Stablecoin scam looks like its going to get busted very soon
Hi Brendan - alot has been found and is still being found out about the shady structure of the various stablecoins. Tether the most dominant one has basically seen a drip drip of information come out about how its structured & what proportion of FIAT is held in trust and what portion is 'at risk'.Hi letitroll
I thought that there had been a big investigation and nothing was found?
Is there some news?
Brendan
@letitroll doesn't have news - just hearsay. There's an entire separate thread on this already. The multi-year NYAG investigation reached a settlement with no admittance of wrong doing.Hi letitroll
I thought that there had been a big investigation and nothing was found?
Is there some news?
Brendan
@letitroll - you told us that bitcoin would be outlawed because of concerns about ransomware attacks. Are you now saying that you dont believe that anymore and you've switched to regulation of stablecoins as the gift that will take btc down for good?
@tecate .......as I said 15 pages ago.....dont want to explain it a third time....I cant be any clearer in what I'm sayingYep I'm calling it....and have called it......but lets be clear what exactly I'm calling before you put words in my mouth.......................Bitcoin down 80%-90% from its peak 2021 price (& never to return to that level $63k all time high again EVER!) This will happen in the next 12 months (some store of value)......this will be chiefly caused by coordinated G7/20 action which will reverse and choke off bitcoin's, heretofore, ignored, slow progressing integration into the traditional financial system......on ramps / off ramps as the crypto world likes to call them will be severely harshly limited/regulated. Negating its usefulness as a vehicle for at best speculation at its worst crime/tax evasion, terriorsim and ransomware.....when these use cases are removed from the BTC market.....its true "value" as a trading sardine will be revealed. The BTC 2021 hangover is gonna be beauty - trust me.
There you go see you in a year @tecate and then in five year intervals after that.....I've set my calendar to come back and visit you & @WolfeTone
I thought I made it clear. I'll explain it one more time.
If its all the same to your good self, I'll retain the humility to accept that I could be entirely wrong and that you could be entirely right. However, I have not seen anything that suggests there's a show stopper over the longer run where btc/crypto is concerned. The good chairman has done the industry a solid. The US is now the largest geographic hub for bitcoin mining. With this redistribution, mining has become greener - much greener than the energy mix that went into your last post. Over the course of our 'little conversation', I pointed out to you that there would be many twists and turns where regulation is concerned to come - and that's what we're seeing.Since we started our little conversation I'm very happy with how my thesis is playing out.....everyday I see the US, UK, China & EU inching its way towards exactly what I layed out for you a couple of months ago. Step outside of your crypto news bubble and smell the roses......Uncle Joe, Auntie Angela & Brother Xi are tightening the noose every day that passes.
I never necessarily referred to one event, one agency or one jurisdiction exclusively over the course of our discussion. So if you'd like to take a view with regard to action being taken relative to one jurisdiction/agency or multiples, that's fine. However, you had very much led with the whole ransomware deal. If you're saying that there will be a reaction on that basis but it won't be explained away directly, I guess we'll see."Show stopper" @tecate....your not reading or understanding my posts.........I'm trying to help you understand that there will be no showstopper moment that the BTC crowd can rally against.......no Joe Biden in the Rose Garden saying Bitcoin is banned because of ransomware attacks....no link I can point you too....get that idea out of your head and certainly dont assign it to me or my posts.........the way 'the system' works is by slowly constricting and starving its target of oxygen using the various apparatuses of the state......DOJ, FTC, SWIFT, FED, FINRA, SEC, ECB, ESMA, FCA.
I'm not sure why you're only taking notice of that now. I said that there would be every type of regulation on the way - the good (progressive), the bad & the ugly (backward). We had that with the last US administration - positives and negatives. We have that again now with the current administration. That's the game that will play out over the coming years..your comment on the ebbs & flows of regulation is interesting.
We've been over that - and you've been joining dots based on your own assumptions here - not on the reality. The whole ransomware deal is how superpowers kick each other in the nuts these days. As regards the HSE, its shameful that given umpteen opportunities to acknowledge HSE admin had to take responsibility for its failings, you failed to recognise that.you havent spotted the change in the mood music since Colonial/JBS & HSE attacks..
.see BTC/crypto has been a sideshow & the ebb and flow you mention is because frankly, up until this point, regulators / leaders had better things to do than take a philosophical position on BTC.
The change I've detected is because national security has been threatened, more importantly US national security...........& the USA's return to multilaterlism & global institutions has brought global coordinated action back in fashion (see global minimum tax rate). I can assure you that regulators/political leaders have now been forced to take a view on BTC/cypto and that view is being led by US leadership and it isnt positive ..............Operation Constriction has begun.................I can assure you.
Not quite. You're dismissive of speculative interest as if its pure evil - presumably on the basis that you've checked this whole crypto thing out and sher, what earthly use is it to me and my buddies - these people are morons! Your scenario is not representative of everyone on the planet - and there's your mistake. Furthermore, we've discussed btc/crypto here on the basis of decentralised money and store of value. We haven't even gotten in to decentralised finance (albeit it was touched on briefly in another thread recently). Even if bitcoin doesn't play the most active of parts in this disruption, it will still be implicated.The only way I'm wrong on BTC's price is if indeed it really is being used mainly by people as a store of value and a medium of exchange & I've totally miscalculated how the level of speculation/illicit activity is supporting BTC's price at $63,000 and at whatever it is today $29,000.
I so hope you're right because I want to buy some more.Let’s chat again @tecate at BTC $19k….when the pieces of the regulatory jigsaw are on the table more clearly…….soon after the writing will be on the wall and the move from $63k to $29k will feel almost glacial compared to the speed of the unravelling that will happen then
As I understand Roubini's accusation, it was that Tether and Bitfinex were operating as their own central bank. Tether could print as many dollars as it liked backed by Bitfinex paper (just like the Fed and the US Treasury). And indeed with only 3% of its balance sheet in actual cash this looks very much like what it was doing (it had earlier lied to having
Whilst USDT was incredibly significant in making the btc market workable for a number of years, I don't think it would be the end of btc if it got taken out of the equation tomorrow....but it would cause some significant short term disruption.
Where once there was just USDT, now there are a plethora of stablecoins - and within that, CeFi and DeFi stablecoins. There is also much more strength and depth in terms of onboarding and offboarding options where crypto is concerned since back then. All of that to say that USDT going missing for whatever reason would certainly cause disruption within the industry. However, in no way would it be detrimental to bitcoin over the longer run.USDT remains incredibly significant in making the BTC market workable. Your statement infers that it was historically important but not currently, or am I misreading?
Where once there was just USDT, now there are a plethora of stablecoins - and within that, CeFi and DeFi stablecoins. There is also much more strength and depth in terms of onboarding and offboarding options where crypto is concerned since back then. All of that to say that USDT going missing for whatever reason would certainly cause disruption within the industry. However, in no way would it be detrimental to bitcoin over the longer run.
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