|
Post by Minormorris64 on Jun 8, 2021 9:21:47 GMT 1
|
|
|
Post by Pilch on Jun 8, 2021 9:54:40 GMT 1
Sell sell sell
|
|
|
Post by sheltonsalopian on Jun 8, 2021 10:05:07 GMT 1
Hoping it dips below $30k before I decide to buy in
|
|
|
Post by staffordshrew on Jun 8, 2021 10:24:59 GMT 1
The whole thing stinks. The authorities are catching up with it, wouldn't touch it with a bargepole.
|
|
|
Post by davycrockett on Jun 8, 2021 11:03:03 GMT 1
All good things come to an end look at Tulip bulbs
|
|
|
Post by frankwellshrews on Jun 8, 2021 12:01:45 GMT 1
Bitcoin is only untraceable if you don't know who controls the wallet. If you're able to find out and prove that info it's extremely traceable.
It's been crashing for a while now. As I predicted the tether "financial info" presented to the New York Attorney General isn't worth the paper it's printed on (only 3% is actually cash 60%+ is "commercial paper"; clearly utter tosh) and it's looking increasingly likely the whole thing is a ponzi scheme backed up by made monopoly money.
Smart money (the Elon Musks of this world) has already left leaving the hopeful hodlers to carry the bags. Would strongly suggest anyone still holding cashes out whilst they still can, it's about to get a lot worse (Bank of England are about to pile on "stablecoins" too, China are stamping on it).
|
|
|
Post by martinshrew on Jun 8, 2021 15:35:26 GMT 1
Sorry, but this thread is full of incredibly outdated and uneducated statement/opinion.
BTC itself is the market leader, but there's environmental issues on how green it can be. Crypto in general won't go anywhere though, mark my words.
Keep an eye on XRP if they beat the SEC, which it looks as though they will. Environmentally friendly, extremely fast, extremely cheap fees. It'll take over Swift as a cross border payment bridge one day.
|
|
|
Post by frankwellshrews on Jun 8, 2021 17:23:57 GMT 1
This thread was about bitcoin but since you mention Ripple, seems doubtful something which can go up or down in value by 10% or more in an afternoon and 20%+ in a week (as Ripple has done) and is actively horded by people in the belief its value will continue to rise will be much use as a settlement medium.
Similarly, Ripple is every bit as exposed to the stablecoin scam as bitcoin is. The value of these things will take a much bigger hit as NYAG and others starts to turn the screw on tether
|
|
|
Post by Pilch on Jun 8, 2021 19:28:05 GMT 1
I remember a story about a chap who in the early days bought quite a few bitcoin for next to nothing, and would be worth an absolute fortune now, but somehow he binned his computer when it wasn't worth much, with the details on it
I get all that, but saying he found those details and could access his money I get that too
but where is his money now ?
anyone know ?
|
|
|
Post by frankwellshrews on Jun 8, 2021 19:51:02 GMT 1
I remember a story about a chap who in the early days bought quite a few bitcoin for next to nothing, and would be worth an absolute fortune now, but somehow he binned his computer when it wasn't worth much, with the details on it I get all that, but saying he found those details and could access his money I get that too but where is his money now ? anyone know ? This guy? www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.htmlThere's a few examples, tbh? Anybody remember having similar issues with their bank, pension fund or other regulated investment vehicle? Nope, me neither.
|
|
|
Post by Pilch on Jun 8, 2021 20:31:10 GMT 1
I remember a story about a chap who in the early days bought quite a few bitcoin for next to nothing, and would be worth an absolute fortune now, but somehow he binned his computer when it wasn't worth much, with the details on it I get all that, but saying he found those details and could access his money I get that too but where is his money now ? anyone know ? This guy? www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.htmlThere's a few examples, tbh? Anybody remember having similar issues with their bank, pension fund or other regulated investment vehicle? Nope, me neither. thats sounds like him, but where is his cash ?
|
|
|
Post by darkshrew on Jun 8, 2021 20:54:26 GMT 1
I got some in 2011 when dominos pizza had a promotion on paying with Bitcoin if you ordered online - spent it on two consecutive Weekends. I'm pretty sure that I got 50 bitcoin at the time which was around £50 and they gave a 10% discount for using it on the order.
|
|
|
Post by frankwellshrews on Jun 8, 2021 21:07:22 GMT 1
thats sounds like him, but where is his cash ? The money's on that hard drive. The whole point if crypto is supposed to be "being your own bank". This is a great example of when that goes wrong.
