Author Topic: Cryptocurrency Master Thread  (Read 129603 times)

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Offline Stupid Fitz

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Re: Cryptocurrency Master Thread
« Reply #3725 on: November 22, 2021, 08:43:08 AM »
Invalid Tweet ID

I know the definitions of about 3 words on this entire post.

Offline Stupid Fitz

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Re: Cryptocurrency Master Thread
« Reply #3726 on: November 22, 2021, 08:53:12 AM »
this tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.

Tether stuff???!?

tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to.

You can’t convert USDT back to USD and that is a massive red flag

It is a bit concerning. The big boys will prob survive after a huge hit, but it would rock any confidence and take a bit to recover. The part I don't get is why do firms use Tether if its so sketchy. Why not just use USDC or GUSD? I know GUSD is at least audited and Gemini has a bit license. That should mean at least something. Maybe there isn't enough of those 2?

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3727 on: November 22, 2021, 09:10:19 AM »
yeah, my understanding is that the volume isn't there

Offline Stupid Fitz

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Re: Cryptocurrency Master Thread
« Reply #3728 on: November 22, 2021, 09:38:21 AM »
yeah, my understanding is that the volume isn't there

Makes sense and also why I get almost 10% on those stable coins.  :kstategrad:

Offline DaBigTrain

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Re: Cryptocurrency Master Thread
« Reply #3729 on: November 22, 2021, 11:32:14 AM »
I remember worrying about this stuff in 2017 too…

Then I grew up
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

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Re: Cryptocurrency Master Thread
« Reply #3730 on: November 22, 2021, 04:09:54 PM »
This Plan B is some bullshit man
When the bullets are flying, that's when I'm at my best

Offline Pete

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Re: Cryptocurrency Master Thread
« Reply #3731 on: November 23, 2021, 09:17:55 PM »
This Plan B is some bullshit man

Yeah, he's going to have to come up with something.

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3732 on: November 24, 2021, 07:52:03 AM »
this tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.

Tether stuff???!?

tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to.

You can’t convert USDT back to USD and that is a massive red flag

It is a bit concerning. The big boys will prob survive after a huge hit, but it would rock any confidence and take a bit to recover. The part I don't get is why do firms use Tether if its so sketchy. Why not just use USDC or GUSD? I know GUSD is at least audited and Gemini has a bit license. That should mean at least something. Maybe there isn't enough of those 2?

https://www.brown.senate.gov/newsroom/press/release/brown-stablecoin-companies

Offline Stupid Fitz

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Re: Cryptocurrency Master Thread
« Reply #3733 on: November 24, 2021, 08:26:29 AM »
this tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.

Tether stuff???!?

tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to.

You can’t convert USDT back to USD and that is a massive red flag

It is a bit concerning. The big boys will prob survive after a huge hit, but it would rock any confidence and take a bit to recover. The part I don't get is why do firms use Tether if its so sketchy. Why not just use USDC or GUSD? I know GUSD is at least audited and Gemini has a bit license. That should mean at least something. Maybe there isn't enough of those 2?

https://www.brown.senate.gov/newsroom/press/release/brown-stablecoin-companies

This seems fine I guess. I just find it all pretty hilarious how these dicks feel the need to "protect" me from getting my 9% stable coin yield.

Offline yoga-like_abana

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Re: Cryptocurrency Master Thread
« Reply #3734 on: November 24, 2021, 08:39:09 AM »
thinking of chunking some down on avalanche

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3735 on: November 24, 2021, 08:44:08 AM »
Another good one


Offline Stupid Fitz

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Re: Cryptocurrency Master Thread
« Reply #3736 on: November 24, 2021, 08:59:30 AM »
Another good one



good one. I think JD absolutely knows what crypto is though.

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Re: Cryptocurrency Master Thread
« Reply #3737 on: November 24, 2021, 10:14:19 AM »
I know, but that's not the point. he knows shitloads about it and he hates its guts.

Offline Pete

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Re: Cryptocurrency Master Thread
« Reply #3738 on: November 24, 2021, 11:21:02 AM »
If I was JD, I'd try and kill crypto.

Offline sys

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Re: Cryptocurrency Master Thread
« Reply #3739 on: November 24, 2021, 08:54:34 PM »
he knows shitloads about it and he hates its guts.

a great man.

"lol, i understand military logistics quite well, thanks."

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3740 on: November 24, 2021, 09:00:09 PM »
If I was JD, I'd try and kill crypto.
He’s trying his hardest!

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3741 on: November 25, 2021, 11:46:08 AM »
Happy thanksgiving apparently

Offline DaBigTrain

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Re: Cryptocurrency Master Thread
« Reply #3742 on: November 28, 2021, 05:17:29 PM »
We are back baby
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

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Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3743 on: November 30, 2021, 07:56:42 AM »

Offline waks

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Re: Cryptocurrency Master Thread
« Reply #3744 on: November 30, 2021, 08:51:32 AM »
Is Shib back? I am getting FOMO again.

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3745 on: November 30, 2021, 09:34:31 AM »
I’m going to buy some LUNA so obviously this is the LUNA top

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3746 on: November 30, 2021, 09:34:41 AM »
Technically WLUNA

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3747 on: November 30, 2021, 03:26:42 PM »

Offline steve dave

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Re: Cryptocurrency Master Thread
« Reply #3748 on: December 01, 2021, 08:33:10 AM »
Good morning to people who own SOL ONLY

Offline DQ12

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Re: Cryptocurrency Master Thread
« Reply #3749 on: December 01, 2021, 09:58:54 AM »
Good morning to people who own SOL ONLY
I'm still losing my ass on it, but less of my ass now!


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