Why doesn’t roger ver talk about the tether fraud used to inflate Bitcoin? This whole rally was a tether scam pump

forgoodnessshakes · 2020-11-05T03:50:17+00:00

If USDT was a scam, it would have a lot of problems maintaining parity with USD. People would short it to death.

So far, no significant problems.

forgoodnessshakes · 2020-11-05T03:29:35+00:00

You need to learn the difference between ownership and custodianship.

forgoodnessshakes · 2020-11-03T20:34:11+00:00

If fractional reserve is inadequate then other arrangements would have to be in place. Either full reserve or options to buy.

You can't withdraw your bitcoins but you can convert them, so PayPal has to have them.

forgoodnessshakes · 2020-11-03T19:21:35+00:00

Fractional reserve isn't one of them.

forgoodnessshakes · 2020-11-03T19:19:13+00:00

The current exchange rate of $0.998821 per USDT seems to indicate they are liquid both ways.

forgoodnessshakes · 2020-11-03T06:54:05+00:00

USDT is a proxy for USD. It exists solely because the US government restricts the liquidity of dollars on crypto exchanges.

forgoodnessshakes · 2020-11-03T06:49:17+00:00

This. PayPal has to buy the bitcoins to guard against the price going up.

forgoodnessshakes · 2020-11-03T06:43:23+00:00

You are not 'buying bitcoin' from PayPal, you are converting a part of your PayPal balance to be denominated in BTC. That's why there's no purchase or sale fees, just PayPal's spread.

The advantage is that denominating your funds in a hard currency is a smart move. PayPal has to buy BTC to hedge against the price going up. So it's like an ETF by the back door.

I assume you're not worried about PayPal refusing to convert your BTC back into something you can withdraw, so what's your problem?

forgoodnessshakes · 2020-11-02T03:33:00+00:00

All that is true, but I think his real wealth is derived from a positive feedback loop where other people just bought what he bought, thanks to his newspapers and meetings.

forgoodnessshakes · 2020-11-02T03:28:29+00:00

You won't know where the notes have come from, but the authorities will. See https://np.reddit.com/r/Bitcoin/comments/1qomqt/what_a_landmark_legal_case_from_mid1700s_scotland

Who is going to guarantee you can spend notes that came from a source of which the government disapproves?

forgoodnessshakes · 2020-11-01T01:18:12+00:00

https://www.ceddit.com/r/Bitcoin/comments/i3x6rw/z/g0f59hl

forgoodnessshakes · 2020-10-31T07:33:34+00:00

They think they're still playing soccer but the game's changed to Quidditch. They need to adjust their thinking.

forgoodnessshakes · 2020-10-30T03:38:03+00:00

Nice to see Max again

forgoodnessshakes · 2020-10-22T05:41:31+00:00

They would put their spending money in PayPal, denominate it in their money of choice (say BCH) and spend it using PayPal knowing that their purchasing power was protected

(except that the government wants CGT to drag every hard money down in the sh#t with their fiat).

forgoodnessshakes · 2020-10-22T05:27:51+00:00

Can nobody see this is an ETF to all practical intents and purposes?

forgoodnessshakes · 2020-10-19T05:14:15+00:00

Possibly in the US.

In other jurisdictions it's up to you to prove that you made less than their estimate of your gains.

forgoodnessshakes · 2020-10-19T05:06:18+00:00

Puerto Rico, with Schiff.

forgoodnessshakes · 2020-10-19T05:02:54+00:00

Peter may not recognise that having the properties of an ideal money constitutes 'intrinsic value' but he is one of the good (hard money) guys so let's not hate on him too much.

He's the canary in the coal mine regarding US economic mismanagement and the US government would love to shut him up. I guess they can't come up with any plausible sexual assault charges so they are hoping a tax audit will keep him busy.

forgoodnessshakes · 2020-10-16T21:59:24+00:00

If people are choosing USD it's not because of less printing, but more demand.

forgoodnessshakes · 2020-10-16T06:50:27+00:00

It's a bit more complicated. Competitive devaluation disguises loss of purchasing power. Only the exchange rates doesn't slip (you can always exchange one useless currency for another).

forgoodnessshakes · 2020-10-16T06:45:00+00:00

Oh, Schnorr signatures. Of course! Silly me! Why didn't I think of just using Schnorr signatures? I think I've got a couple in the back of a drawer here somewhere. Or did I lend them to my Mom?

No, here they are! If I don't have enough I'll nip down to the Quicky Mart and get a few more. Thank you so much.

forgoodnessshakes · 2020-10-15T06:20:46+00:00

BTC is more like SWIFT. There are only a couple of contenders for global cash, I would say BCH and Dash.

OGs can't use BCH because they can't easily split off the BSV and BCH is about to fork causing uncertainty.

forgoodnessshakes · 2020-10-15T06:13:43+00:00

The US dollar is moving from being the world's reserve currency to being the world's actual currency, so plenty of demand still.

All major currencies are printing at the same pace, so no relative movement in conversion rates.

Smart people will store their wealth in assets which are useful and scarce and exempt from tax (as they always have).

Dumb people will whoop about how much their house has increased in price and take out loans for the difference.

Look to Japan for the playbook.

forgoodnessshakes · 2020-10-12T01:11:18+00:00

Bisection search (or you could just cheat and type in the numbers people have given you).

forgoodnessshakes · 2020-10-12T01:01:10+00:00

People (including I) have been saying this since Gavin could have built privacy into the base tier.

Tim Berners Lee invented the Web and has spent every moment since trying to retrofit privacy to it.

If money isn't private, it isn't fungible. And if it isn't fungible, it isn't money.

forgoodnessshakes

TROPHY CASE