On January 17 2018 03:46 TimDawg wrote:
Daut can you please post something that will make myself and the rest of us feel better about the last 24 hours? Thanks in advance
Zoom out on the graphs
well played sir
online bob is actually a pretty smart person, not at all like the creepy fucker that sits in the sofa telling me he does nasty shit to me when im asleep - pinball
The graphs remind me of the hilarity when poker players drew on their poker tracker and hem graphs... cliffhangers, rockets taking off, climbers etc... fun
Bitconnect was long called out in the public - I'm sorry but I can feel sympathy for someone that did the most irrational shit ever out of greed and now he s playing the victim card. Sure, he s a victim, but he s simply dumb to do that, to begin with.
The next is Tether & Bitfinex. I very strongly recommend you do not go into USDT/EURT etc. unless you really have to and its for a low amount of time. Problem is this might hit the whole crypto market really hard now, cause there are over 2B Tethers printed out.
I've been reading quite a while and there isn't a hard proof that its all a scam but everything revolving around Tether & Bitfinex is shady at best.
First of all Tether there are about 1.9 billion Tethers printed out in the past 8 months, which means somewhere out there, the company must have a bank account with close to 2B USD - sure that sounds like a solid investment if everything was smooth, except Tether have had multiple problems with banks and were hacked, yet around 2 weeks after the hack, when they still had a small market cap, they printed out 50M Tethers, which is very suspicious... which bank would lend out 50M (Might've been that they printed 20M while having 50M cap, dont really remember right now but either way market cap to new issuing ratio was HUGE and suspicious) to a company that just got hacked and hasnt shown any proof of fixing their shit?
Lets go back a bit - even though they said that 1USDT = 1 USD backed, they also previously had in their "Legal" part of the website something along the lines of "the Tether does not have any value" ... if its always 100% backed by 1$ per Tether, then HOW would it be possible to NOT have ANY value?! They contradicted themselves, now that might be the work of someone incompetent, but ever since, the site went through a full rework, the new one had almost the same thing saying, and it seems that they only changed this sentence 1 or 2 months ago.
Let's go into actual audits. The last published audit is from March 2017, coincidentally thats exactly before the moment Tether started printed shitloads of units. There is not a single audit since then even though more than 1.9B Tethers have been printed out and the company "promises" that regular audits are being done. There have been multiple excuses so far about why they wont publish an audit. The last one even being something about banks stopping them, which sounds absurd - there is plenty on that in the twitter of a guy called "Bitfinexed" - unfortunately I was randomly blocked from his twitter, even thought I've had no interactions with the guy, I simply read twitter for info never really post shit, but thats another topic, check it out yourselves.
There has been some mild evidence of wash trading of Tether on Kraken - the only exchange that allows Tether to USD withdraws.
Then Bitfinex decided to come out and say they "acquired" Tether. This whole thing looks very fucking shady and I'd stay away from them at all times. Unfortunately, if it ends up exploding it might cause a massive market crash yet again.
Could somebody explain to me how margin trading works especially in a non-government backed Institution like Bitfinex, how can you trade at 10x? if you default how do you pay the debt etc?
On January 26 2018 12:08 lucky331 wrote:
if you do 10x leverage and the market eats up your bankroll then you're out of the game.
say you have 2k, and you do 10x leverage. then bitcoin moves against you that's worth your 2k. you're out.
oh I thought it was like banks that you were given 10x your capital in a debt-like scenario, so basically all you do is amplify the variance, but then who covers your profits I mean, from where does that capital come from if unlike a straight market you arent bettinga gainst other investors, the exchange?
Ex-PokerStars Team Pro Online
1
eestwood United Kingdom. Jan 27 2018 10:37. Posts 698
On January 26 2018 12:08 lucky331 wrote:
if you do 10x leverage and the market eats up your bankroll then you're out of the game.
say you have 2k, and you do 10x leverage. then bitcoin moves against you that's worth your 2k. you're out.
oh I thought it was like banks that you were given 10x your capital in a debt-like scenario, so basically all you do is amplify the variance, but then who covers your profits I mean, from where does that capital come from if unlike a straight market you arent bettinga gainst other investors, the exchange?
I presume the exchange acts as a broker in this case, they cover your profits and need to hedge themselves accordingly when the market moves against them. Not sure how hedging works in the crypto-exchange world, hard to short crypto at the moment
United States. Jan 23 2018 05:31. Posts 10197
