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oh also despite being supposedly pegged to the US dollar the value somehow fluctuates between 90 cents and $1.10 for reasons I don't think anyone's ever been able to adequately explain, so there's that
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May 20, 2021 08:32
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What exact kind of stupidity is Ripple again?
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May 20, 2021 09:02
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Munin posted:What exact kind of stupidity is Ripple again? a centralised token pump'n'dump scam
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May 20, 2021 09:08
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take a pad of postit notes. assert that they're each worth like ten million dollars, so a pad of a hundred of them is worth a billion. of course nobody will believe that by itself, so you have to prove you have a billion dollars worth of assets. so what you do is give your postits to me. in exchange I give you i have a ream of printer paper. there's 500 sheets in it and each sheet is an iou from me worth two million dollars. now if anyone questions if your postit notes are worth a billion dollars, just point to the billion dollars in assets you have sitting on your desk tether is exactly the same thing, only without the postit notes or printer paper. also they claim like fifty billion instead of one
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May 20, 2021 09:20
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Shame Boy posted:tether started out by claiming to be a coin that is one to one pegged to the value of the US dollar, by having a dollar in a bank account for each tether issued. Do I understand correctly: If they actually had that, the meaning/implication of this would be that in the scenario when people for some reason or other want to have their tethers replaced by actual dollaridoos, tether ltd would honor that agreement i.e. would in fact take your tethers and give you dollars in a 1:1 ratio. And the assumption that they could do that if necessary is what makes tethers valuable at the current point in time?
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May 20, 2021 09:30
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bitfinex you cowards. give us the sixty billionth tether. you chickens, you cringing nitwits
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May 20, 2021 12:19
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the official good news for bitcoin smiley: 
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May 20, 2021 12:41
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buttcoinAlan Smithee posted:like affluenza but the opposite
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May 20, 2021 12:43
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Ocean of Milk posted:Do I understand correctly: If they actually had that, the meaning/implication of this would be that in the scenario when people for some reason or other want to have their tethers replaced by actual dollaridoos, tether ltd would honor that agreement i.e. would in fact take your tethers and give you dollars in a 1:1 ratio. And the assumption that they could do that if necessary is what makes tethers valuable at the current point in time? yes, that's how it allegedly works, although their terms and conditions says that they don't have to redeem them if they don't want to. also, they won't redeem your tethers, you're not important enough. but there are a lot of people redeeming tethers, just off-frame
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May 20, 2021 12:58
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Tether is just a scheme for wealthy Chinese nationals to launder Renminbi into mainly US Dollars e: obviously other people use it for money laundering too but their main concern is getting money out of China Munkeymon fucked around with this message at 13:40 on May 20, 2021 |
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May 20, 2021 13:33
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Sagebrush posted:i don't have any idea what tether is There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of a tether binge.
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May 20, 2021 13:37
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Munkeymon posted:Tether is just a scheme for wealthy Chinese nationals to launder Renminbi into mainly US Dollars
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May 20, 2021 13:59
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my assumption is it's people trying to avoid tax on their bitcoin trading.
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May 20, 2021 14:00
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https://twitter.com/dtseng123/status/1395367017172119552 so close!
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May 20, 2021 14:27
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has anyone said asscoin yet https://www.youtube.com/watch?v=f9aM_dT5VMI
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May 20, 2021 14:30
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hello I would like to invest upteen-seventy-billion dollars in fraudulent assets please
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May 20, 2021 14:50
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fins posted:There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of a tether binge.