|
|
|
Post by Pilch on Jun 8, 2021 22:39:52 GMT 1
thats sounds like him, but where is his cash ? The money's on that hard drive. The whole point if crypto is supposed to be "being your own bank". This is a great example of when that goes wrong. right, so you cant actually withdraw cash from anywhere , you have to sell you coin ? got it
|
|
|
Post by frankwellshrews on Jun 8, 2021 23:26:59 GMT 1
The money's on that hard drive. The whole point if crypto is supposed to be "being your own bank". This is a great example of when that goes wrong. right, so you cant actually withdraw cash from anywhere , you have to sell you coin ? got it In a nutshell, yes. Either that or find somewhere that will accept bitcoin as payment. There are bitcoin ATMs out there - I'm told they're a nightmare.
|
|
|
Post by Pilch on Jun 8, 2021 23:53:38 GMT 1
right, so you cant actually withdraw cash from anywhere , you have to sell you coin ? got it In a nutshell, yes. Either that or find somewhere that will accept bitcoin as payment. There are bitcoin ATMs out there - I'm told they're a nightmare. [b I guess the atms are set up by individuals who are actually buying the Bitcoin on the fly , presumably are ridiculous exchange rates
|
|
|
Post by frankwellshrews on Jun 9, 2021 0:14:19 GMT 1
In a nutshell, yes. Either that or find somewhere that will accept bitcoin as payment. There are bitcoin ATMs out there - I'm told they're a nightmare. [b I guess the atms are set up by individuals who are actually buying the Bitcoin on the fly , presumably are ridiculous exchange rates No idea about exchange rates, but I'm told 10 to 15 minutes to get your money is good going. They charge transaction fees too plus you have to have an account with the provider and submit your AML info beforehand (so basically from start to finish the whole thing could take 2 or 3 days). Money of the future.
|
|
|
Post by martinshrew on Jun 9, 2021 8:47:30 GMT 1
[b I guess the atms are set up by individuals who are actually buying the Bitcoin on the fly , presumably are ridiculous exchange rates No idea about exchange rates, but I'm told 10 to 15 minutes to get your money is good going. They charge transaction fees too plus you have to have an account with the provider and submit your AML info beforehand (so basically from start to finish the whole thing could take 2 or 3 days). Money of the future. Hence why Bitcoin isn't the future. It's slow, it's expensive, it's not economically friendly as you mine it. Albeit not much left to mine, that might be the time you see some change. I'm in on XRP (Ripple), it's like my lottery ticket. I bought in so cheap 5 years ago that I don't think it's actually possible it'll ever go back that low.
|
|
|
Post by staffordshrew on Jun 9, 2021 9:25:34 GMT 1
No idea about exchange rates, but I'm told 10 to 15 minutes to get your money is good going. They charge transaction fees too plus you have to have an account with the provider and submit your AML info beforehand (so basically from start to finish the whole thing could take 2 or 3 days). Money of the future. Hence why Bitcoin isn't the future. It's slow, it's expensive, it's not economically friendly as you mine it. Albeit not much left to mine, that might be the time you see some change. I'm in on XRP (Ripple), it's like my lottery ticket. I bought in so cheap 5 years ago that I don't think it's actually possible it'll ever go back that low. Anything is possible, even total collapse. But, being a sensible sort of chap, you have maybe cashed in enough to cover your original stake, so can never lose.
|
|
|
Post by frankwellshrews on Jun 10, 2021 13:41:57 GMT 1
|
|
|
Post by martinshrew on Jun 10, 2021 13:46:16 GMT 1
|
|
|
Post by frankwellshrews on Jun 10, 2021 14:07:04 GMT 1
Did you read the article? The issue is that tether's (unaudited) financial disclosure of the breakdown of their assets effectively claims that they own a material percentage of the entire US commercial paper market yet nobody in the industry seems to have heard of them; “We’ve got lots of inquiries and heard lots of discussion, but have not seen any active participation,” said Deborah Cunningham at Federated Hermes. “Until last week we hadn’t really heard of them,” said a trader at a large bank. “It was news to us.” JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit." That's effectively JP Morgan calling it obvious horses**t and also politely saying no bank would touch them with a bargepole even if they did have $50bn+. Sorry to put it so bluntly but if this isn't enough of a red flag for you, nothing will be. The obvious answer is that the "commercial paper" is them loaning tethers out and holding an equivalent receivable on their balance sheet in "reserves". Circle (with their USDC "stablecoin") are apparently now printing up $1bn in USDC in exchange for $6m a month interest. This is the kind of thing that could (should) collapse the market and probably will as more info comes out.
