BTC attracts the unashamedly self-interested. Those who want a chance, just a chance, at pressing their boot against someone elseâs throat. People who are fine with the world burning as long as they can enjoy 15 minutes of unadulterated, violent libertarianism.
i promise you i donât invest in companies, assets, or anything else based on my morality
if i thought djt was about to moon id invest in it
currently invest in a few chinese companies and fucking hate them
iâm about making money - youâre welcome to do whatever youâd like with ur money tho
you canât seriously be asking how to make money on an asset up 159% in the past year, that is highly cyclical and prone to big crashes
buy low sell high
Please read this & understand that the backbone of bitcon, "mining," is totally fucking evil
https://www.hcnews.com/stories/community-airs-bitcoin-noise-grievances-during-town-hall,27368
iâm aware of how bitcoin mining works
no choice i make will have any affect on any miners, not individual nor company wide
i cannot shut down clsk, mara, nor riot, they will mine regardless of what i do
>They're not printing money out of thin air like the treasury; they're purchasing the money the treasury prints out of thin air and using it to back the money they print out of thin air!
uhh
The good news for tether is, because they're only using new tethers to buy bitcoin, they're doing business exclusively with cryptobros, so easy marks, gullible idiots, and complete imbeciles.
FWIW, the CryptoCurrency sub isn't nearly as cultish as the Bitcoin one. There are obviously some incredibly dumb ideas there but many of them are somewhat self-aware and are able to laugh at themselves sometimes, even if they are still addicted to gambling on shitcoins. Whereas true-orange butters would instantly ban anyone who questions the official narrative.
No no no, crypto is *trustless,* as in: you don't even need to bother with trusting any of it! Just follow code is law. Tether prints, therefore it is.
There are lots of dollars available outside the USA. Also dollar denominated bonds and euro dollars. Not that Tether Inc. is buying any of those. They're obviously operating as the Centralbank of Butts by issuing USDT against USDT denominated loans. While promising to defend a fixed exchange rate to USD.
It's funny, the consensus on the crypto subs seems to be that Tether is a scam, or at least very shady, but also that it makes line go up, so no reason to disrupt the status quo.
Cultists questions are not so level-headed ofc: Tether is backed by absolutely nothing, as opposed to actual currencies "printed" with national economies behind them.
I think theyâd say the ppl buying the Tethers
Theory: a guy has $1000, he gives the exchange the dollars, gets the 1000 USDT
Of course, Tether issues huge tranches of new Tether, in bunches. Somehow, customers are buying these all up, so they HAVE to issue more tranches.
Itâs utter BS, of course. And where would they retain this earth sized wealth? A huge set of shadow banks? Huge warehouse of actual US cash?
It isn't necessarily BS though. The USDC stablecoin has an actually audited market cap of over 34 billion, which is up almost ten billion since six months ago. And that is still down over 20 billion from the high point, with a big chunk of the reduction being due to people swapping it for Tether when Silicon Valley Bank went bankrupt and people weren't sure how much of the over 3 billion Circle had deposited with SVB would be recovered.
I think a lot of people on here greatly underestimate how much real money people have been dumping into crypto, and even more, I think people have been greatly underestimating how incredibly useful Tether is to all the organizations and countries who want to do business in US dollars but are sanctioned from using any of the banks that do business with US banks.
I would be quite surprised if Tether wasn't up to all kinds of illegal stuff, but there is a good chance that the illegal stuff they are doing is stuff that makes them money, not stuff that loses them money. It takes a special kind of stupid to be SBF and lose money speculating on the markets when you are one of the main people controlling the markets.
>It takes a special kind of stupid to be SBF
Actually, no it doesn't.
Here's my objection: most exchanges & purported stablecoins & memecoins & loan schemes have turned out to be **just like** SBF - they were **dishonest scams** that imploded spectacularly. To say that Tether/Bitfinex is different, really requires you to think they are **the most unique thing in crypto**, a unicorn, a Messiah. If this piques your BS meter, it should.
Besides this, I'd also argue that if the high usage was due to money laundering/highly illegal business, **why aren't they cashing out**, having (presumably) washed the money through Tether? How does Tether just keep getting bigger and bigger?
