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i think the way it worked was that you could take the tethers right now and give up the rights to your missing coins should bitfinex ever get them back
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May 20, 2021 22:04
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and they treated tether as this unrelated third party that just wanted to buy up a lot of bitfinex debt and anyone who pointed out that they were the same company was yelled at then like most bitcoin things at some point there was a switch where obviously tether and bitfinex were always one entity, the crazy conspiracy nocoiners were the ones saying that they weren't
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May 20, 2021 22:09
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Shame Boy posted:somehow my brain didn't connect that tether was the haircut coins until just now, because that seemed too bafflingly stupid even for bitcoin
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May 20, 2021 22:11
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https://twitter.com/caspiancey/status/1386708294278909958
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May 20, 2021 22:21
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a recruiter reached out about a position at Robinhood, they're forming a financial crimes team and honestly it sounds like it would be fun just for the bitcoin crime lulz
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May 20, 2021 22:42
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You should double check that they're looking to prevent the crimes.
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May 20, 2021 22:46
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if they're just making the compliance team now you definitely don't want to be on it
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May 20, 2021 22:48
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tether was also a fallback position. the original idea was to issue a "bfx token" basically bitfinex gave everyone a haircut (cash and btc) to cover the "hack", people flipped their poo poo so they came up with the bfx token. people continued to flip their poo poo because who gives a poo poo about an iou from an exchange that's going under. so at that point tether.io enters the game as a supposed outside investor that was going to cover it to stabilise bitfinex of course it's all the same guys using a different letterhead but that was the official fiction for like a couple years this was all in the immediate aftermath of all the chinese exchanges being shut down and taking like 99.7% of all exchange volume with them. the #1 or #2 exchange after the chinese shutdown was btc-e, the guys connected to the mtgox hack. bitfinex was like the #3 exchange when they announced they were "hacked" btc-e eventually got shut down by the feds when a bunch of the staff got arrested. the btc-e guys who didn't get arrested rebranded as WEX, and their plan for maintaining solvency was...give customers a 40% haircut, cover the difference by issuing a "WEX token" pegged to the dollar. they limped along for awhile until someone started funneling everything from the btc-e/wex accounts to a couple accounts on binance in an apparent exit scam apparently there's evidence that either bitfinex lost control of their wallets long before the "hack" or someone inside was involved, as addresses that were officially bitfinex's are connected to the earlier bitstamp and later tether hacks, same way btc-e was connected to the mtgox, bitfloor, and bitcoinica hacks
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May 20, 2021 22:53
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lol that's hilarious *puts on glasses and mustache* Ah, I see you have been scammed by a most dastardly scoundrel! But fear not! I, Zhatoshnik, shall buy your bad debt for seventy cents on the dollar! A most agreeable proposition, is it not?
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May 20, 2021 23:07
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Shumagorath posted:if they're just making the compliance team now you definitely don't want to be on it
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May 20, 2021 23:18
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I'm the cum ex scandal.
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May 21, 2021 00:00
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this Harry & Paul sketch is not about crypto and tether, except that it totally is https://www.youtube.com/watch?v=ZiJa9diJOMk
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May 21, 2021 00:09
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Shame Boy posted:YOSPOS > buttcoin: bafflingly stupid even for bitcoin
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May 21, 2021 01:11
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Chris Knight posted:it's always stupider than you think No no no you see this is proof that the crypto people are right in that most people just don't understand crypto.
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May 21, 2021 01:18
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proof of smirk
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May 21, 2021 02:02
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Any good profiles of Binance out there?
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May 21, 2021 02:09
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ok i've got another tether question, do we know how much of the tens of billions of tether are held by retail crypto holders vs the exchanges? so it goes print tether -> offer tether to exchanges for an iou -> exchanges buy bitcoin (?) i'm not sure about the last part, like what do the middlemen do with all the tethers being printed? for a while i thought it was just tether buying crypto for tethers and that was their reserve, but it just sounds like they just have a promise to pay back the tether loan or something.
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May 21, 2021 02:14
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ultrafilter posted:It's really hard to see how Tether could have a bigger effect than Archegos did. The only tinee-tiny reason imo is that it's just unknown. Novel. Nobody who wasn't a Tulip True Believer was really hurt when the bubble popped. Same for Beanie Babies. But people chasing returns that maybe might just have used a few (all) clients' money could end up a bagholder. Which affects real world money in a direct way. It won't cause a world wide meltdown, but 75 year old persons can't just go re-earn their 401k or savings. So I worry, maybe for no reason (I hope no reason). 30 yr old techbros can afford to lose money as long as they aren't unemployed, but hopefully no one has to make that decision.
