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AMA about Tether (USDT)

Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
 
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
 
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
submitted by SirLamboMoon to CryptoCurrency [link] [comments]

AMA about Tether (USDT)

Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
 
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
 
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
 
EDIT: was told to put an address for the headache I'm about to receive, lol. 1GTtVVfECQvecTtqUoWhXi7pYuWz5KzzTm
submitted by SirLamboMoon to btc [link] [comments]

[Careful] A few thoughts to Silverbugs I see new to cryptocurrencies or thinking of making the plunge

I really like this community and have enjoyed conversations and trading with many of you. Because I like you, I will give you the TLDR first so you do not have to scroll to the bottom of this wall of text.
TLDR - If you are new to crypto or thinking of investing, be prepared for the possiblity of losing (or loosing to those of you who have been around the bitcoin forums a while) 50% of the USD value tomorrow. If you think bitcoin dropping 50% in a few days is crazy talk you need to read the wall of text
Some of you may know from my pmsforsale posts that my preffered form of payment for peer to peer trades is bitcoin - i believe btc/crypto currencies have some great use cases now and there is a chance they may be a revolutionary new technology/change the way we do business and trade, and/or replace or augment gold as a store of value you can hold yourself without the need to trust a 3rd party. Another big draw for me is that each btc will always remain fungible (no btc can be declared invalid or claimed by a government or financial institution) - none can be created arbitrarily by any group devaluing what you hold. 1 btc will always be worth 1/21,000,000 of all the bitcoins ever to be created just as 1 ounce of gold will always be worth 1 oz gold/all the ozs of gold.
The above things aside, as an investment I always try to caution friends/family that it is a high risk investment and should only be made with an amount of money that would not affect your life or cause you anguish mentally if what you invest today is worth 1/2 as much in USD tomorrow and completely valueless in 1 month.
Some of you who are newer to following btc price - say the last 6 months - maybe don't believe it can really be cut in 1/2 in USD terms in one or two days but it most definitely can. I have been following bitcoin for 3 bitcoin bubbles and blow offs (we are currently in my third and by my definition the 4th major bubble since bitcoin began trading on exchanges.)
Here are how the bubbles I followed have gone down in my memory and a brief glance back at charts (dates and prices are approximate and the start and end of the bubbles, or even if they were bubbles are by my definition).
  1. Late January 2013 - Mid March 2013 (prices are mt gox for this bubble)- I was a spectator for this one as I had just discovered btc in late 2012 and was learning more about how it worked/what its purpose or uses could be. Buying btc at that time was a good deal dodgier than an ACH transfer to a federally regulated company such as Coinbase or Gemini and, although I could see the potential future of bitcoin, I also was not ready to mail someone cash or go to walmart and send money to Charlie at Bitinstant. Bubble began at approximately $20, topped out just 2-3 months later over $250. Volume increased heavily towards the top as you would expect as the hype grows and new money comes in to the bubbling market chasing the dream of big returns. This bubble crash was very violent and if I remember correctly the high and low occurred on the same day as the high of 250 with a low for the day in the 50's (I can only view weekly charts so it may not have been the same day but I am pretty sure it was). If you were the person who put your x dollars in at 250+ to see it drop 70% in a day/week would it affect your life. If you answer yes, you are investing more than you can afford. This should take in mental state as well as financial.
  2. November 2013 - I finally took the plunge into bitcoin at around 120 usd in late August 2013. The bubble began to me on the day of the silk road closing. For a long time many people in btc believed that the bulk of btc value was due to its use on the darknet market silk road, my self included. When the seizure of the website and the arrest of it's founder btc quickly dropped to around 80 but recovered most of its losses that day and was breaking out of a long consolidation period around 140 within a week or two. This breakout was the beginning of the November bubble. We topped out around 1100 on bitsamp and saw a low in the 500's within a day or two. This bear market lasted over 18 months with a final low in the 200 area. Again, if you bought at 1100 within a week or two your usd value was cut in half.
  3. The bubble I didn't witness - 2012 breakout around $6, high several weeks later at $32 with a low of $2 the same day.
The bubbles and crashes seem to be getting less volatile, which makes sense as the market becomes more liquid. That said, I fully expect the current bubble to crash 40-60% in a period of 2 weeks or less when it blows off. What I have no idea of is if it will be from 3,000 to 1,600 or 6,000 to 2,800 or any possibility.
To be clear, I am not saying don't invest in crypto. I believe if you do the research you may find it worth a portion of your higher risk investment portfolio. I am saying don't invest any funds you need in the near term (from an investment standpoint I consider near term to be 2 years or less). Also, if you plan to invest X maybe put in 1/y of X at time interval z so you don't go all in at a local top. The benefits of dollar cost averaging have been debated for eons in investing circles but I will add my 2 satoshi's - I personally do enough research to be confident enough in my decision prior to investing in an asset for the medium to long term so that a short term drop in the asset's value will not cause me to panic sell a local bottom, so once I decide to invest an amount I go all in with that amount. Do not underestimate the power of panic - it is a far stronger driver than greed which is why I believe the moves up in bitcoin bubbles can take 10 weeks or more but the bulk of move down happens in days.
Cheers everyone, and if you have any questions on btc I am happy to provide direction.
submitted by LesbianCow to Silverbugs [link] [comments]

