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Yeah it correlates exactly to politics - Bitcoin is a libertarian hard money project, political to its core. The technology is incidental and completely subservient to the ideology.
@richardyot most of USDT is backed, fact. Maybe not all, not arguing .. it's hard to found truth, but to say "it's scam" is massive overstatement.
But ok, makes no sense to argue about this, neither you nor me have 100% solid information. You're guessing based on sources you believe, i'm guessing based on sources i believe.
Let's stick with (estimate) numbers.
market cap of bitcoin: $1 trillion
market cap of all altcoins excluding USDT: $860 billons
market cap USDT: 40 billion.
Now, can you please explain how, even IF Tether would be partial not backed (*) , can this "crash" cryptomarket ? Try to explain what is your idea how this should work.. For me It's funny to think that 40b marketcap asset can put on knees 1.8t or respectively 1t marketcap asset. Yes, it can cause some troubles and consequent price correction, but nothing from what cryptomarket can't recover quickly.
(*) again, if you think it is NOT backed at all, zero, then you're with all respect insane conspiracist
)) I really hope you don't think that, clearly it is at least partially backed, based on recent investigation, we can argue if it is 100% or 80% but thinking it's 0% is just nonsense.
That makes sense because USDT is used in derivatives (futures, options) pairs. Nothing wrong about that. Classic non-crypto derivative market has estimated size from 500 trillion dolars to more than quadrillion dolars. Those are synthetic products which aren't "backed" by anything at all too, thouse are just contracts between two sides buyer / seller. Derivatives are inevitable evil of financial system, we had to live with it even through we don't like it. You understand how derivatives works, aren't you ?
This is basic misunderstanding on how Tether is used on exchanges .. If there will be risk of any fuckup with tether, vast majority of traders would do one of this:
1/ convert all USDT into BTC (or other crypto of their choice, but BTC is in general considered as "safe heaven" in cryptomarket). Which would, ironically, push price of BTC even higher (spot trades are main fuel for price changes)
2/ convert all USDT into other stable coin - for example Coinbase USDC or Binance BUSD
If you think people are holding USDT long term for converting it later to USD, you don't understand how this market works :-) People who want to cash out, they cash out from BTC (or other crypto) directly to fiat and then withdraw this fiat out of exchange.
One thing which would be heavily affected by troubles of USDT is DeFi market. Yes, there would be eartquake if USDT get troubles, because of vast majority of loans and lending on DeFi is denominated in USDT. That's why i'm holding my hands away from DeFi, at current stage i think it's sand castle and when Bitcoin will enter it's next bear market phase, whole DeFi will crash and many projects will never recover. Of course, main reasons are different than you think, it's more about crypto used as collaterals and liquidity pools drying, but that's whole other thing for long debate.
Yeah, i admit in long term Bitcoin is only crypto i really believe in, i'm so called "bitcoin maximalist" :-) It's just based on my experience, i'm in crypto since 2015 , i'm holding back away from all that yield farming, liquidity pool providing, lending and borrowing and tons of shitcoins. My bitcoin silently sleeps in cold storage, waiting when price reaches level big enough so i can retire Oh sorry, like one famous person said - i'ts sad, i don't have any bitcoin anymore, i lost ma wallet during boating accident.
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I’m no expert, but even my modest investments are up 432+% over the last 3 months. And I personally know several people (including relatives) who have made eye-popping profits investing in crypto (and not just Bitcoin or Ethereum). These new markets are still relatively untapped, despite Bitcoin being 10 years old now. There’s no putting the genie back in the bottle.
And just to be extra-clear, I’m not giving anyone financial advice here. Everyone should ALWAYS do their own homework and not take free advice on the Internet.
Yes, this is for me one of most fascinating things on Bitcoin and whole crypto. It forces you to learn and really understand things (of course in case you're not that kind of persons who is OK with just some crap found on CNBS, BBC or FoxNews, just repeating some empty phrases
) I learned massive amount stuff about how economy works, how markets works, not just crypto in recent years. This knowledge is for me LOT LOT more valueable than my (unfortunatelly relatively small) bitcoin holdings. Knowledge is everything for me, to understand things is my drug number one !
The reason it was created was in reaction to corrupt central banking systems and as a way to take away the power to create money backed by nothing by central authorities. Regardless of one’s feelings about that aspect of it, blockchain was an innovation that had never been engineered in such a well-considered way before. It has led to a revolution in money transmission, decentralized finance and lending and much more.
