This is the funniest shit I have seen this week. This is the performance of the Grayscale Bitcoin Trust and the analyst rating....  |
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So serious question guys. Like clockwork with BTC going up again the no coiners or shitcoiners immediately cry that it's inflated by Tether, they're being investigated by the NYAG, blah blah blah.
What I can't work out, IF Tether is a dodgy entity and they are being investigated... WHY IN THE FUCK would you continue just printing Tethers with no abandon? None of those crying from the rooftops can answer that question so to me, it seems clear that Tether is for the most part, legitimate.
Am I wrong here? Am I missing something?
The answer is simple. There are a lot of smaller exchanges that run exclusively on Tether. They can’t get access to US$ bank accounts or they choose not to use them. With crypto prices booming, they have a huge demand for Tether. They borrow the Tether from the Tether Limited using altcoins and Bitcoin as security for the loans. Tether is mostly backed by altcoins and Bitcoin - that’s why they say it is “fully backed” but they won’t say it’s backed by USD. Economics 101 teaches us that price is a function of supply and demand. Demand for Tether is massive. That means there are only two things to do: (1) allow Tether price to skyrocket or (2) print more Tether If you allow the price of Tether to go up, then you destroy its purpose. Therefore the only responsible thing to do is to print more Tether. A lot more. Brrrrrr is a good thing. |
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The flipside is the price is much more vulnerable to regulatory interference. If Grayscale has regulatory problems, the price will be adversely affected. Putting regulatory issues aside, we can ask ourselves - where to from here?
Right now probably yes... but... once all other big players will go all in on bitcoin this threat will be reduced.  Sure. But right now Grayscale poses the same systemic risk as Mt Gox. It’s not going to kill Bitcoin but it’s enough to put you off your cornflakes. Interestingly Grayscale uses Coinbase Pro custody services. If Coinbase gets hacked, all hell will break loose. |
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It's official now   That reminds me. Finally Adam gets his $32k.. but the fuck got distracted into BIG-blocker nonsense.. so hopefully he did not sell too many of his bitcoin because of those misguided thinkenings - which I suspect that he did..,. he might be another version of mindrust - in the sense that it seems that he is on the right page for such a long time, and then all of a sudden just falls of the deep end and let's his emotion (and maybe lack of clear thinking) get in the way of making the right choices. no mercy for big blockers. always remember 2017. that is alamo squared. they almost took bitcoin out of our hands. they were mean and sinister. Fuck the so-called New York agreement which was never written down and no one agreed to. Now they are getting their just desserts. |
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Congrats to my fellow WOers on the 30K breach.
Now can someone explain to me wtf is going on??
In TA terms we are getting a bit ahead of ourselves. Not dangerously so - currently we are sitting on the target price for late March 2021. So we could easily and comfortably have a 3 month correction at any time. The real question is whether something underlying has changed. We saw the early breakout in the first half of 2019 when we went parabolic out of cycle and peaked out at $13,880 in June 2019. Ultimately that was not sustainable (and culminated in the crash of March 2020) but it showed a baby bull that was surprisingly powerful. Now at the end of 2020 and starting into 2021 we see an adolescent bull that is extremely strong. The key difference between 2017 and 2021 is the start of inflow of institutional money. Like it or not, this is not a retail driven rally. Grayscale has bought more coins than miners can produce over the past 3 months. *This* is the reason for the rally. The flipside is the price is much more vulnerable to regulatory interference. If Grayscale has regulatory problems, the price will be adversely affected. Putting regulatory issues aside, we can ask ourselves - where to from here? We are all passengers on the rocket and I am watching for signs we are breaking upwards away from current models. For example a breakout that would invalidate moon math. At this stage it is far too early to say that something has changed, and right now we are still just a bit frothy which could just end up being a 2019 style overshoot. But there is a clear risk that this could end in a melt up. This is potentially a dangerous time. People on this forum could see, and lose, life changing fortunes. Have a plan motherfuckers and stick to it. If you don’t have a plan now, make one now and write it down and then execute it. Your plan needs to include the possibility that Bitcoin goes beyond levels you have dreamed about - don’t sell yourself short. |
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@ Hairy M... Slinky?
Slinky is Hairy’s partner in crime.  |
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Make no mistake brother. The 2021 Bull has honking cojones.
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 All good buddy. Hope to catch up again sometime in the next decade! |
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I am amused that we have made a new ATH of $29,700 and no one seems to have noticed. Including myself.
I don't like saying, "I told you so" but I did mention it in my morning greeting. I realize nobody actually reads it but it's a good way to keep my post count up.  Apologies, you did indeed. Your Guinness post was quite captivating though! |
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I am amused that we have made a new ATH of $29,700 and no one seems to have noticed. Including myself.
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That seems to be the case. I've mentioned it in other threads. Searches are up around the world but in countries with high inflation like Argentina or Turkey they are at an ATH. Add that to institutional investors' demand and see what 2021 will bring us. This is more, earlier than expected. Which leaves us with the question. Is this a supercycle? Or is it just early? |
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Congratulations to all of our This Is Gentlemen Official Wall Observer Coloring In Competition competitors. The competition was extremely tough but one clear winner emerged chosen by the people. Congratulations to Krubster! Please feel free to tell all your friends, family and distant relations. Thank you to all contestants - may your Microsoft paint never run dry. What is this a pump for children?!  Ooh! I made one too... Your's is "OK" though.  naturally, mine is invisible.  Mine is much too visible.   The rollercoaster bitcoin holds on to the helicopter rails. Could have worked that lil detail out a little better, though. EDIT: Oh, and the chart is not current as well  top talent of WO hard at work....the pressure is real #amidoingitright?  ”This Is Gentlemen” holiday colouring-in competition.
First prize is 10 merits and eternal boasting rights.
Please submit your entries before New Year’s Eve 11.59pm UTC.
The only rule is you must start with this image. You may enter as many times as you like.
Other rules may be made up as we go along. Capslock and xhomer, your entries have been accepted.
 Thanks for all the merits and positive feedback on my take on Hairy's helicopter coloring contest. I made a new one, inspired by the recent events related to Ripple.   Updated version:  This... thing... is gayer than Rick and I put together. thanks, it took me a serious amount of work to look that gay. Something is missing, though...  |
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Is she the CEO of something? Maybe an investment fund? Just asking. If so, I can guess how she got there. I don’t know her and, frankly, prefer to keep it that way  She is an economist and Coindesk columnist. I started writing a post defending her but then deleted it after doing some further reading and concluding that she is indeed an idiot. |
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How do you get a 16% change in value for cash? |
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plenty of options.
An EMP would be the choice, but I like it messy. I always recall the slingshot I had as a kid, whenever I see a drone flying low on a beach. Perhaps the coming summer I'll even buy one and carry it with me. Throwing stones manually at them does not work very well. Go for the sensors of those Boston Robotics droids. Most vulnerable part. A paint cannon might be a good start. Even an ink mist. |
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I have heard you admit, on several occasions, that you did not buy enough..
Any man who claims he bought enough is a liar |
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Is it time yet to put page count parity behind us, just as gold ounce parity was put to rest years ago?
As unreal as it sounds, I sure hope so! You would not believe how fast I can shit post |
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