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tehinternet posted:More fake money that may or may not be backed by real money I figured, but what's the gimmick ?
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Sep 3, 2017 03:26
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Comfy Fleece Sweater posted:I figured, but what's the gimmick ? Nerds are bad at math. Which is the gimmick for all crypto currency.
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Sep 3, 2017 03:29
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Comfy Fleece Sweater posted:I figured, but what's the gimmick ? The people who run/operate Tether claim that each Tether is backed by $1 USD, so you can hypothetically redeem tether for cash at any time. Some exchanges quote the price of Bitcoin in Tethers (USDT) instead of US Dollars (USD) because they're supposed to be equivalent. In practice there's no proof that the backing exists at all. When people question the existence of these audits or ask what group even conducts the audits, the response is always "we would never dodge our auditing responsibilities! We could never stay in business if we maintained a fractional reserve!" without actually answering the questions. USDT just seem to show up out of nowhere and no auditing actually occurs. Further, the Tether legal page makes it very clear that the corporation "backing" USDT with real dollars is under no obligation to honor that backing. So Tether is essentially a way to buy bitcoins with counterfeit money. Bitcoiners naively assume that the USDT they're receiving is the same as USD. This pumps the Bitcoin price. Such a scheme is unsustainable because those additional dollars only exist on paper, but the price of bitcoin should rise in the meantime.
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Sep 3, 2017 04:09
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Ahahahaha
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Sep 3, 2017 04:13
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Yea the Tether situation is super sketchy. Nevertheless BUY BUY BUY
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Sep 3, 2017 04:59
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The bubble is almost comically large now; at what point do you bail? I mean I've only got burrito tier money in there, but I wanna maximize my burrito purchasing power.
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Sep 3, 2017 14:07
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I hear what people are saying about cryptocurrency possibly amounting to nothing eventually, and personally I'll keep an open mind about that. But there's surely a case for Monero, isn't there? It's got me increasingly interested to the point of shelling out my own money. There's a real market for that stuff, which obviously includes money laundering and darkmarket usage. Whether you agree with drug markets or not, it seems that unless there's an underlying weakness with the Mondeo protocol then that poo poo is gonna thrive.
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Sep 3, 2017 14:08
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apropos man posted:I hear what people are saying about cryptocurrency possibly amounting to nothing eventually, and personally I'll keep an open mind about that. Yes, the weakness is governments saying "yeah this poo poo's really shady, stop using it and if you deposit money from a monero account to your regular bank account we're gonna look real hard at you"
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Sep 3, 2017 14:09
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poo poo. Looks like I'll be eating a lot of burritos then.
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Sep 3, 2017 16:00
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tehinternet posted:The bubble is almost comically large now; at what point do you bail? I mean I've only got burrito tier money in there, but I wanna maximize my burrito purchasing power. You should sell right before everyone else does.
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Sep 3, 2017 18:32
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apropos man posted:I hear what people are saying about cryptocurrency possibly amounting to nothing eventually, and personally I'll keep an open mind about that. The point of all cryptocurrencies is to sell them for more than you bought them. That's it.
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Sep 3, 2017 20:43
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Also woo another 25M tether just springing up out of nowhere, to the moooooooon
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Sep 3, 2017 20:44
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QuarkJets posted:The point of all cryptocurrencies is to sell them for more than you bought them. That's it. Haha! QuarkJets posted:Also woo another 25M tether just springing up out of nowhere, to the moooooooon Where are you looking in order to find spikes in Tether? Just on Coinmarketcap?
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Sep 3, 2017 21:48
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seriously though stay away from tether, it is the most transparently obvious scam in the universe like, at least find a coin that's interesting and maybe has some use potential and buy into that if you want to waste your money.
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Sep 3, 2017 21:58
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^^^ you're absolutely right that tether is a scam but tether is pumping the prices of all of the cryptocurrencies, the whole thing is a house of cardsapropos man posted:Haha! divabot posted this link in the amber thread: http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL
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Sep 3, 2017 22:00
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I wasn't dreaming of buying any Tether. I just want to see the spike in Tether volume correlating to BTC. Coinmarketcap is mostly green again, so it would appear the 25M has mini-pumped the market.
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Sep 3, 2017 22:04
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apropos man posted:I wasn't dreaming of buying any Tether. I just want to see the spike in Tether volume correlating to BTC. Yup, you're watching it happen in real time. The guys at bitfinex decided that they want to buy more bitcoins but don't want to actually pay for them, so here we are
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Sep 3, 2017 22:34
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QuarkJets posted:Yup, you're watching it happen in real time. The guys at bitfinex decided that they want to buy more bitcoins but don't want to actually pay for them, so here we are Holy poo poo. Since BTC is being considered as an actual currency (in China, I think) this is actual fraud on a large scale. Is it the Tether ecosystem that will collapse first or the exchange?
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Sep 3, 2017 22:43
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apropos man posted:Holy poo poo. Since BTC is being considered as an actual currency (in China, I think) this is actual fraud on a large scale. Is it the Tether ecosystem that will collapse first or the exchange? 1. Lol, no it isn't. 2. Tether is going to be shut down by the feds and people are going to jail. It's literally Liberty Reserve 2.0. They'll probably get away with it for a while since the Trump administration is a loving clown car, but as soon as someone pays even a tiny bit of attention to it there will be drama.
