Where your hard-earned money comes to die. Home.
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Come ITT and read about the apogee of crypto and its ultimate collapse.
| Misunderstood Base | 01/30/18 |
| Plum Bonkers Boltzmann Parlor | 01/30/18 |
| Misunderstood Base | 01/30/18 |
| Plum Bonkers Boltzmann Parlor | 01/30/18 |
| supple yellow pit | 01/30/18 |
| Misunderstood Base | 01/31/18 |
| swashbuckling plaza | 01/31/18 |
| duck-like lilac meetinghouse clown | 01/31/18 |
| Spectacular impertinent genital piercing affirmative action | 01/31/18 |
| duck-like lilac meetinghouse clown | 01/31/18 |
Poast new message in this thread
Date: January 30th, 2018 8:35 PM Author: Misunderstood Base It is 2013 and ASIC miners have started to come out. Suddenly you can mine bitcoin at a huge profit, even accounting for expenses (upfront cost of ASIC miner, electricity, setup time, etc.)—basically this miner allowed you to print money. However, the difficulty of mining BTC quickly goes up and the only way you can really mine profitably is if you turn it into a business, scale, and then optimize.
Since the miners were made in China and there was cheap electricity and pliant governmental officials in the outer provinces, most of these BTC mining businesses propped up in China.
Imagine you’re now a mining multi-millionaire, all because you could print money thanks to BTC, what do you do? Do you sit idly by letting your money printer be less effective at printing money because the BTC difficulty keeps increasing? I guess you could, but that would not be very enterprising. The smartest Chinese miners used their BTC wealth to acquire more control of the crypto space and one way they did this was by creating the exchanges that allowed people to trade their BTC for fiat.
Enter Bitfinex in September 2013. Now you could make money mining bitcoin and selling the bitcoin to other people. This was especially opportune since BTC mooned to $1,242 in November 2013, but plummeted back down in the $200s after the Mt.Gox hack. The first BTC bubble was an awakening for the BTC miners. Sure they could keep mining BTC and get diminishing returns, but the real way to accelerate their profits were if they could somehow manipulate the price of BTC so that it went up so high that their BTC were worth billions instead of dozens of millions of dollars.
Enter Tether in November 2015. By now the Chinese miners controlled the BTC network. They owned a majority of the miners that made the BTC network function as Satoshi envisioned. So they began printing a new cryptocurrency, USDT, which was touted as a replacement for BTC:Fiat trading pairs. Thus began the greatest pump and dump in human civilization. By 2016 BTC was back above $400 again, by 2017 it was $1,000, and now by 2018 it’s hovering above $10,000.
You’ve been had. The game was rigged from the beginning. Get out while you still can.
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Date: January 30th, 2018 8:36 PM Author: Plum Bonkers Boltzmann Parlor summarize? (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35281279) |
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Date: January 30th, 2018 8:38 PM Author: Misunderstood Base You’ve been had. The game was rigged from the beginning. Get out while you still can.
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Date: January 30th, 2018 8:40 PM Author: Plum Bonkers Boltzmann Parlor lol maybe a few points from the article |
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Date: January 30th, 2018 8:46 PM Author: supple yellow pit It's about a 90 second read (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35281368) |
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Date: January 31st, 2018 11:57 AM Author: Misunderstood Base (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35287465) |
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Date: January 31st, 2018 12:06 PM Author: swashbuckling plaza what exactly is so bad about USDT. why don't people believe it is really backed by USD and so on? (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35287522) |
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Date: January 31st, 2018 12:09 PM Author: duck-like lilac meetinghouse clown nobody has been able to articulate this. I believe they're claiming the brokerages are just producing USDT coins without having deposits. Why that matters is never really explained. The most important exchange to the market is coinbase and it does not deal in USDT at all (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35287549) |
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Date: January 31st, 2018 1:36 PM Author: Spectacular impertinent genital piercing affirmative action Bitfinix is the bigger exchange
https://data.bitcoinity.org/markets/rank/30d/USD?c=e&t=ae
Bitfinix & Tether are closely tied
https://offshoreleaks.icij.org/nodes/82024464 (Panama Papers)
If Tether is not legit - Bitfinix could go down with it. Would be catastrophic to the crypto space. |
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Date: January 31st, 2018 12:07 PM Author: duck-like lilac meetinghouse clown cogent analysis dumb ass (http://www.autoadmit.com/thread.php?thread_id=3876557&forum_id=7#35287537) |