|
|
|
Post by martinshrew on Jun 10, 2021 14:33:20 GMT 1
Did you read the article? The issue is that tether's (unaudited) financial disclosure of the breakdown of their assets effectively claims that they own a material percentage of the entire US commercial paper market yet nobody in the industry seems to have heard of them; “We’ve got lots of inquiries and heard lots of discussion, but have not seen any active participation,” said Deborah Cunningham at Federated Hermes. “Until last week we hadn’t really heard of them,” said a trader at a large bank. “It was news to us.” JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit." That's effectively JP Morgan calling it obvious horses**t and also politely saying no bank would touch them with a bargepole even if they did have $50bn+. Sorry to put it so bluntly but if this isn't enough of a red flag for you, nothing will be. The obvious answer is that the "commercial paper" is them loaning tethers out and holding an equivalent receivable on their balance sheet in "reserves". Circle (with their USDC "stablecoin") are apparently now printing up $1bn in USDC in exchange for $6m a month interest. This is the kind of thing that could (should) collapse the market and probably will as more info comes out. We'll see what happens, some people just don't like innovation and change ... Uber - Biggest taxi firm in the world, don't own a single car. AirB&B - Largest accomodation provider in the world, doesn't own a building. Facebook - Worlds most popular media owner, creates zero content. I could go on and on. Digital disruption is happening all around you whether you like, agree and participate or you don't.
|
|
|
Post by frankwellshrews on Jun 10, 2021 14:37:38 GMT 1
Did you read the article? The issue is that tether's (unaudited) financial disclosure of the breakdown of their assets effectively claims that they own a material percentage of the entire US commercial paper market yet nobody in the industry seems to have heard of them; “We’ve got lots of inquiries and heard lots of discussion, but have not seen any active participation,” said Deborah Cunningham at Federated Hermes. “Until last week we hadn’t really heard of them,” said a trader at a large bank. “It was news to us.” JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit." That's effectively JP Morgan calling it obvious horses**t and also politely saying no bank would touch them with a bargepole even if they did have $50bn+. Sorry to put it so bluntly but if this isn't enough of a red flag for you, nothing will be. The obvious answer is that the "commercial paper" is them loaning tethers out and holding an equivalent receivable on their balance sheet in "reserves". Circle (with their USDC "stablecoin") are apparently now printing up $1bn in USDC in exchange for $6m a month interest. This is the kind of thing that could (should) collapse the market and probably will as more info comes out. We'll see what happens, some people just don't like innovation and change ... Uber - Biggest taxi firm in the world, don't own a single car. AirB&B - Largest accomodation provider in the world, doesn't own a building. Facebook - Worlds most popular media owner, creates zero content. I could go on and on. Digital disruption is happening all around you whether you like, agree and participate or you don't. So, by your logic; Tether - biggest issuer of crypto currency tokens yet holds no real reserve assets and that's fine? Look, " digital disruption" sounds very 21st century and crypto scam artists like to dress themselves up in this language but all it is is a 21st century take on two very old scams that never seem to go away; en.wikipedia.org/wiki/Wildcat_bankingen.wikipedia.org/wiki/Ponzi_scheme
|
|
|
Post by martinshrew on Jun 10, 2021 15:08:15 GMT 1
We'll see what happens, some people just don't like innovation and change ... Uber - Biggest taxi firm in the world, don't own a single car. AirB&B - Largest accomodation provider in the world, doesn't own a building. Facebook - Worlds most popular media owner, creates zero content. I could go on and on. Digital disruption is happening all around you whether you like, agree and participate or you don't. So, by your logic; Tether - biggest issuer of crypto currency tokens yet holds no real reserve assets and that's fine? Look, " digital disruption" sounds very 21st century and crypto scam artists like to dress themselves up in this language but all it is is a 21st century take on two very old scams that never seem to go away; en.wikipedia.org/wiki/Wildcat_bankingen.wikipedia.org/wiki/Ponzi_schemeYou probably said the same about: - The Internet - Contactless card payments - Electric cars The list goes on, Crypto is here, digital currency adoption is happening. Don't believe everything you read. JPMorgan said Bitcoin was a scam then purchased millions of dollars worth. You find big institutes trying to drive the price down, I wonder why ...
