josephpogi
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February 07, 2018, 07:26:51 AM |
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Volume to support this rally is anemic. It looks like we'll be heading down again. I suspect we'll be testing $6,000 again soon.
 That's exactly why I reacted so strongly to egyptian magician's "wisdom." "Anemic volume."  What's next? Is he going to pee on us and tell us it's raining? I noticed he magically avoided mentioning the name of his old account with all of the wise posts... This is true ? Soon $6000?  . I already sell my appc because appc is like a btc. Once btc goes down appc will go down also huhu.
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HairyMaclairy
Legendary
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Activity: 1442
Merit: 2284
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:28:02 AM |
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Problem is if/when tether busts all exchanges can only pull a BTC-e. They have to close and hit the crypto holders for whatever value tether now evaporated.
They might choose to honour the value of Tether. I would carefully watch for exchanges shutting down Tether deposits and withdrawals. That would be a bad sign.
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dieselmeister
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February 07, 2018, 07:28:02 AM |
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is bitfinex insolvent?  Nope. I think not. It is possible, that a company can have depts. And this depts has to be in some kind of statement of financial position. But honestly i don't know the financial law in the us. Only in germany a little bit.
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jojo69
Legendary
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Activity: 3528
Merit: 4988
diamond-handed zealot
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February 07, 2018, 07:34:24 AM |
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the next leg down is going to crush our souls
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bitserve
Legendary
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Activity: 1960
Merit: 1630
Self made HODLER ✓
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February 07, 2018, 07:34:30 AM |
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Tether is a separate legal entity to BFX. Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)? If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because: - It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc) - Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT). After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it. Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto? If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle. Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash".
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BTCMILLIONAIRE
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February 07, 2018, 07:36:28 AM |
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Tether is a separate legal entity to BFX. Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)? Tether is a completely centralized token so the bankruptcy administrator could freeze all Tether (or take it back to a central wallet). Thanks for clarifying. Had a hunch that would be the case, guess I was right for staying out of Tether as a hedging tool.
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HairyMaclairy
Legendary
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Activity: 1442
Merit: 2284
Degenerate bull hatter & Bitcoin monotheist
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February 07, 2018, 07:39:55 AM |
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the next leg down is going to crush our souls
Now that’s the capitulation talk we want !
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jojo69
Legendary
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Activity: 3528
Merit: 4988
diamond-handed zealot
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February 07, 2018, 07:45:38 AM |
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the next leg down is going to crush our souls
Now that’s the capitulation talk we want ! the false hope is one of the oldest tricks in the torturers tool kit
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Phil_S
Legendary
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Activity: 2150
Merit: 1663
We choose to go to the moon
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February 07, 2018, 07:58:05 AM |
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7777 today
77777 in 2020
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flynn
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7777 today
77777 in 2020
24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)
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Phil_S
Legendary
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Activity: 2150
Merit: 1663
We choose to go to the moon
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February 07, 2018, 08:12:07 AM |
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I voted for end of February too, but I gave up on that long ago.  Good luck for people who selected summer months, haha!
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User705
Legendary
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Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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February 07, 2018, 08:15:28 AM |
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Tether is a separate legal entity to BFX. Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)? If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because: - It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc) - Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT). After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it. Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto? If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle. Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash". This should have it’s own post but just remember at the heart of every ponzi is a bad trader. If he knew how to buy low and sell high he wouldn’t need to print fake money. Once the printing starts the mistakes just compound so no if tether is unbacked there is no rebuying of reserves because if they knew how to trade they wouldn’t need to print fake money and be unbacked. It’s the exact same bs as Altucher ads. If he knew how to make 10000% buying the next bitcoin he wouldn’t need to sell you a fucken trading course.
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Dakustaking76
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February 07, 2018, 08:19:06 AM |
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Still in a bug trap terrority  IT seems that iT isnt over yett
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El duderino_
Legendary
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Merit: 14204
“They have no clue”
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February 07, 2018, 08:24:28 AM |
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7777 today
77777 in 2020
24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens) Going to be a tuff nut too crack , but Just imagining the rally iT would be The memes the action that iT would bring with it ......
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Neo_Coin
Sr. Member
  
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Activity: 1204
Merit: 293
"Be Your Own Bank"
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February 07, 2018, 08:37:55 AM |
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Tether = the perfect Ponzi scheme 
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ivomm
Legendary
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Activity: 1912
Merit: 3227
All good things to those who wait
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February 07, 2018, 09:08:43 AM |
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Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, done, finito! Get over it! "It's important to remember that if there were no bitcoin, there would be no distributed ledger technology." That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin. ............ Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors. Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal). "If we get comfortable ... then we can move forward," he said. Sources: https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/
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Dakustaking76
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February 07, 2018, 09:12:59 AM |
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Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, get over it! "It's important to remember that if there were no bitcoin, there would be no distributed ledger technology." That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin. ............ Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors. Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal). "If we get comfortable ... then we can move forward," he said. Sources: https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/Oke So what do you mean? We Will go up now And not going down anymore? Bottom is in??
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TERA2
Full Member
 
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Activity: 266
Merit: 222
Deb Rah Von Doom
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February 07, 2018, 09:24:13 AM |
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Why is it now all these bears are allowed to run free without getting scolded by JayGuanGee
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BTCMILLIONAIRE
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February 07, 2018, 09:25:01 AM |
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Nice decoupling.  Gotta love reciprocal correlation in volatile markets.
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SidETH
Member

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Activity: 116
Merit: 20
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February 07, 2018, 09:26:12 AM |
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Seems pretty stable now. Good, let it be stable for a couple of days.
Oh and then please MOON, just to piss off that guy Roubini.
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