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Old Tue, Nov-28-2017, 01:29:50 PM   #381
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Default Re: Anyone printing money with bitcoins right now?

People are hyped on btc at the moment, but the feces will hit the fan at some point due to tether. I sold most of my crypto a week ago when I learned about all of the Monopoly money pumping up the system. It sucks sitting on the sidelines while coins I previously held are shooting up at unbelievable rates, but I don't trust the market right now. The few alt coins I'm still trading are crushing it. You really can't lose at crypto right now....
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Old Tue, Nov-28-2017, 02:31:28 PM   #382
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Default Re: Anyone printing money with bitcoins right now?

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Originally Posted by Sammyzuko View Post
People are hyped on btc at the moment, but the feces will hit the fan at some point due to tether. I sold most of my crypto a week ago when I learned about all of the Monopoly money pumping up the system. It sucks sitting on the sidelines while coins I previously held are shooting up at unbelievable rates, but I don't trust the market right now. The few alt coins I'm still trading are crushing it. You really can't lose at crypto right now....
IDK man, 10k is an insane milestone. It's going to grab so much media attention that more money is going to pour in. There's going to be huge psychological effects with a milestone that big. Look at the total market cap and the exponential growth it's been seeing. I really believe it'll be 1 Trillion sometime next year, assuming there isn't some massive hack or security issue.

As far as the Tether situation goes, I liked this post

Quote:
[]theymos 172 points 7 days ago
USDT is IMO probably monopoly money not actually backed by USD. If you think that USDT is backed by USD, then you're assuming:
-Tether actually has the $600 million that they claim.

-There are enough stupid people who were willing to send that USD to Tether even though Tether's legal terms don't require them to hold this money in reserve. Anyone who sends them USD is basically throwing it into a black hole as far as the legal terms are concerned.

-There are enough people who are able to send that USD to Tether even though Tether's bank accounts were apparently all shut down.

-Even if Tether actually was sent $600 million, you're assuming that they're actually keeping it in reserve even though their legal terms don't require it.
It's totally unbelievable to me, so I don't believe it.

Now, with that in mind, some speculate that USDT monopoly money is being printed out of thin air and then used to pump the BTC price. But I'm not so convinced about this second part, since only a few exchanges (Bitfinex and a handful of more minor ones) use/support USDT. If I had a trillion freshly-printed USDT, I could buy BTC until I wipe out the Bitfinex order book, but the people who sold me BTC couldn't take their money to GDAX or BitStamp or whatever because it's not real USD. Maybe these other exchanges would be somewhat affected just by seeing the ticker price increase on Bitfinex, but since real arbitrage wouldn't be possible, I think that the damage would be limited. So if USDT is ever finally proven to have fake reserves, such as in a bank run scenario, I'd expect some drop in BTC price, maybe 15-20%, but not an absolute disaster.

BTW, the current situation strikes me as the kind of thing that a scam would do in response to a bank run. This is just wild speculation, but I can't help but imagine the following hypothetical scenario: Tether gets too many withdrawal requests, and they don't have the necessary money. So they themselves send this USDT and make this announcement as a delaying tactic. Now they have an excuse not to allow withdrawals.
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Old Tue, Nov-28-2017, 04:05:30 PM   #383
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Default Re: Anyone printing money with bitcoins right now?

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Iota Iota Iota
Just gunna leave this here.. up almost 100% since I posted. Up 40% in last 24h. More good news today and no sign of stopping. Worth a look.

https://www.forbes.com/forbes/welcom...ww.google.com/
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Old Tue, Nov-28-2017, 04:46:13 PM   #384
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Default Re: Anyone printing money with bitcoins right now?

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I think ETH will go to ~450 soon or more. Especially as it approaches BTC's market cap. I have no proof or anything, just guessing. The problem is, I don't want to give up my positions on BTC and LTC at the moment. I also want to buy in on ANS (they are going to change names to NEO) and maybe a few others. I need more moneys
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Just gunna leave this here.. up almost 100% since I posted. Up 40% in last 24h. More good news today and no sign of stopping. Worth a look.

https://www.forbes.com/forbes/welcom...ww.google.com/
Hey, we were both right, but it's not like we know what we're doing. This is a weird market and luck combined with time could prove to be good for all of us. It's just hard to recommend things like IOTA, ARK, OMG, NEO, or the many other coins capable of making us rich, when you could just as well stand to lose your money.
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Old Tue, Nov-28-2017, 04:52:18 PM   #385
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Default Re: Anyone printing money with bitcoins right now?

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Hey, we were both right, but it's not like we know what we're doing. This is a weird market and luck combined with time could prove to be good for all of us. It's just hard to recommend things like IOTA, ARK, OMG, NEO, or the many other coins capable of making us rich, when you could just as well stand to lose your money.
I'm definitely not bragging about being right. I didn't find Iota on my own, my friend introduced me to the tech and I made my own decision to invest. Only sharing here so people can do the same.

My rule of thumb is to only invest what I'm willing to completely lose. If I win, great. If I lose, what's for lunch?
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Old Tue, Nov-28-2017, 05:41:15 PM   #386
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Default Re: Anyone printing money with bitcoins right now?

You could practically throw a dart at random crypto and make money right now. This market makes everyone feel like a genius. It sure is fun while it lasts.
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Old Tue, Nov-28-2017, 06:16:07 PM   #387
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Default Re: Anyone printing money with bitcoins right now?

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You could practically throw a dart at random crypto and make money right now. This market makes everyone feel like a genius. It sure is fun while it lasts.
Exactly. When this bubble bursts a lot of people are going to be hurting.

-tapa
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Old Tue, Nov-28-2017, 07:48:20 PM   #388
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Default Re: Anyone printing money with bitcoins right now?

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Exactly. When this bubble bursts a lot of people are going to be hurting.

-tapa
it feels like a pyramid scheme
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Old Tue, Nov-28-2017, 07:51:26 PM   #389
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Default Re: Anyone printing money with bitcoins right now?

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it feels like a pyramid scheme
Looks like a Ponzi scheme also.

Seriously looks like a game of hot potato to me.

-tapa
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Old Tue, Nov-28-2017, 07:55:11 PM   #390
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