Is Bitcoin the Next Big Thing?

[dee]

There's a lot of uncertainty about whether Tether is really dollar backed though.

I thought that was the whole point, they hold one Actual dollar for every USDT ? Is there a good reason to believe they arent doing that then ?

 

[martin-s]

I thought that was the whole point, they hold one Actual dollar for every USDT ? Is there a good reason to believe they arent doing that then ?

Do your own research and come to your own conclusions

 

[dee]

Do your own research and come to your own conclusions

I know they had issues with the asian bank they were using. I don't see the point to be honest. I'd just hold a dollar as an investment. The only advantage I can see is in making the conversion process from crpyto to USD easier, and that will happen easily enough soon I suspect

 

[Coolbreeze]

BitConnect totally crashes out. Bitconnect LTD has an active proposal to be struck off any day now surprised it didn't go through an IP route to dissolve.

 

[Edwin]

I don’t understand how there can be one Tether dollar per real US dollar.

If the value of a T$ doubles because of speculation, does that mean the company behind Tether suddenly has to deposit hundreds of millions more real dollars in their “secure vault” to rebalance the two. Because the value of all T$ doubled so it would take twice as many US$ to “back” each one.

If they do, where on earth is the money coming from?

If they don’t, then the US$ to T$ equivalency is nonsense.

 

[Edwin]

It seems proper financial journalists are as confused about Tether as I am...
https://www.bloomberg.com/news/arti...her-and-its-links-to-biggest-bitcoin-exchange

http://fortune.com/2017/12/05/bitcoin-btc-price-usd-tether-limited-bitfinex/

 

[bonusmedia]

Time to buy shitcoin, Randy, it's the shitpocalypse

 

[Coolbreeze]

I don’t understand how there can be one Tether dollar per real US dollar.

If the value of a T$ doubles because of speculation, does that mean the company behind Tether suddenly has to deposit hundreds of millions more real dollars in their “secure vault” to rebalance the two. Because the value of all T$ doubled so it would take twice as many US$ to “back” each one.

If they do, where on earth is the money coming from?

If they don’t, then the US$ to T$ equivalency is nonsense.

It should never rise in value based on the dollar-pegged model from my understanding so not sure how the value can possibly change? Its not a currency investors expect returns from is purely used on the exchanges to move funds quickly.

 

[RobM]

Until too many people try and actually sell their bitcoins and they haven't got enough to cover it. Already questions being asked about where the 318 million they would need at the moment is. Also even if they do have 318 million stashed away what if bitcoin was 20k and people tried to sell 20,000 coins - already more then they 'have'. Someone's going to point out the emperor is naked at some point.

 

[martin-s]

Just doubled my Bitcoin holding

 

[Coolbreeze]

Looks like the Market is bouncing back a bit phew..

 

[martin-s]

Looks like the Market is bouncing back a bit phew..

There's a surprise!

 

[Skinner]

I doubled my litecoin at just over £103 per coin, my eth buy didnt' fecking complete at £580 per coin, I thought it did, so didn't, my bitcoin holding I didn't increase, I wanted to when it hit sub-7000 but didn't have the funds :/

I've been getting quite a few domain enquires today offering BTC for buying domains, so close to accepting a few. I've asked for a BTC value rather than a money number, so its a fixed point up or down (as I can only see it bouncing back).

 

[ian]

I doubled my litecoin at just over £103 per coin, my eth buy didnt' fecking complete at £580 per coin, I thought it did, so didn't, my bitcoin holding I didn't increase, I wanted to when it hit sub-7000 but didn't have the funds :/

I assume those buys were on a previous dip? That I can see, LTC and ETH didn't get anywhere near those sort of valuations. All I managed to do was shift some coins around, I wanted to put more FIAT in yesterday, but had other stuff on and it has since gone back up. Hopefully one more retrace to come

 

[Skinner]

No they was in this dip, they are GBP valuation bought through coinbase. Should have put £ on there.

 

[martin-s]

Read a few interesting things about Stellar/XLM at lunch today. Might be worth a punt

 

[Skinner]

Now I'm on my PC, these are just the numbers, coinbase reports.

Lite Coin went to £101.53

BTC hit £6,714.80

ETH hit £561.53.

BCC hit £983.99, you can't buy this on Coinbase yet...

Anyone manage to get Ripple at sub $1 ?

 

[dee]

Anyone manage to get Ripple at sub $1 ?

A very small amount at just about $1 .Wish I could have got more. Etoro spreads are horrible....

Read an interesting idea earlier.

1/ November BTC futures announced. On launch major hedge funds start pumping in large amounts of cash which causes push of BTC to 19k (mostly)

2/ At 15k odd said funds SHORT the first futures for a January hit. They dump all the BTC they bought at 19k making shed loads, knowing it will cause a panic sell. By the time its back down theyve unloaded everything.

3/ In the sell off they also hit the their short futures contract making a killing and now have large funds to buy again at bottom (about now)

Hearsay probably, but possible. It was also mentioned that there where massive long futures set for about a weeks time , so likely if true they'll pump it again.

 

[ian]

No they was in this dip, they are GBP valuation bought through coinbase. Should have put £ on there.

That's what threw me; I have to try and stay aligned with dollars for any of this to make sense!

Read a few interesting things about Stellar/XLM at lunch today. Might be worth a punt

I'm a huge supporter of XLM, big time, think it has massive potential, the company are great (non-profit, unlike Nominet ) and fund transfers happen in literally a couple of seconds for fractions of a cent.

 

[dee]

Interesting for anyone with XRP. Someone allegedly just got tranferred 288 million, from an account with 600 million.

https://ripplenews.tech/2018/01/19/288m-xrp-transferred-account-600m-balance/

Possible institutional use ?