Let's talk le tether fude.
Anybody considering exiting the market because of this shit? For how long can this thing, which makes up 90% or so of BTC trading volume, limp on?
Even if the demand is mostly real and it's mostly backed by real money, there may well be a money-laundering connection here which would also negatively impact the market.
But I suppose we'll get a final big green BTC dildo when Tether does collapse so that would be a good sell signal?
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good luck if you're not out of the market by the 29th
I'm all in USDC
Lets say for example there are 100 Bitcoin, at $1 a piece and 100 people with $1 want to buy it
Price = 100 bitcoin/100 people = $1 per bitcoin
Now lets say you keep those 100 people with their $1, but add $1000 of False purchasing power (Phantom Money) to the market.
Theres still 100 bitcoin, but $1100 ($100 organic + $1000 Phantom Money) worth of buying power
Price = ($100+$1000)/100 = $11 per bitcoin
Remove the Phantom Money and you remove a large source of buying pressure from the market.
I see what you mean.
coindesk.com
"Attorneys for both sides are due back in court on July 29."
But wouldn't that pump BTC for a day or two as people try to get out of Tether?
See you boys at 1k
You must be the same fag from last nights thread.... Good luck to anyone responding to this user....
>But wouldn't that pump BTC for a day or two as people try to get out of Tether?
oh yeah, if USDT get shutdown you will see BTC go for well over 100K on the USDT pair
Fiats pairs will not follow tho, just like last year when BTCUSDT spiked to 7500 but barely moved on USD
then it's rush for the exits and the market crash
This. Btc/usdc will not move
it might pump a bit but peoples will also try to get the fuck out as soon as the news hit, so there will be a lot of selling pressure, especially if we're still in a downtrend
i love this kind of shit. these gigantic scams, the artificial bubbles, the insanely transparent schemes where millions keep a lie alive by their collective greed ... imagine how boring it would be if we just held BTC and then became rich.
For that moment the only people leaving the market will be retail, which has no strength to move the market
this is what happen on October 15 when the first big tether fud hit
notice the difference between binance USDT and coinbase USD
>"""""Accidentally"""""""" creates 5billion usdt
>burns it.
tether is going to be the reason crypto fail
Until the mindset changes from "I will cash out to fiat when Bitcoin moons" to "I will never need to cash out. I can buy my groceries with Bitcoin easily", this space is cursed.
USDT has to die. Get rid of all the artificiality and shitcoins. Clean this space up real nice and maybe, just maybe Bitcoin and crypto will prove they really should be the new global financial system we use.
Why not pax ?
amen to that
BTC has completely given up on the idea of scaling. the main problem of crypto right now is as follows:
(1) the majority of people don't understand what crypto actually IS. this means scammers like zuckerberg can come in and establish their fake non-crypto """"alternatives"""" and take over
(2) hashrate follows profitability and profitability comes from fees. in other words: there is a financial incentive to NOT scale (1MB blocks) in order to generate ridiculously large fees.
(3) because of (2), BTC will always remain in the #1 spot, as network security is given by hashrate.
sry bud, but you will never pay with BTC for your groceries just like you don't pay in krugerrands. BTC fees will probably stabilize somewhere in the lower dollar-range, similar to how much it costs to convert from/into precious metals. give up on the idea of BTC ever scaling - you really think your fucking grandma will convert 1000$ to 0.01 of something she doesn't understand one day?
What's wrong with USDC that would make me switch? They both seem good enough
crypto is still an amazingly efficient way to move funds tho, the biggest issue is volatility
Stable coins have a place to exist they just need to be highly regulated ironically
Im just asking why you picked usdc over pax.
You think you will be able to hold your funds in usdc \ pax long term ?
USDC has more volume and is backed by coinbase
probably the most legit stable coin
I agree with everything you stated. It's digital gold, not digital cash. Satoshi thought Bitcoin would take a long time to be where it is now meaning the amount of mining was at first predicted to take 30-50 years. It took less than a few years for tons of miners to mine it.
Scaling is coming from unofficial layer 2 ideas like Lightning Network which has a centralized design within. Bitcoin in 2019 is a far cry from what was envisioned in 2009.
>I can buy my groceries with Bitcoin
>in a deflationary enviroment, without even considering the fees
good luck with that
>"i walked into the casino and was STUNNED...they converted my cash into CHIPS created by FIAT! Its absolute insanity...all I saw when there was constant chips chips chips everywhere...Mustve been $100k in these chips at every table...they are going to crash their own casino by issuing all these chips!...but I'm smart, so i figured it out"
t. 19 yo zoomer with no understanding of the world
Fractional reserving is cancer
> comparing literal scam to a highly regulated industry
the casino isn't going to put chips in circulation without anybody putting in cash, tether literally print whatever they fucking want
they don’t need to be highly regulated, but highly decentralised i.e DAI, Reserve
so all those exchanges that accept tether in transfers are doing it why? where is the rampant stories of binance or kraken accepting tether and getting burned?
to get more trading volume and thus more BTC in fees