Phil_S
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Activity: 2091
Merit: 1461
We choose to go to the moon
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February 14, 2018, 12:28:36 PM |
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Steady on, lads. If you buy all the bitcoins on the exchanges, there won't be enough left to share them round equally.
Communist!
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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February 14, 2018, 12:28:55 PM |
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The bitstamp market depth to $10k right now is around $10 million dollars. The Tether marketcap is around $2.2 BILLION. On a slow day, Tether may "print" a cool $25 million which doesn't cost them a dime.
So contrary to your assertion that Tether isn't "jeopardising our lovely honey badger", the fact of the matter is it can eat bitcoin's price for breakfast anytime it wants.
Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked? So much for comparing apples to oranges! I am not sure that is a fair comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though.
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d_eddie
Legendary
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Activity: 2492
Merit: 2940
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February 14, 2018, 12:30:12 PM |
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Here we go? 11k in the weekend?
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bitcoinPsycho
Legendary
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Activity: 2478
Merit: 2092
$120000 in 2024 Confirmed
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February 14, 2018, 12:30:45 PM |
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Here we go? 11k in the weekend?
confirmed
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Dakustaking76
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February 14, 2018, 12:31:19 PM |
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Cho cho chooooooo fuckerssssss
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d_eddie
Legendary
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Activity: 2492
Merit: 2940
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February 14, 2018, 12:32:20 PM |
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Business Insider, hm. I wonder if this is a $500 article or a $1000 article. In other terms, has it been paid 0.055 or 0.11 BTC?
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toknormal
Legendary
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Activity: 3066
Merit: 1188
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February 14, 2018, 12:36:24 PM |
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Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked?
I am not sure that is a fine comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though. It doesn't matter if it's 100% backed, fractional or zero reserve. I don't really care. What matters is the proportion of bitcoin's valuation which is occupied by counterparty risk and liquidity. If the valuation is market backed, that's one thing. If it's backed by a single counterparty then it's slowly turning it into a type of bond who's value basis depends more on the fate of a lone corporate entity registered in the Virgin Islands than anything else. Think of it like the market version of a 51% mining attack. (Except with faked hashrate that didn't cost any electricity). If I was an adversarial government institution wanting to "take down" bitcoin I can think of worse ways to do it.
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El duderino_
Legendary
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Activity: 2506
Merit: 12091
BTC + Crossfit, living life.
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February 14, 2018, 12:44:18 PM |
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exciting for the new poll prices specialy during such pumps
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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February 14, 2018, 12:45:43 PM |
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Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked?
I am not sure that is a fine comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though. It doesn't matter if it's 100% backed, fractional or zero reserve. I don't really care. What matters is the proportion of bitcoin's valuation which is occupied by counterparty risk and liquidity. If the valuation is market backed, that's one thing. If it's backed by a single counterparty then it's slowly turning it into a type of bond who's value basis depends more on the fate of a lone corporate entity registered in the Virgin Islands than anything else. Think of it like the market version of a 51% mining attack. (Except with faked hashrate that didn't cost any electricity). If I was an adversarial government institution wanting to "take down" bitcoin I can't think of a much more effective way to do it. I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure. But, if it is BACKED, it doesn't really matter if it goes south (ie: funds seized by government)... It will sink Tether holders, not BTC. The thing that matters the most is if it was a REAL growth (backed) or an artificial/inflated one (unbacked).
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rjclarke2000
Legendary
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Activity: 1358
Merit: 1016
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February 14, 2018, 12:46:04 PM |
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JimboToronto
Legendary
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Activity: 4004
Merit: 4482
You're never too old to think young.
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February 14, 2018, 12:46:12 PM |
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Looks like this rally has slowed for now. Back to bed for me.
See y'all at noon.
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HairyMaclairy
Legendary
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Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 14, 2018, 12:46:42 PM |
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toknormal
Legendary
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Activity: 3066
Merit: 1188
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February 14, 2018, 12:47:51 PM |
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I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure.
But, if it is BACKED, it doesn't really matter if it goes south....The thing that matters the most is if it was a REAL growth (backed) or an artificial one (unbacked).
It's unbacked. You can take that as a given.
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vroom
Legendary
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Activity: 1302
Merit: 1681
a Cray can run an endless loop in under 4 hours
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February 14, 2018, 12:48:16 PM |
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-chart-
what do we see here? please comment your chart for newbies like me.
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mymenace
Legendary
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Activity: 1596
Merit: 1061
Smile
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-chart-
what do we see here? please comment your chart for newbies like me. trendline breaking
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mymenace
Legendary
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Activity: 1596
Merit: 1061
Smile
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February 14, 2018, 12:51:03 PM |
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Came here for the rockets
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HairyMaclairy
Legendary
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Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 14, 2018, 12:51:51 PM |
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We have (barely) broken the downward channel which has dominated since $17k. Even if the pump doesn’t hold, the channel is now vulnerable. It could be the end of the bear market.
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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February 14, 2018, 12:59:11 PM |
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I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure.
But, if it is BACKED, it doesn't really matter if it goes south....The thing that matters the most is if it was a REAL growth (backed) or an artificial one (unbacked).
It's unbacked. You can take that as a given. I have my suspicions about it, yes. But then we would need to talk about/know what percentage is backed/unbacked to have some remote glimpse of what could have been its impact. I don't think there is any simple way to calculate that even to a ballpark figure. Anyway... let's go back to the party for now?
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hv_
Legendary
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Activity: 2506
Merit: 1055
Clean Code and Scale
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February 14, 2018, 01:00:44 PM |
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Oh look. THere's a 200 coin ask wall being eaten on Stamp.
Isn't wall observation fun?
You just earned the last "1 in 200 pages ON TOPIC merits".
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Last of the V8s
Legendary
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Activity: 1652
Merit: 4392
Be a bank
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February 14, 2018, 01:02:11 PM |
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Now let's make a bull pennant. I like those.
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