My biggest regret, a saved email from 2013.

12/20/13 K: Hey man, it's K. Is your name D? Anyway...getting money onto BTC-e can be tricky if you are trying to deposit USD. I kind of just had to learn by trial an error because I didn't know anyone that could teach me, because i am the only one that invests in crypto currency that I know.
Anyway, coinbase is probably the best bitcoin wallet service in the United States. It is definitely the largest and most reputable. Use this referral link: Once you sign up using this link, it will give us both some free money after you have purchased some bitcoins. The process takes a little while to get all started up, but it is worth it because it is so easy to use after. You can instantly buy bitcoins, and then use those bitcoins to send to BTC-E to purchase whatever other coins you want. I invest pretty heavily in LTC. The only way I have been able to do that is by buying bitcoins on coinbase, and then sending them to btc-e. Let me know if this works for you..
K: Let me know if the email reached you
D: Yep. I got it. Two to three days for the deposit verification into my bank account. Thanks for the advice. I take it you work in finance?
K: Yeah I do :). Coinbase takes a bit for the verification process but it is super easy to use after that. When you sell bitcoins, they just deposit the money right back into your bank account. It's the easiest service that I have found that is reputable.
D: Have you ever tried trading for small margins? I made about 0.60 USD since I started last night. I got my initial funding by mining FTC. I'm trading BTC.
D: Actually up to 10.81 after my last trade. Got in at 625 and sold at 639.
K: I mainly buy and hold for long term. I bought some NMC to flip, but it dropped in value steeply so im still holding it. I buy more every time it dips. Sent via wireless, please excuse any typos...
D: Cool. No worry about typos. I type all day at work so don't mind as well. I give up on accuracy at 5. My friends also aren't very much into crytpo currencies. I like the technical aspect but I'm more interested in trading on BTC-E. I must have watched about 12 hours of bitcoinwisdom since yesterday. It was my first time analyzing real time data. I can't believe how much info you can obtain just from identifying patterns. I have a quick question about a 401k if you don't mind. So far my year to date is 26%, is that good?
K: Yes, very good. You must have had it set up aggressively with the investing choices (which is better to do when you are young). Good stock market returns are around 12% so you are more than double, but don't be surprised if there is a correction to lower on the returns there too.
D: Yes. I'm over 50% in small cap and am young. Is there anyway to avoid that correction by reallocating?
K: Nah, just leave it. At least you have a 401k, most people are paycheck to paycheck
D: Defiantly. I can't imagine how some of my co-workers get by paying overdraft fees each month. Have a good night. I'll let you know when I buy some coins on that site.
K: Cool, let me know. Let's make some money! :)
12/22/13 D: Howdy K, I'm still waiting on the deposits in my bank account by Coinbase. Thanks for the referral link, I'm looking forward to that free $5 of BTC. Up to $12.30 USD on BTCE, looking to break $13 tonight. Can't wait to get some more trading funds.
K: It takes a bit for the initial deposit. I think it took my bank almost a week :(. Once you are done though everything is quick. If you add a credit card too, you can buy up to 10 btc instantly per week
D: Awesome. Have any suggestions? (pic) attaches picture of small gains trade history
K: What do you mean by sugggestions? Like on your trading?
K: Can you deposit more money? It looks like you aren't fully able to enjoy the full gains of your trades because the amounts that you are trading are a little small. If possible I would suggest buying 1 btc when the price is the lowest of the day, and then trade from there..
K: Also i would stay away from ftc for time being
12/24/13 K: Hey bud, i just got some free money from coinbase :) did you get it too? Pretty cool huh?
D: Yes sir. 4 days for my order to fill, can't wait.
12/25/13 D: Merry Christmas!
K: Merry xmas! If you add a credit card you can instant buy up to 10btc. What other coins are you buying right now? I mainly just have BTC and LTC
D: Does the credit card have to be a Visa? I'm mining about 8 FTC per day and trading for BTC at market. Then I trade BTC/USD for 0.10 - 0.40 profits. Working on a spreadsheet right now which you can see if you are interested.
