Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
Back in my Ron Paul for president days they were all pushing bitcoin and I had 100 dollars worth in my cart but couldn’t figure out the wallet and how secure it was so I decided to wait and get more info. It was at $3. Next day it went to 80 something and from there the moon.
I remember the $3 Bitcoin. Had a guy I work with get into mining early on. He told us all to invest. Only a few of us listened, I didnt. Needless to say the guy doesn't have to work anymore.
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
No, its traceable if you dox enough addresses, but not censorable or revocable. So they might come and bash you on the head until you give up your keys, but that attack is not scalable, whereas freezing bank accounts is scalable.
You should pray that we get tokenized securities. That will eliminate the entire DTCC and gut the SEC.
It will also eliminate naked shorting and synthetic shares.
You would have Bloomberg terminal level information at your fingertips and you wouldn't need a broker to make trades. Trades would only cost pennies and you would actually own the stocks.
I thought they are gobbling up backing assets to prove it's worth a billion.
This ponzi scheme has been going on for awhile. What's blackrocks play on BTC? To short BTC on way down after halving. I think you have till halving to cash out which should be near April-June 2024.
But it's Saturday doesn't. Like my homework that the dog already ate.
Seriously, if some one invented a crypto where each coin represents energy that can bet utilised rather than already expended, it will become the crypto with intrinsic value that can never be manipulated
Each BTC represents the past carbon used to mine it, and it can't be manipulated as the ledger is stored simultaneously on millions of nodes worldwide.
I swear there are forces on GAW trying to psyop the awakened off crypto
I’m a dumb one when it comes to crypto and stock markets etc but how do you mine crypto? Like I get how gold silver and diamonds are mined but how is something mined out of nothing or that’s what I see it as
BTC is mined by the BTC node network verifying transactions. As the network grows and by design over time, the calculations get exponentially more difficult requiring more and more CPU/GPU calculation powered by carbon (electricity)
The result of all this stored energy is what "backs" BTC.
Don't forget, it's the only non-inflationary currency with a fixed supply.
Everything else is FUD (fear, uncertainty, and doubt)
Buy and hold as much as you can on a hardware wallet
Each BTC represents the past carbon used to mine it
Correct
it can't be manipulated as the ledger is stored simultaneously on millions of nodes worldwide.
Correct
So think about what you are saying. By burning carbon you can prove the authenticity of the transactions. But what do the transactions themselves represent? Ownership of bits. What do the bits represent? Nothing except the fact that you burnt carbon for this.
So where is the value coming for these bits ? By people who think it has value.
BTC is nothing but digital FIAT with perceived scarcity, that requires burning more and more energy to keep this going.
This is why the value of BTC goes up and down in such wide swings because the FIAT in real life (fed printing money) can used to value it higher or lower, at their whim.
What you need in reality is something that has all these qualities - distributed, decentralized, secure transactions, BUT also an additional quality - intrinsic.
Lets say there is this new crypto that not only guarantees transactions are secure, but in addition it guarantees that you can convert the bits to a fixed amount of potential energy. If the Cabal now tries to over value it or devalue it, people can take part in arbitrage and stabilize the value.
So if someone tries to overvalue these coins, you simply spend that much energy, purchase the coins an sell it to the Cabal to get more bits.
If someone tries to undervalue these coins, they have to sell that same amount of energy for less coins, in which case you buy the energy for cheap and sell it at the fixed amount.
A crypto like this can never be manipulated, and always has intrinsic value regardless of what people think.
This is why the "freedom currency" is not yet implemented. It will be, there is no doubt, but BTC is not that.
I swear there are forces on GAW trying to psyop the awakened off crypto
May I suggest that lacking humility in the pursuit of knowledge will lead to downfall? Awakening is not a state but a process.
Where did I lack humility? By suggesting there's disinfo here?
Bitcoin is not fiat by definition; it's value is intrinsic as a record of the effort invested in making it. It doesn't have intrinsic value like beef, which is a good. We need currency to exchange for goods.
Stored BTC, like any stored currency literally is potential energy, as it can be used to power any number of processes.
I don't disagree that it's imperfect, but it works, is ubiquitous, and already lifting millions of poverty imposed on then by cheating governments and central banks.
You don't have to own any and can store your wealth wherever you choose, but in case you hadn't noticed the storm is arriving and you may want to consider grabbing a working boat.
Where did I lack humility? By suggesting there's disinfo here?
By suggesting you know everything there is to know in this area and anything you dont agree with is disinfo.
