Bitcoin....who's gotten into it?

**ICantLogIn** · 01-30-2018, 02:51 PM

Originally Posted by Kinnikinnick

Tried to better understand the Tether USDT thing this morning but I’m missing something about it. So you buy USDT from them for USD (although I read somewhere that the retail means to do so no longer works ?) so that you have a coin pegged to the USD. For what purpose ? Shouldn’t you just buy BTC or Ether or whatever if you want crypto and if you want USD then stay in USD assets.

And on the Tether side if they take USD and are supposed to keep it in reserve, what can they then do. If it’s a fractional reserve thing - ie a bank then I’d understand, but if they are supposed to keep the whole amount as reserve, what do they do?

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This guy does a good job with a USDT explanation.

https://d.tube/#!/v/lifttheveil411/dy2b91ys

This one also
Tether (USDT) Explained - Is Tether a Scam?

**JimmyCarter** · 01-30-2018, 02:54 PM

Originally Posted by Kinnikinnick

Tried to better understand the Tether USDT thing this morning but I’m missing something about it. So you buy USDT from them for USD (although I read somewhere that the retail means to do so no longer works ?) so that you have a coin pegged to the USD. For what purpose ? Shouldn’t you just buy BTC or Ether or whatever if you want crypto and if you want USD then stay in USD assets.

And on the Tether side if they take USD and are supposed to keep it in reserve, what can they then do. If it’s a fractional reserve thing - ie a bank then I’d understand, but if they are supposed to keep the whole amount as reserve, what do they do?

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The Tether stuff seems shady as fuck, even relative to the cryptospace in general.
@bitfinex'ed has been covering them for a while
https://medium.com/@bitfinexed

**couloirman** · 01-30-2018, 04:38 PM

Originally Posted by Boomer28

Another totally NORMAL 10% swing in crypto today....

Nice-- time to buy and wait for the next uptick!

**Kinnikinnick** · 01-31-2018, 12:03 PM

Now the vested interests are defending 10k

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**summit** · 01-31-2018, 01:02 PM

How do you defend 10K? Do you just keep buying more to prop up the price? That strategy cannot last long...

Or do you just keep shouting from the rooftops that its going up up up up!

**ICantLogIn** · 01-31-2018, 01:04 PM

You don't cave and sell, you HODL.

Pretty good interview.

**4matic** · 01-31-2018, 01:33 PM

If the contract traders get control of enough inventory they can pound BTC to dust. That’s where the risk lies.

**digitaldeath** · 01-31-2018, 02:43 PM

see my quantum computer thread...

**Bromontana** · 01-31-2018, 03:16 PM

The

**Kinnikinnick** · 01-31-2018, 04:05 PM

Originally Posted by Summit

How do you defend 10K? Do you just keep buying more to prop up the price? That strategy cannot last long...

Or do you just keep shouting from the rooftops that its going up up up up!

You tell Tether to create another $800m “USDT” https://www.google.com/amp/s/amp.red..._january_2018/ and buy BTC, all the whole saying on twitter “BTC to $100K” and having your BTC buddies write news articles about how BTC will go up.

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**ICantLogIn** · 01-31-2018, 04:11 PM

Originally Posted by Bromontana

Moved money out of tether (binance) into usd on gemini yesterday. Sitting on sidelines while sentiment repairs. Expecting summer as earliest turnaround point.

I should do the same but I like trading shitcoins too much.

**splat** · 01-31-2018, 05:16 PM

Originally Posted by Kinnikinnick

Now the vested interests are defending 10k

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Originally Posted by Summit

How do you defend 10K? Do you just keep buying more to prop up the price? That strategy cannot last long...

Or do you just keep shouting from the rooftops that its going up up up up!

If it doesn't hold at 10K, it starts looking bottomless.

**skaredshtles** · 01-31-2018, 05:17 PM

It ain't gonna hold at $10K.

This thread continues to deliver!

**Bromontana** · 01-31-2018, 06:12 PM

Rabbit

**stalefish3169** · 01-31-2018, 06:42 PM

Originally Posted by Kinnikinnick

You tell Tether to create another $800m “USDT” https://www.google.com/amp/s/amp.red..._january_2018/ and buy BTC, all the whole saying on twitter “BTC to $100K” and having your BTC buddies write news articles about how BTC will go up.

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Not defending Tether at all, but you do realize 800 million, and/or the ~2 billion in total Tether, is a pretty small portion of a 500+ billion dollar market cap, right?

Also, you sure spend a lot of time perusing crypto reads for someone who is so against it.

Originally Posted by splat

If it doesn't hold at 10K, it starts looking bottomless.

All the pros are ready to buy big if BTC drops to around 8k and hits the 200 day moving average. So we'll see.

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**Mazderati** · 01-31-2018, 07:36 PM

Pros.

**ICantLogIn** · 02-01-2018, 08:00 AM

I like this volume.

**Whiteroom_Guardian** · 02-01-2018, 08:00 AM

RC: still up over 1000%

So glad I didn't buy in with this last big rush in Nov/Dec at like 17k!!!!

Hodl.

And buy Monero.

**Kinnikinnick** · 02-01-2018, 08:22 AM

Originally Posted by stalefish3169

Not defending Tether at all, but you do realize 800 million, and/or the ~2 billion in total Tether, is a pretty small portion of a 500+ billion dollar market cap, right?

Also, you sure spend a lot of time perusing crypto reads for someone who is so against it.

All the pros are ready to buy big if BTC drops to around 8k and hits the 200 day moving average. So we'll see.

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I’ll admit that I’m intrigued by the crypto concepts. I do think that some future version may very well be a big part of the structure of money, just that I see big faults as currently being touted.

As far as price manipulation, you wouldn’t have to own a larger %of the market cap to manipulate. You’d only have to step in at critical junctures with a sufficient quantity to sway the direction and speed of. If say weekly trading volume were on the order of 10M BTC and you came in with 2m it could easily sway the trend from downward price pressure to steady or upward price pressure.

See a report that tried to analyze this with respect to Tether:
http://www.tetherreport.com

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**splat** · 02-01-2018, 08:30 AM

**skaredshtles** · 02-01-2018, 08:40 AM

Originally Posted by Mazderati

Pros.

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**Kinnikinnick** · 02-01-2018, 09:05 AM

Originally Posted by splat

Yeah, right. I had some statistical training but I’m out of date so I can’t tell you whether that’s spot on.

The bottom line is that Tether and USDT is a significant part of the BTC market and they need to have a real audit to prove that they actually have the money to back what they are doing. If not the current BTC and probably the broader cryptos markets are a sham

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**ICantLogIn** · 02-01-2018, 01:12 PM

#HODLGANG

**summit** · 02-01-2018, 01:59 PM

What is that chart supposed to be based off of?

What I took away from all that jargon is that the valuation is purely sentimental and speculative... therefore it is totally unpredictable.