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Bitcoiners are going to turn into the new Iraqi Dinar freaks as more banks block exchange transactions, people go to jail, and tons of money is permanently sucked of out of the system. It's already started in China but of course these idiots think that's actually good for bitcoin.
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Jul 27, 2021 08:49
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So why did the butts go up? I thought tether had to turn off their printers while they do their audit?
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Jul 27, 2021 10:43
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So if Tether turns out to be hugely fraudulent, wouldn't that carry implications for bitcoin, since a large amount of the current value comes from tether pumps? Lmao the implication would be that bitcoin shoots up for some reason
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Jul 27, 2021 10:52
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probably big groups dumping their Tethers to buy Bitcoin and selling those for actual cash before the rug is pulled
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Jul 27, 2021 11:57
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Shrimp or Shrimps posted:So why did the butts go up? I thought tether had to turn off their printers while they do their audit? Even things that are bad for bitcoin are good for bitcoin.
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Jul 27, 2021 12:36
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Nybble posted:probably big groups dumping their Tethers to buy Bitcoin and selling those for actual cash before the rug is pulled Exactly this. The moment Tether starts imploding for good, people will try trading their tethers for anything else they can get. Bitcoin will probably surge temporarily as Tether circles the drain.
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Jul 27, 2021 13:22
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A senate committee is hearing testimony on Buttcoin today. Here is the written testimony of one of the invited experts. https://www.banking.senate.gov/imo/media/doc/Walch%20Testimony%207-27-21.pdf I haven’t finished reading it myself, but the US government scrutinizing crypto is undeniably good for Buttcoin
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Jul 27, 2021 13:36
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Shrimp or Shrimps posted:So why did the butts go up? I thought tether had to turn off their printers while they do their audit? Amazon had a job posting for a "Digital Currency and Blockchain Product Lead" and in the description it said: "The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap." Everyone in bitcoin land immediately decided that this clearly meant that Amazon was about to start accepting bitcoin immediately, and clearly hyperbitcoinization is imminent, and now is your very last chance to buy before the price reaches $1,000,000. And because the bitcoin market is so small, a few hundred suckers rushing in to buy is enough to cause the price to jump.
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Jul 27, 2021 13:36
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coelomate posted:Exactly this. The moment Tether starts imploding for good, people will try trading their tethers for anything else they can get. Bitcoin will probably surge temporarily as Tether circles the drain. What you'll probably see is a split between exchanges that use Tether and exchanges that use actual money. Bitcoin will explode on places like Binance but plummet on places like Coinbase. Some people will try to pick up nickels from in front of the tumbling wreckage by arbitraging the exchanges only to get tripped up by massive transaction delays and the systems issues at that mysteriously pop up every time the price plummets.
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Jul 27, 2021 14:13
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Sometimes it seems like the rise of butt coins is a natural result of wealth inequality. Wealth is so absurdly consolidated and out of reach that people are over incentivized to adopt and seek out other forms of currency, since USD is basically put of reach for the majority of the population. The pool of potential bag hodlers is simply massive.
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Jul 27, 2021 14:20
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The lack of anything safe or legitimate to invest in doesn't help either since the boomer crashes have kept interest rates bottomed out since forever
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Jul 27, 2021 14:23
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For being entirely digital and shadowed from major regulatory watching, Bitcoin arbitrage is curiously slow and any given moment you can already find stablecoins that are worth different from a dollar. If people start needing to get out of a stablecoin and into something cash-like you could see a practical Bitcoin crash. In a tether example where the tether house of cards fall: in the midst of falling, tether prices on cash exchanges drop but it still trades a while under a dollar because people want to take a risk they can do something with it in the chaos. Crypto prices on exchanges based on tether shoot up as everyone treats tether as worthless in an exchange and want to get into a crypto to get off the boat. The bad part for Normal Crypto markets is you now have a ton of crypto holders who don't especially want to be. They sell to get into cash (or another stable coin god forbid) and this triggers a slide of the crypto price in real dollars which we would all expect not to hold because it was predicated on that tether exchange in the background and now confidence in even the dollar trading system is shaken pending pumps about Bitcoins being on sale now.
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Jul 27, 2021 14:32
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Shrimp or Shrimps posted:So why did the butts go up? I thought tether had to turn off their printers while they do their audit? people noticed this when the audit ended and the printers came immediately back on. besides the amazon news there was also a substantial tether pump ahead of the "tether execs accused of bank fraud" news
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Jul 27, 2021 16:06
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Come on now folks, no need to help out Tether's PR by describing anything they've done as an "audit". There was no Tether audit, there is no Tether audit, there will be no Tether audit. (If I remember right, the NY AG mandated some limited reporting requirements for a certain period of time, and I think that's what people are confusing for an "audit". But I don't recall an actual financial statement audit being one of the NY AG's requirements.)
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Jul 27, 2021 17:04
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You can't audit something you can't find. Check mate, SEC. 
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Jul 27, 2021 18:05
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Binance reduces allowed Bitcoin withdrawls to nearly nothing because they are #1 in compliance, not because they are insolvent:
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Jul 27, 2021 20:36
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drk posted:Binance reduces allowed Bitcoin withdrawls to nearly nothing because they are #1 in compliance, not because they are insolvent: Weird how you can never pass advanced verification despite sending them your drivers license, passport, social security number, utility bills, and a picture dancing on one leg. If only the big banks were this tough!
