hope of selling it for more later. "Arbitrage" isn't going to magically make a crypto worth $1. Buying a failed stablecoin for 95c in the hope of selling it for $1, when there isn't already someone with an open buy order for $1, is speculation, not arbitrage.

I have never owned any cryptocurrency. I have a lifelong interest in zero sum money games that goes all the way back to my father telling me "you would be a great bookmaker if it wasn't for your asthma" (this was pre the smoking ban). Other milestones on that journey include the launch of the National Lottery, an economics degree and a semi-pro poker playing housemate who would be flashing his cash one week and living on baked beans the rest of the month. I find the combination of mathematics and random, often bizarre human behaviour inherently compelling.

cheapskate1983

Scottex99 said:

This is going to get interesting now but see other thread. 

Calls Tether a scam but openly holds XRP. 

Oh and $250k doesn't make you a whale, FYI

Nah thats my trade bag that I use on Bitrue. 

cheapskate1983

Zola. said:

Crypto Whale is a lying scammer. Jesus I'm gonna stop coming to this thread. So much nonsense and life is too short 😂

Zola. said:

Crypto Whale is a lying scammer. Jesus I'm gonna stop coming to this thread. So much nonsense and life is too short 😂

Got any proof? Like real proof. 

Scottex99

cheapskate1983 said:

Scottex99 said:

This is going to get interesting now but see other thread. 

Calls Tether a scam but openly holds XRP. 

Oh and $250k doesn't make you a whale, FYI

Nah thats my trade bag that I use on Bitrue. 

Don't see the point of using a 3rd Tier exchange myself but each to their own

cheapskate1983

Scottex99 said:

cheapskate1983 said:

Scottex99 said:

This is going to get interesting now but see other thread. 

Calls Tether a scam but openly holds XRP. 

Oh and $250k doesn't make you a whale, FYI

Nah thats my trade bag that I use on Bitrue. 

Don't see the point of using a 3rd Tier exchange myself but each to their own

Mainly pair liquidity since Bitrue has a lot of XRP pairs. 

I can understand the hatred from a lot of crypto investors against XRP, Ripple and the actual investors but I don't owe anyone any appology.

I am fully aware what XRP is and I fully support the financial centralized slavery system it will produce. My only interest in this world is making money. Sod the public interest. (Ayn Rand). 

Scottex99

Malthusian said:

By "nothing much will happen" I mean there won't be a big influx of money into other cryptos. The disappeared money won't do anything, it will already be gone. It will certainly cause shockwaves but mostly in the closed circle of the crypto world, it'll be doing well if it makes the first page of the business news.

Everyone said "it's been around for years" the day before the bottom fell out of every single bubble in history. All it takes is for people to no longer be willing to hand over 1 real dollar for 1 Tether. As to when that might happen, nobody knows. It is random, same as wars, fashions and every other mass social movement.

The entire raison d'etre of Tether is that it has 1 real dollar in the bank for every digital dollar in circulation, which rapidly became "1 dollar's worth of a bunch of investments nobody's allowed to audit", but that reverse ferret only took place after people had already handed over loads of real dollars. At which point nobody wanted to test Tether's promise because they wanted to be able to get 1 real dollar back when they sold their digital dollars.

If it turns out that Tether only has enough money to hand over, say, 3 cents per Tether, nobody has any reason to hand over more than 3c for a Tether, other than the hope of selling it for more later. "Arbitrage" isn't going to magically make a crypto worth $1. Buying a failed stablecoin for 95c in the hope of selling it for $1, when there isn't already someone with an open buy order for $1, is speculation, not arbitrage.

I have never owned any cryptocurrency. I have a lifelong interest in zero sum money games that goes all the way back to my father telling me "you would be a great bookmaker if it wasn't for your asthma" (this was pre the smoking ban). Other milestones on that journey include the launch of the National Lottery, an economics degree and a semi-pro poker playing housemate who would be flashing his cash one week and living on baked beans the rest of the month. I find the combination of mathematics and random, often bizarre human behaviour inherently compelling.

Might make page 2 tbh, won't be long until there is crypto news at the forefront of every business section, imo.

True about ponzi's but I don't think there was such consistent fud around Madoff or whatever else pre-collapse, not to the extent there has been for Tether and specifically the asset backing.

Yeah of course there is no arb at 3c, that goes without saying. I mean at 90c+. That already happens in the Terra ecosystem with LUNA and UST, something that I think people will try to replicate a lot. Algorithmic based stablecoins pegged in a decentralised way with some arbitrage minting/burning underpinning the whole lot....

You're not semi pro if you don't have bankroll management in place. I know because i didn't and would sit playing 2/4 with about $1200 to my name. And actually that's something I say quite a lot to noobs going into crypto too. You can't make rational trading decisions if you're buying £50 a week of BTC and ETH and that's 90% of your available fund. First sign of a dip and your paper handing that to a loss straight away. Now if you have £1k a week free, 50 quid is not really to be sniffed at and you can build your positions and forget about them for a year or two, quite happily.

