Tether only accounts for a fraction of the stable tokens in crypto. That's the benefit of decentralization, each protocol is a completely separate entity. No more bailing out banks in a crisis.
Tether only accounts for a fraction of the stable tokens in crypto. That's the benefit of decentralization, each protocol is a completely separate entity. No more bailing out banks in a crisis.
yargl wrote:
Tether only accounts for a fraction of the stable tokens in crypto. That's the benefit of decentralization, each protocol is a completely separate entity. No more bailing out banks in a crisis.
I'm more worried about no consumer protection(s)/regulation for people who used student loans and other debt to gamble in worthless crypto.
SEC will eventually try to regulate but they are woefully behind. They never got in front of it which now puts them in reactionary mode.
Not sure they even belong in regulating that space...
dune wrote:
Tether is the funniest, most obvious ponzi scheme in the world.
Sketchy, obscure offshore company that used to claim they held 1 US Dollar for each Tether, but refused audits, and then when the lie became obvious they changed their story to include "commercial paper" backing it.. except the volume they'd have to be buying would make them one of the biggest players in the world and literally no one in real financial institutions has done business with them. And then on top of that, they create hundreds of millions of dollars of new tether to buy bitcoin every time the price drops.
If people actually tried to convert their Tether back to Dollars the whole ponzi scheme would collapse spectacularly and bring down bitcoin and ethereum with it. They probably only have about $1 for every 100 USDT in circulation.
The dumbest money in crypto doesn't realize this. The less dumb money just thinks they can get rich in the short term and get out before Tether gets exposed and collapses.
+1
Here are copies of the two "audits" of Tether. Is a joke
https://www.fairyproof.com/doc/111.pdf
"04. Admin rights
The Admin's access control has been transferred to MultiSigWallet whose address is
0xC6CDE7C39eB2f0F0095F41570af89eFC2C1Ea828 (Ethereum).
The Admin has the following access rights:
Editing blacklist: the Admin can add/remove addresses to/from the blacklist and burn the USDT tokens
held by the blacklisted addresses
Pausing/Resuming transactions
Upgrading contracts: for more details please refer to deprecate
Increasing token supply
Burning USDTs held by the Admin itself
Setting core parameters such as transaction fees etc"
This is what happens when people try to be their own bank:
https://www.reddit.com/r/Buttcoin/comments/rqvejc/more_lost_btc_got_25_btc_gift_shared_seed_phrase/
Here’s Melania Trump’s NFT the one and only one, not to ever be re released again, for bid if you want to bid on it
Wow this paper looks great on the subject
He says he liked the concept until it mutated into an open ponzi scheme
I too remember 10 years ago when they said bitcoin was a ponzi scheme and would never be worth anything. My how things change!
Boulder bro wrote:
The entire crypto space has to be one of the biggest delusions and scams in human history. 13,000 coins, 99+% of which are pump n' dump rug pulls of zero intrinsic value. Gamblers may be able to make some nifty trades for quick money, but ultimately this will come to a bad ending. And even if you believe blockchain has a future, and that's not a given, it doesn't change that close to 100% of coins are pump n' dump rug pulls with ultimately zero value. Blockchain is an interesting technology with some potential uses but so far it is basically just used to create coins to gamble on.
In speculative manias such as tulips, beanie babies, dot coms, things can trade at crazy irrational prices for quite a long time though so it's hard to predict when reality will set in.
Yes, there are many small coin pump-dumps- but same in stocks with penny stocks. Companies like Amazon, Microsoft, Tesla, Visa, Mastercard have adopted crypto. These companies include Elon & Bezos.
Personally, I would never use crypto wallets or be deeply involved if not for making profits, which I have. But crypto is getting increasingly adopted.
yeppppppp wrote:
Personally, I would never use crypto wallets or be deeply involved if not for making profits, which I have. But crypto is getting increasingly adopted.
Nobody is doing anything with crypto except trading and money laundering. It just isnt efficient enough for much else.
Maybe the next generation of coins will be useful but if they are, what will be the value of current ones?
Once the omicron sham runs it's cycle and the next batch of lucrative boosters are distributed, bitcoin will roll. Think about it: major corporations and nations haven't even announced mass adoption yet but they should certainly at least be preparing to do that.
yargl wrote:
Tether only accounts for a fraction of the stable tokens in crypto. That's the benefit of decentralization, each protocol is a completely separate entity. No more bailing out banks in a crisis.
Pretty much all altcoins follow the Bitcoin market. The idea of decentralization is a myth. The majority of mining is controlled by a handful of companies.
yargle wrote:
I too remember 10 years ago when they said bitcoin was a ponzi scheme and would never be worth anything. My how things change!
I remember one year ago when gargle said crypto was the best thing since sliced bread
Steve The Addict OFFICIAL -----^^^^^ wrote:
Once the omicron sham runs it's cycle and the next batch of lucrative boosters are distributed, bitcoin will roll. Think about it: major corporations and nations haven't even announced mass adoption yet but they should certainly at least be preparing to do that.
When are they adopting it?
jamb innnnn wrote:
SEC will eventually try to regulate but they are woefully behind. They never got in front of it which now puts them in reactionary mode.
Not sure they even belong in regulating that space...
SEC understood crypto fully well all along and is letting crypto burn itself for the most part, before they bring into compliance
yargle wrote:
"the only thing" lol, do you even know what the blockchain is? or why it's amassed $2.3 Trillion in 10 years?
Basically a glorified excel spreadsheet that’s been around for 30 years
Steve The Addict OFFICIAL -----^^^^^ wrote:
Once the omicron sham runs it's cycle and the next batch of lucrative boosters are distributed, bitcoin will roll. Think about it: major corporations and nations haven't even announced mass adoption yet but they should certainly at least be preparing to do that.
Do you plan to make a FauciJail coin?
Lets say a bitcoin is $16000. If everyone started selling off BTC immediately, the exchanges might not have enough to cover. But obviously as everyone floods exchanges with new BTC, the price of BTC will plummet. Supply and demand. And a BTC will drop to $100. Now the exchanges will have enough to cover. That's in a best case scenario. Anticipate the worst.
Someone said if the GBTC Grayscale trust goes under, bitcoin may go to 5,000. What do you think?
I wonder which auditor is continuing to work with Coinbase. I assume Deloitte