|
|
|
Post by Pilch on Jun 10, 2021 16:07:04 GMT 1
Did you read the article? The issue is that tether's (unaudited) financial disclosure of the breakdown of their assets effectively claims that they own a material percentage of the entire US commercial paper market yet nobody in the industry seems to have heard of them; “We’ve got lots of inquiries and heard lots of discussion, but have not seen any active participation,” said Deborah Cunningham at Federated Hermes. “Until last week we hadn’t really heard of them,” said a trader at a large bank. “It was news to us.” JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit." That's effectively JP Morgan calling it obvious horses**t and also politely saying no bank would touch them with a bargepole even if they did have $50bn+. Sorry to put it so bluntly but if this isn't enough of a red flag for you, nothing will be. The obvious answer is that the "commercial paper" is them loaning tethers out and holding an equivalent receivable on their balance sheet in "reserves". Circle (with their USDC "stablecoin") are apparently now printing up $1bn in USDC in exchange for $6m a month interest. This is the kind of thing that could (should) collapse the market and probably will as more info comes out. We'll see what happens, some people just don't like innovation and change ... Uber - Biggest taxi firm in the world, don't own a single car. AirB&B - Largest accomodation provider in the world, doesn't own a building. Facebook - Worlds most popular media owner, creates zero content. I could go on and on. Digital disruption is happening all around you whether you like, agree and participate or you don't. yes , go on, I was actually enjoying those examples
|
|
|
Post by martinshrew on Jun 10, 2021 16:15:18 GMT 1
We'll see what happens, some people just don't like innovation and change ... Uber - Biggest taxi firm in the world, don't own a single car. AirB&B - Largest accomodation provider in the world, doesn't own a building. Facebook - Worlds most popular media owner, creates zero content. I could go on and on. Digital disruption is happening all around you whether you like, agree and participate or you don't. yes , go on, I was actually enjoying those examples Alibaba, Amazon, Bitcoin, Google. The list goes on. Some people don't like change, mainly big bankers making millions from the traditional old systems like swift and manipulating exchange rates. We should set a 10 year reminder on this thread ...
|
|
|
Post by frankwellshrews on Jun 10, 2021 16:58:25 GMT 1
yes , go on, I was actually enjoying those examples Alibaba, Amazon, Bitcoin, Google. The list goes on. Some people don't like change, mainly big bankers making millions from the traditional old systems like swift and manipulating exchange rates. We should set a 10 year reminder on this thread ... With respect though, these are the typical crypto talking points which get rehashed every time there's any criticism but they don't really address the very specific problem that tether (and now other stablecoins like usdc) represent. Tether's basic premise has always been that a tether effectively is a dollar (ie it represents 1$ held outside of the crypto system and exchangeable for tethers as an "off ramp"), with tethers being used simply because there were regulatory and technical problems with actually using real dollars within crypto. By tether's own admission now, actually only about 4% of its "reserves" are real dollars. The rest is in "commercial paper" yet nobody can find anybody who's been lent money by tether and the biggest players in the market (of which tether now claims to own about 3%) claim they're not aware of them participating in the market. It's just not credible. The more likely answer is the only thing staving off a run on the bank is the never-ending slew of propaganda (of the type Martin reels off above) aimed at preventing "hodlers" from trying to cash out (funny how all the major exchanges have "technical issues" whenever there's a crash). But fine; your risk, as long as you haven't staked mire than you can afford to lose it's no big deal but there's a lot of people making unwise financial decisions right now based on this unregulated market. Add that in yo the environmental waste and the preponderance of crypto adjacent crime..... why are we comparing this to "the internet" again?
|
|
|
Post by blazey on Jun 10, 2021 20:06:05 GMT 1
The Cryptocurrency saga reminds me of a cautionary tale I came across in a TV documentary 20 years or so ago, about the dangers of assets whose value is based on sentiment alone...
A collector in the late 70s bought a load of Gary Glitter memorabilia in an auction. Glitter was about as fashionable as he is now at the time, so it was stuff like stage-worn jump suits, chest wigs, signed records, the lot... all bought for a snip....
By the mid 90s Glitter had made a comeback, and when this fella had his collection valued he was stunned to find it had “gone to the moon”, and on paper at least, he was a millionaire. He didn’t want to sell though, he was going to be a “holder”
We don’t need to recount what happened to Glitter next, but needless to say that not even a charity shop would touch this now worthless collection with a bargepole.
The lesson being, these things often seem to be going along very well, until all of a sudden they’re not....
|
|
|
Post by martinshrew on Jun 10, 2021 22:06:20 GMT 1
As I say, would love a 10 year reminder on this thread would be so interesting.
I can't pretend to know all the answers, nobody does. I can well see a cashless, digital society by 2040.
|
|