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Thread: Bitcoin....who's gotten into it?
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11-07-2019, 09:35 AM #2901
Bitcoin is used for lots of criminal activity and exploitation too.
https://www.bloomberg.com/news/artic...-bitcoin-trail
Don't buy gold or Bitcoin.
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11-07-2019, 10:11 AM #2902Banned
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- Sandy, Utah
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11-07-2019, 04:55 PM #2903
The crux of the matter is whether Bitfinex/Tether issued USDT without equivalent reserves in a bank account and not the complexity of the cryptocurrency ecosystem, the complexity of which the paper fully acknowledges. The paper may well be flawed because the authors' don't have access to internal data but Bitfinex/Tether haven't been forthcoming either via an independent auditor making this something of a Rorschach test.
Tether could have 100% capitalized reserves or 0% capitalized reserves because from the outside looking in the two are indistinguishable if USDT aren't redeemable for USD. Until USDTs are redeemable at scale, chart(s) showing USD $billions/volumes are suspect because the real number is $0 USD.
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11-07-2019, 05:52 PM #2904
Tether vs Crypto vs Fiat is a separate discussion, hence the Rorschach test.
You might be right about the 84% liquid reserve ratio but there's no way today for an outsider to know because USDT aren't widely redeemable and there is no centralized authority. So I'm not sure un-backed issuance of USDT has been wholly unproven. Whether it's the loan to bitfinex, or whether the reserves are held by unaffiliated shell corporations, or the questionable forks, or the Bitfinex "hack" and subsequent issuance of tokens in lieu of dollars, does Bitfinex/Tether from a technical standpoint have any reserves? Isn't that an interesting, not a pointless, question?
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11-11-2019, 12:23 PM #2905
Bitcoin....who's gotten into it?
Bonds are assets.
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11-11-2019, 12:31 PM #2906
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11-22-2019, 07:13 PM #2907
Deep dive today from The Globe and Mail:
Before Quadriga: How shady ventures in Gerald Cotten’s youth led to the creation of his ill-fated cryptocurrency exchange
http://archive.is/jYFBk
"Some investors were genuinely duped. But others knew HYIPs were fraudulent and figured that, by getting in early and then withdrawing their money before a program collapsed, they could profit at the expense of less savvy participants."
LOL
And then, on the same day, Vanity Fair comes out with a more dramatic read:
PONZI SCHEMES, PRIVATE YACHTS, AND A MISSING $250 MILLION IN CRYPTO: THE STRANGE TALE OF QUADRIGA
https://www.vanityfair.com/news/2019...-gerald-cotten
When is the movie coming out?OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-23-2019, 01:23 AM #2908
^Oh so it's going to zero now.
The pacifists always lose, because the anti-pacifists kill them.
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11-23-2019, 05:34 AM #2909
It's actually going negative like interest rates. You'll have to pay someone to accept it.
Sent from my SM-G950U using TGR Forums mobile app"Skiing is the easy part, Carl."
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11-23-2019, 06:30 AM #2910OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-23-2019, 07:04 AM #2911OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-23-2019, 07:08 AM #2912
You can’t assert something like this, that is in essence one of the main knocks against the Bitcoin ecosystem at present, and not make a defense of it.
Well you can but you sound like a shill and not someone actually interested in making a defended argument.
If they create Tether with no backing then at best it’s no better than fiat and at worst it’s a pump the market tool that conveniently raises prices or defends against downward movements of BTC (and others as they tend to follow general movements of BTC).
The comparison to fiat and other assets of choice to store wealth is important because most assets will, in efficiently clearing markets, reflect the value of the underlying asset and the relative devaluation of the asset of supply is over pumped such as the inflationary printing of money. If the True USDT ratio is not known and is in reality far less than 1:1 then the asset is over inflated - ie the value of BTC et al should go down by some percentage - is it 13% as the above suggests or more like 50% ? No one knows and the clues are there. That condemnation of the study is a exercise in deception and dishonest arguments.
Sent from my iPhone using TGR Forums
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11-23-2019, 09:28 AM #2913
Fiat is real, my mom said so. Who cares if a $100 bill only costs $.14 to print...
Sent from my SM-G950U using TGR Forums mobile app"Skiing is the easy part, Carl."
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11-23-2019, 02:41 PM #2914OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-23-2019, 03:15 PM #2915OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-24-2019, 06:14 AM #2916
Cryptoqueen: How this woman scammed the world, then vanished
https://www.bbc.com/news/stories-50435014
Dr Ruja disappearsOH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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11-25-2019, 07:38 PM #2917
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11-29-2019, 07:02 AM #2918OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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12-04-2019, 11:05 AM #2919Banned
- Join Date
- May 2007
- Location
- Sandy, Utah
- Posts
- 14,410
Lambos? I havent seen any pics from the bitcoin addicts in this thread with new cars? Sup with that?
