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Joined: 3/5/15 Posts: 6633
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As long as the price of BTC keeps going up, most people are willfully blind

Lot of paper millionaires and billionaires right now who need new fish to keep coming in or the music stops. USDT has been generated whenever the price of BTC dips and people start wanting to cash out. It is sort of like central bankers printing Treasury notes to pump the US economy, except in this case the fake money can only be used to buy BTC which pushes the price back up.

BTC will survive since it does have some intrinsic utility, but its price right now is not at all based on that utility, and its markets (the BTC exchanges) are being massively manipulated right now by insiders. The owners of several exchanges have their own margin accounts at those exchanges doing their own trades (are they peeking at the order book as well as incoming deposits? whose balances are they even using for margin? who can stop them?). Some of these exchanges also allow wash trades (selling to yourself).

It is a Wall Street wet dream - in the BTC realm if you run a popular exchange you can be the trader, the market-maker, the banker (since you hold customer deposits at undisclosed and unaudited institutions), the central banker (by printing your own tokens/IOUs to pay people in rather than USD), and the auditor (since you don't have any nor do you disclose your assets or ownership).

[Post edited by Toolie92 at 12/06/2017 6:00PM]

(In response to this post by 2001Hoo)

Posted: 12/06/2017 at 5:50PM


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Current Thread:
Bitcoin $400,000 according to Mark Yusko -- BrevardHoo 12/06/2017 11:04AM
  The miners are trying to validate prior transactions -- BrevardHoo 12/06/2017 6:24PM
  You mean like the Dutch Tulip? :) ** -- Blah 12/06/2017 2:39PM
  So are you saying Yusko is full of shit or what? ** -- BrevardHoo 12/06/2017 2:35PM
  I think he keeps his own money where he can get it -- Toolie92 12/06/2017 2:41PM
  You are not answering the question: $400k or not? ** -- BrevardHoo 12/06/2017 2:44PM
  On paper? -- Toolie92 12/06/2017 2:54PM
  By fake money do you mean USD? ** -- 2001Hoo 12/06/2017 5:14PM
  USDT -- Toolie92 12/06/2017 5:27PM
  Enjoy the ride -- Toolie92 12/06/2017 3:22PM
  And Oswald didn't shoot Kennedy ** -- BrevardHoo 12/06/2017 3:34PM
  That is not even close to accurate -- CavalierLion 12/06/2017 4:22PM
  Steam just ended Bitcoin support -- Toolie92 12/06/2017 5:36PM
  For every Steam there are a thousand companies paying -- BrevardHoo 12/06/2017 6:35PM
  It has moved way beyond that on the shady scale -- Toolie92 12/06/2017 2:24PM
  What about MasterCard or Amex/Versa? ** -- hooyorkcity 12/06/2017 6:35PM
  Yes and no, I think -- MaizeAndBlueWahoo 12/06/2017 12:25PM
  I think Bitcoin is shady right now..... -- Zhoo 12/06/2017 12:31PM
  Pretty sure Microsoft and Expedia would let you -- BrevardHoo 12/06/2017 12:27PM
  Let me rephrase the last part a bit, actually -- MaizeAndBlueWahoo 12/06/2017 12:30PM
  And technically the case when it comes to the $ too. -- The_Superhoo 12/06/2017 1:22PM
  Just like any other asset that you profit from ** -- Faz d. Hoo 12/06/2017 12:30PM
  Cap gain ** -- BrevardHoo 12/06/2017 12:25PM
  Nope, you're probably right. ** -- Lucius 12/06/2017 11:14AM

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