Now realize that the situation is the same with all major crypto coins with a small difference that the tree is really tall and climbing it requires considerable resources.
That's the whole crypto business for you. If you believe in it you believe in it, arguments about value/incentives or common sense are off.
Standard fiat currencies have underlying value because the notes are basically IOUs - they represent resources someone will need to come up with to pay of their debt. With magic money you just have belief in what others believe. As Nooseknot pointed out the belief circle can keep roling for a long time after being detached from any kind of underlying value.

The point about incentives to print more stands though. To believe Tether is sound without USD in the bank to cover it takes special kind of faith. Tbh to believe Tether is not a disaster waiting to happen is not far away from that.

No, it's not even close to "the same".

Tether has the ability to issue as much as they want of their token at any time at the click of a button. (Though if it's fully backed it obviously requires a USD deposit as well.)

Bitcoin has a limited supply and strict rules and high expenses for mining coins.

That difference is about as small as the difference between obtaining water and gold.

This quote perfectly shows you don't understand money and its relation to free banking theory. You cannot just have a tree that prints money that is accepted 1 to 1 yet gives you arbitrary ability to print it. The markets would not accept it and/or evaluate it to be equivalent to the usd. The markets HAVE dubbed tether as such.

More importantly you haven't given a comparable example. The issuers of tether have far greater incentive to keep their product sound rather to inflate it because they have a stake in keeping the bitcoin exchange prices honest as well as tending to tether as a signal for their whale investors.

You don't understand what tether is or what it is for and so you fear it. You call it uncertain and you call for doubt.

Learn what tether is before you call me down.

Exactly. You're starting to get it. And the markets have dubbed USDT as equivalent to the USD because they believe it's backed. As soon as you remove that it crashes to ~0. It may not specifically require a bank account with USD sitting in it, but it does require a solvent issuer committed to supporting the price.

I don't fear tether at all. I don't think it's particularly important. I was merely (correctly) pointing out that you're a moron.

Nooseknot posts on tether are a new low in this thread unless he is trolling. If tether is not fully backed by USD then that is a huge problem for people owning tether. It will also have a significant short term impact on btc because those people were mostly trading btc. However tether not folding during the latest price drop means its backing is high enough. I still think they are fractional banking with tether but good for them to make millions that way.

lmao, pipepounder spots a trendline from top and tells people to run for the doors in a huge bull move ahhaha, all whilst owning no btc himself


knooseknot is well, knooseknot, who we now know on top of everything else, also doesnt understand what a ****ing tether is.

stinkypete why waste your time?


also, pipepounder....give me a price on a 11,6k close for bullbreak on big trendline from top, before a 6,5k double bottom retest since your sure selling here is optimal to buy at bottom lmaooooo. you ****ing drooler. pm if your not broke and want action

any noobs reading, do yourself a favor and read elsewhere. this thread is aids and full of bad advice/misinformation


if you both didnt post like you knew everything, while knowing next to nothing, it wouldnt tilt me so bad

This big slow move up sure has quieted the worst posters in this thread over the last few weeks. Guess we will see them again when we "dip" to 60k in the next couple years after going over 100k. They will be back to brag about how they knew it was worth zero all along and how stupid everyone who owns btc is.

Companie with PR problem don't cancel an audit if they have nothing to hide. People holding tethers are taking some risks.

If it goes to 15k and then back to 7k does that make you an idiot for posting things like this?

7K would still be an insane ROI over a year

Surely bitcoin doesn't die if it goes to 7k

so wiseguy. inform us. tell us all that great stuff thats in your head. dont just drivle phony baloney statements. Thats just lazy. ITs like calling out someone for being wrong and not offereing anything thats right.

your a backseat driver *******. cant imagine theres anyone on this site that needs to be coddled from misinformation. CAnt we just soak it all in and make an informed opinion without getting panties all bunched up?

A measly 700% annual return, who wouldn’t will make fun of him?!

oooh poor me i just lost all my money because i listened to noosenot.

no this is the internet and we make choices. WE post in threads and a lot of what we say is going to be wrong. ITs up to each individual to see if it passes thier snifftest or whether there is any momentum behind an idea.

my grandmother will take any advice posted. but there arent too many grandmothers on 2p2

Kind of depends on timing don't you think?

i'm just glad i haven't had to see "store of value" for the last 2 weeks.

Lol @ "slow move up"

For crypto this is pretty slow and steady. It has gone up 80% or so from the bottom without ever having a 20% up day.

Pretty sure Wichita was in before 12 months ago

No. It would make the Chicken Little's who screech 1k and 0$ valuations every time there is a drop like this still wrong and make them idiots.

The only thing that would make me an idiot is if BTC did indeed go to 0$ and that isn't happening any time soon or maybe ever. I posted an offer in the thread to the trolls to bet when we were around 6k of 3k or 10k first and no one took me up on it. I wonder why...

This is an amazing post.

I actually agree that for crypto it's slow relitave to recent history. The run from 10k to 20k felt like it only took like 3 weeks.

Obv 60% gains in a week is ultra sick compared to any other boring ass investment.


Also store of value imo.

lol you know this moratorium won't last for long.

lol stfu you stupid ****head, fud posting cuz you saw a trendline. you engage in all the nonsense that makes this market so profitable....backseat driver? not sure the reference but if your sayin im not active, well your mistaken. shorted the way down, longed the way up.

i lurk these threads and see your pseudo intellect everywhere, so annoying. you have no skin in the game and talk like you have some basic economic understanding. post some trades if your about it, im happy to book you bud...i should prolly tread lightly given your prolly great at paper trading

The entitlement of crypto-gains is mesmerizing. I saw someone post, can't remember if in this thread or on reddit, asking ernestly if the Bitcoin network could maintain itself if the price fell to $2k.

Put another way, can a nine-year-old network survive only doubling in USD price over the last year? These are the tough questions.

At least we now have war-torn Iraq as our floor for Tether, so we've got that going for us, which is good.