Post AcUMcoRO05CwTQJAf2 by Josteglitz@troet.cafe
(DIR) More posts by Josteglitz@troet.cafe
(DIR) Post #AcTv5llUELnDr8jHdI by tante@tldr.nettime.org
2023-12-04T23:48:41Z
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I get a lot of people calling out my #Bitcoin skepticism (as in: Bitcoin is a worthless piece of hot garbage trying to kill our planet) because number is again going up. This time it's real, now that the scamers have been caught and all.But if you want to know why Bitcoin goes up you just need to look at one curve: Tether has printed 4 billion USD from thin air in the last week. While it's great to see the crypto scam artists SBF and CZ been caught and punished (sadly without making their victims whole) the actual rock that whole scam economy is built on is Tether. Has been Tether for years.And I really don't get why US regulators let some weird company print fake USD.
(DIR) Post #AcTvMtKbLtJEFIJoAa by kkarhan@mstdn.social
2023-12-04T23:51:52Z
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@tante CZ didn't get caught...He stepped down but otherwise remains a free person - uncharged and unwanted.
(DIR) Post #AcTvXA6npRlXAxlHbE by tante@tldr.nettime.org
2023-12-04T23:53:42Z
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@kkarhan His company paid a massive fine but he also had to pay 50m in actual money (not fake shit). It's not enough but at least something.
(DIR) Post #AcTvvOa9fVht0x2vse by Kensan@mastodon.social
2023-12-04T23:58:05Z
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@tante Currently reading Faux’s “Number go Up” and all this makes even less sense, if any, than when I only thought it was all a stupid scam. Normalcy Bias doing a lot of work here.Is it really just that existing institutions have a hard time to adapt to new things or does nobody want to wade into this minefield?
(DIR) Post #AcTx0pWV1u3lyMUY9Q by cundravy@hachyderm.io
2023-12-05T00:10:15Z
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@tante To be fair, nobody is printing fake USD. If there are enough people dumb enough to pay USD to get their Tethers, I don't see why US regulators have to put a stop to it. This will all come crashing when there is not enough "confidence."While I believe btc is just weaponized greed and Tether is a scam, I also want the US Government to not overreach their authority.
(DIR) Post #AcTzdaurTKRVs6Uzbc by kkarhan@mstdn.social
2023-12-05T00:39:40Z
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@tante It's because #Tether is not a#currency and it's claims to have any backing as a #Stablecoin are just #marketing #lies. Basically all they do is sell #scrib and #vouchers They won't survive a #BankRun because they have nothing in the bank!https://en.wikipedia.org/wiki/Scriphttps://en.wikipedia.org/wiki/Voucher
(DIR) Post #AcU0TvhxPhF7PmQ0Vk by kkarhan@mstdn.social
2023-12-05T00:49:09Z
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@tante $50M and getting fired isn't a real penalty for a billionaire...It's like giving Bezos $16k in parking tickets:https://www.theverge.com/2020/2/3/21120476/jeff-bezos-washington-dc-renovate-apartment-home-parking-ticketsHe'll be pissed and angry for a day but has so much money on the bank that he can't really burn it all even if he'd pay multiple therapists 24/7 to help him touch grass...
(DIR) Post #AcU62M1oYrIef7wO8m by jplebreton@mastodon.social
2023-12-05T01:51:25Z
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@tante my impression from following the news past few years is that they're definitely looking into it, just haven't sunk their teeth in yet. but yeah it seems like in a sane world they would've gone after the most obvious funny-money fraud first and let the dominos fall from there. better late than never i guess. (as in, the longer regulators wait the more average marks will be ruined when it collapses)
(DIR) Post #AcUMcoRO05CwTQJAf2 by Josteglitz@troet.cafe
2023-12-05T04:57:18Z
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@tante why do prices rise when supply increase?
(DIR) Post #AcUPHHzfk4Vpcdm2Ii by ui3o@chaos.social
2023-12-05T05:26:59Z
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@tante in my analog youth, we called such Games „Fang den Hut“ or „Reise nach Jerusalem“. It’s fun to play. Most fun is laughing at those who finally loose.
(DIR) Post #AcUUgfhvDBkEBBOTZ2 by eliasr@social.librem.one
2023-12-05T06:27:47Z
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@Josteglitz > why do prices rise when supply increase?The supply of Bitcoin did not increase.- The supply of "USDT" increased. Note that "USDT" is not USD, and it is also not Bitcoin.- The price of Bitcoin increased.Possible explanation: Tether created more USDT and sold them to people who paid with fiat money. Those people then used those new USDT to buy Bitcoin (and/or other cryprocurrencies), so there was increased demand for Bitcoin.I hope @tante will correct me if I'm wrong.
(DIR) Post #AcUavaEyQ3QtIDLaS0 by gabrielesvelto@fosstodon.org
2023-12-05T07:37:41Z
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@eliasr @Josteglitz @tante people aren't buying Tether with fiat money, certainly not on the scale of the amount that were printed. The way they push prices up is by wash trading. The company that owns Tether also owns the Bitfenix exchange, so they can make fake trades where Bitcoins are exchanged with Tethers at inflated prices. The trade prices are reported as if the they happened in US dollars. Those who fall for it will typically buy Bitcoins with fiat money at the inflated price.
(DIR) Post #AcUgW1JDkwHBRLWlbU by tante@tldr.nettime.org
2023-12-05T08:40:12Z
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@gabrielesvelto @eliasr @Josteglitz exactly this. Bitcoin is bought with Tether which is just fake USD increasing the price to use when dumping assets on retail
(DIR) Post #AcUzjYch6Y5LehnwsS by brent@thecanadian.social
2023-12-05T12:15:25Z
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@tante This disagreement may boil down to how much you can accept that value is based on something physical and measurable, versus it being purely a matter of perception—even if that perception is distorted or misinformed.For those inclined to the latter, the important thing to remember is the speed at which a perceived object of value can suddenly become worthless. And is speculation a good investment of one’s real time and energy? Clearly not, but delusions are powerful.
(DIR) Post #AcVXNIVVjtdxkB0BF2 by phil_stevens@mastodon.nz
2023-12-05T18:32:18Z
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@tante It's not too different from the way commercial banks create real USD. At least the banks have some nominal security over real assets (cough cough).
(DIR) Post #AcVmyUmEa9lhpC1Gfw by 202211241052@infosec.exchange
2023-12-05T21:27:11Z
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@tante it's entirely the US gov's fault because fiat ($) ramps where choked thus coin holders wishing to wait out a bear market had nowhere to hide. USDT has worked perfectly for almost a decade and it's used case has increased to defi etc only making it stronger.
(DIR) Post #Ack5HCQeR7RMPOflbs by stevenroose@x0f.org
2023-12-12T18:58:25Z
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@tanteAs a bitcoiner that never actually cared or understood #tether, I wonder why you say it printed 4 billion out of thin air.. I was under the impression that their issuance is done when people deposit "real" dollars? Or are they claiming their have dollars while others claim they don't?#bitcoin