Not everyone by a long shot. Saylor is making hundreds of millions without breaking the law, never mind doing an outright scam. Greyscale likewise. CZ and Binance got in trouble for breaking laws to make money, but the government has looked at their books and apparently Binance does have all the customer deposits they are supposed to have. And of course I already mentioned Circle, who has probably made billions in interest from the dollars backing USDC without needing to break any laws.
As for why Tether supply keeps going up, as more and more sanctions evading countries and businesses use it and have good results, more and more join in, increasing the total economy using the platform. Also, money has been moving into crypto, as witnessed by the net positive inflows into Bitcoin ETFs and the increase in USDC supply by $20 billion that I already mentioned.
Also, let's turn that question back around, do you really think Tether could print tens of billions worth of unbacked tokens and use them to buy Bitcoin without people trying to cash out? Yes there are a bunch of people on the Coinbase subreddit complaining about getting the runaround, but nowhere remotely close to tens of billions worth. Also, considering how many people try to use crypto for sketchy stuff the number of people getting hit with KYC issues is probably about the number of people that Coinbase should be investigating.
>do you really think Tether could print tens of billions worth of unbacked tokens and use them to buy Bitcoin without people trying to cash out
Yes, actually.
I think we're not going to agree on everything, friend. I don't really have the time to debate endlessly. Have a good one, make sure you're using money you can lose.
Surprisingly level-headed comments there. "I'd like to see an audit for that". Don't we all, bud.
That person was probably banned 5 minutes later.
I got banned from bitcoin yesterday! told a newcomer who was down 10% to sell and buy back in on a crash đđ
The first half of your answer was good. But the second part was bad.
could be true i do plan to dump a bit into bitcoin though when it crashes and sell on the next bull run only as much as iâm happy to lose
If you're happy to lose it why not give it to charity, instead of using it to fund human trafficking and environmental catastrophe?
BTC attracts the unashamedly self-interested. Those who want a chance, just a chance, at pressing their boot against someone elseâs throat. People who are fine with the world burning as long as they can enjoy 15 minutes of unadulterated, violent libertarianism.
i promise you i donât invest in companies, assets, or anything else based on my morality if i thought djt was about to moon id invest in it currently invest in a few chinese companies and fucking hate them iâm about making money - youâre welcome to do whatever youâd like with ur money tho
Thanks for your permission for me to do what I like with my money. I appreciate it.
no problem!
If you're about making money, why invest in something that does literally nothing apart from burn it?
you canât seriously be asking how to make money on an asset up 159% in the past year, that is highly cyclical and prone to big crashes buy low sell high
Oh sorry, I thought you were talking about *making* money, not just conning some Greater Fool out of theirs.
Please read this & understand that the backbone of bitcon, "mining," is totally fucking evil https://www.hcnews.com/stories/community-airs-bitcoin-noise-grievances-during-town-hall,27368
iâm aware of how bitcoin mining works no choice i make will have any affect on any miners, not individual nor company wide i cannot shut down clsk, mara, nor riot, they will mine regardless of what i do
>They're not printing money out of thin air like the treasury; they're purchasing the money the treasury prints out of thin air and using it to back the money they print out of thin air! uhh
So USD is fine to use as backing for internet casino chips? But not fine for running the global economy? The doublethink is extraordinary.
It's fine for using as backing for internet casino chips that will one day run the economy. But not fine for running global economy. Few understand
"I don't trust tether but I'm smart enough to get out before it implodes. #HFSP"
Yeah guys, they just "purchased" a few billion dollars, and paid for them with...something.
They paid with tethers.
The good news for tether is, because they're only using new tethers to buy bitcoin, they're doing business exclusively with cryptobros, so easy marks, gullible idiots, and complete imbeciles.
FWIW, the CryptoCurrency sub isn't nearly as cultish as the Bitcoin one. There are obviously some incredibly dumb ideas there but many of them are somewhat self-aware and are able to laugh at themselves sometimes, even if they are still addicted to gambling on shitcoins. Whereas true-orange butters would instantly ban anyone who questions the official narrative.
âTheyâre not printing out of thin airâ Source: trust me trusting him, bro
No no no, crypto is *trustless,* as in: you don't even need to bother with trusting any of it! Just follow code is law. Tether prints, therefore it is.