Bitcoin is not fiat by definition;
You cannot "define" something to be "not fiat". Fiat has a meaning and anything that fits that meaning is fiat. Bitcoin has value only because the people driving its value (which is a very small fraction of the total holders) say "let it be so".
it's value is intrinsic as a record of the effort invested in making it.
Value of the effort invested in making a transaction is not the same as value of the transaction itself. Value of the record of the transaction is intrinsic, not what the transaction represents.
as it can be used to power any number of processes.
Bitcoin is a digital record. Using those numbers you cannot power anything. You feel like it can power things only because there are people sitting giving it value for whatever reason, and that value can be used to power things. When those people are gone, there will be no value and so no powering.
Intrinsic is something that has a value by itself, not because people agree it has value.
I don't disagree that it's imperfect, but it works, is ubiquitous
It can never replace currency completely. So its not just imperfect, but unsuitable, by design. Happy to argue this in a separate thread if you like.
and already lifting millions of poverty imposed on then by cheating governments and central banks.
Again, an illusion hanks to he FIat currency that backs it. The day the Cabal dumps all their holdings, or when all the exchnages disappear, all these people will become penniless. Because it has no intrinsic value.
but in case you hadn't noticed the storm is arriving and you may want to consider grabbing a working boat.
I sincerely hope you have, as contingency for the impending storm, other alternatives beyond bitcoin and crypto.
No but neither is the dollar or anything else. The entire worlds financial system is fiat and nothing backs it. I guess one could argue the military backs it or oil but the oil argument is really the military argument Might makes right?
BTC is threat to the current financial system and that is enough backing for me.
I'm only in for a pocket change worth of crypto...
Call me old fashioned BUT...
Here's what I've learned:
There are only 2 things worth anything on this planet.
Skilled labor
Things that come out of the ground (food, oil, minerals, metals, aggregate etc)
All else is bullshit.
Crypto, afaik - isn't backed by anything other than some bs about token scarcity. That's not worth any more than the local arcade token scarcity.
Every time I've probed to find out actual worth of crypto - I only encountered a long stream of mental gymnastics in order to understand how it's worth anything whatsoever.
In addition to this, the technology Bitcoin uses is already way past obsolete...it HAS to be slowed down in order for the system to work. There are other technologies out there right now, way better and faster AND there's no danger of running out of tokens because that's Bitcoin's inevitable future.
So ...if the power goes out...or the net goes down, you're not doing squat with digital currency...
If you can't hold it in your hand, you don't own it.
BTC got overran by banking board members and was never allowed to expand the way Sitoshi had planned. So now there is a huge bottleneck on transactions per second. Like HUGE bottleneck. BTC is more like gold now in that it’s only good as a long term storage of wealth. The new “bitcoin cash” is modeled after the original intent of BTC and can do 1000’s of transactions per second but people are ignorant of all of this in large part because of censorship of the facts.
Btw, I’m not trying to promote BTC. I’m just revealing information that’s not widely known or talked about. I’m a metals guy. I don’t own any crypto. I was thinking about getting some but this stopped me. If I was going to invest in crypto I would go BTC only for long term holding and use Bitcoin Cash (BCH I think) for commerce.
You need the crypto to run out of tokens or there is no scarcity.
It seems like once the tokens are freed and in the market, mining will switch to adding compute power to the blockchain ledger. So I guess you get some fees for that or it the system would break down.
Early adoption is generally more complex with technology like this.
But it's becoming easier and more seamless with every update and integration.
The ultimate goal is to make it so easy and seamless that it'll be on par with using the PayPal app And they've made huge strides towards that.
You Don't need an above average IQ to do it, you just need a little bit of patience and desire to either read some instructional posts or watch some videos and give it a shot.
I recommend not using thousands of dollars during your learning curve. Play around with 20 bucks and get comfortable sending and receiving and moving funds to and from your bank account.
Tether is DEFINITELY a sketchy organization. I would never consider using their service. There are far better USD stablecoins out there, and there is USD itself :D
That being said, when Crypto prices spike, and more fiat flows into crypto markets... it is generally normal to see tether mint USDT like this. Because a percentage of new fiat coming into crypto is going into the tether stablecoin.
Anyhow, I don't think there is anything special going on with THIS mint... but trust me, I KNOW that tether is going to fall, hard and fast, one day. Their FTX moment is coming... for sure.
Yes. And there's literally nothing stopping them from creating a hundred times that or more out of nothing and using it to trade for other cryptos on exchanges that support USDT
Yeah the tether is around bitcoin's neck. They will use it to crash the price if things get too out of their control. Fortunately tether is not the only stablecoin, so hyperinflating tether seems unlikely to destroy the whole industry.