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Sep 3, 2017 22:47
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Dr. Fishopolis posted:1. Lol, no it isn't. I've obviously been on Reddit too much. My bullshit filter has worn thin.
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Sep 3, 2017 22:49
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Years ago on some bitcoin forum or other, a guy called Pirateat40 ran a huge ponzi scheme. At the time he had accumulated almost 7% of all bitcoins in circulation; big enough to attract major attention. This earned him a wire fraud conviction and an 18 month prison sentence. On the forum where he was reeling in his fish there was another person staunchly defending Pirate, having bought into his scam, and also running their own similar scheme. This person, Raphael Nicolle, is the founder of Bitfinix.  Spatial fucked around with this message at 23:03 on Sep 3, 2017 |
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Sep 3, 2017 22:53
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quote != edit
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Sep 3, 2017 22:59
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Spatial posted:On the forum where he was reeling in his fish there was another person staunchly defending Pirate, having bought into his scam, and also running their own similar scheme. This person, Raphael Nicolle, is the founder of Bitfinix. Funny how they got "hacked" last year and "lost" 120,000 btc. Funny old world.
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Sep 3, 2017 23:11
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Yeah, and they gave all of their customers a ~30% haircut. Eventually they redeemed all of those haircut tokens, "redeeming" the lost funds. But can anyone guess how that redemption took place? They gave everyone Tether at a 1:1 USD:USDT rate. Remember, Bitfinex can generate new Tether whenever they want, and Tether aren't actually backed by anything, so they exchanged all of the IOUs for what is basically monopoly money Anyone who's holding cryptocurrency right now is playing with fire, pure and simple. By all means, keep exchanging electricity for burritos if you don't mind contributing to money laundering and other shady poo poo, but if you're actually holding anything then good luck to you QuarkJets fucked around with this message at 23:48 on Sep 3, 2017 |
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Sep 3, 2017 23:46
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Spatial posted:Years ago on some bitcoin forum or other, a guy called Pirateat40 ran a huge ponzi scheme. At the time he had accumulated almost 7% of all bitcoins in circulation; big enough to attract major attention. This earned him a wire fraud conviction and an 18 month prison sentence.  
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Sep 3, 2017 23:59
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Spatial posted:Years ago on some bitcoin forum or other, a guy called Pirateat40 ran a huge ponzi scheme. At the time he had accumulated almost 7% of all bitcoins in circulation; big enough to attract major attention. This earned him a wire fraud conviction and an 18 month prison sentence. Bitcoinisascam.txt
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Sep 4, 2017 00:10
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QuarkJets posted:
I have seen this type of statement over and over and over again for years mostly here on SA. I'm not necessarily saying you are wrong, but the house has not come crashing down - in fact it just keeps getting larger and overcoming issues and the amount of people interested in it is growing rapidly to the point where professional trading industries and indeed, world level governments, are now involved. If it fails, it's going to be spectacular, but for individuals that just want to make a few bucks mining or casually buying some coin with disposable income, I'd say go for it. Don't consider it a retirement investment but don't be scared of it either.
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Sep 4, 2017 00:42
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Numinous posted:I have seen this type of statement over and over and over again for years mostly here on SA. I'm not necessarily saying you are wrong, but the house has not come crashing down - in fact it just keeps getting larger and overcoming issues and the amount of people interested in it is growing rapidly to the point where professional trading industries and indeed, world level governments, are now involved. On the contrary, many predicted a big crash during the explosive growth in 2013, and then lo and behold the price crashed in 2014. And most of the same events are taking place; a big exchange loses a ton of bitcoins and eventually shuts down cash withdrawals (BitFinex vs MtGox), rampant price manipulation (the Tether Crisis and evidence of cross-exchange tape painting vs the Willy and Markus bots), and huge events that would normally crater a market seemingly having no impact (the closing of BTC-e, numerous SEC actions, and the splitting of BTC into BTC and BCC vs the closing of Silk Road and the closing of various huge scams, including the infamous Pirate Ponzi). But the price amplifiers are way bigger this time. Unlike MtGox, BitFinex was able to redeem their stolen bitcoins by convincing their customers to accept a bunch of worthless tether instead. And Bitfinex offers insane amounts of leverage for margin trading, which is not something you could do back in the MtGox days. Tons of bitcoiners are way over-leveraged, tons of money in the ecosystem simply doesn't exist, and the price graph now looks exactly like it did in 2013. The signs are all there, so now we're just waiting for the hammer to drop. When you're inside the bubble, there will always be people claiming that the bubble is the new normal and that the growth is both sustainable and perpetual. But reality will eventually reassert itself. There's no question that a crash is coming, we just don't know when.
