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PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Paladinus posted:

It's a new bull market. I'll be the first to say it.

Finally

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PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Cold on a Cob posted:

was this posted here? i don't follow this thread too closely but i've seen it pop up elsewhere

https://www.singlelunch.com/2021/05/19/the-tether-ponzi-scheme/

tl;dr: Tether is a fraud on the scale of Madoff or Enron and we’re in the middle of a bubble for the history books.

seems like a good roundup of why tether is full of poo poo

Didn't someone write something like this 3 years ago and then nothing happened and Tether continued to exist and Bitcoin went to the moon?

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

My diverse portfolio!

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Paladinus posted:

Help, I'm bad with computers, how do I delete Bitcoin?

Send it to me I'll delete it for you

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

This can't possibly be legal

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

So, I should buy the dip right? It's never gonna get lower than this!

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

gschmidl posted:

:same:

A little schad to counterbalance the anger:

lol

quote:

To be clear, the amount of crypto that they hold is forever-life-changing (enough to impact my kids' kids), but I have not enough to fund extensive legal action at this moment, only enough for basic filing and couter action, i just wasnt sure if there was any possible thing i could do.

quote:

Literally ALL of it. Social Security, multiple bills to prove I live at my address, birth certificate, passport, driver's license, tax documents, and some more documents that I now forget. To say the least, they are asking for much more documentation than any other exchange, and their KYC is not third party.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Love my decentralized currency where one institution prints all the money

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Why didn't they just print a trillon more Tether this time?

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

NoneMoreNegative posted:

https://twitter.com/Behind_NFTs/status/1486741560729473029

I literally cannot. Please tell me this Twit account is all fun & games.

I think the big problem here is you're looking at that $$$ figure. That's fake. People with lots and lots of ETH know they cannot convert it all into dollars easily. It's risky to move it around or push through exchanges. You can use your fake ETH wealth to prop up a new, different form of "money" that gives you another way to cash out though.

The public might be on to crypto being a scam, but we have these new things called NFTs, you see. Look how valuable this one that I sold back and forth between several accounts I control. The price just keeps going up! You'd be a fool not to put dollars into buying this thing.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
So should I buy some Luna? Is Terra attached to one of those exchanges that will just wave their hands and do a billion wash trades and have the price right back up in 3 months?

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Just-In-Timeberlake posted:

well, people were buying MtGOX bitcoins for pennies on the dollar in the hope that they would eventually be recovered.

I mean, none of them got a dime, but maybe you'll buck the trend.

:hmmyes:

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
OK I'mma go buy like 12,000 Luna

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Oh wait, I'd have to give some shitbag crypto people my social security and drivers license and last colonoscopy results to buy crypto

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Beeftweeter posted:

do it you pussy

I think I uninstalled the Robinhood app

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

They don't sell Luna apparently

But I did have $21 in my account that I forgot about!!! Big win for me in the markets today

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
https://twitter.com/Fxhedgers/status/1524931880163741697

:rip: Tether followed very quickly by :rip: buttcoin

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Just-In-Timeberlake posted:

would be awesome except this country is run by cowards



It rules but there's no way the powers that be would let it print with a gun. Every black/leftist/labor leader of the past has to be toned down into a decorum follower. No militants allowed.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

The Wisest Moron posted:

A bunch of people have been arguing that blockchain is a "store of energy". I'm struggling to find an example of it now though.

You put in a bunch of energy and then when you need energy, you .... uhhhhh

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Shame Boy posted:

oh they had an answer to that: when you need energy you buy it from a power plant with the bitcoin, you see.

lol

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Holy poo poo, I had almost the exact same conversation with a dude whose company (which has tons of VC money) is building some kind of "music copyright on the blockchain" software. They've been working for months and months on the tech and it seemed like absolutely no one in the company had gone "Why would musicians submit to our copyright regime?"

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Tom Clancy is Dead posted:

3) what happens if the “house nft” is stolen?

Same as they note in the video. The actual occupant of the home is determined by who the sheriff won't evict, which means either the government has consented to replace allllllllll the paperwork that it mandates with "smart contracts" or the NFT is worthless and the sheriff just laughs at you when you try to get them to evict someone based on it.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

4lokos basilisk posted:

what if i sell my house irl without telling the blockchain and take out a massive loan against my house nft

i wonder how come i cant double-sell my house in real life, almost like there is a very exhaustive set of processes set up to prevent that

This seems like the crux of the problem. Literally everyone needs to accept the blockchain or be forced onto it by the government for it to work.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
https://twitter.com/xkiranj/status/1536295018104819714

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
^^^ok, well if it's on-margin then the cash still doesn't exist, right? Like 1/10th of the cash exists?

SubG posted:

bitcoin is crashing, so people are trying to sell. if nobody wants to buy, then the price goes down further until you find a greater fool with money to be parted from

what this guy is alleging is that bitfinex is letting this account, possibly a sock puppet, to buy the coins even though they don't have the cash on hand to pay for the purchases.

so basically selling your coins to the exchange is the same as selling something in a video game to a shopkeeper. the game keeps track of all the numbers and you can look at the numbers on the screen and they tell you you own a bunch of cash, but it's all just make-believe numbers in a wee database and doesn't represent actual money in the real world

Seems like this solves the problem for a whole 5 minutes.

Like, don't the sellers immediately go "OK, I successfully sold. I'd like to withdraw my cash from that sale now" and then Bitfinex goes "psych"?

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Boxturret posted:

mtgox managed to survive like that for months!

Oh right.

