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Cryptocurrency |OT2| Money's New ERA Shoots for the Moon! | Read OP for Thread Rules

Oct 26, 2017
1,417
Coinbase could still get in trouble for facilitating the exchange of unregistered securities, but it is so far not implicated in any of the Tether or Bitfinex matters.
 
Oct 26, 2017
1,417
It could be possible to make a cryptocurrency as a real currency alternative but it needs to have a few properties. Mainly it has to have a stable valuation. All attempts to create a currency that is stabilized based on propping up the price by artificially creating buying demand has failed, as the buying demand is just sold into en masse until it's gone.

You can also create a stable coin by just pretending it's worth what you say it's worth. Some claim Tether works like that.

Most likely a government will just make a nationalized crypto currency, but then the control over it is centralized by the government and the one true benefit of cryptocurrencies is lost.

So while it seems easy to make a crypto currency, it is actually quite a challenge. Being stable and decentralized at the same time is hard.
For fun, I was checking how far back my Tether criticism went on Era. Found this one, quoted directly from November 1, 2017, from the first OT here.
 
Oct 25, 2017
1,194
Gemini is really the only safe haven in the US as they insure both digital assets and fiat up to $250,000. Coinbase is garbage and I have never used Bitstamp— even current hardware wallets are absolute shit. Thankfully, that will be changing soon.
 
Oct 26, 2017
6,732
Aaaand btc has gone up over $400 since I did this. Just perfect.
You can't focus on the day to day volatility, you'll just set yourself up for disaster.

Nothing has changed since you sold, well actually that's not true, more damning information has come to light about Tether, but not being in the market and waiting for the risk to be reduced isn't a bad play.
 
Oct 26, 2017
6,732



"Mortgage defaults are through the roof, is anyone jumping off of buildings yet"

"Why would they subprime mortgage bond prices are up"

"What???"

Fraudulent markets do blatantly irrational things up until the point of collapse.
 
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Oct 26, 2017
1,417
The market makers who paint the crypto charts have been working on a bullish setup since December. They're still painting it. People who trade just based on TA are seeing the bullish setups and salivating. If you believe the market data is true, then it's reasonable to expect it to go up more. I presently am operating under the assumption that the charts are painted to trick people into buying. This could continue until those painting it have made enough money, or they are shutdown by the authorities. Maybe I'm wrong, or maybe some new chart artists will pickup the pen when the current group is jailed, and crypto prices will keep going up. You've got to be really careful now if you try to ride these moves.
 
Oct 25, 2017
888
Nobody posting about the Binance "hack"?

7000 BTC supposedly stolen by "obtaining a large number of user API keys, 2FA codes" -- not sure how that's meant to work exactly considering everything was withdrawn in one transaction. Binance says it's 2% of their total BTC but it looks more like 4-5%. Not that much money for them probably, but still.

Apparently there was a similar incident with also 7000 BTC withdrawn last year that was swept under the rug. Deposits and withdrawals will conveniently remain suspended for a week during the whole Tether bs and there's some weird talk about Binance being in contact with miners to do a rollback or something which would be hilarious but I doubt that's actually an option unless they want Bitcoin to die.

Surprisingly little impact on BTC's price so far though.

Edit: Reorg cancelled, lol.

 
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Oct 26, 2017
3,380
^^^ Last year people were taunting and ridiculing people for buying physical wallets instead of keeping their stuff on Binance which was "Super secure and wont ever be hacked like the others". I wonder what its like on those subreddits after seeing this.

Holy crap, its been 15 months since I sold out and stopped paying attention and we are still watiing for the Tether scam to be shutdown?
I am legit waiting on this. I thought I timed it well by getting aside but that was in AUGUST last year.. I thought for sure it wouldnt make it out of 2018, and here we are, 3 months from a full year; with them admitting its only 74% backed by dollars, and the damn USDT isnt moving.

This is surreal honestly.
 
Oct 26, 2017
6,732
If normal trading was too slow for you in losing money, you will soon be able to margin trade on Binance to more quickly remove your pesky capitalist money from your portfolio
 
Oct 27, 2017
273
Nobody posting about the Binance "hack"?

7000 BTC supposedly stolen by "obtaining a large number of user API keys, 2FA codes" -- not sure how that's meant to work exactly considering everything was withdrawn in one transaction. Binance says it's 2% of their total BTC but it looks more like 4-5%. Not that much money for them probably, but still.

Apparently there was a similar incident with also 7000 BTC withdrawn last year that was swept under the rug. Deposits and withdrawals will conveniently remain suspended for a week during the whole Tether bs and there's some weird talk about Binance being in contact with miners to do a rollback or something which would be hilarious but I doubt that's actually an option unless they want Bitcoin to die.

Surprisingly little impact on BTC's price so far though.

Edit: Reorg cancelled, lol.
Pretty laughable that he even thought they could pull off a reorg in the first place.
 
Nov 2, 2017
840
I can't get over how appallingly stupid they are to discuss that publicly and more importantly to even think about it. Just how dense do have you be not to gasp that if a 'reorg' was pulled off successfully, BTC automatically becomes worthless. Unbelievable.
 

Ryu

Avenger
Oct 25, 2017
111
Binance CEO lost a lot of credibility with this, lets see how deep BNB can go. I read a while ago that they aren‘t buying BNB back anymore too, so they only burn what they already have anyway, which of course lowers the supply, but isn‘t that big of a reason to buy anymore. It was a self fulfilling prophecy that it can only go up with the buyback, but now... With >9000% return in two mere years, there should be a big downtrend ahead anyway.
BTC and ETH are the only ones worth investing right now, if at all.
 
Oct 26, 2017
6,732


Maximum pain to alts and to bears, who are basically going to go broke if they keep their shorts open with the amount of funding it currently costs to keep their shorts open.
 
Oct 25, 2017
1,194
Binance is absolute shit and I will never use them again. Total joke. 60% dominance is coming in the next week of which is going to bring the bears to their knees. Anyone shorting at this point has mental issues.
 
Oct 26, 2017
503
Finland
BTC over $6300 now.

I'm a huge VET shill but I sold everything to BTC after breaking support at 100 sats, going to be a rough ride in SAT value.
Let's see how far BTC goes and will re-enter later at a better position.
 
Oct 27, 2017
705
Too crazy for my liking.

FML, I bought the top and sold the bottom. #TrueStory

Never listening to TA analysts again. Buy and hodl!

Unless we go to new lows from here, then I'll be a genius.
 
Oct 27, 2017
705
lol y'all really gonna be roped in again
I haven't bought any more in many months. I was actually shorting this run up but wised up and stopped selling (when I kept getting run-over by this train)... Let's see how high it will go then I might sell some more if I can catch the top. Also would never go net short on Bitcoin, will always keep a hodl stash. But yeah I'm not buying on a parabolic rise, I did that in late 2017 and I didn't like how that ended.

I will start accumulating again once this craziness cools off/on the dips.
 
Oct 26, 2017
6,732
I've been trading all of 2018, before this major blow off from the last few days I was able to get my portfolio back to near ATH USD, and beyond ATH in BTC value.

Not sure how this run ends, could be the start of a bull run, but the threat of litigation against Bitfinex and the Binance hack that coincided with the sudden end of the Tether premium paints a dark picture over this run that there is massive, massive fraud going down. Gonna be interesting how this goes down.

I wouldn't be shocked if people who fomo between 6500 and 7400 get caught in a massive dump candle, panic sell, and watch it instantly rebound and pump higher.
 
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