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punishedkissinger posted:What does tether do exactly? People use it to buy bitcoin?
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May 13, 2021 23:24
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strange feelings re Daisy posted:https://twitter.com/elonmusk/status/1392947696470659072?s=20 https://twitter.com/CryptoWhale/status/1392949658281037829
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May 13, 2021 23:42
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I mean he’s just blatantly pump and dumping at this point. https://twitter.com/IOHK_Charles/status/1392975995356000256
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May 13, 2021 23:54
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buttcoin
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May 14, 2021 00:04
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Honky Dong Country posted:buttcoin 
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May 14, 2021 00:14
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Honky Dong Country posted:buttcoin
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May 14, 2021 00:16
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punishedkissinger posted:What does tether do exactly? People use it to buy bitcoin? an exchange created their own money they claimed were basically dollars. they then bought billions of dollars of bitcoin from themselves with their own money since it's basically dollars. this caused the 2017 prices. Courts are finally proving all of the critics right and that it was complete bullshit. As for what it actually is supposed to do? True believers use it as a "Stablecoin" that never changes in value because the gimmick is that 1 USDT = 1 USD always, and since it's a cryptocurrency it's used at most exchanges. In the shiftier/smaller exchanges where you can buy the sketchier coins and daytrade on huge leverages they have USDT trading pairs for everything but not necessarily USD due to banking regulations. So you put your bots or your sell orders or whatever as (Shitcon)>USDT>(Shitcoin) since it was the "Safe" cryptocurrency attached to everything that never changed value. Using an intermediate cryptocurrency to daytrade is risky since the entire market tends to move mostly as one, up or down. So jumping out of ButtholeGold into ButtholeSilver just exposes you to ButtholeSilver's crash. Going to BTC? ETH? same thing. USDT never changes value though because there is one dollar for every tether. It will forever remain $1. So instantly sell your 500 buttholegold for $5000 in USDT. Then when buttholegold follows the entire market down you buy 1000 buttholegold for $5000 USDT and double your initial position for any new swings. How all of that works now that it's being revealed that there is no actual money backing them is a mystery. Maybe cryptocurrency itself became worth so much money that it no longer matters if tethers have any connection to reality. I mean Bitcoin is worth billions now partially because of the background market manipulation that went on because of tether but there are a bunch of "Stablecoins" now. Tether going down might wipe out the Bitfinex exchange and anyone with assets on it but that would be a minor speed bump at this point.
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May 14, 2021 01:10
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Did grimes nft sales not go well or something
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May 14, 2021 01:14
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Rectal Death Adept posted:an exchange created their own money they claimed were basically dollars. It works by being a ponzi scheme with extra steps. Too many people come asking that exchange for American currency and they run out. Then they get “hacked.”
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May 14, 2021 01:21
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if tether is equivalent to USD why not just actually use USD?
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May 14, 2021 01:36
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Rectal Death Adept posted:ButtholeSilver
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May 14, 2021 01:39
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punishedkissinger posted:if tether is equivalent to USD why not just actually use USD? You need to convince an actual bank to work with you to do that, and you also need to have actual USD to use.
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May 14, 2021 01:45
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punishedkissinger posted:if tether is equivalent to USD why not just actually use USD? There's a lot of laws and regulations when you're actually using USD for poo poo. There's IRS & FBI regulations when it comes to USD transactions and they can probably ignore a lot of it by using a pretend monopoly currency instead.
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May 14, 2021 01:50
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punishedkissinger posted:if tether is equivalent to USD why not just actually use USD? they don’t have actual usd
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May 14, 2021 01:53
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By pretending USD is just another shitcoin these exchanges can set up shop literally overnight Oh and they can be run anonymously by convicted felons Andy Dufresne fucked around with this message at 02:07 on May 14, 2021 |
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May 14, 2021 02:01
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Tether is basically closer to a crypto security. There will be others this year. My bots trading coins vs USDT via futures are the most profitable and easiest to cash out via coinbase.
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May 14, 2021 02:16
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problem: most crypto exchanges are fairly (extremely) unsavory problem: banks ask for all sorts of like, documents problem: occasionally, even bag holders would like to cash out so they can buy things that arent crypto (or, lets be honest, buy different crypto) solution: mint some crypto-IOUs! Tether's real customers, and undoubtedly the major holders of tether are exchanges. Most likely, tether gives tokens to them in exchange for a short term debt obligation (this is probably what their "commercial paper" is), and the exchange instantly has liquidity in its markets. In hot markets, it all works because more (real) money is coming in than is going out. drk fucked around with this message at 02:21 on May 14, 2021 |
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May 14, 2021 02:18
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ArcMage posted:You need to convince an actual bank to work with you to do that, and you also need to have actual USD to use. https://www.cnbc.com/2021/05/12/facebook-backed-diem-is-moving-from-switzerland-to-the-us.html article posted:(Diem) will move its operations to the U.S. and has partnered with crypto-friendly bank Silvergate to issue a dollar-backed stablecoin.
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May 14, 2021 02:38
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punishedkissinger posted:if tether is equivalent to USD why not just actually use USD? selling bitcoin is a taxable event, so using tether skips that if your plan is just to purchase other cryptos in the cryptocasino
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May 14, 2021 02:51
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the last signal... posted:selling bitcoin is a taxable event, so using tether skips that if your plan is just to purchase other cryptos in the cryptocasino Are you talking in terms of tax avoidance using offshore exchanges that don't report to the US? Because even crypto for crypto exchanges are a taxable event, just like trading some GME for TSLA would be a taxable event.