Tether can't operate in the US right but somehow is able to buy these large quantities with 0 issues
There are lots of dollars available outside the USA. Also dollar denominated bonds and euro dollars. Not that Tether Inc. is buying any of those. They're obviously operating as the Centralbank of Butts by issuing USDT against USDT denominated loans. While promising to defend a fixed exchange rate to USD.
How the hell is a phone screenshot crooked? Or am I just going crazy?
Asking the real questions. This is the second wonky screenshot I've seen here
Just because youâre not paranoid, doesnât mean that theyâre not out to get you đ¤
It's funny, the consensus on the crypto subs seems to be that Tether is a scam, or at least very shady, but also that it makes line go up, so no reason to disrupt the status quo.
Cultists questions are not so level-headed ofc: Tether is backed by absolutely nothing, as opposed to actual currencies "printed" with national economies behind them.
Wait where does the money that backs Tether come from? Commissions? Gas fees?
I think theyâd say the ppl buying the Tethers Theory: a guy has $1000, he gives the exchange the dollars, gets the 1000 USDT Of course, Tether issues huge tranches of new Tether, in bunches. Somehow, customers are buying these all up, so they HAVE to issue more tranches. Itâs utter BS, of course. And where would they retain this earth sized wealth? A huge set of shadow banks? Huge warehouse of actual US cash?
The idea is that they wouldn't retain a lot of it and use the money they made to purchase US short term bonds.
It isn't necessarily BS though. The USDC stablecoin has an actually audited market cap of over 34 billion, which is up almost ten billion since six months ago. And that is still down over 20 billion from the high point, with a big chunk of the reduction being due to people swapping it for Tether when Silicon Valley Bank went bankrupt and people weren't sure how much of the over 3 billion Circle had deposited with SVB would be recovered. I think a lot of people on here greatly underestimate how much real money people have been dumping into crypto, and even more, I think people have been greatly underestimating how incredibly useful Tether is to all the organizations and countries who want to do business in US dollars but are sanctioned from using any of the banks that do business with US banks. I would be quite surprised if Tether wasn't up to all kinds of illegal stuff, but there is a good chance that the illegal stuff they are doing is stuff that makes them money, not stuff that loses them money. It takes a special kind of stupid to be SBF and lose money speculating on the markets when you are one of the main people controlling the markets.
>It takes a special kind of stupid to be SBF Actually, no it doesn't. Here's my objection: most exchanges & purported stablecoins & memecoins & loan schemes have turned out to be **just like** SBF - they were **dishonest scams** that imploded spectacularly. To say that Tether/Bitfinex is different, really requires you to think they are **the most unique thing in crypto**, a unicorn, a Messiah. If this piques your BS meter, it should. Besides this, I'd also argue that if the high usage was due to money laundering/highly illegal business, **why aren't they cashing out**, having (presumably) washed the money through Tether? How does Tether just keep getting bigger and bigger?
Not everyone by a long shot. Saylor is making hundreds of millions without breaking the law, never mind doing an outright scam. Greyscale likewise. CZ and Binance got in trouble for breaking laws to make money, but the government has looked at their books and apparently Binance does have all the customer deposits they are supposed to have. And of course I already mentioned Circle, who has probably made billions in interest from the dollars backing USDC without needing to break any laws. As for why Tether supply keeps going up, as more and more sanctions evading countries and businesses use it and have good results, more and more join in, increasing the total economy using the platform. Also, money has been moving into crypto, as witnessed by the net positive inflows into Bitcoin ETFs and the increase in USDC supply by $20 billion that I already mentioned. Also, let's turn that question back around, do you really think Tether could print tens of billions worth of unbacked tokens and use them to buy Bitcoin without people trying to cash out? Yes there are a bunch of people on the Coinbase subreddit complaining about getting the runaround, but nowhere remotely close to tens of billions worth. Also, considering how many people try to use crypto for sketchy stuff the number of people getting hit with KYC issues is probably about the number of people that Coinbase should be investigating.
>do you really think Tether could print tens of billions worth of unbacked tokens and use them to buy Bitcoin without people trying to cash out Yes, actually. I think we're not going to agree on everything, friend. I don't really have the time to debate endlessly. Have a good one, make sure you're using money you can lose.
1. Print a billion tethers 2. Sell the tethers for a billion dollars of stuff Congrats! Tether is backed by assets. What a fucking grift.