D: spreadsheet sends corny orange and grey spreadsheet
K: Think it can be mastercard or amex too...
K: Nice LTC rally today :). I just picked up more LTC yesterday too
D: I tried adding a mastercard and discover but it wouldn't work. I've been watching the rally. Waiting to buy in to BTC at $656.
K: Shit that sucks, email support and ask if they accept mastercard? I find that odd that they would only accept visa
D: No worries. Deposit should clear 12/31
12/29/2013 K: Hows it going? Did you get your btc?
D: Hey K. Not yet, they will be deposited 12/31. Bought at $651
K: Nice so you are already up :)
K: How much did you buy? You should buy some and hold long term if possible too
1/2/2014 D: Happy New Year, K. I only bought 0.2 BTC for about $131. I'm at a total balance of $179.07. Started mining FTC again for the few extra dollars per day.
I think I read somewhere that there is a cap of 21 million BTC that will ever be in existence. 21 million on the internet is subtle considering how many views cat videos get on youtube. 21 million out 7 billion people is even smaller. Sometimes I find it hard to imagine millions and billions but I always think about this one thing: 1 million seconds is about 11 days, 1 billion seconds around 31 years. I'm very optimistic about the long term. Probably going to set aside at least 1 BTC in the near future.
Have you ever seen BTC listed on ebay? I created an auction yesterday for 0.1 BTC, $120.00. It sold within 3 hours but the buyer flaked out after I told them they would be receiving the BTC-E redeemable code in the mail. They created a dispute stating that the ebay/pal accounts were accessed by an unauthorized third party which is currently in process. I didn't lose anything and actually sold back the 0.1 at $775 after buying at $740 last night. I'm considering re-listing some BTC on Ebay but don't want to deal with reversed payments. Have any insight?
K: I heard ebay can be a nightmare with sellers getting scammed by buyers with chargebacks. If you are going to do it, I would recommend selling maybe paper wallets only, that you actually have to mail to them. That way you can have a tracking number for your shipping. If you want to sell through paypal, be careful, I think any mention of crypto currency can get your account frozen. Not positive about that though. Try selling to people on the forums, I think that would be easy. Honestly, I think just buying what you can and holding long is the best option to make the best returns. Look how the market has gone today D
K: 21 million BTC is not even enough btc for each person in my state to have 1, let alone the United States, or the entire world. As long as the demand stays high, the price could become astronomical if some major players like wall street enter the game. Just think, if Wall Street threw like 100 mill at Bitcoins (which is not that far-fetched), the price would probably jump to like 3-4k per BTC after that 1 day alone…
D: I don't think I'm going to sell anything else on Ebay until I come up with a better way of protecting against charge backs. The market has been awesome today.
D: That's very true. I think my next purchase will be 0.5 BTC to keep in my wallet.
K: Have you seen the stuff on zerocoin? Looks interesting, should be out this year...there has been a lotta hype around it..
D: Haven't heard anything about it until just reading an article now. Looks interesting and they make a good argument about anonymity. I only read over it briefly, but it appears what they're proposing would add an additional transaction fee the the process. Cool concept. Are you good with candlestick charts and patterns?
K: Somewhat. I learned them in college but stopped using them until now, so I am pretty rusty…I get the concepts and all, but I am not a professional at them by any means. I saw my buddies wallet the other day…he is pretty stacked. Over 250btc and over 1000 LTC!
D: That is pretty stacked. About 500k stacked, right? Are you familiar with the creator(s) of bitcoin "Satoshi Nakamoto"? Is it actually one person? There are quite a few claims as to who or whom Satoshi may be.
K: Im not familiar, i heard it was a team of people under that one name
D: I wonder if it was created by a goverment. Like some NSA type agency. Kinda like how the darknet started off as a Navy project.
K: Nah I doubt it. Government wouldn't create something that could possibly pose a threat to its own currency.
D: That's a good point. The future of BTC is exciting.
1/6/2014 D: Started trading NMC recently. Check ou the spreadsheet attaches another shitsheet Still just testing the water before I start making bigger trades. Buy any more BTC/LTC lately?
