HONG KONG (Reuters) – Three of the world's largest bitcoin mining equipment makers plan to raise billions of dollars with initial public offerings in …
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That's how crazy cryptospace is..
So let's take things from the start. There is one academic paper written by a graduate student under the supervision of his professor. We all know what that means. Hungry for drama media take up the article and post it (NY times). Regardless of whether it's true or false, one could use this as a major manipulation. If you know this article is being printed and you know how the immature market overreacts it's prime shorting time. What an irony when posting an article about manipulator…you are the manipulator.
In any case, there was another article here http://forklog.net/so-have-we-got-tethered/ that finds absolutely no correlation with prices increases. Why should I believe a graduate student vs someone else that conducted statistical analysis? Well, we collectively panicked on one article and totally dismissed the other one.
Why? Economic theory always suggests that negative news have more power than positive ones as we have seen during the last months, we have a super influx of positive news to which the market does not react.
Still, my thoughts about Tether are summed up from this series of Tweets from someone I respect:https://twitter.com/matt_odell/status/1006885981797208064
He has a nice wording but I also need to add a couple of things I keep repeating.
- ALL of the exchanges that use Tether do not seem to be worried. Either they are STUPID or they are convinced that there is no immediate threat from Tether. Conspiracy zionists will say that they are all in this together. Well I'm not a flat earther on this one.
- Can you think of one promiment crypto famous person that publicly said he is worried about Tether? I am not talking about Twitter OGs I am talking about Binance CEO for example who seems completely confident Tether is not a scam since he offered insurance in case something happens or other exchange CEOs etc? NONE
- Tether on purpose does not want to get public with the bank accounts since many governments may start picking on them. It serves a very convenient purpose to the ecosystem.
- Tether guys have a big vested interest in Bitcoin not failing, they are already gazzillionaires and have no reason to scam. If you have hundreds of millions already, would you run a scam to get some more threatening imprisonment? I wouldn't.
- Tether has a confirmed bank account with the biggest Dutch bank. Do you think one of the most scrutinizing banks under EU legislation would host billions of a scam scheme?
- Few understand that you need to increase and decrease the supply of a pegged asset. They just mindlessly repeat "tether printer" like an army of tools without understanding what is it's purpose while it is described in their technical documentation.
- We have more stable coins now in case I am wrong. Can you just chill?
p.s I don't work for Tether, I am not a paid shill etc etc. I am just trying to put my 2 cents to make this market more efficient (because I am a long term investor that profits from rationality vs day traders that profit from madness). So no, this post is not completely altruistic obviously.
submitted by /u/aelaos1
Bitcoin – The Currency of the Internet
The team behind the troubled Japanese cryptocurrency exchange Coincheck has decided to sell the company to one of the largest securities trading companies in the country. Monex will provide much needed capital but will decapitate the exchange and replace its head with a more trusted figure from among its own.
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A UK company has been linked to the laundering of 650,000 stolen bitcoins worth £4.5bn, a BBC Radio 4 investigation has found. The coins were taken by hackers from Tokyo-based Bitcoin exchange Mt Gox, leaving tens of thousands of customers out of pocket. It's not clear who is in control of the …
Google Alert – bitcoin
Forget the debate about whether bitcoin is a store of value or a currency. What everyone can agree upon is that it is a store of drama. And where there is drama in bitcoin over the last couple of years, Australian computer guru Craig Wright is often in the thick of it. Filed on Valentine’s Day and released yesterday, Mr. Wright is being sued for upwards of 5 billion dollars by the estate of his former business partner, now deceased David Kleiman. At issue are hundreds of thousands of bitcoin…
If you're going to defraud someone out of several hundred thousand bitcoin, maybe don't also draw undue attention to yourself by publicly claiming to have created the cryptocurrency. Oh, and you probably shouldn't make a shitty computer font the linchpin of your scam, either. And yet despite these …
Google Alert – bitcoin