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Sep 4, 2017 01:23
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QuarkJets posted:On the contrary, many predicted a big crash during the explosive growth in 2013, and then lo and behold the price crashed in 2014. And most of the same events are taking place; a big exchange loses a ton of bitcoins and eventually shuts down cash withdrawals (BitFinex vs MtGox), rampant price manipulation (the Tether Crisis and evidence of cross-exchange tape painting vs the Willy and Markus bots), and huge events that would normally crater a market seemingly having no impact (the closing of BTC-e, numerous SEC actions, and the splitting of BTC into BTC and BCC vs the closing of Silk Road and the closing of various huge scams, including the infamous Pirate Ponzi). But the price amplifiers are way bigger this time. Unlike MtGox, BitFinex was able to redeem their stolen bitcoins by convincing their customers to accept a bunch of worthless tether instead. And Bitfinex offers insane amounts of leverage for margin trading, which is not something you could do back in the MtGox days. Tons of bitcoiners are way over-leveraged, tons of money in the ecosystem simply doesn't exist, and the price graph now looks exactly like it did in 2013. The signs are all there, so now we're just waiting for the hammer to drop. Well, thankfully everyone has learned from these past mistakes, so things are gonna be A-OK! Please buy more bitchcoins
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Sep 4, 2017 02:05
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I'm gonna buy a 3rd party 1180 on day one to mine with v0v
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Sep 4, 2017 02:11
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To be fair, the magical nonsense moon coin is worth over $4500 right now. But at any rate nobody that I've seen in this thread is going to get murdered by loan sharks for their warehouses of gpus when it does finally crash either so ... up up up, make my pennies worth 2 or even 3 pennies Bitcoin God
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Sep 4, 2017 02:48
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Even better there were a number of people offering "insurance" to people worried that the Pirateat40 ponzi was actually a ponzi and would collapse. When the ponzi actually did collapse it turned out hat those offering insurance were so sure that it wasn't a scam that they had "invested" the insurance payments into the Pirateat40 ponzi and all the money was gone.
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Sep 4, 2017 03:42
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Risky Bisquick posted:I'm gonna buy a 3rd party 1180 on day one to mine with v0v Same, gonna sell my 1070 maybe around Christmas time then get by on my 770 until Volta (which should be free assuming it's $700 at launch after that 1070 money and my ~~phat crypto~~ is sold and factored in) I fuckin love this crypto poo poo. Free video cards and free burritos.
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Sep 4, 2017 03:53
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So i started mining some butts on my new rig, and decided to turn on the CPU miner (rig an R5 1600 + GTX 1080). Turns out whatever CryptoNight is is earning an extra ~75 cents a day (cpu at 3.4 GHz) on top of the 2 ish dollars per day of the (factory OC stock clocked) 1080, with the power target at stock. Looked at HWMonitor and it's telling my the CPU is suckin down 55 watts under this load while the GPU is (presumably, just have a power target percentage readout) drawing its 180 watts. 75/55= ~1.36 cents per watt 200/180 = ~1.1 cents per watt My CPU is more efficient at buttmining! What is going on here? Is it just something to do with whatever different altcoin its mining is just really up in value or what?
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Sep 4, 2017 03:58
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your cpu very well could be more efficient but it doesnt scale up like a gpu. You cant just add 4 more CPUs to the rig like you can GPUs
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Sep 4, 2017 04:10
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inkwell posted:Is it just something to do with whatever different altcoin its mining is just really up in value or what? it's always this and only this. monero shot way up in value. that's why your cpu is making money.
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Sep 4, 2017 04:12
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Yeah CPU mining went up 2.5 times very suddenly. I expect it to go down just as suddenly. Although 75 cents is nuts, must be the ryzen
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Sep 4, 2017 04:16
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1gnoirents posted:Yeah CPU mining went up 2.5 times very suddenly. I expect it to go down just as suddenly. Although 75 cents is nuts, must be the ryzen It is an extremely nice little processor, going from a c2q to this was somewhat mindblowing. Anywho. its still gonna be a couple weeks before i can cash out and buy some burritos/steam games, not sure if i'll run it past then cause my SSD is right under the video card lol. hope its happy at 65 C all the time. (or at least for the next few weeks) Dr. Fishopolis posted:it's always this and only this. Figured. Does nicehash actually save your balance in altcoins or in bitcoin? i.e. will I see my mBtc balance fall if a particular coin crashes, or what?
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Sep 4, 2017 04:26
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inkwell posted:Figured. Does nicehash actually save your balance in altcoins or in bitcoin? i.e. will I see my mBtc balance fall if a particular coin crashes, or what? no thats not bitcoin works, you dont have less if the market crashes, what you have is just worth less. Also its worthless.
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Sep 4, 2017 11:52
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QuarkJets posted:divabot posted this link in the amber thread: http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL I actually posted it to the green thread, but this is a common error. anyway, THIS IS GENTLEMAN: People's Bank of China declares ICOs illegal. All ICOs must be halted and the money/cryptos put into them refunded. Looks like Paris Hilton really was peak crypto. This probably won't be GOOD NEWS for Ethereum's price, but the question for this thread is what it does to Bitcoin's price - not because you mine it, but because altcoin prices tend to track Bitcoin's price (since most of them trade via BTC, not via dollars).
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Sep 4, 2017 12:30
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