K: Cool man.. Year i got some LTC at $16 right before it went back up :)
1/7/2014 D: Nice buy. Catch the market today? China's equivalent of Ebay banned the sell of btc, ltc, mining gear, etc.
My understanding on of China: China’s central bank regulated the virtual currency for the first time on Dec. 5 by banning financial institutions and payment providers from conducting transactions in the virtual currency
Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges
China's Ebay bans sell of BTC in accordance to the central bank's ban effective Jan. 31. Acting as a clearing house of BTC.
I'm now $180 long NMC. I might invest 1k soon on BTC, any thoughts on an upcoming entry point?
K: Hmmm not quite sure on entry point. I am in the red as of today on NMC. Im trying to get it back to 0.01 btc to convert my nmc back to btc, i missed it on the last push. If you are investing 1k and holding long, then any of the daily ups and downs dont matter because in the long run we hope it will be way up. If i were you, i would just wait for a big red candle and then try to by at the bottom. Maybe $800/btc is good?
K: The part that sucks is that it seems like BTC value works so hard to creep up and up slowly, and right when it seems like it is going to pick up some momentum, BAM! More bad news comes out and slams the market. This cycle seems to keep repeating over and over right now…
1/9/14 K: I got 2 more btc :)
1/27/14 D: Sorry, haven't check this email account for a few weeks. Been working a lot of OT. What price did you buy in at on 1/9? I just sold a majority of my coins for cash. I picked up 3 LTC at 19.50 though. What's gonna happen 2/1/14?
Also, do you know how long it would take for a tax return check if you have your taxes in prior to the 31st? I finished those 2 weeks ago if it matters.
The other day the dow finished pretty low. Do you have any thoughts about the US economy over the next 6-12 months?
K: What’s up man…huge dump off of BTC right now on almost all exchanges (except gox which is bs anyway). I bought some more LTC at around $19 too.
I am holding all for long haul, although it would have been profitable to sell this morning, and re-buy after this dump off. I have no idea what is going to happen on 2/1. Last time when senate met, everyone thought the party was over, and then there was a huge rally in prices instead.
I am trying to figure out the right price to buy more btc right now… what do you think?
D: Sorry. Copied and pasted instead of attaching the pic. I think we'll have to see if it breaks that support. What about the arrest of that guy at bitinstant? *attaches picture of BTC 4h chart with a random line pointing downward
K: I don’t think that one arrest will tank the market like that. I am wondering if the confiscated silk road funds are being trickled through the exchanges by the feds. It seems weird the sell off right now. It almost seems systematic. Like there is a huge sell off that clears all the buy orders. Then it is calm for a few minutes, then repeat. Really strange…
D: But I wonder how they brought charges on him? Could they hold anyone accountable who sold BTC to a person using it to buy drugs on silk road? If the Feds are selling that would explain it. They seized 144,000 and they're saying the owner of silkroad may have 600,000 stashed in a wallet.
K: I think the number is more like 30,000 btc
D: The spokesperson says the approximately 26,000 Bitcoins seized are just the ones that were held in Silk Road accounts. In other words, it’s Silk Road users’ Bitcoin. The FBI has not been able to get to Ulbricht’s personal Bitcoin yet. “That’s like another $80 million worth,” she said, explaining that it was held separately and is encrypted. If that is indeed what he’s holding, that’s close to 600,000 Bitcoin all together or about 5% of all Bitcoin currently in existence. (Update 10-25: The FBI says it’s seized 144,000 Bitcoins, or about $28 million, that it believes belong to Ross Ulbricht.)
K: I don’t understand how they were able to confiscate them, when bitcoins are not yet considered money, so they shouldn’t fall under forfeiture rules…
1/17/18 - D: Wish you the best K and hope you held those coins longer than I did.
TLDR: Meet a friend in December 2013 that gave me advice to buy and hold BTC long term. This is one of our email threads from around that time, edited to remove personally identifying information. I used all my bitcoin for pizza following the fall of Mt. Gox and the subsequent bubble burst.
submitted by hampering to CryptoCurrency [link] [comments]

