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Old 09-17-2017, 12:06 AM   #1901
pk_nuts
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Re: Virtual Currency - Alt Coin Discussion Thread

Is anyone else here troubled by the Bitconnect banner ad on coinmarketcap.com? It's a total ****ing scam and coinmarketcap should know better. Do they not contol who can market on there page? Seeing these complete ****ing scams marketed everywhere is underminding my confidence in crypto.
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Old 09-17-2017, 01:30 AM   #1902
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Re: Virtual Currency - Alt Coin Discussion Thread

I bailed on EDG. Huge sell off scared me. Still was able to make like ~10% profit. Would have been more if i was paying attention and noticed the double top at 40k sats. It could easily go much higher but I don't know enough about it or how these low cap alt coins perform to stay long term. Whatever, profit is profit. I'm guessing this is just a sweep of "dumps" from the pump and dump. I kind of expected the dump to come later, like on Monday. Maybe the REAL pump and dump will happen between now and then. These low cap alts are def high risk high reward, and maybe not for me. At least not right now. Either way, a good learning experience for me on these low-cap alt coins and I will continue to watch the chart to see how high it goes between now and Monday, which was my original target sell-off date, as painful as it might be!

Last edited by imjosh; 09-17-2017 at 01:59 AM.
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Old 09-17-2017, 01:51 AM   #1903
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Re: Virtual Currency - Alt Coin Discussion Thread

Quote:
Originally Posted by aggo View Post
AFAIK one does not simply create tethers out of thin air.


You must register with tether.

you must deposit USD into their bank


then they will mint tether and put it on the blockchain.
Yeah the problem is they won't open their books to show they actually hold the USD for all the tethers they've issued
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Old 09-17-2017, 01:59 AM   #1904
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by HawkFanIA View Post
Yeah the problem is they won't open their books to show they actually hold the USD for all the tethers they've issued
Finex has already opened their books with a known auditor. becaus they took on all these new shareholders, they agreed to an audit.


My understanding is that this audit is ongoing and it will cover tether because ifinex is a major shareholder/operator of tether.
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Old 09-17-2017, 03:48 AM   #1905
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Re: Virtual Currency - Alt Coin Discussion Thread

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Finex has already opened their books with a known auditor. becaus they took on all these new shareholders, they agreed to an audit.


My understanding is that this audit is ongoing and it will cover tether because ifinex is a major shareholder/operator of tether.
If I send them USD for tether I want to know what bank my money is in. They refuse to answer that. Unless that's changed I don't care if X company says the audit is ok. If they are complying with banking laws, there's no reason they can't name the bank(s). That kind of information is part of an audit and should be publicly known
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Old 09-17-2017, 11:20 AM   #1906
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Re: Virtual Currency - Alt Coin Discussion Thread

Sold edg as well. Not trusting it atm with huge sell orders. Little over half an eth profit though.

Ill keep an eye on it though.
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Old 09-17-2017, 02:29 PM   #1907
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Re: Virtual Currency - Alt Coin Discussion Thread

Hmm these sell walls doesnt mean much in hindsight if its way overpriced ofcourse... Lol. Im afraid i made a mistake in selling them.
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Old 09-17-2017, 02:31 PM   #1908
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by Mat Cauthon View Post
So it's a permissioned database?
In a sense, yes.

Permissioned. Immutable. More secure. And allows us to run a utility token in our ecosystem.

We've formally begun talking about our relationship with Albertsons. We launched in Houston first. There are still a lot of people without cars and minimal pharmacies operational.

http://ourtribune.com/hurricane-harv...criptions.html
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Old 09-17-2017, 02:51 PM   #1909
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Re: Virtual Currency - Alt Coin Discussion Thread

Money cannot be deposited into Tether, they do not have banking. Why would a real bank or auditor touch them? They admitted the obvious, that they would play some cat and mouse games with banks to move smaller amounts of money. Now the supply has increased a few hundred million, where did this come from? Why would banks ever start dealing with them? If the never get banking back then Tethers can never be cashed in.

Who is buying Tethers? Who is creating shell companies and sneaking it past banks to trickle into Taiwan, just to buy Tether tokens. All for the purpose of sending them to an exchange to loan out or buy BTC with.