I don't like tether but coming up in April 2024 is the next BTC halving. I don't know if the two are related current thinking is the halving and institutional investors are driving BTC up and it will be a significant rise.
Tether mints are not big news in the crypto world, happens all the time. Usually large ones signal fresh money flowing into the market, which means we go up for a bit.
Incidentally, being Canadian I have recently had my exchange options severely curtailed, leaving me mostly trading on Kraken now. They, along with most other Canadian crypto dealers I believe, are getting rid of USDT (Tether) in favor of simply USD pairings.
At first I thought this was annoying, but on second thought, it does reduce some counterparty risk.
I'm pro crypto but Tether isn't real crypto and crypto exchanges will always put their interests over users just like brokers and banks.
Crypto has a bright future but we'll need to get rid of bad actors in the space.
Watch what blockchain does VERY soon to radically disrupt and improve the stock market. It's gonna change everything. Good for us, bad for the corrupt institutions.
OP what does this mean for non crypto bros?
Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
Thanks.
Back in my Ron Paul for president days they were all pushing bitcoin and I had 100 dollars worth in my cart but couldn’t figure out the wallet and how secure it was so I decided to wait and get more info. It was at $3. Next day it went to 80 something and from there the moon.
Damn it!
I remember the $3 Bitcoin. Had a guy I work with get into mining early on. He told us all to invest. Only a few of us listened, I didnt. Needless to say the guy doesn't have to work anymore.
Finally.. expected something like this to happen a long time ago.. clowns and others are using crypto for bad things, cleanup is needed..
Even more clowns use USD to do bad things.
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
Would traceable also mean a left wing government could retroactively tax transactions? Or retroactively outlaw transactions?
No, its traceable if you dox enough addresses, but not censorable or revocable. So they might come and bash you on the head until you give up your keys, but that attack is not scalable, whereas freezing bank accounts is scalable.
"stable"coins, tokenized stocks..
Two wildly different things.
You should pray that we get tokenized securities. That will eliminate the entire DTCC and gut the SEC.
It will also eliminate naked shorting and synthetic shares.
You would have Bloomberg terminal level information at your fingertips and you wouldn't need a broker to make trades. Trades would only cost pennies and you would actually own the stocks.
Yes, but by some transparent decentralized mechanism and not by some shady coinmarkets to suppress certain stocks even more.
It's coming. Very very soon.
It will be all that and more.
But 1st, the biggest stock market crash in history.
Out with the old and in with the new.
I thought they are gobbling up backing assets to prove it's worth a billion.
This ponzi scheme has been going on for awhile. What's blackrocks play on BTC? To short BTC on way down after halving. I think you have till halving to cash out which should be near April-June 2024.
The tx can be viewed on the blockchain here
https://etherscan.io/tx/0xbbbbb31db9aa736e55a76e46ec6c3e84319500d65123560eae9b226ecc146dc9
The best time to get your crypto off crypto exchanges was yesterday. The 2nd best time is right now.
You can look at Tether Foundations holdings. Only $300 million in cash 💀
Is BTC backed by anything?
Yes, by the carbon spent to mine it
But it's Saturday doesn't. Like my homework that the dog already ate.
Seriously, if some one invented a crypto where each coin represents energy that can bet utilised rather than already expended, it will become the crypto with intrinsic value that can never be manipulated
Lt General Kwast and Major Lowrey enter the chat.
? Saturday?
Each BTC represents the past carbon used to mine it, and it can't be manipulated as the ledger is stored simultaneously on millions of nodes worldwide.
I swear there are forces on GAW trying to psyop the awakened off crypto
I’m a dumb one when it comes to crypto and stock markets etc but how do you mine crypto? Like I get how gold silver and diamonds are mined but how is something mined out of nothing or that’s what I see it as
BTC is mined by the BTC node network verifying transactions. As the network grows and by design over time, the calculations get exponentially more difficult requiring more and more CPU/GPU calculation powered by carbon (electricity)
The result of all this stored energy is what "backs" BTC.
Don't forget, it's the only non-inflationary currency with a fixed supply.
Everything else is FUD (fear, uncertainty, and doubt)
Buy and hold as much as you can on a hardware wallet
This is why I hate typing on a phone. u/#topkek
Correct
Correct
So think about what you are saying. By burning carbon you can prove the authenticity of the transactions. But what do the transactions themselves represent? Ownership of bits. What do the bits represent? Nothing except the fact that you burnt carbon for this.
So where is the value coming for these bits ? By people who think it has value.
