So basically the entire 2017 bull run was:
>Tether prints money out of think air
>Uses it to buy Bitcoin
>Bitcoin goes up due to fomo
>Tether sells Bitcoin for real USD
>Now they have $2 billion
>'See how tether is backed 1:1 by USD?'
>In sum, retail investors around the world basically transferred over two billion dollars to a group of shady executives who printed fake money and operated offshore. One of those executives already exited.
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Delete this
omosoms
sounds about right
but being right doesn't make you money, it's all about sentiment
i called it last summer so sold most of my bitcoins... at around $3k a piece
people who fell for the con are still up more than 2x compared to me
did you post and delete it right after?
i had to repost. it is a very concise summary of the 2017 hysteria
I deleted the original post because of a typo.
Explains why the crypto market turned retarded. We're out of think air
Also chainlink virgins
>think air
What is it?
the source of the bullrun is in the pic
remember how during the peak the volume on gook exchanges was higher than all other combined? now add the fact that gook exchanges are under tight scrutiny so the wash trading there was at much lower levels, probably 90%+ of legit volume during the bullrun was gooks alone (and maybe chinks trading there after chink exchanges got banned)
O fuq
* Thin air
Accumulation through most of 2015. The bull run starts somewhere around the second half of 2015 with mostly organic growth. Some actors probably start seriously advancing prices with controlled pumps somewhere around the second quarter of 2017, attracting more and more public until it peaks then depression of prices since then until the next accumulation phase.
>Korean exchanges don't fake volume
You should read this:
medium.com
I think this is true since gooks are a hivemind that follow trends without thought.
Is that what he meant by this?
For lack of data, I have not explored most Korean exchanges. Bithumb seemed OK, but I’d have to double check. No idea about Coinnest or Upbit.
?
Ok Jow Forums, how do we create another chinkrun on top 10 coins.
For me the big issue isn't longterm though, my dreamgirl streams on Twitch and she's not a donation whore by any means, but sometimes she misses streams to take extra shifts at her job and sometimes jokes "anyone out there feel like paying my rent for the next few months?" She only has 30-50 viewers and those comments are meant completely in jest, but it's always been my dream to be able to say "sure!" and she gets the donation notification and reads "agreeablebit has just tipped 10 thousand dollars?!" "oh my god I wasn't being serious, oh please you didn't have to.." and just breaks down crying as I tell her don't worry about it, it's not a lot of money to me but I know how much this can help you, you should be doing this a career and if this helps you devote yourself full time it's money well spent.
And I don't become pushy or feel demanding of her time after that, but I do try to initiate some conversations over skype, and our sense of humor just clicks and she notices the guitar in the background and asks if I play and I brush it off, and she's all "oh please, serenade me!" and does the joking puppy dog eyes thing and I sigh all right, and pick it up and while I could play super advanced classical guitar concertos that would be trying to hard, and I instead do a silly laid back improvised classic disney medley with fun jazz elements, and she ends up singing along, and I adjust my playing to compliment her voice and own phrasing with the subtle subtext that I would be as responsive to her as a lover..... and we end up agreeing to meet and well...a gentleman never...
But that will never fucking happen if this fucking bear market never ends, what the fucking hell??!?!?!
HAHAHAHAAHAHA HOLY FUCK !
AHAHAHAHAHAHAHAHAHAHA
LOOK AT THEM! FAGGOTS!
Freshly minted Tether wasn't used to buy BTC though. It was sent to exchanges and you can see the transactions on the blockchain
I think a whale was taking advantage each time tether was printed and everyone just went long with the market makers. Remember, on average 1 dollar moved the market cap by at least 20 dollars
I'm sat on the loo browsing /biz and you're whole comment made me cringe so hard I snipped a turd off that was halfway out. You're the epitome of a 'nice guy'
Is this a pasta? I like it
dis nigga gets it
I like the flavor of this pasta. Did you make this?
...
>on average 1 dollar moved the market cap by at least 20 dollars
Wut?
you did'nt thought there was 800 bio REAL money in the market, did you?
because we are small, everything is illiquid and inefficient during price discovery
Top cringe. Saved
2013 and 2014 bubbles were also manufacted by the MtGox willybot to save it from insolvency after the hack.
Bitfinex showed up in 2014 as that bubble was collapsing, as well as Realcoin (Tether).
This bull run started in 2015 after the $150 bottom.