Tethers are just a blockcahin asset they created and control and can issue at will. There is no built in connection between it and actual USD deposits.

http://omnichest.info/lookupadd.aspx...o5LsPTW1zBTwXL

The audit has been on its way for months. Why have they been unable to produce it?
Who is in charge of Bitfinex, who owns Tether? How legal is it to issue your own currency purported to be backed by USD?

Bitfinex, Bittrex, Poloniex all cannot give you USD.
Chinese exchanges are being shut off CNY.

Regulatory scrutiny will only increase in the future.
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Old 09-17-2017, 03:33 PM   #1910
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Re: Virtual Currency - Alt Coin Discussion Thread

You guys spend way too much time on twitter.

If you spent a fraction of the time you read fud on twitter and spent it on irc, message boards, and chat groups you'd make a lot more money.

Ppl spreading fud on twitter are broke and trade dust.
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Old 09-17-2017, 04:26 PM   #1911
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Re: Virtual Currency - Alt Coin Discussion Thread

Quote:
Originally Posted by aggo View Post
You guys spend way too much time on twitter.

If you spent a fraction of the time you read fud on twitter and spent it on irc, message boards, and chat groups you'd make a lot more money.

Ppl spreading fud on twitter are broke and trade dust.
Not sure if this was in response to my post?

If so where can I find the answers to these questions? I am not here trying to spread rumors or play gotcha, I would love to be proved wrong on this so I don't make big mistake.
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Old 09-17-2017, 04:30 PM   #1912
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Re: Virtual Currency - Alt Coin Discussion Thread

Quote:
Originally Posted by case3 View Post
Not sure if this was in response to my post?

If so where can I find the answers to these questions? I am not here trying to spread rumors or play gotcha, I would love to be proved wrong on this so I don't make big mistake.
How do you propose trading your thesis that tether is a fraud
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Old 09-17-2017, 04:32 PM   #1913
case3
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Re: Virtual Currency - Alt Coin Discussion Thread

Short on Kraken?

edit:

I feel like this situation is very simple so maybe I am missing something. Here are the main issues I would like more info on:

Tether must be backed 1:1 to function, what proof of the USD is there?
If there is no proof, then what evidence suggests 300 million USD has gone to Tether to cover recent new issues?
If they cannot pay out because they are cut off from legitimate banking, how can they repay even if the have reserves?
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Old 09-17-2017, 04:55 PM   #1914
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Re: Virtual Currency - Alt Coin Discussion Thread

Quote:
Originally Posted by case3 View Post
Short on Kraken?

edit:

I feel like this situation is very simple so maybe I am missing something. Here are the main issues I would like more info on:

Tether must be backed 1:1 to function, what proof of the USD is there?
If there is no proof, then what evidence suggests 300 million USD has gone to Tether to cover recent new issues?
If they cannot pay out because they are cut off from legitimate banking, how can they repay even if the have reserves?

So the best investing thesis you can come up with in crypto right now is to short something that has LIFETIME traded between

0.9-1$ ?

when there is public information out there that


1) finex is under an audit by a nationally recognized accounting firm
2) finex has stated that all tether assets are also in this audit
3) finex has stated that the audit is ongoing and will be completed and released to new share holders


^ all the information is publicly available if you got off twitter.


and the best you can come up with is to short tether? You'd have better luck asking a monkey to pick a ****coin and point up or down.
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Old 09-17-2017, 05:01 PM   #1915
case3
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Re: Virtual Currency - Alt Coin Discussion Thread

I really like seeing how other people view this, so thanks for your ideas.
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Old Yesterday, 11:39 PM   #1916
SaveTheWhales
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Re: Virtual Currency - Alt Coin Discussion Thread

Shorting USDT on Kraken is a valid idea. Kraken margin costs 5% in fees for 12 weeks though which is not a great risk/reward imo. The market is very thinly traded as well by which I mean you could make a correct call and still get shafted by volatility in a market panic.

Given Kraken is the only USDT/fiat off ramp, $400m of USDT is going to get pumped into BTC hard if the **** hits the fan. I would go long on a selection of the most liquid BTC / coin ratios. That play could be automated as a 'set-and-forget' looking for a USDT price fall as a trigger.
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