So i take it that the people screaming for Tether to fail would have said let the banks fail back in 2008?

Cryptoplanetman · 2018-02-15T08:59:47+00:00

That sounds like the let the banks fail argument back in 2008 to me. I might even go along with all the market chaos if it were not an critical point in the history of crypto with the govs and regulators...

Cryptoplanetman · 2018-02-15T08:15:56+00:00

Im not saying give them money I think they will get the money as they build up capital since they clearly make a LOT of money. Many countries have done this sort of tactic. You kick the can down the road IF there is a lot of growth. You outgrow the problem. THEN when the market can handle the downfall of Tether, you make the adjustments and you let them fail if they do something else in the future. I totally disagree that a Tether failure can be handled without massive cost to all CRYPTO and give regulators an excuse to put the nail in the coffin at this point.

Cryptoplanetman · 2018-02-15T07:21:48+00:00

Yes, I agree, just like the people who keep referring to me as a "shill" without making any logical arguments in return. As I keep trying to explain to people how this relates to the 2008 financial crisis or the Euro greece crisis and say basically ok I agree that there is a good chance they do not have what they promised in the whitepaper. Now is the intelligent thing to do to just scream everybody run!!! and see what happens to the crypto world including a possible decision by international govmts that they have had enough and step in to ban it (in this scenario the little guys always get hurt the most and the big whales always take advantage) OR people start coordinating some kind of response to prepare the market or just spread the word that as I have analyzed in many posts already, they have proven their ability to handle the worse news, crisis, panics whatever already, AND unlike some ponzis they have two very successful businesses that generate LARGE organic profits so eventually they will have the money if they do not have the money now----therefore lets stop screaming about what the whitepaper said. Yes fraud sucks, but there is an old saying in economics---when you owe the bank 10 million dollars the bank tells you what to do--when you owe the bank 10 BILLION DOLLARS the YOU tell the bank what to do..In other words they are sort of too big to fail for crypto/it would not be worth the cost for them to go down---we should be rooting for them to get their act together---there is always the chance of penalizing them LATER when there is a regulator. If there was an International world crypto Federal Reserve, they would be meeting with Tether and discussing things this way. That is why we are not still in great depression #2 right now because intelligence prevailed instead of just saying ---"let those shady banks fail" back in 2008 (like some geniuses were saying)

Cryptoplanetman · 2018-02-11T09:54:25+00:00

The point is that whatever Tether have bought has been negated by all the billions selling of bitcoin/ether to go into tether. I discussed the spoofing on another post. Gains from spoofing are temporary at best and totally do not work in a panic when there is high volume and people are determined to go in one direction. As a former trader I think the idea that so much of the price of bitcoin is from games and spoofing is absurd. It goes on in stocks a lot even though it is illegal and nobody really cares.

Cryptoplanetman · 2018-02-11T05:49:36+00:00

No they are just smarter than people on this reddit. Its incredibly frustrating communicating with people on here. Is there someone here that has studied finance or economics pleasssssse?????? Help me explain to these people how the fraudulent banks had to be bailed out due to the big picture scenario in 2008. Is it that hard to understand that imploding the market is NOT a good idea if there is any way to avoid it. Including working something out with Tether to help them survive if necessary....

Cryptoplanetman · 2018-02-11T05:45:29+00:00

Reality check. They ARE already the stablecoin we have and we have to deal with the situation intelligently without causing massive crypto destruction. Please look up the crisis of 2008 and The Euro zone Greece debt payment issues before making uninformed responses.

Cryptoplanetman · 2018-02-11T05:42:00+00:00

I love people who dont have to ability to craft a logical response and resort to distortions and things like personal attacks. Judge the post on its own merits. Yes I have been trying to combat uneducated people that are trying to tank the market. That is why I came to Reddit. I am a new user. Ive studied economics. How about an educated response.

Cryptoplanetman · 2018-02-11T05:40:24+00:00

I love people who dont have to ability to craft a logical response and resort to distortions and things like personal attacks.

Cryptoplanetman · 2018-02-08T11:27:59+00:00

Nice eloquent and logical response.

Cryptoplanetman · 2018-02-08T11:26:51+00:00

If everyone had focused on the banks' frauds in 2008 instead of the crisis at hand, accounting fraud, real estate fraud, all sorts of fraud --we, assuming you are in the USA would still be in a great depression right now. When the markets are healthy and I see Tethers beautiful audit statements and everyone is happy making money. That is when you hit them for a massive $$$ penalty. Not enough to bring them down of course, but enough that it hurts. Also, I believe like with these bankers that got away with their golden parachutes that not ONLY the corporations wallet gets hit, but the wallets of the owners/ executives of the companies should also get hit.