So basically the entire price history of crypto has been a lie. People think it consistently goes up but there's no guarantee that the bubble cycle will continue after this one, especially with more regulation stepping in. The bottom might still be very far away
Despite that. The ENTIRE crypto space only has a $257bn market cap, compared to over $17 trillion in the Dow Jones alone. There is over $66 trillion in fiat exchanges worldwide, so crypto, these manipulative moves notwithstanding, is still a drop in the bucket with incredible prospects for growth. There are lots of solid utility tokens out there with good use cases.
tl:dr Tether is weak fud. Lots of room left for crypto to grow
legit
...
pssst, you don't want to scare the new fags, do you?
Hi bitfinexed, why did you sell your bitcoins so early?
For me the big issue isn't longterm though, my dreamgirl streams on Twitch and she's not a donation whore by any means, but sometimes she misses streams to take extra shifts at her job and sometimes jokes "anyone out there feel like paying my rent for the next few months?" She only has 30-50 viewers and those comments are meant completely in jest, but it's always been my dream to be able to say "sure!" and she gets the donation notification and reads "agreeablebit has just tipped 10 thousand dollars?!" "oh my god I wasn't being serious, oh please you didn't have to.." and just breaks down crying as I tell her don't worry about it, it's not a lot of money to me but I know how much this can help you, you should be doing this a career and if this helps you devote yourself full time it's money well spent.
And I don't become pushy or feel demanding of her time after that, but I do try to initiate some conversations over skype, and our sense of humor just clicks and she notices the guitar in the background and asks if I play and I brush it off, and she's all "oh please, serenade me!" and does the joking puppy dog eyes thing and I sigh all right, and pick it up and while I could play super advanced classical guitar concertos that would be trying to hard, and I instead do a silly laid back improvised classic disney medley with fun jazz elements, and she ends up singing along, and I adjust my playing to compliment her voice and own phrasing with the subtle subtext that I would be as responsive to her as a lover..... and we end up agreeing to meet and well...a gentleman never...
But that will never fucking happen if this fucking bear market never ends, what the fucking hell??!?!?!
holy shit - they basically found an efficient way to short a lot of btc.
That won't ever happen in a bull market either.
if true that means the retail bubble has not happened yet. Bullish
I thought Bobo would be a two week fad at most but now theyre starting to multiply
Chinks don't make you rich. They scam you. It is the gooks who make you rich
wtf
A= A
B = B
therefore C = A + B
>op why not stop being a fag?
wait ... wasn't the US the biggest crypto market and chinks/worst koreans 1/3 or even only 1/4 of all crypto?
back in december of the top 3 btc pairs two were against korean wons
Who here has 950 000 BTC?
Hm faggots?!
fuck now that kim is denuclearizing the gooks have no reason to keep BTC
we need to kim to nuke south korea or something
Wow, its ogre.
It's a bit more complicated and even more insidious than one would think.
If one follows the history of their exchange tether wallet one can see that it has not held equal amounts of tether to what their users have held on the exchange. It has gone as low 1.8m tether.
What this means is that the tether that people have/had on bitfinex wasn't even real tokens on the omnilayer, and what they used the tether their minted for was solely to pump it on other exchanges that used tether at the same time. On their own exchange, they pumped it with "imaginary tether", that is, imaginary fake USD IOUs. They also initiated longs and shorts vs their users during pumps and dumps of BTC with these account credited but non-existent tether tokens in order to reduce the tether balance of their margin trading customers so their buys of BTC with fake tether didn't cause a massive increase of fake tether on bitfinex, which would lead to all sorts of problems like higher rate of tether token withdrawals to other exchanges by users (they'd have to mint more tether for that) and higher buy pressure within the exchange for various crypto due to "richer" users.
Essentially, through all of this, they spent likely more than 4 times the tether they minted every time they did, and got a lot of it back, but a lot of it was fake (since it was inside bitfinex) and enabled them to cancel it out while still stacking BTC rewards.
The inflow of tether from other exchanges to bitfinex, combined with their market manipulation and margin trading against their own customers also allowed them to alleviate the internal exchange problem of too much fake tether.
>hivemind that follow trends without thought.
>actually bet on coins that actually try to do stuff instead of just going hurrdurr bitcoin like the west
The burgers are the true hivemind. Bitcoin is the true hivemind.
The boomers were right
It was a ponzi all along
yes
sell while you can
bring the price down even more, I want to buy back in at $3k
Guys I’m scared
How did other exchanges aquire tether? Did bittrex pay for their 300m? Or was all that tethered transfered from Bitfinex to bittrex and used to buy Bitcoin? Why would bittrex accept exchanging fake money for bitcoin?
I also thought 3K was the top. It made sense from analysing previous bubbles.
Luckily I fomoed back in at 4k