MAD Doge - Market Analysis 2/5/2014 (Evening Edition) Charity and Tithing

Well, it's been a few days, so let's get the market stuff done quick!

We've got a bear market (Much ROAR)

Follow the Triangle Chart Pattern info only if you understand the analysis (Explanation)

As far as the pools are going, DogeHouse.org is still down due to a NTP DDOS attack, here's a link describing it Cloudflare Blog

NEWS!

With the recent DDOS, I'd recommend staying away from the larger pools since they might be instigating the DDOS, P2Pool is a great alternative, but the decision is ultimately up to you.

CHEATS! YOU CAN CHEAT AND GET MORE DOGE?! WHAAAAAAAAAAAAAAAAT!?

I'll test with a single graphics card to see if the "cheating" works.

Meat and Potatoes (Such Dinner)

TLDR: GIVE BRO (TLDR for our female audience, if any: Please give to the DogeCoin Foundation Charities, it changes lives daily!)

Definition from the Merriam Dogester Dictionary:

If you're a bit keyboard-shy, why don't you let me know if you would come to a party themed after this one: End of the World Celebration, we can easily get 50% of the stuff shown in the video, but would need to crowd-fund it to pay for the rest as well as find the "200" people necessary to throw it.
Admittedly, it would be a dry party since we can get extra money from the nearby University as an "alternative" event.
Any thoughts?
As always, SHIBE ON!
submitted by DRKMSTR to MADDOGE [link] [comments]

