Bitcoin is still early

[Nysoz]

Saw this tweet which sums up the rigamarole pretty nicely:

"So BlockFi is a creditor to FTX that lent to Alameda that lent to Emergent which is a shell company owned by SBF that bought Robinhood shares that were pledged as collateral to guarantee to BlockFi the loan to FTX that was used to bailout BlockFi itself"

To be fair, all the drama surrounding this is more from poor risk management, no transparency, and outright fraud. Nothing to do with btc itself.

All of this did prop up the price higher than it should’ve been though.

[jacoavlu]

To be fair, all the drama surrounding this is more from poor risk management, no transparency, and outright fraud. Nothing to do with btc itself.

All of this did prop up the price higher than it should’ve been though.

rehypothecation, leverage, fractional reserve banking tend to get exposed when the tide goes out

[Kamban]

rehypothecation, leverage, fractional reserve banking tend to get exposed when the tide goes out

Looks like you paraphrased Warren Buffett
It's only when the tide goes out that you learn who has been swimming naked. Things may look good and rosy up to a certain point, but if a company is leveraged too much expecting a wave to come, but instead the tide goes out, everything will be exposed.

[xraygoggles]

It turns out SBF also donated ~37M of dark money to GOP candidates.

It's a bipartisan conspiracy to keep him out of jail - quite wily on his part tbh.

[xraygoggles]

rehypothecation, leverage, fractional reserve banking tend to get exposed when the tide goes out

surely u can't be so naive to think there's no leverage propping up the price of bitcoin - even rn.

[Panscan]

To be fair, all the drama surrounding this is more from poor risk management, no transparency, and outright fraud. Nothing to do with btc itself.

All of this did prop up the price higher than it should’ve been though.

It has to do with Btc bc the only reason anyone cares about Btc is line go up. This leverage and ponzi are the only thing which enabled Btc price to go up as opposed to organic interest , and here we are. With the SBFs of the world, Btc doesn’t have meteoric rise and no one gets interested.

[CM]

Tether is Wile E. Coyote still running in place over a deep canyon. If customers just look down, they'll pull out en masse and the thing will collapse:

https://archive.ph/HpOCJ

The link is an article in the Wall Street Journal (no paywall archive, courtesy of Reddit) today describing Tether's shoddy practices that virtually scream, "fraud." After all the collapses that have already happened it's difficult to believe that anyone would want to leave money there.

[jacoavlu]

Tether is Wile E. Coyote still running in place over a deep canyon. If customers just look down, they'll pull out en masse and the thing will collapse:

https://archive.ph/HpOCJ

The link is an article in the Wall Street Journal (no paywall archive, courtesy of Reddit) today describing Tether's shoddy practices that virtually scream, "fraud." After all the collapses that have already happened it's difficult to believe that anyone would want to leave money there.

https://forum.whitecoatinvestor.com/general-investing/236645-bitcoin-is-still-early/page71#post341310

reminder you can join Tether bet. If it collapses I donate to your favorite charity. If not you donate to mine. Sounds like a sure thing!

[xraygoggles]

Tether is Wile E. Coyote still running in place over a deep canyon. If customers just look down, they'll pull out en masse and the thing will collapse:

https://archive.ph/HpOCJ

The link is an article in the Wall Street Journal (no paywall archive, courtesy of Reddit) today describing Tether's shoddy practices that virtually scream, "fraud." After all the collapses that have already happened it's difficult to believe that anyone would want to leave money there.

Tether is definitely very shady, and almost certainly to be fraudulent - printing money out of thin air to prop up bitcoin's price.

But it's been around for a while - lindy effect - plus it's used as a great source of money laundering by Chinese elites, so it may stick around till the very end. May be the last domino to fall in this house of cards (pls excuse mixing of metaphors).

[jacoavlu]

Tether is definitely very shady, and almost certainly to be fraudulent - printing money out of thin air to prop up bitcoin's price.

But it's been around for a while - lindy effect - plus it's used as a great source of money laundering by Chinese elites, so it may stick around till the very end. May be the last domino to fall in this house of cards (pls excuse mixing of metaphors).

https://forum.whitecoatinvestor.com/...e71#post341310

reminder you can join Tether bet. If it collapses I donate to your favorite charity. If not you donate to mine. Sounds like a sure thing!

[Brains428]

https://twitter.com/jackmallers/status/1536834021354786823?s=20&t=gvqlGUkHAh1xHiAo4BYSdA

jacoavlu I'm guessing this is where you land on BTC. Also interesting the business insider didn't release this

[xraygoggles]

https://forum.whitecoatinvestor.com/...e71#post341310

reminder you can join Tether bet. If it collapses I donate to your favorite charity. If not you donate to mine. Sounds like a sure thing!

If you think Tether can't implode, then u haven't been paying attention at all that year - got ur maxi blinders on.

All frauds eventually rise to the surface in this space: exchanges, investment firms, faux-banks (BlockFi etc), VCs, countries (Salvador), etc.

Tether has some lindy effect since it was the first big scam that propped up BTC price - so it's the last to fall.

[jacoavlu]

https://twitter.com/jackmallers/stat...Ah1xHiAo4BYSdA

jacoavlu I'm guessing this is where you land on BTC. Also interesting the business insider didn't release this

generally kinda yeah. I'm more neutral on lightning network than most "bitcoiners" - it still has quite a ways to go if it's going to be used for daily payments. But yeah I agree with Mallers with regards to the fundamental innovation of bitcoin, and the necessity for proof of work

[jacoavlu]

If you think Tether can't implode, then u haven't been paying attention at all that year - got ur maxi blinders on.

remind me of where I said this?

[xraygoggles]

remind me of where I said this?

???

You defend Tether on every Fud post - check any prior post on this thread about Tether that u have responded to....