Btw. this is very interesting reading about Len Sassaman, which is very good candidate to be real person behind name "Satoshi Nakamoto"
https://leung-btc.medium.com/len-sassaman-and-satoshi-e483c85c2b10
I suppose who “Satoshi Nakamoto” really is (or was) is irrelevant now because their work spoke for itself and it will outlive all of us.
The sources I'm following are simply reporting on what has happened in the ongoing court case and also followed Tether's minting activities. It's pretty clear you can't believe anything from Tether's PR machine or from any of its advocates. Many of Tether's critics are Bitcoin enthusiasts who are alarmed at Tether's activities.
To summarise:
For years Tether claimed to be fully backed by fiat: for every Tether in existence there was an equivalent dollar in Tether's bank reserves.
When taken to court by New York's AG Tether was eventually forced to admit (after months of delaying tactics) that this is not true. They claimed they were 74% backed, and not only in dollars but also in crypto.
The above in itself should be devastating, since the whole concept of a "Stablecoin" is that it is fully backed by fiat. One Tether should equal one dollar, otherwise they are simply committing accounting fraud.
But it gets worse, because what Tether is actually doing is simply minting Tethers out of thin air and using those unbacked Tethers to buy Bitcoin on unregulated exchanges, one of which is also owned by the same people as Tether. Those crypto purchases are then included in the so-called "reserves". Mint coins from nothing, buy Bitcoin, and claim that you have now backed your coins.
In the meantime practically all of the crypto trade on unregulated exchanges is done with Tether. What could possibly go wrong?
Of course none of the US-based exchanges allow Tether, because they are regulated.
If we put aside the conspiracy theories about "corrupt" central banks, and just look at the "financial innovation" aspect of it what we see is an explosion in new scams, ponzi, and pyramid schemes. We're in the middle of a pump-and-dump bubble, so every investor thinks they're a genius. What happens to all the bag-holders when the bubble bursts?
The crypto market is mostly happening on unregulated exchanges which are a magnet for criminals and fraudsters. The yields and returns being promised are absolutely delusional, especially when you factor there is no actual product being sold, no productivity gains being achieved, no real yield anywhere in sight. It makes Wall Street look benign in comparison.
yeah agree... but it's also interesting, if nothing else then Len was very interesting person ...it's interesting article (at least for me)
Nope, this is not true. Sorry, you again and again show that you have outdated information which were actual somewhere around 2017/2018
Vast majority of exchanges, especially big ones (but also smaller) are following international KYC rules, to create account and trade there you need to provide complete information (including scans of documents to prove your identity, like personal id card ) and they are cooperatiog with goverment tax offices..
Second biggest world exchange with 56 million users (and bigest in US) Coinbase is going to be publicly traded on stocks - which means they went throug massive audit and they need follow very strict SEC rules, another one (Kraken) is considering same.
Ironically, thanks to big developement in on-chain analysys and just pseudo-anonymous base of bitcoin, it is used for illegal activities a lot less than traditional cash (just try sech hiw much payed banks as penalty for money laundering during last 10 years)
no it is not, primaty reasonis to have something with PRICE fixes to USD dolar, backing is old-fasion way, but there is extensive developemenr on are of so called "algoryrhmic" stable coins which so noy need backing because their price is pegged to some fiat currency algorytmically by bots who are distributing them on exchanfes (very simplified explanation)
You have typo here, you wanted to write "what FED is actually dooing is simply minting Dollars out of thin air"
Fixed it for you
Coinbase is a US based exchange and is therefore regulated. Note that Coinbase does not accept Tethers.
But there is more trading overall on the unregulated exchanges such as Binance and Bitfinex (owned by the same people as Tether) + others than there is on the regulated US exchanges.
Yes that's right
That's how fiat currency works. No argument from me there.
Yeah, average yearly growth 200% during 12 year is obviously pump and dump ponzi scheme...
Don't want to destroy your information but not only Binance is KYC compliant too, but they have even special division for US customers with disabled derivatives trading (because US citizens are not allowed to trade derivatives, which itself speaks something about how "free" and "democtratic" country US really is, but that is other debate)
Not sure how it is at Bitfinex (my bets are they are KYC compliant too), but most of exchanges over the world (even lot smaller than bitfinex) are now following KYC
Binance mostly trades in Tether, so not compliant with US standards of regulation. And Binance has about 5x the trading volume of Coinbase according to www.cryptocompare.com so the risk of fraud is very real.
Believe what you want, but as I keep saying many Bitcoin advocates are calling out Tether as a scam. 🤷♂️
That's the danger of unregulated finance, there's no legal protection.
Do you have some stats what part of Bibance trades are with USDT, and especially what is derivative part (futures) and what spot ?