BTC is nothing but digital FIAT with perceived scarcity, that requires burning more and more energy to keep this going.
This is why the value of BTC goes up and down in such wide swings because the FIAT in real life (fed printing money) can used to value it higher or lower, at their whim.
What you need in reality is something that has all these qualities - distributed, decentralized, secure transactions, BUT also an additional quality - intrinsic.
Lets say there is this new crypto that not only guarantees transactions are secure, but in addition it guarantees that you can convert the bits to a fixed amount of potential energy. If the Cabal now tries to over value it or devalue it, people can take part in arbitrage and stabilize the value.
So if someone tries to overvalue these coins, you simply spend that much energy, purchase the coins an sell it to the Cabal to get more bits.
If someone tries to undervalue these coins, they have to sell that same amount of energy for less coins, in which case you buy the energy for cheap and sell it at the fixed amount.
A crypto like this can never be manipulated, and always has intrinsic value regardless of what people think.
This is why the "freedom currency" is not yet implemented. It will be, there is no doubt, but BTC is not that.
May I suggest that lacking humility in the pursuit of knowledge will lead to downfall? Awakening is not a state but a process.
Where did I lack humility? By suggesting there's disinfo here?
Bitcoin is not fiat by definition; it's value is intrinsic as a record of the effort invested in making it. It doesn't have intrinsic value like beef, which is a good. We need currency to exchange for goods.
Stored BTC, like any stored currency literally is potential energy, as it can be used to power any number of processes.
I don't disagree that it's imperfect, but it works, is ubiquitous, and already lifting millions of poverty imposed on then by cheating governments and central banks.
You don't have to own any and can store your wealth wherever you choose, but in case you hadn't noticed the storm is arriving and you may want to consider grabbing a working boat.
By suggesting you know everything there is to know in this area and anything you dont agree with is disinfo.
You cannot "define" something to be "not fiat". Fiat has a meaning and anything that fits that meaning is fiat. Bitcoin has value only because the people driving its value (which is a very small fraction of the total holders) say "let it be so".
Value of the effort invested in making a transaction is not the same as value of the transaction itself. Value of the record of the transaction is intrinsic, not what the transaction represents.
Bitcoin is a digital record. Using those numbers you cannot power anything. You feel like it can power things only because there are people sitting giving it value for whatever reason, and that value can be used to power things. When those people are gone, there will be no value and so no powering.
Intrinsic is something that has a value by itself, not because people agree it has value.
It can never replace currency completely. So its not just imperfect, but unsuitable, by design. Happy to argue this in a separate thread if you like.
Again, an illusion hanks to he FIat currency that backs it. The day the Cabal dumps all their holdings, or when all the exchnages disappear, all these people will become penniless. Because it has no intrinsic value.
I sincerely hope you have, as contingency for the impending storm, other alternatives beyond bitcoin and crypto.
I only have some XRP, XLM, and DOGE
Make sure they are of the exchanges and on your cold wallet
No but neither is the dollar or anything else. The entire worlds financial system is fiat and nothing backs it. I guess one could argue the military backs it or oil but the oil argument is really the military argument Might makes right?
BTC is threat to the current financial system and that is enough backing for me.
Just think there are way better options
Only by your faith that bitcoin will be more valuable than the faith in credit of the united states government.
Look up the five qualities of money / currency and tell me how it compares to gold.
Just out of curiosity, which cryptos do you recommend and which exchanges? Pepe is cool.
Loopring It's the thing I most interested in right now. It also has its own app/wallet that supports all ethereum based tokens.
It's lightning fast, secure, and transactions cost pennies.
It supports smart contracts, decentralized finance or DeFi, red packets, decentralized exchange, and essentially the ability to be your own bank.
I'm holding funds in that wallet and using dual investment to make seriously sexy interest rates for essentially providing liquidity.
I'm only in for a pocket change worth of crypto...
Call me old fashioned BUT...
Here's what I've learned:
There are only 2 things worth anything on this planet.
All else is bullshit.
Crypto, afaik - isn't backed by anything other than some bs about token scarcity. That's not worth any more than the local arcade token scarcity.
Every time I've probed to find out actual worth of crypto - I only encountered a long stream of mental gymnastics in order to understand how it's worth anything whatsoever.
Dan Peña has some interesting insights about Bitcoin
In addition to this, the technology Bitcoin uses is already way past obsolete...it HAS to be slowed down in order for the system to work. There are other technologies out there right now, way better and faster AND there's no danger of running out of tokens because that's Bitcoin's inevitable future.