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May 20, 2021 14:52
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has this wonderful thread been posted? https://twitter.com/GiganticRebirth/status/1395069016952217600?s=19 e;https://twitter.com/thisisthecoin/status/1395107162116919299?s=19 this one in particular is loving hilarious
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May 20, 2021 14:56
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Ron Paul Atreides posted:Looking for people who will have learned a lesson and come back stronger. No scams i feel like those aren't mutually exclusive
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May 20, 2021 14:58
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here's a good idea I just came up with a shitcoin pyramid scheme within a shitcoin pyramid scheme see, you start off the pyramid with a new shitcoin and you recruit two friends to start a new shitcoin. they send up a portion of the pre-minded shitcoins. then they each get two friends to do the same. if you get in quick then you make off like a bandit with the preminded coins flowing upward I'll take my 10% commission for this lucrative idea. thanks and g*d bless
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May 20, 2021 15:17
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i swear every time i see max keiser its like gilbert gottfried is giving me financial tips
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May 20, 2021 15:53
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Gazpacho posted:i swear every time i see max keiser its like gilbert gottfried is giving me financial tips 
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May 20, 2021 15:55
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buttcoin: $rear end is the new digital gold
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May 20, 2021 15:56
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May 20, 2021 16:01
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Shumagorath posted:What are you basing this on? How many USDTs actually have their debt superposition collapse and become USD? I'd argue mining turns far more RMB into USD. observations over the years and some, IMO reasonable, inference. Bitfinex started out in Hong Kong and spawned Tether in order to create liquidity in the crypto markets. picking USD as the peg would be because the currency they wanted to end up holding was USD, otherwise they could've picked Euros with, I think (but am not sure), less regulatory scrutiny you're Not Wrong about mining but Chinese bitcoin mine operators need a place to exchange their shitcoins for currency so their interests align with rich folks who just want to get some money out of China
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May 20, 2021 16:16
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I just wanna say seriously I don't think it's funny when people ruin their lives because they don't understand how bitcoin works/doesn't work, or when they fall for a scam.
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May 20, 2021 16:23
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browsers castle posted:so glad I cashed out for Rabid Wombats years ago on the gox wanted to let you know that I appreciated this joke.
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May 20, 2021 16:24
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nvrgrls posted:I just wanna say seriously I don't think it's funny when people ruin their lives because they don't understand how bitcoin works/doesn't work, or when they fall for a scam. thank you.
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May 20, 2021 16:27
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nvrgrls posted:I just wanna say seriously I don't think it's funny when people ruin their lives because they don't understand how bitcoin works/doesn't work, or when they fall for a scam. sure, but i do think it's funny when they ruin their lives because they know how bitcoin works, or when instead of falling for a scam they join it knowing full well it's a scam and think they can catch the falling knife, which is like 90% of bitcoiner stories
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May 20, 2021 16:42
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even when they've been beating their chest the whole time about how well they understood it?
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May 20, 2021 16:43
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like if you're a random person who got conned into it by your idiot nephew who's good with computers or w/e i have sympathy. if you know enough about bitcoin to be reasonably expected to know what an environmental catastrophe it is and yet engage with it anyway you deserve to lose everything.
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May 20, 2021 16:43
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buttcoin: the fundaments are good
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May 20, 2021 16:44
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then we should shut it down for being a grift with no social utility right? everyone's who's made money does so on the back of someone else who paid to hold that bag. that's the definition of a ponzi, like it's been explained for the last literal decade.
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May 20, 2021 16:44
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get rich quick schemes are almost always the domain of people who think they're smarter than everyone else
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May 20, 2021 16:46
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kw0134 posted:then we should shut it down for being a grift with no social utility right? everyone's who's made money does so on the back of someone else who paid to hold that bag. that's the definition of a ponzi, like it's been explained for the last literal decade. Yes, absolutely. Bitcoin and crypto is pure hot garbage so long as it remains unregulated, and to regulate it, you'd have to start fresh I laugh because its grimly funny how openly this is all scams but all these loving pompous assholes think they are investing in the future are constantly telling detractors 'you just don't get it'
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May 20, 2021 16:46
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nvrgrls posted:I just wanna say seriously I don't think it's funny when people ruin their lives because they don't understand how bitcoin works/doesn't work, or when they fall for a scam. I don't think it's funny when a bunch of morons gently caress the planet up because they want to believe it will make them rich So they can all go gently caress themselves for all I care. I have no sympathy
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May 20, 2021 16:48
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you can't con an honest person I may occasionally find it not funny. I may rarely even spare some sympathy for folks who simply trusted the wrong people. but at the end of the day, every single person who lost money on cryptocurrency trading deserved what they got
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May 20, 2021 17:02
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@pinboard was on CNBC talking about the crypto grift and the butters are so mad lol https://twitter.com/cnbctechcheck/status/1395409188730376194 Chris Knight fucked around with this message at 17:09 on May 20, 2021 |
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May 20, 2021 17:05
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also, just pointing out, that thread I posted is people begging for bits to get BACK INTO the market that just hosed them
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May 20, 2021 17:11
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ManMythLegend posted:wanted to let you know that I appreciated this joke. 
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May 20, 2021 17:22
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