bit¢oin$

The tether thing is still a compelling case about why the bitcoin pump has been a complete scam. They got another extension to provide the NYAG with documents that show 1T is backed by 1USD. And that new deadline is in a week or so. But in the meantime they minted one billion tether yesterday and minted like 7 billion last week. So many billionaires sending money to tether's bank in the Bahamas.

But I think they now just need to prove that 1T is backed by 1USD or equivalent, which is easier if you
mint tether>unknown wallet>crypto exchange>purchase BTC>unknown wallet>crypto exchange> BTC into USD

the volume... is not very high

― lag∞n, Friday, February 12, 2021 1:34 PM (thirty-six minutes ago) bookmarkflaglink

Bitcoin's latest trading volume was $78,534,285,374 -- as a percentage of market cap that's higher than the volume of a lot of large cap stocks (and it's also huge in absolute terms). Agree it's very possible it could just be dumb shit like back-and-forth wash trades among a small number of accounts or a large number of dummy accounts.

its higher than the volume of... a single stock

latest *reported trading volume I should say, I really have little idea how that's calculated or how much if any transparency there is with these exchanges.

its higher than the volume of... a single stock

― lag∞n, Friday, February 12, 2021 2:18 PM (twenty seconds ago) bookmarkflaglink

Higher as a percentage of market cap though, i.e. the percentage of bitcoin that trades per day is higher than the percentage of, say, Apple stock that trades per day. Of course, Apple is very clearly widely held and traded among many many holders and trades on a transparent national exchange.

(i.e. no idea if the latter is actually true for Bitcoin - volume doesn't matter much if it's wash trades)

anyway im sure at this point in the mania a lot of the trading is legit the manipulators may have already cashed out, or they just step in when necessary who knows, either way i would bet all the bitcion i own, like ten dollars worth a thumb drive somewhere that i forget the password to, that manipulators are in the mix, cause i mean why not you have a dubiously regulated world wide market where all the players are pseudonymous, its like it was invented for crimes

yeah I think bitcoin is dumb as shit too, I've just never seen a phenomenon quite like this. I have to think it's partly fed money inflating bitcoin just like everything else is getting inflated. Fed engaged in unprecedented bond buying and institutions are just (indirectly) throwing a lot of that on the craps table because nothing productive to spend it on.

yeah I think bitcoin is dumb as shit too

― longtime caller, first time listener (man alive), Friday, February 12, 2021 2:25 PM (fifteen seconds ago) bookmarkflaglink

i will do you the courtesy of not reviewing your posts itt lol

the real question is, if someone with $20,000,000 of bitcoin they found on a USB somewhere were to cash out, could they actually get 20 million dollars

at this point it seems like yeah, but not sure at what number it becomes no

you can see when there are large amounts of crypto being transferred from wallets to exchanges or when stableoins are being minted. Some twitters send out alerts. Whenever tether is being minted, bitcoin pump always follows. When they stop minting, it slowly starts to bleed.

recall ppl talking about that pattern the last time around

yeah it still happens. people still trade based on it. It's pretty reliable.

lol normal asset

I put $50 in a week ago as a larj. It’s at $73 now. Should I put all my money in it?

only if its as a larj

Sorry i slip into norwegian when i’ve had a fewj

treej

Its Bi-tulip mania!

https://en.wikipedia.org/wiki/Tulip_mania

How we defeat the transhumanist technocracy:
-Worship God
-Buy bitcoin
-Build our own internet (satellites + free speech software)
-Build our own bitcoin and silver/gold-backed banks
-Build our own digital economy
-Exit the existing system

— Gab.com (@getongab) February 13, 2021

are they moving to mars?

papa elon

I started listening to the ARK Invest podcast, and some of it is pretty interesting, e.g. when they get into the nuts and bolts of the autonomous vehicle race. But I just listened to the bitcoin one and it was so many layers of bullshit.

