Where your hard-earned money comes to die. Home.
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does any1 actually believe the tethers are adequately backed up by $$
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Poast new message in this thread
Date: January 19th, 2018 5:17 PM Author: Walnut talented doctorate
Bitfinex created a product that costs $1...People purchase that product when they don't want to lose money when they're not watching the market. They can then sell that product to other people who don't want to lose money when they're not paying attention.
Suddenly so many monetary experts out there these days, who can throw up a blog post and get 1,000,000+ hits
(http://www.autoadmit.com/thread.php?thread_id=3864801&forum_id=7#35191644) |
Date: January 19th, 2018 6:09 PM Author: ultramarine adventurous mental disorder
amazing how many people know to tether down BEFORE a dip
https://coinmarketcap.com/currencies/tether/historical-data/?start=20171019&end=20180119
Thats whats really creating the extra money here. Oh you had $200k before the dip and $200k during the dip instead of $120k had you not tethered down? And then you used your $200k to buy more and end up with $300k after the dip? Ok....
(http://www.autoadmit.com/thread.php?thread_id=3864801&forum_id=7#35192009) |
Date: January 19th, 2018 6:27 PM Author: Indecent pocket flask location
It is possible, although I wouldn't be surprised if Tethers is in fact running a massive fraud. Under the scheme outlined in the blog posted in another thread, I can see a path that would lead to a real $1 backing each Tether. See http://jamescrypto.com/evidence-is-mounting-that-much-of-the-value-in-btc-may-be-artificial/
Say for arguments sake that Tether's first 100 million coins were in fact backed by real dollars (I think that Tethers first issuances are key as to whether Tethers turned into a giant Ponzi scheme). Then work through the business plan outlined in the blog post. Tethers issues the 100 million coins, which people buy with BTC. Tethers is now holding $100 million worth of BTC, which they can sell for real money. They do so, and now they are sitting on another $100 million in cash, so they can issue another 100 million Tethers. This is actually a frighteningly simple way to make money.
So how does Tethers actually profit? They profit when BTC rises in value. Going back to the $100 million example. On Monday, Tethers issues 100 million coins and they are promptly bought by people with BTC. Tethers holds until Friday. Then they sell their BTC, which has risen by 10%.
I have yet to see compelling analysis that Tethers is the cause behind BTC's rise, or that Tethers, by itself, is creating instability in the crypto market as a whole. One could argue that every shitcoin is equally contributing to the artificial rise in BTC, because all shitcoins are bought and sold with BTC (or ETH, which has seen a similar rise), and most shitcoins are entirely valueless themselves.
(http://www.autoadmit.com/thread.php?thread_id=3864801&forum_id=7#35192133) |
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