Btw for spot trading they have also own stablecoin BUSD and they are also supporting Coinbases USDC.
Anyway i'm afraid you really do not uderstand difference between trading volume and between coins physically holded in user's wallets, and also impact of derivative trading vs. spot trading, this is really not that simple, you cannot count colume generated by futures trading with leverage into this, and i wouldn't be surpriset of 80% and more of this "volume" is generated by derivatives and not spot trades.
i suggest we ahould stop this discussion, it goes far beyond this thread, thereis really not enough room to explain it in detail
I reacted mostly on this your post:
My point was this is not true (very diplomatic speaking) because most of exchanges over the world are now following various anti-money laundering rules like KYC and are cooperating with goverments tax offices. Like Binance does. So this thing you wrotr is simply untrue, this was situation 5-6 years ago, not now.
Centralised exchanges, especially thise allowing deposit / withdraw fiat currency are now HIGHLY regulated over the whole world
many bitcoin advocares are calling also Ethereum scam. And many other altcoins. Many advocates of coin X are trashing coin Y. There is very high level of tribalism in cryptocommunity (it's like DAW X vs DAW Y in our community here
) You have to stick with facts and try avoid "opinions"
Reason is maybe sipler than you think. Coinbase requests that coin have to support their proprietary API to be listed. So basically coin dev has to implement Coinbase API. So maybe kust Terher did not that yet. And maybe Coinbase doesn't want USDT there as competitor to their own USDC, who knows (now this is just my conspiracy
)
@dendy yeah let's drop it. The issue I keep coming back to, and I think you're avoiding, is that Tether is minting unbacked coins to pump the market. You keep going off on tangents to avoid this issue
Let's come back in a year or so and see how it all panned out.
Thing is just that this story about Thether is there for years, it's not new. It pops into media and gets attention periodically when Bitcoin starts to rise after some period of bear market :-) So i don't think it changes year from now, or 2 or 10 or 50 .. it will be always there
Main Bitcoin FUD topics which are getting back year after year:
I really don't know if it is fully backed or just partially. Nobody really knows and i tend to believe nobody will ever know.
What i'm pretty sure is that Bitcoin price is not pumped by Terher. At least not in larger time frame, there are ocassional clearly stablecoin (not just tether) pumps but they are often followed by peice correcion and it is visible on chart - one of signs is price rising but volume dropping.
Plus i'm deeply watching on-chain data. This is something which is very much ignored by mainstream media. And those numbers are mind blowing - vast amount of Bitcoin is leaving exchanges and it is moved into adresses of long-term holders. Even miners are now accumulating and not selling anything (which never happened in past, at least not at this scale like now). Those are purchases with real money - not with stablecoins (in those stats is visible when there is large movement of stablecoins on exchanges followed by large movement of BTC out of exchanges - in recent months this was not the case, most of big purchses were made with real money - most of those big purchases are made in OTC market (which is market out of exchange liquidity pools, made with real fiat money, not stablecoins) - this kind of purchases doesn't impact price in direct way (i mean immediately) price needs some time to adjust - but then this is lot more permanent change... In recent three weeks when price was a little bit down, outflow from exchanges was massive, so i'm expecting significant price jump up in next 2-3 weeks, let's see ...
Oh but please this is not financial advice, i'm not financial expert or consultant and information provided here should be NOT used for any kind of purchases, do your own research :-)))
👇
Ok.. year from now - my guess - price will be down from $288k peak in december 2012 probably sitting around 140 - 160k, then slowly oscillating between 110 and 190k for next 2-3 years before massive bullrun to 500-800k in 2025 :-))
I leave this post sink here, to return to it later :-)
See you next year
Or better still, return to a different thread that perhaps has something to do with bitcoin, rather than a thread about NFTs, which is not a bitcoin related concept.
I’m not sure what your point is here? In case you haven’t been paying attention, the US just pulled a series of multi-trillion dollar stimulus packages out of thin air and the country is now in debt to the tune of some $28 trillion dollars (debt per taxpayer $224,455 as of this post). If this doesn’t concern you, it does concern some of the biggest corporations and financial organizations in the world, as they are pouring billions into Bitcoin as a long-term hedge against inflation now (see: Michael Taylor of MicroStrategy, Elon Musk of Tesla, Morgan Stanley, Grayscale Investments).
I think it’s great that you’re skeptical. I was skeptical until I looked into it much more closely and started to question my assumptions.
problem solved! now everyone can be rich...
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NFTs are not specifically about Bitcoin, but they are all about blockchain verification.