On the subject of degrees, I've got one too although its a 3rd in general studies, probably the lowest level you could actually claim to have "qualified with". It didn't help me "make it" in either the traditional or crypto world but it did just remind me of a line I heard recently which I can't remember exactly but was something like: Regardless how skeptical you may be, when people that you deem to be smarter than yourself, start showing interest in certain things, it would be wise to have a look. I'm not saying that all parts of staking/yield farming are sustainable or even legit, but it is the future of finance. All the best talent is going there, the TVL of most projects is skyrocketing and the speed of development and creation various protocols has never been higher. For me it's not zero sum at all 

Scottex99

Mainly pair liquidity since Bitrue has a lot of XRP pairs. 

I can understand the hatred from a lot of crypto investors against XRP, Ripple and the actual investors but I don't owe anyone any appology.

I am fully aware what XRP is and I fully support the financial centralized slavery system it will produce. My only interest in this world is making money. Sod the public interest. (Ayn Rand). 

I don't hate XRP, I just don't think it'll be relevant as an asset ever again.

Ironic quote given that holding big bags of ripple this year would be massively -EV against almost anything DeFi and all the play to earn tokens etc

Malthusian

True about ponzi's but I don't think there was such consistent fud around Madoff or whatever else pre-collapse, not to the extent there has been for Tether and specifically the asset backing.

There was no general public interest in Madoff's fund until it collapsed. It was strictly for high rollers. A large part of the reason it holds the world record for the longest lived Ponzi scheme is that almost none of the suckers tried to take their money out because they were all loaded and didn't need it.

With crypto Ponzis and their fiat HYIP forerunners, there a constant pressure on the outflow pipe; you only have to look at the mugs saying "just keep withdrawing until you've got your original capital and then everything after that is free money" to see why it is impossible for a penny-ante scam to last as long as Madoff's.

Pointing out that nobody knows whether Tether has enough money to back its promise to pay out 1 real dollar for every digital dollar isn't "FUD". FUD is something like "what if Bitcoin collapses to zero tomorrow" or "what if Bitcoin was actually invented by the FBI and there's a backdoor that can transfer your money to Uncle Sam at the click of a button, like the Colonial Pipeline haul". I.e. unfalsifiable what-if statements. It is a fact that Tether refuses to be subjected to a full audit with an independent third-party valuations of its assets.  It is also a fact that this means only a complete cretin would take Tether's claim to be "100% backed" on trust, and therefore that the ability to sell Tether for something close to a dollar relies solely on someone being willing to pay you ~$1 in the future.

Regardless how skeptical you may be, when people that you deem to be smarter than yourself, start showing interest in certain things, it would be wise to have a look. I'm not saying that all parts of staking/yield farming are sustainable or even legit, but it is the future of finance. All the best talent is going there, the TVL of most projects is skyrocketing and the speed of development and creation various protocols has never been higher. For me it's not zero sum at all 

The mention of my economics degree wasn't an appeal to authority, FAOD, just an illustration of why I didn't suddenly wake up and decide I was vicariously fascinated by crypto punters even though I had no intention of joining them.

It is zero sum for as long as punters' money in == punters' money out and there is no value added entering the system. "Zero sum" isn't a value judgement, just a mathematical fact. And no, "transaction fees" aren't value added.

Cryptocurrency has been around for ten years and there is no sign of any interest in distributing profits from real businesses via it, only a bunch of solutions looking for problems and "you can get 10% per year risk free" cargo cult nonsense. People claiming that crypto is the future of finance because you can get low-risk returns of 10%pa plus and simultaneously claiming crypto is the future of finance because you can just press a button and borrow money, providing you're willing to pay interest way above what a bank would charge you. You don't need to be a superbrain like Warren Buffet or MATT DAMON to join the dots.

Scottex99

Yep fine for USDT, I'm saying fud on auto-pilot basically without thinking. It's pretty grey but it keeps the cogs turning in the crypto world. Not sure where the money would flow in the event of it blowing up, probably into other stables and maybe into BTC depending on the general state of the world and markets etc.

It's not zero some because there is value. The value or perceived value of the tech of any blockchain for a start, whether that's in the use/progression of DeFi, Supply Chain, Record Keeping, Art, Gaming etc etc. The tech is being built to change the world and democratise many things. Right now it's all pointed at finance but it wont always be.

A bit off topic and crazy long but this is cool: https://medium.com/coinmonks/nfts-101-why-nfts-are-a-generational-innovation-4626ae803e3b

What do you mean by "distributing profits from real businesses via it"? Coinbase went Public, Moonpay just did the biggest Series A ever. FTX bought that Stadium in Miami, Crypto dot com bought the Stables centre. There's mega amounts of money being generated in the industry and being raised from VCs, that's not because it's a fad.

Oh and I did press that button and borrow some stablecoins the other day, interest on the loan is 1%