I bet if you added up the order books of all the crypto exchanges, you would get more than 21 million bitcoins.
Edit: BFX USD/BTC pair has 10,350 BTC in order book. Which is a single pair on a single exchange (although it is probably aggregating with Bitstamp through their arbitrage bot).
That's the largest BTC market and it's only one in 1,624 of current supply. How many exchanges do you think there are exactly? That’s one pair on BFX. BFX has 30 BTC pairs. I can’t be bothered looking at all the order books so let’s assume the total BTC on order books is 3x the USD pair. So 30,000 BTC on the books, or one in 541. Except it’s one in 400 due to lost coins. Hard to tell. Maybe that is reasonable. |
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Hmmm
Just found something that says they are going to put Tether on lighting.
A US dollar denominated crypto on Lightning. That’s extremely powerful. Arguably that destroys Ripple and Litecoin.
I still trust Litecoin more. At least it's coin creation is based on proof of work and not blind trust like Ripple and Tether. Plus, Litecoin definitely will be implementing lightning and be engaging in atomic swaps. I enjoy the concept of atomic swaps because you can trade coins P2P without relying on a middleman exchange. You could use Tether as a pricing mechanism and still pay / receive payment in litecoin. Which does away with the volatility problem. |
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It takes 1 - 2 seconds and it is irrevocable.
So no waiting for blocks and as good as instant.
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Hmmm
Just found something that says they are going to put Tether on lighting.
A US dollar denominated crypto on Lightning. That’s extremely powerful. Arguably that destroys Ripple and Litecoin.
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An audit would be extremely easy and take about 10 minutes. So two possibilities: 1. A proper audit would attract the attention of the US authorities again and cause problems so they can’t do it. 2. It’s a fractional reserve. I think 2 is more likely. They was supposed to be an audit this month. Has anyone seen it? Edit: I have reread the September audit report here: https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdfBased on a quick skim, it looks legit to me. Which suggests that Tether is real and is USD backed. So maybe we should all relax. |
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I bet if you added up the order books of all the crypto exchanges, you would get more than 21 million bitcoins.
Edit: BFX USD/BTC pair has 10,350 BTC in order book. Which is a single pair on a single exchange (although it is probably aggregating with Bitstamp through their arbitrage bot).
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All it takes for Tether to become completely worthless is one guy decides to seize the account at TetherBank
Do they even really have bank accounts? I'm really confused on how the Bitfinex/Tether thing even works. Don't understand why Tethers are never destroyed. Aren't there some days when the fiat withdrawals at Bitfinex exceeds the deposits? Very perplexing. Surely people haven't been depositing $100 million per day this week at Finex, with the recent correction. There can't be that many bargain hunters. Especially when none of their customers are supposed to be from the US. Is it a pain to deposit USD into Bitfinex if I am from Norway? I'm clueless. It's not just bitfinex anymore that uses tether. There is poloniex, bittrex, and maybe more. I have a polo account and am all bitcoin in it, unless I see a quick trade. Yes, but you cannot deposit fiat into Polo or Bittrex that I am aware of. Could be mistaken. So the Tethers that they have there originated from a different source. I don't think the $100 Million tethers being created daily are going to any other exchange except Bitfinex. Kraken also uses Tethers and lets you deposit fiat. However, I don't think the freshly minted Tethers are going their either. I have personally moved Tether from Bitfinex to other exchanges. It’s useful during a market panic. How fast are transfers? It’s Omni protocol which is built on Bitcoin. So I think it’s just a well funded Bitcoin transfer. Speed is consistent with that. Costs US$25 each time. |
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All I'm saying is there are single points of failure and it is much easier for Tether to become worthless than it is for bitcoin which is backed by a global economy and the laws of thermodynamics or whatever.