You Will Lose Money -- Thoughts for Fellow Newcomers to Bitcoin

EDIT TL;DR: As briefly detailed in a post herein, I want to address who this is meant for and give some additional thoughts as I think my motivations may have been misread. This post is intended for anyone who reads about bitcoin and buys a handful (or hundred-full) at market price with the intention of holding them for an indefinite period of time(be it 4 months or 4 years) or trading when they can with the intention of later selling for a profit. By the way, selling for a fiat profit is missing the boat! YOU ARE BUYING AN INTERNATIONALLY ACCEPTED CURRENCY. IF IT APPRECIATES IN VALUE, GO BUY SOMETHING WITH IT AND KEEP THE REST! Do not let your heart sway your dollars. This is a 2-3 year old nascent market that you are entering. You could lose all of your money. The price has increased ~400% over the last 3 months. While there are very good reasons for this, there is also much unknown. A drop to $45 or $30 followed by a months-long recovery before you're back at the price you bought, while unlikely at the moment, is within the realm of possibility.
If you're going to buy bitcoins and spend them today, this post is not for you. Rock on, keep doin your thing, and tell your friends all about it.
Been trying to submit this post for like 10 mins. It told me to wait 7, I waited 10, then it told me to get bent for a while so I had to register a new accout.
I woke up this morning (well, yesterday morning now I guess) and thought "Okay, let's see if we can get 5 or 6 more." That was the plan
As a newcomer to actually buying and using Bitcoins I wanted to offer my thoughts to those even newer than I.
I followed bitcoin mostly the whole way. If I really let my emotions get to me, I'd kill myself at this point. Honestly, I'm still kind of working through them. I first heard about BTC in late 2010 or so. I knew what it was, but...being as there was virtually zero financial infrastructure around it at the time, I didn't gung-ho at all. Can I use gung-ho as a verb? I feel like I can if I hyphenate it.
Like I mentioned, if I let my emotions get to me I'd end up killing myself. I had seriously considered investing a sizeable sum of money in BTC at various times, enough that had I followed through on my intuition I would have quit my job and started my own business by this point.
Unfortunately such a point has passed us. If you think you're going to buy BTC now and profit hundreds or thousands in a week/month, you might want to rethink your decision. By now, if you can invest enough in BTC that you think you'll be able to have complete financial security through its long term appreciation, you probably have enough money that you know what you're doing anyway and are likely already familiar with my message.
That being said there are still significant gains to be realized, and with the way things have gone over the last 6 months there are all kinds of ways to spend BTC now and more everyday it seems. I have always believed in the value of BTC as a medium of exchange in an increasingly global and increasingly surveilled economy. But in the beginning, well, how could I have known for sure? Listen to me, still beating myself up.
There are losses to be realized as well. I finally made my initial purchase a month back. Unfortunately, it wasn't all of the money that I wanted to convert to BTC but I didn't want to go through BitInstant for days in a row and pay fees that I didn't have to. I wanted to wait until my verification went through, wire the money, and be done. In retrospect, the appreciation in price would have more than compensated for the fees I would have paid and I fucked myself out of hundreds of BTC. Listen to me, still beating myself up. Maybe you'll do that too. It's normal, relax.
Not to mention the bad buys I've made, market drops $2-3 (or $10, shit!) 60 mins after your purchase FFFFFFUUUUU... We could focus on the good ones, but that's not where you learn your lessons. Compared to fiat conversion I'm still pretty well up overall. I made my main buy immediately after the $50 wall broke, damn near shit myself when I woke up the next two days. But it's an anxious, painful feeling when you're down. If BTC is your first foray into serious exchange/investment, if you've never lost a full house to four of a kind (i.e. gotten stomped by something you barely saw coming, if at all), I envy you. You're just at the start of it. In the next 4-6 months you will learn more about your tolerance for risk and ability to handle loss than you ever knew before. The most important advice anyone can give is "Don't invest more than you can stand to lose." Don't borrow money you can't repay, don't blow savings you can't replenish. When you're up, that small amount that you could stand to lose never seems like it was a good enough starting point. But when you're down, suddenly it feels like plenty to lose. Sure, you planned for it (or you should have). You might not be out of your home or unable to eat, but it's not like that money was useless to you. You earned it and saved it at some point, and now it's fucking gone. Alternatively, you've been at this for weeks now, made a really good buy or two, then made a terrible one. You're back to the drawing board, screwed yourself out of all your gains - a completely safe position that thousands of investors across the globe would pay to be in as I type. But when you're getting your feet wet you have your eye on the prize, and even losing money you never really had often feels like a loss.
There will be days that you wake up, check the price, and realize that these things are true at that point in time. Expect this.
Something happened to me over the last couple weeks. All of a sudden I don't really....care (as much) what the price is. It has stopped being about how many dollars I have, and it has started to be about how many BTC I have. This is obviously the wrong forum to present this question, but in the last 4-6 months as I've read about BTC all I can ask is, "Okay overall HOW is this not an amazing idea?" and in the 2 years as I've watched BTC it just seems more and more like something that isn't just going to sputter out and go away. Could it go to $55 tonight? Sure. Maybe even high $40s. Truth be told it could crash to shit and take 8-12 months to recover, I mean this is an unprecedented market. Would that scare you? Would you be okay with that? If not, now might not be the time for you to get on board.
You must know, we will surely see corrections. We've seen two small ones (edit: not so small....even later edit: k maybe kind of small overall, hope someone made some money there) in the last 24h already. Unfortunately before we can use Bitcoin to its full potential for what it is (a completely private, decentralized combination currency/store of value), before it becomes widespread, this is probably what has to happen. If it hits $45 or $40 you'll see all these blog posts and articles about how this is evidence it's all a scheme, too volatile to ever be in use, it's a stupid crazy idea, and all that FUD. I implore you: if you're inclined to believe them, do so.
I had a decent bid in at $64 that I made much earlier today. Current price is hovering $57 A week or two ago I would have cared about that fact a lot more. Not now though. $64 was what I was looking for. I sold a bunch above $71 and at the time I thought that people on the other side of the world would wake up, see the price, chart, and panic sell. I learned that I severely underestimated the level of panic, and I'll have to keep that in mind for next time. At this point I can only be confident that when this side of the world wakes up again we'll see another glorious battle between panic and conviction, the victor known only to the unturned pages of time.
I just watched this whole correction/recovery (well, I shouldnt' speak too soon as its still playing out). I had an intuition that the price might go lower than my bid, but I didn't want to change it. It is important to stick to your goals. See, tonight I go to sleep with 5 more BTC than I had when I woke up. Goal achieved. Tomorrow I'll wake up, look at the charts, and set another one. I'm in it for the long haul one way or another, but the journey is half the fun!
Good spending, good trading, good holding, and Godspeed everyone.
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[uncensored-r/CryptoCurrency] AMA about Tether (USDT)