My favorite part was when they addressed the common criticism that bitcoin was too volatile, and their spin on that was that "what's great about it is that it's not correlated to other assets." You know what else isn't correlated to other assets? My boogers. That doesn't make them an investment.

coming bak to the tether thing. Their last reported mint was Feb 20 for 800mil. The nyag's report and fine came out 3 days later and they haven't minted any tethers since, although there has been a lot of huge transactions overnight and a lot of other stablecoin minting. But if you look at the btc one month chart it sure looks not entirely coincidental.

I spoke to a couple of the smarter bitcoin enthusiasts I've known, and both of them seem to have settled down and cooled their expectations a lot about it. Crazy that it's still having the run it is -- the stablecoin manipulation theory seems very plausible, it's just a magnitude of manipulation I don't know if the world has ever seen before if so.

Like both of these guys were once telling me "bitcoin is the new internet" and now they're like "it's overhyped and there are a lot of scammers out there but blockchain has a few good uses"

i mean bitcoin people are super sensitive when you say that tether is a huge scam and it's the main driver of bitcoin pumps... so you know. There is data out there but supposedly it's all FUD, i am not putting in the energy to try to convince people of something so obvious. I just trade around it.

weird how a super slow expensive distributed database didnt change everything

man, this is a fun thread to read back through, lots of gems

smarter bitcoin enthusiasts

Good intro

― ❏❐❑❒ (gr8080), Wednesday, December 5, 2012 9:28 PM (eight years ago)

posts that aged unexpectedly; that's over a million dollars.

The more I get back to reading about bitcoin, the more I feel like my friend has probably lost his judgment living in the silicon tower

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 5:54 PM (seven years ago) bookmarkflaglink

yes

― lag∞n, Monday, December 2, 2013 5:56 PM (seven years ago) bookmarkflaglink

it's weird though, dude is smart as fuck and usually a cool-headed and skeptical thinker. But he keeps repeating these catch phrases like "it feels like the internet in 1990" that must ping-pong around a lot out there. He spent years having his employer do his laundry and drive him to work, so he may have lost touch a bit.

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:01 PM (seven years ago) bookmarkflaglink

oh also "it's going to disrupt banking"

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:02 PM (seven years ago) bookmarkflaglink

lol this is one of the guys I'm talking about who now says it's mostly scams and hype but there might be a few good uses for blockchain

my brother works in this industry and he says there really aren't any good uses for it...just a bunch of stuff that could be done much more efficiently with other data structures

Just use Postgres ffs

thats your answer for everything

It’s usually correct!!

I mean you can’t buy drugs with Postgres but otherwise

i'm sure some database programmers convert money earned with Postrges into drugs

i'm sure some database programmers convert money earned with Postrges into drugs

I feel seen.

Another thing I have to think is helping to drive the bitcoin price runup is leverage. My understanding is that there are offshore trading platforms that let you use up to 100x leverage to buy bitcoin. Presumably there's little or no oversight there.

https://news.artnet.com/opinion/beeple-everydays-review-1951656
some real humdingers in there

I was just talking with ZS on the NFT thread about how the piece is terrible as a whole -- the mosaic just does not work in the slightest in a visual sense. And also about how some of the individual images were kind of lame, sub-banksy trench commentary. But I hadn't seen a lot of those. Yikes.

didn't know we had an NFT thread!

NFTs

u should repost it there

forks, for the benefit of my sanity, even if you like NFTs, please do not like NFTs, please do not

but speaking of beeple and all the terrible shit he's made and said (and is now embedded into the 3rd-most value work of art by a living person), what sucks is that a certain kind of artist/audience could acknowledge that past and maybe the "work" would partly be about showing how he used art to move beyond that and not be a total fucking dick whose existence and continuing success serves as perhaps the quintessential example of everything that is wrong with white men. but instead, his current fanbase/supporters/#cryptobros/art fans are like mid-2000s ilxors calling everyone the r-word stuck in a time freeze, never growing past that or taking any criticism at heart