I agree with this. But I don’t see the catalyst for Tether failure. Saying it is a fractional reserve currency isn’t enough to bring it down without some loss of confidence in its ability to act as a reserve currency imho. |
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All it takes for Tether to become completely worthless is one guy decides to seize the account at TetherBank
Do they even really have bank accounts? I'm really confused on how the Bitfinex/Tether thing even works. Don't understand why Tethers are never destroyed. Aren't there some days when the fiat withdrawals at Bitfinex exceeds the deposits? Very perplexing. Surely people haven't been depositing $100 million per day this week at Finex, with the recent correction. There can't be that many bargain hunters. Especially when none of their customers are supposed to be from the US. Is it a pain to deposit USD into Bitfinex if I am from Norway? I'm clueless. It's not just bitfinex anymore that uses tether. There is poloniex, bittrex, and maybe more. I have a polo account and am all bitcoin in it, unless I see a quick trade. Yes, but you cannot deposit fiat into Polo or Bittrex that I am aware of. Could be mistaken. So the Tethers that they have there originated from a different source. I don't think the $100 Million tethers being created daily are going to any other exchange except Bitfinex. Kraken also uses Tethers and lets you deposit fiat. However, I don't think the freshly minted Tethers are going their either. I have personally moved Tether from Bitfinex to other exchanges. It’s useful during a market panic. |
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All it takes for Tether to become completely worthless is one guy decides to seize the account at TetherBank
Do they even really have bank accounts? I'm really confused on how the Bitfinex/Tether thing even works. Don't understand why Tethers are never destroyed. Aren't there some days when the fiat withdrawals at Bitfinex exceeds the deposits? Very perplexing. Surely people haven't been depositing $100 million per day this week at Finex, with the recent correction. There can't be that many bargain hunters. Especially when none of their customers are supposed to be from the US. would it be a pain to deposit USD into Bitfinex if I were from Norway or Australia? I'm clueless. As a non-US citizen it is just as easy for me to deposit to Bitfinex as Bitstamp. It’s just a different SWIFT address. And it’s cheaper than Bitstamp so very attractive. The only difference is that BFX has a US$10,000 minimum to keep out the noobs. |
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All it takes for Tether to become completely worthless is one guy decides to seize the account for TetherBank which has been illegally printing a dollar pegged currency
Assuming for the moment Tether is a fractional reserve currency on a 10:1 scale it would still represent hundreds millions of dollars on deposit. Bitfinex is clearly going out of its way to avoid US citizens even if it has not caught them all. So we need to ask what would the catalyst be for seizure of the Tether account. I know people love to make a big fuss about Tether’s conditions saying it is not redeemable for USD but Tether has to include that so they don’t get smashed by the US authorities. If they said it was redeemable, they would be strung up from the ceiling. So if the US authorities aren’t going to come after Tether, why would an account worth at least hundreds of millions of US dollars be seized? The bank isn’t going to kill the goose that lays the golden egg. So what is the Black Swan trigger? And we don’t actually know Tether is a fractional reserve. It probably is - the lack of a proper audit is damming. But it operates as a reserve currency. And reserve currencies get away with all sorts of bullshit as demonstrated by the excesses of the US dollar. So while Tether popping would be an unimaginable firestorm for crypto, there is good reason to think it won’t pop anytime soon because there is no effective trigger. |
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How the fuck do exchanges even go insolvent? Is this "priced in", or are we going to catapult down even further when they do finally go under? Wondering how much of the recent plunge was the futures contracts coming due versus BitConnect. No it’s not priced in. Tether popping would see a monumental market recalibration. Keep in mind there are lots of exchanges that heavily use Tether as a reserve currency like Bittrex and HitBC. I believe that Bitstamp and GDAX use “real” USD but they would not escape the firestorm. I don’t have good answers how to mitigate the risk other than exiting the market completely. |
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Lightning is instant and 18,000 times cheaper than Bitcoin Cash Bullish.... |
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Am I a bad person for finding mirth in the self inflicted misfortune of others?
Deep down inside you are a bad person. Superficially you are quite nice! I think we can be compassionate, which is different from being sympathetic. |
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I’ve never heard of Weiss. Weiss and his father performed independent financial analyses on banks for many years. They were conservative in their appraisals, and by that I mean that didn't count squishy items like "goodwill" for very much. They published their own "Weiss ratings" for thousands of banks. You could check on any single bank you were interested in, or subscribe to their service. They sold the business but I guess the son still speaks on behalf of the business. It was a legit business so this interests me. Thank you very helpful. I will give some further thought to this as it is an element missing from the market to date. |
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So what is the next part of the prophecy? Are we going moon after two weeks?
For the record, the chart still looks like a diseased dick. Two days consolidation does not make.
I love the troll box. Latest claim is that BCC can be submitted to the BCCx ICO. Leaving no turd unturned since 2013.
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I will lie with alts but I won’t sleep with them.
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I’ve never heard of Weiss. |
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If this holds, I might have to start paying more attention to this Russian mystic guy who speaks in tongues and probably sleeps on a bed of nails.
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