So ...if the power goes out...or the net goes down, you're not doing squat with digital currency...
If you can't hold it in your hand, you don't own it.
BTC got overran by banking board members and was never allowed to expand the way Sitoshi had planned. So now there is a huge bottleneck on transactions per second. Like HUGE bottleneck. BTC is more like gold now in that it’s only good as a long term storage of wealth. The new “bitcoin cash” is modeled after the original intent of BTC and can do 1000’s of transactions per second but people are ignorant of all of this in large part because of censorship of the facts.
The whole Sitoshi story is total poppycock...
I believe Pena more than that bs...
9mins
https://youtu.be/UYHFrf5ci_g?si=yX1LZ2H3txvbcTuq How the banks bought BTC
Btw, I’m not trying to promote BTC. I’m just revealing information that’s not widely known or talked about. I’m a metals guy. I don’t own any crypto. I was thinking about getting some but this stopped me. If I was going to invest in crypto I would go BTC only for long term holding and use Bitcoin Cash (BCH I think) for commerce.
Edit: https://txstreet.com/v/btc-bch BTC/BCH transaction Comparison tool
https://www.youtube.com/watch?v=eafzIW52Rgc Who Killed BTC
Well put
You need the crypto to run out of tokens or there is no scarcity.
It seems like once the tokens are freed and in the market, mining will switch to adding compute power to the blockchain ledger. So I guess you get some fees for that or it the system would break down.
Disclaimer: I am not a cryptobro
Strongly suggest Loopring Wallet. Its your coins in your hands on your device.
I strongly agree. There's also a decentralized exchange on it.
It's a bit of a steep learning curve to get onboarded but there are lots of videos and instructions that can guide you.
https://loopring.io/
Does this steep learning curve limit its usefulness to only those of above average IQ?
Early adoption is generally more complex with technology like this.
But it's becoming easier and more seamless with every update and integration.
The ultimate goal is to make it so easy and seamless that it'll be on par with using the PayPal app And they've made huge strides towards that.
You Don't need an above average IQ to do it, you just need a little bit of patience and desire to either read some instructional posts or watch some videos and give it a shot.
I recommend not using thousands of dollars during your learning curve. Play around with 20 bucks and get comfortable sending and receiving and moving funds to and from your bank account.
Don't leave your crypto on your connected device. Anything on a network can be compromised.
That's why I only put money into BTC and Shiba Inu. Finite supply.
Tether is DEFINITELY a sketchy organization. I would never consider using their service. There are far better USD stablecoins out there, and there is USD itself :D
That being said, when Crypto prices spike, and more fiat flows into crypto markets... it is generally normal to see tether mint USDT like this. Because a percentage of new fiat coming into crypto is going into the tether stablecoin.
Anyhow, I don't think there is anything special going on with THIS mint... but trust me, I KNOW that tether is going to fall, hard and fast, one day. Their FTX moment is coming... for sure.
A whole billion?
Yes. And there's literally nothing stopping them from creating a hundred times that or more out of nothing and using it to trade for other cryptos on exchanges that support USDT
Yeah the tether is around bitcoin's neck. They will use it to crash the price if things get too out of their control. Fortunately tether is not the only stablecoin, so hyperinflating tether seems unlikely to destroy the whole industry.
I don't like tether but coming up in April 2024 is the next BTC halving. I don't know if the two are related current thinking is the halving and institutional investors are driving BTC up and it will be a significant rise.
Tether mints are not big news in the crypto world, happens all the time. Usually large ones signal fresh money flowing into the market, which means we go up for a bit.
Incidentally, being Canadian I have recently had my exchange options severely curtailed, leaving me mostly trading on Kraken now. They, along with most other Canadian crypto dealers I believe, are getting rid of USDT (Tether) in favor of simply USD pairings.
At first I thought this was annoying, but on second thought, it does reduce some counterparty risk.
This means nothing, they've been doing this since 2018. They mint billions of USDT several times a year. They mint tokens to send them to other blockchains that need the liquidity too. https://cointelegraph.com/news/tether-billion-usdt-mint-on-ethereum-for-chain-swaps. Literally a non-event.
Dude this is a link post. Did you click it? You don't need "news" when you can SEE the transaction on the blockchain.
I'm pro crypto but Tether isn't real crypto and crypto exchanges will always put their interests over users just like brokers and banks.
Crypto has a bright future but we'll need to get rid of bad actors in the space.
Watch what blockchain does VERY soon to radically disrupt and improve the stock market. It's gonna change everything. Good for us, bad for the corrupt institutions.