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Jul 27, 2021 20:38
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drk posted:Binance reduces allowed Bitcoin withdrawls to nearly nothing because they are #1 in compliance, not because they are insolvent:
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Jul 27, 2021 20:43
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We have definitely never seen this before, and have no idea what is about to happen.
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Jul 27, 2021 20:44
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Everything will be fine, they just really need to find Uncle Billy's newspaper. e: Is there anything stopping Binance's customers from opening multiple accounts with, say, 0.01 BTC, then transferring 0.05 BTC each to the accounts and closing them? Hello Sailor fucked around with this message at 21:17 on Jul 27, 2021 |
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Jul 27, 2021 21:11
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GhostofJohnMuir posted:do you think the dutch had to deal with loud assholes writing and aggressively distributing entire tedious books about how loving awesome tulip bulbs were? so i posted your awesome quote and it turns out the answer is yes, because coiners are eternal https://twitter.com/thacryp/status/1420118289594961926
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Jul 27, 2021 21:51
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Truly nothing new under the sun.
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Jul 27, 2021 22:26
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Weird that Amazon was supposed to be the hyperbitcoinization event but no-one saying it was looked any further into it Also the idea that daddy Bezos was the key to the whole thing (now that daddy Musk is too toxic even for bitcoiners) is just lol, these children are in such desperate need of an actually powerful person to approve of them
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Jul 27, 2021 22:29
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Did anyone say buttulip yet?
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Jul 27, 2021 22:41
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given how amazon has a problem with random string letter brands flooding their product pages, evem if I had some butts, i wouldnt want to risk getting some rip off poo poo.
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Jul 27, 2021 23:11
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ikanreed posted:Did anyone say buttulip yet? Tulipbutt
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Jul 27, 2021 23:42
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Mooseontheloose posted:Tulipbutt bulbcoin Somfin posted:Weird that Amazon was supposed to be the hyperbitcoinization event but no-one saying it was looked any further into it Soroscoin?
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Jul 27, 2021 23:53
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drk posted:Binance reduces allowed Bitcoin withdrawls to nearly nothing because they are #1 in compliance, not because they are insolvent: Soooo... Binance death pool, anyone? I'll start the wiki
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Jul 28, 2021 00:16
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kw0134 posted:Truly nothing new under the sun. 
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Jul 28, 2021 06:21
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eNeRgY sToRaGe gently caress, why don’t words mean anything anymore
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Jul 28, 2021 08:06
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Mercury_Storm posted:The lack of anything safe or legitimate to invest in doesn't help either since the boomer crashes have kept interest rates bottomed out since forever Isn't it a big problem that the super rich are bored as poo poo and throwing their money at Silicon Valley scams because they want something with ridiculous returns on investment, and there's an entire cottage industry around grifting them? Like the Theranos woman with the weird rear end speaking tone that's apparently specifically meant to appeal to crusty billionaires.
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Jul 28, 2021 09:07
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Ghost Leviathan posted:Isn't it a big problem that the super rich are bored as poo poo and throwing their money at Silicon Valley scams because they want something with ridiculous returns on investment, and there's an entire cottage industry around grifting them? Like the Theranos woman with the weird rear end speaking tone that's apparently specifically meant to appeal to crusty billionaires.
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Jul 28, 2021 13:15
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Ghost Leviathan posted:Isn't it a big problem that the super rich are bored as poo poo and throwing their money at Silicon Valley scams because they want something with ridiculous returns on investment, and there's an entire cottage industry around grifting them? Like the Theranos woman with the weird rear end speaking tone that's apparently specifically meant to appeal to crusty billionaires. well the guy who theorized an inevitable decline in the rate of return on invested capital was a dumbass who was clearly wrong, so I'm going to now give my capital to CZ
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Jul 28, 2021 13:29
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tehinternet posted:eNeRgY sToRaGe Read some physics bro, everyone knows that you when you expend energy to solve a math problem you can turn the solution you got back into energy by doing the problem backwards Check it out: 5+5=10 Aagh my brain 10=5+5 Boom, feeling fine again
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Jul 28, 2021 13:43
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The class of rich fucker that can fly private but doesn't own the plane is a huge target for grift. And they keep getting richer because at that level of wealth you can have dozens of leeches stuck to your accounts and still accumulate wealth.
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Jul 28, 2021 13:49
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LordSaturn posted:people noticed this when the audit ended and the printers came immediately back on. besides the amazon news there was also a substantial tether pump ahead of the "tether execs accused of bank fraud" news Iirc they advertised wanting to hire someone with technical knowledge of blockchains, and coiner idiots interpreted that as "Amazon to start accepting bitcoin!!", but blockchains have other potential uses than just craptocurrencies.
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Jul 28, 2021 14:20
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Just gonna pop in a quick preemptive LOL for the inevitable crash and fallout from this current buttcoin rise.
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Jul 28, 2021 14:39
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The whole cryptocurrency as energy storage thing maybe the single dumbest thing to come out of the entire ecosystem.
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Jul 28, 2021 14:45
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Ghost Leviathan posted:Isn't it a big problem that the super rich are bored as poo poo and throwing their money at Silicon Valley scams because they want something with ridiculous returns on investment, and there's an entire cottage industry around grifting them? Like the Theranos woman with the weird rear end speaking tone that's apparently specifically meant to appeal to crusty billionaires. I should mention I think the 401k doom and gloomers are a broken clock here: it's bullshit our national retirement fund is held in securities this way but not because it makes it harder for rich people to play the legitimate securities markets.
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Jul 28, 2021 14:53
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is gme still a safe bet
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Jul 28, 2021 15:11
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