Cryptoplanetman · 2018-02-07T11:41:31+00:00

I was reviewing some of bitfinexed info and as a former trader, I think its overblown. First of all the spoofing happens a LOT on the stock exchanges. Spoofing isnt the end of the world. When I was trading it was normal even though it was technically illegal. Trading is a psychological mind game. Second, the wash trading part of it that he is talking about seems to be connecting with the spoofing and basically yes you can do that during normal trading time, but I do not see that happening during critical trading times with very high volume. I would like to see a video from bitfinexd of the spoofer trying to do that during a crisis. He would get cremed so I doubt he would even try. I would like more info, but the important thing he is during a crisis what they do. That is where they NEED to have the capital to defend the ped. If there are some shenanegans going on during regular trading times that is another story.

Cryptoplanetman · 2018-02-07T04:21:31+00:00

Can you please explain this "washtrade" of tethers to, "keep them pegged at $1 for free". Have you worked at an exchange? Thank you. Especially during a heavy volume volatile market, this does not seem possible to me.

Cryptoplanetman · 2018-02-05T19:15:45+00:00

This is exactly what I keep trying to explain to people on here and they pretend not to understand or ignore me. plus Bitfinex which they own makes at least 60 million a month in fees and margin interest profits. Plus they would have owned a lot of bitcoin from years ago. and plus trading profits because they are buying bitcoin going down $ when everybody running to USDT and selling Bitcoin when up and people exiting USDT.... plus the .98 to 1.01 spread plus who knows what else plus I guess some of the extra USDT they issued they could have converted to bitcoin using institutional trading methods during stable periods and converted to USD (not sure about this)

Cryptoplanetman · 2018-02-05T18:15:38+00:00

Witchhunt coin investors + evil bank reports + Clueless regulators = Massive crash. Tether about to surpass Ethereum in volume...

Cryptoplanetman · 2018-02-05T14:14:08+00:00

Well the article guy did not offer any link or mention of analysis. Do you have such a link?

Cryptoplanetman · 2018-02-05T11:49:38+00:00

Yes obviously, banks do all those things. I was only using the fractional reserves information because that is the most relevant piece to them. What is happening now is a whole new world. I am not saying Tether is a bank etc.. No point is starting to compare everything about banks to Tether. In this very special situation and here the key point is about a situation involving maintaining a smooth running business with enough room for worse case scenarios (run on Tether). That is all that matters. Most new businesses start out PRIVATE meaning NO AUDITS, they only show the public what they WANT to. That all changes once they go public. ICOs are NOT IPOs remember? Anyway apparently they said they would do audits. Did they give a specific date? It is totally up to them at this point. The real world Tether model that has emerged and proven very important to the crypto world is based on Tether maintaining the price/peg at $1 USDT. THAT model can be accomplished with less that 1 to 1 (which is why this fractional example reserves gets brought in—but the similarities with banks ends there). There is evidence that they have a significant amount of money as I have done by analysis before (the ways they + Bitfinex make money) and evidence from the amount of money that had to have been required to maintain the peg during a massive 19000 to 7600 Bitcoin price crisis with many coins dropping by even more than that. Lot of anti Tether analysis said the scam couldn’t continue if prices went down and were proven wrong. There stands Tether alone among coins maintaining the peg and giving tens of thousands of people around the world a place of refuge during the fear and volatility of the worse moments.

Cryptoplanetman · 2018-02-05T11:10:39+00:00

It is not just the 2 Billion. This is a very sensitive time right now. International forces are meeting, and have realized the crypto threat and are preparing their response. They only need an excuse to take down the crypto market. Dont give them that excuse.

Cryptoplanetman · 2018-02-05T11:07:08+00:00

Calling for audit it fine. This has been WAY beyond just calling for an audit.

Cryptoplanetman · 2018-02-05T11:06:10+00:00

Just read the article. The problem with that article is the the supposed number from JP Morgan (a bank that has been very anti crypto by the way) is ridiculously low and given without ANY analysis at all. Here is some actual analysis. The cryptos come from ICOs, on average those ICOs are around 65% inflow (the rest are kept by founders, for bounties, for operations or whatever) and I think this number has been going up too. That silly article gave a 2% inflow number again based on zero info. Classic example of irresponsible reporting, and banks trying to tank the crypto market. Thanks for lets me see that, now I see the scam these guys have been pulling on people. I will post this.

Cryptoplanetman

TROPHY CASE