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May 21, 2021 02:51
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kw0134 posted:the thing is that a margin loan in that context usually is something that is given as you're buying the security. my broker gives me 4x leverage on certain stocks (which I don't take), but my existing equity in that position is what anchors the trade if i were to exercise the margin. you can't "take a margin loan" and have cash sitting in an account, unless this is some shady bullshit that leaves the user exposed to being forcefully expropriated whenever the "broker" feels like it, which is probably the case. i think interactive brokers and a few other things like that actually do let you take a margin loan against your equity and have the cash sitting in your account
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May 21, 2021 02:51
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https://mobile.twitter.com/jessefel...ingawful.com%2F
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May 21, 2021 02:53
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the value proposition in tether for other exchanges is that it provides a way to move usd around without moving usd around. moving usd around by actually moving usd is inconvenient because there are laws that actually get enforced involving doing it. moving usd around by moving tether around is something that at least for the moment makes things easier for people who don't exactly have a surfeit of options as far as legit banking goes. i think that'll last exactly until a court somewhere looks seriously at the subject and concludes that this isn't just kinda-sorta money laundering it's more or less a textbook example of according-to-hoyle money laundering in its purest form. at which point presumably a bunch of exchanges will fold and a bunch of people will go to jail but its not like that's ever stopped a bitcoin business before and it sure looks like the original design spec for tether was that it could be used for shell games to hide losses and so maintain the illusion of solvency and prevent a bank run. to what extent it continues to serve this function, and to what extent it is being used to prop up the books of other exchanges is something that i don't think we could say for sure without seeing the internals of the various exchanges like i'd be willing to bet that most exchanges are actually insolvent, but i don't know to what extent tether shuffling is a specific strategy they're using to deal with it
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May 21, 2021 02:56
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the 2nd cultural revolution 
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May 21, 2021 03:31
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Hammerite posted:Everyone in this thread is about to be super mad at how incredibly smart this thing I;m about to do, is. Lost fingat PostNouveau posted:Send it to FTFY DerekSmartymans fucked around with this message at 04:03 on May 21, 2021 |
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May 21, 2021 03:36
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lol
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May 21, 2021 03:42
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the government should issue everyone slingshots to use on coin miners imo
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May 21, 2021 03:45
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Sapozhnik posted:lol that's hilarious I'm not sure how long you've been "in the game," as the kids say, but This Exact Thing happened when Gox went under. Of course, as is common knowledge, Mark did nothing wrong.
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May 21, 2021 04:00
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mao's new red book it's just pages upon pages of "buttcoin lol" 屁股硬幣
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May 21, 2021 04:04
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May 21, 2021 04:09
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https://twitter.com/SC_Griffith/status/1395576325071585283
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May 21, 2021 04:10
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Ugh my brother is like that now. In almost every conversation I can see the cogs in his head slowly digesting the thought of "how do I steer this conversation into cryptocurrency?"
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May 21, 2021 04:36
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 lol it’s all one big SAR okay?
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May 21, 2021 04:44
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bitcoin becomes full of genius 9,999 transactions, maybe a couple pairs of instantaneous 5,000 ones if they want to get really tricky
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May 21, 2021 04:49
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Someone finally said crypotcurrency
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May 21, 2021 05:25
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Has anyone said cryptocurrantcy yet? *Dries currants using mining rig*
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May 21, 2021 07:49
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*clears throat* buttcoi--
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May 21, 2021 10:48
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Untouched by any thought, the Austrian Post released its third crypto stamp today.
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May 21, 2021 11:37
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v happy prof. stolfi knows the real fud definition https://twitter.com/jorgestolfi/status/1395579221720944640
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May 21, 2021 11:58
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It signals a whale market! Austrians are known for understanding economics, they can't be wrong! SELL SELL SELL!
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May 21, 2021 12:06
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Paladinus posted:It signals a whale market! Austrians are known for understanding economics, they can't be wrong! SELL SELL SELL! They did pick the whale specifically because of crypto whales 
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May 21, 2021 12:39
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Chris Knight posted:v happy prof. stolfi knows the real fud definition lol I didn't know other Bitcoin businesses also had their own 'stablecoins'
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May 21, 2021 14:04
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