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May 14, 2021 03:00
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Andy Dufresne posted:Are you talking in terms of tax avoidance using offshore exchanges that don't report to the US? Because even crypto for crypto exchanges are a taxable event, just like trading some GME for TSLA would be a taxable event. yeah you're 100% right, not sure why I thought otherwise
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May 14, 2021 03:04
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edit: cant read posts
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May 14, 2021 03:11
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drk posted:edit: cant read posts Don’t read, only post.
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May 14, 2021 03:17
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okhttps://www.nytimes.com/2021/05/13/technology/colonial-pipeline-ransom.html posted:
should play well with regulators
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May 14, 2021 03:46
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the last signal... posted:selling bitcoin is a taxable event, so using tether skips that if your plan is just to purchase other cryptos in the cryptocasino This one weird trick is not how taxes work. If you use cryptocurrency to buy anything, including other cryptocurrencies, it is a taxable event.
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May 14, 2021 04:13
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ChronoBasher posted:https://www.cnbc.com/2021/05/12/facebook-backed-diem-is-moving-from-switzerland-to-the-us.html Yeah, if you're literally facebook and you're foolishly sincere about it you can do it, but it's a lot of effort and a huge initial and continuing expenditure to actually do what everyone is pretending Tether does. Being painfully sincere about it and having done all the effort means that Diem is going to be much less palatable to crypto's main users, and harder to use for their primary purposes of money laundering and IPO scamming. ArcMage fucked around with this message at 05:14 on May 14, 2021 |
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May 14, 2021 05:11
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Invest now! https://bscscan.com/token/0xd2602dbb063627b80d5ae671007900f558c49e35
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May 14, 2021 07:42
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Flannelette posted:Invest now! fuckelon sounds like something that evolves from eevee
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May 14, 2021 08:31
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Why is Bitcoin going back up? Too many Nazi MAGAs buying it imo
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May 14, 2021 08:58
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drk posted:Yes, I actually rounded up to 3.9% The rest is "backed" by dubious, unnamed sources of debt (could be legit, could be nearly worthless). Almost certainly worthless. One of Tether's big things has been giving USDT to exchanges too shady to have bank relationships in exchange for IOUS, to keep them liquid. spunkshui posted:It works by being a ponzi scheme with extra steps. They don't even bother. Bitfinex calls in the 'debts' owed by Tether, siphoning off all the cash reserves before the suckers know what's up, then Tether just shrugs, goes tits up, and the whole crypto economy vanishes up its own rear end leaving millions of bagholders. Liquid Communism fucked around with this message at 09:54 on May 14, 2021 |
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May 14, 2021 09:49
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InternetJunky posted:Maybe then all the "environmentalists" in this thread would lose the moral high ground. 
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May 14, 2021 14:08
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Cirrhosis Johnson posted:Why is Bitcoin going back up? Too many Nazi MAGAs buying it imo The same reason it goes down: no reason.
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May 14, 2021 14:13
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the last signal... posted:selling bitcoin is a taxable event, so using tether skips that if your plan is just to purchase other cryptos in the cryptocasino If you're an American taxpayer, this is incorrect. Trading a cryptocurrency for any other asset, whether it be dollars or Tether's fake dollars or other cryptos or a used car, is a taxable event. edit: SLICK GOKU BABY posted:There's a lot of laws and regulations when you're actually using USD for poo poo. There's IRS & FBI regulations when it comes to USD transactions and they can probably ignore a lot of it by using a pretend monopoly currency instead. All the criticism about their reserves is hilarious and true, it's a complete house of cards... but also the reserves problem is incidental to the little matter of how the entire concept is illegal, it's just the kind of illegal that takes the feds years and years to do something about. The feds don't really show much haste on white-collar crimes like these unless someone's gotten hurt badly, and nobody's gotten hurt badly yet because the market's been going up. notwithoutmyanus posted:Tether is basically closer to a crypto security. There will be others this year. My bots trading coins vs USDT via futures are the most profitable and easiest to cash out via coinbase. I wish you and your accountant Godspeed in the 2021 personal income tax filing season. Blotto_Otter fucked around with this message at 16:46 on May 14, 2021 |
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May 14, 2021 16:25
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Blotto_Otter posted:If you're an American taxpayer, this is incorrect. Trading a cryptocurrency for any other asset, whether it be dollars or Tether's fake dollars or other cryptos or a used car, is a taxable event. I will also confirm that there are similar (if not outright) exact laws in Canada, as well -- which leads me to assume that most countries have similar laws. tl;dr: you cannot get one up on your government (unless you're already rich as poo poo or it's a very tiny amount). Now that I think about it, I should find out whether or not cryptocurrency falls under foreign holdings (if you own at least C$100,000, you're legally required to disclose this to CRA). Maybe just holding cryptocurrency wouldn't qualify, but I imagine holding that much on a foreign exchange might.
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May 14, 2021 16:57
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What's a goon trusted site to buy these buttbucks? There's too many pages in this thread to scour. PS: im dumb
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May 14, 2021 18:15
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Laopooh posted:What's a goon trusted site to buy these buttbucks? There's too many pages in this thread to scour. PS: im dumb don't buy bitscoin. they don't exist
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May 14, 2021 18:21
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Laopooh posted:What's a goon trusted site to buy these buttbucks? There's too many pages in this thread to scour. PS: im dumb The whole point of Bitts is that you're not allowed to trust them.
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May 14, 2021 18:23
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Bitcoin burned down my house and killed my hamster and I am going to find it and make it pay
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May 14, 2021 18:27
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send me your money and I'll get some bitcoin for you
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May 14, 2021 18:30
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HIJK posted:send me your money and I'll get some bitcoin for you I am interested in some doges to use the scant remainder of my bidenbux on. Where should I forward my payment info? (I do want to buy a few, dunno where to get them though and goons are infinitely better than google so I thought I'd ask ^^)
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May 14, 2021 18:46
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