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12-10-2019, 11:41 PM #2920
Three Men Arrested in $722 Million Cryptocurrency Fraud Scheme
https://www.justice.gov/usao-nj/pr/t...y-fraud-scheme
NEWARK, N.J. – Three men were arrested today in connection with a cryptocurrency mining scheme that defrauded investors of $722 million, U.S. Attorney Craig Carpenito announced.
Matthew Brent Goettsche, 37, of Lafayette, Colorado, and Jobadiah Sinclair Weeks, 38, of Arvada, Colorado, are charged by indictment with conspiracy to commit wire fraud and Goettsche, Weeks, and Joseph Frank Abel, 49, of Camarillo, California, are charged by indictment with conspiracy to offer and sell unregistered securities. Goettsche was arrested in Colorado, Weeks in Florida, and Abel in California. All three are scheduled to have their initial appearances in the districts of their arrests. Two defendants remain at large and their identities remain under seal.
“The indictment describes the defendants’ use of the complex world of cryptocurrency to take advantage of unsuspecting investors,” U.S. Attorney Carpenito said. “What they allegedly did amounts to little more than a modern, high-tech Ponzi scheme that defrauded victims of hundreds of millions of dollars. Working with our law enforcement partners here and across the country, we will ensure that these scammers are held to account for their crimes.”
“Those arrested today are accused of deploying elaborate tactics to lure thousands of victims with promises of large returns on their investments in a bitcoin mining pool, an advanced method of profiting on cryptocurrency,” Paul Delacourt, the Assistant Director in Charge of the FBI’s Los Angeles Field Office said. “The defendants allegedly made hundreds of millions of dollars by continuing to recruit new investors over several years while spending victims' money lavishly.”
...OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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12-12-2019, 12:01 AM #2921
Crypto Exchange BitMex Is Hit With $300 Million Investor Lawsuit
https://www.bloomberg.com/news/artic...estor-lawsuit?OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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12-12-2019, 11:54 AM #2922
It really blows my mind how people regularly drop $5-10k/yr on tech talk 'investments' while thinking btc is too risky to buy one, 1/4, 1/10th.
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12-13-2019, 12:03 AM #2923OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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12-15-2019, 12:24 PM #2924
Lawyers for clients who lost millions in the bankruptcy of the QuadrigaCX digital currency exchange have formally asked the RCMP to exhume the remains of the firm's founder.
https://www.cbc.ca/news/canada/nova-...tion-1.5396811
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12-17-2019, 05:13 PM #2925
Ha ha. That's too much!
Although, he probably did die of some bowel disorder.
Probably from a buildup of toxins from years of scamming people,
a true realization that he was a sad sort,
to even scam an orphanage whilst on a fake news campaign!
And then, boom! All those little nodules in his intestine finally protested.
Nature itself, could not contain the evil that this sad excuse harbored in the bowels of his
High Yield Investment Schemes.
So in a way, nature wins.
Natural selection even finds a way to purge evil.
As suspect as his death seems, the timing and all, it is probably the catching up of his life's providence
-- that speaks of many scams, many victims, and much conniving and bad associations,
that in turn may have inadvertently turned his own biology against himself.
Which brings me to Mark, Chapter 9:
“If anyone causes one of these little ones—those who believe in me—to stumble, it would be better for them if a large millstone were hung around their neck and they were thrown into the sea.
If your hand causes you to stumble, cut it off. It is better for you to enter life maimed than with two hands to go into hell, where the fire never goes out. And if your foot causes you to stumble, cut it off. It is better for you to enter life crippled than to have two feet and be thrown into hell. And if your eye causes you to stumble, pluck it out. It is better for you to enter the kingdom of God with one eye than to have two eyes and be thrown into hell, where
“ ‘the worms that eat them do not die,
and the fire is not quenched.’
Everyone will be salted with fire.
“Salt is good, but if it loses its saltiness, how can you make it salty again? Have salt among yourselves, and be at peace with each other.”
Indeed, some user here in this thread, with 5,000+ posts, before they changed their user handle, said recently that
many millennials have been suckered into putting
sizable portions of their investments (as small as that is) into Bitcoin and crypto.
Have these millennials been caused to stumble?
Will their Greyscale Investments ever return them anything?
Probably not. They will probably get pennies on the dollar.
Scammer gonna scam. That's what they do.
But nature wins.
Gerald Cotten's worms probably ate him to death in India,
and they will probably eat him to death in the afterlife too.
Long love nature.
Nature Always Wins.Last edited by puregravity; 12-17-2019 at 05:45 PM.
OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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