IIRC, they promised to make everyone whole and created a new token that was like "Mt Gox dollars" which was like dollars with a haircut on them and then immediately started allowing people to trade those.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

evilweasel posted:

so here is what I think bitfinexed is saying is going on, based on how margin loans work and what (little) i know about bitfinex.

so first you need to understand what a secured loan is: i lend you money, you give me collateral. if you don't pay me back (you default), I own the collateral. this is much easier than the solution for an unsecured loan: I sue you, and spend a while trying to force you to pay me. the collateral is usually worth noticably more than the loan, so I'm sure when i sell it, i get all my money back. the most common example is a mortgage: you don't pay your mortgage, I own your house.

a margin loan is a secured loan with a security (or here, crypto). this is a kind of bad secured loan because the collateral can drop significantly in value. as a result, it is standard for a margin loan to have a system where if the collateral drops enough in value, that is a default unless you put up more collateral: i.e. then own your securities, even if you have been paying me.

now, the real trick you may be thinking of is you can use the stock you are buying as part of the security. so i want to buy a share of microsoft, it costs $200, i can get a margin loan against that microsoft share to get the money to buy it. obviously nobody's lending me the full $200. but perhaps someone lends me $150, and I put up $50. if the share goes up, i get all the gains - so i get 4x as much. if it drops, i suffer all the losses too - so I lose 4x as much. if it drops to, say, $170 the share probably gets sold before it hits the $150.

that's all background you have to understand. the key thing though is, if you are buying on margin, someone put up the rest of the money. it didn't come from thin air.

bitfinex offers margin loans, and it gets the cash from people who deposit Actual Dollars at bitfinex. if you have $1,000 sitting there, they say "hey you can earn free money, tick this box" and then they use your $1,000 to fund margin loans. now, this should be relatively risk-free - if crypto is collapsing, bitfinex seizes the collateral (you should have, like, $1,500 worth) and sells it before you take a loss and gives you your $1000 back.

but what bitfinexed is saying they're doing is, basically, not taking and liquidating the collateral. they're letting the margin loans ride. goldman sachs would never let you do this because they don't give a gently caress about the price of microsoft stock. they may be long, they may be short, on microsoft but institutionally they do not care, they just want their money. but bitfinex does care, it cares a lot. any crypto business inherently is long on crypto because otherwise they don't have a business. so bitfinex is letting people get short on collateral without calling their loans and letting people buy more bitcoins on margin with insufficient collateral. bitfinex is doing this to try and support the price of bitcoin.

if this works, the lenders never notice. but if it doesn't, you thought you had $1,000 in real money in bitfinex. you will wake up to find you have no money. you have crypto collateral. and if bitfinex declares a default and gives you your collateral, they probably won't sell it for you (they don't want to hurt the price of bitcoin). they'll just tell you surprise, you now own $800 worth of bitcoin, sell it yourself. sorry, now $700. sorry, actually you have a shitcoin that went to zero.

your money will have gone to the people who sold their crypto and got the money out of bitfinex. bitfinex, assuming they didn't loan their own money, will be fine. they used your money, not theirs, to try and prop up the price.

(all of this applies equally if you thought you had tether or some other "stablecoin" instead of Real Money)

Thank you, this made a lot more sense of it for me

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
https://twitter.com/itstimconnors/status/1536734104422522881

https://twitter.com/itstimconnors/status/1536734124542611456

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

infernal machines posted:

i don't care for this, because while everything to do with jobs in crypto is hilarious, i don't really want to judge anyone for being an adult entertainer.

like, working for celsius is shameful, but everyone's gotta hustle, i guess.

and as far as career progression goes, well, have you seen the people who work at google?

Not to mention the guys who did that are doing decades in prison for sex trafficking and basically raping a lot of the women in the videos.

https://www.justice.gov/usao-sdca/pr/twenty-year-sentence-girlsdoporn-sex-trafficking-conspiracy

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Can I still buy Magic: The Gathering Online cards on MTGOX?

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
I found it, the worst NFT

https://twitter.com/HomelessFrenNFT/status/1536941122018156544

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Boxturret posted:

pretty bad, still better than that child slave one which was a bunch of procedurally generated children faces

What in the gently caress???

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

skaboomizzy posted:

Three Arrows Capital (TAC) is a crypto hedge-fund that appears to be collapsing. One of their partners/suckers/victims posted a remarkably clearly written thread about it:

https://twitter.com/Danny8BC/status/1537224378554806272

I love when they say things like "hedge fund" and "diversified portfolio" when everything in the crypto space is 99% correlated with the price of Bitcoin. Building up all these simulacra of a modern financial system but all of it collapses equally as soon as Bitcoin takes a poo poo.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
https://twitter.com/NBCNews/status/1537426037864386561

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

Naming my financial company after something that's famous for being torn down.

Titanic Capital

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Here at Takoma Narrows Bridge Technology, we understand that you're sick of the twists and turns of the market. You want a steady return of 15% APY, and we can help span the gap between your dreams and reality.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Now that it's had super bowl commercials, I'm not sure where they have any more untapped wells of idiots to buy-in. If it crashes to like $1, it'll just stay there forever or slowly waste away to nothing.

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Tell them not to let the Bank of England backstop stablecoins. That was the dumbest goddamn idea I ever heard

PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer
Neat. Sounds totally legit and well within GAAP.

https://twitter.com/Bitfinexed/status/1542494986297556993

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PostNouveau
Sep 3, 2011

VY till I die
Grimey Drawer

HappyHippo posted:

or they're already insolvent

convert all the real dollars you owe your customers with usdc tokens. oh it turns out those aren't fully backed? sorry about that, but it says right here in the tos that we don't guarantee 1:1 exchange

Oh is that what USD means? I don't know where I picked this up, but I thought USD was their abbreviation for some OTHER dumbass stablecoin.

Yeah, this is real hosed

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