The following post by SirLamboMoon is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7g6xse
The original post's content was as follows:
Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
  • It makes perfect sense that USDT gets minted/printed when volatility is at its highest (ATH's/crashes). Why would you think that the crypto market will expand/grow but not USDT ( a stablecoin)? USDT is to provide liquidity to traders on exchanges, that is literally all it is used for. And during crashes traders want USDT, so there is a premium you will see of 1-3% on USDT in those cases (an opportunity). Also, there are more inflows than outflows right now because the market is growing more wealth/money wants some exposure.
 
  • I also don't understand why it is easier for people to believe the conjecture over the reality. I think it is because the premise is flawed and the source extremely biased, they think because USDT is inflating (which it should as more fiat enters the system) it is the reason for these gains.
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
  • All Tether has to do is provide proof of reserves by an independent reputable auditor. The proof they provided from Friedman LLP (top 50 auditor - btw a top 4 auditor won't touch crypto companies until more mature ecosystem) was not enough to stop the FUD. Now they have gone on record twice saying audit is ongoing. Right now there is more evidence pointing to them being solvent than not.
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
  • I obviously can not vouch for them 100%, but until USDT becomes unpegged, or there is a premium on Bitfinex (Gox/Cryptsy/Bitinstant all traded at premiums for months due to fiat constraints or no $/crypto), and no audit, I think I will take what the market is saying as the truth.
 
  • The theorists are constantly contradicting themselves. Ex1. TetheFinex has no banking... Friedman provides a memo vouching they checked respective bank accts w $.... oh that could just be a loan. They can't get banking, but a loan for 400 mil, no prob???
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

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