well is it valid reasoning to suggest if you think tether and bitfinex are shady then you think adam back is too? Because when you look at all the people involved you essentially think bitcoin is also shady.

totally fine to have that view. many people do.

but you can't be consistent to think that tether is shady and blockstream is not.

A photo is certainly the best way to show support for (fill in blank). It apparently adds credence to (his/her/their/your) view on any subject.

I don't know Adam Back, but he might be shady. Or he might just be a rube. Or he went to a party in Italy and took a picture with a couple of dudes.

His tweet isn't suggesting anything one way or the other.

Ah ic. That's adam back, he is pretty much the most predominate figure in bitcoin (since satoshi isn't a real person, hal is frozen, and szabo is awol). He is cited in the whitepaper for his contribution, and was involved in the earlier iterations of digital money that lead to bitcoin. There is a whole history that is publically available.

Its well known he's one of the most knowledgeable people on bitcoin. Of course that doesn't make him an expert. He runs blockstream which is pretty much the biggest bitcoin business out there that uses and extends the technology. He employs and funds some of the most important developers and projects in bitcoin.

He regularly tweets and speaks in support of tether.

No conflict there.

Its 100% conflict. We already agreed tether is a fraud. Bitcoiners support it regardless.

Stablecoins Face US Scrutiny as House Lawmakers Craft Rules

US lawmakers’ efforts to police stablecoins are gaining steam, with a key House committee preparing to consider a plan for imposing new rules as soon as next week.

Leaders of the House Financial Services Committee are eyeing July 27 to advance a bipartisan bill focused on the digital tokens...

The current draft of the bill would mandate that stablecoin issuers maintain 100% reserves and bar them from lending stablecoins to customers, according to multiple people with knowledge of the bill text. Stablecoins would be known as “payment stablecoins” under the legislation, and bank and non-bank issuers would operate under the same regulations. The Federal Reserve would license any non-bank stablecoin issuers and would be responsible for monitoring those firms’ financial health, according to the people.

There would also be strict rules on the types of assets that can back stablecoins...

Source: https://www.bloomberg.com/news/artic...o-advance-plan

A coalition of states entering constitutional/contractual agreement to move the world off of any centralized base/reserve currency system, namely the USD.

Some because they are adversaries of the USD and some because of the realization that the power of being the issuer of the reserve currency necessarily corrupts. It's a better world when no one controls the value or issuance of base medium-some nations will recognize that officially.

Three Arrows Founders Break Silence Over Collapse of Crypto Hedge Fund

After five weeks in hiding, the disgraced founders of Three Arrows Capital spoke extensively about the spectacular implosion of their once high-flying hedge fund, saying their bungled crypto speculation unleashed cascading margin calls on loans that should never have been made.
...
Zhu and Davies, long among the most vociferous crypto bulls in an industry known for extremes, put on trades – turbocharged by leverage – that put 3AC at the center of a series of implosions that convulsed the crypto market as prices retreated this year from their highs last fall. “We positioned ourselves for a kind of market that didn’t end up happening,” Zhu said.
...

Here is my favorite quote from the article, about how a $50M yact doesn't represent an extravagant lifestyle:

Efforts by Zhu and Davies to deflect blame are a sharp contrast to the pair’s previously relentless campaign of cheer-leading cryptoassets and belittling critics. Nerves were raked anew this week by creditor claims that the founders put a down payment on a $50 million yacht before the fund went under, a claim Zhu said is part of a smear campaign.

The boat “was bought over a year ago and commissioned to be built and to be used in Europe,” Zhu said, adding the yacht “has a full money trail.” He rejected the perception that he enjoyed an extravagant lifestyle, noting that he biked to work and back every day and that his family “only has two homes in Singapore.”

Source: https://www.bloomberg.com/news/artic...t?srnd=premium

The prevailing argument for bitcoin is that it will hyperinflate all other existing legacy currencies. I argue rather bitcoin will force the existing major currencies asymptotically towards zero % inflation. What is the argument against this?

Politicians control fiscal policy and are incapable of of reining in spending which necessitates further monetary policy accommodation to achieve their "goals," nuking any chance at stable purchasing power. All fiat currencies go to zero over time.

Why are you pro bitcoin if you want currencies with stable purchasing power?

Babel Finance Lost $280M Trading Customer Funds: Report

Babel Finance, the Hong Kong crypto lender that suspended withdrawals last month amid "liquidity pressures," reportedly lost $280 million in proprietary trades with customer funds, The Block said, citing a restructuring proposal deck.

The firm lost around 8,000 bitcoin (BTC) and 56,000 ether (ETH) in June in forced liquidations as the crypto market plunged to an 18-month low, sending bitcoin below $20,000, the deck shows, according to The Block. The trades were unhedged in what was described as a "volatile trading week."

Source: https://www.coindesk.com/business/20...-funds-report/

PZ, not sure if you already knew, there's a compilation site of crypto scams/rugs - https://web3isgoinggreat.com/

I didn't know about that site, thanks.

You boys who put money in crypto must enjoy being bent over.

Lesson in life. Don't bet against Warren Buffett.

Another blood bath day. People stopped commentating because they are depressed.

the anger begins

How's Buffett doing today? J Pow dunked on the markets. Everything is red.

"Over the past year, crypto companies like FTX, Coinbase and Crypto.com have shelled out tens of millions of dollars to attract new customers. “Fortune favors the brave,” Matt Damon famously said in a Crypto.com TV spot as he tried to induce Americans to open their digital wallets.

Now a core metric of how successful they were has been returned, and experts say it’s an eye-opening one: not successful at all. The number of people who invested in crypto has not expanded since last September before the push began, according to a new study led by Pew Research Center."

Source: https://www.washingtonpost.com/busin...new-investors/

WSJ: Tether Says Audit Is Still Months Away as Crypto Market Falters

"Take Tether, the company behind the world’s largest stablecoin. In recent months, it launched a marketing blitz of blogs and press releases, touting its transparency, after a series of crypto firm failures rattled investor confidence in it. Tether is designed to grease the rails of the roughly $1 trillion cryptocurrency market by promising each token can be redeemed for $1. Market observers have long questioned whether the firm’s reserves are sufficient and have been demanding audited information.

The company has been promising an audit since at least 2017. An audit is “likely months” away, said Paolo Ardoino, chief technology officer of Tether Holdings which issues the tether coin that recently carried a market value of $68 billion.

“Things are going slower than…we would like,” Mr. Ardoino said."

Source: https://www.wsj.com/articles/tether-...rs-11661568971

I hear he wants to build an extension on his house and needs the money. Maybe he will create a Buffett coin and become like the other liars in this industry by trying to claim it is the future.

Good one, bro.

The stock market lost more yesterday than the entire market cap of the crypto industry.

We will talk in the future. Let's see who goes broke first!