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by rglullis 1964 days ago
Codebolt calls for the death of BTC, news at 11.

Yeah, yeah, I get it. No one can really know the true price of BTC. It's all speculation. Nothing to back it up... what else do you have?

Understand this: there is a large number of people that will keep working with BTC (and crypto) regardless of price and current market conditions. There is a large number of people that don't care about the price. People will keep building things on crypto, regardless of price and it will become more and more of an alternative to existing financial/economical systems.
1 comments
codebolt 1964 days ago
Speculation? You can look at the raw market data right here and see several things that should make any critically minded person go 'hmmm': https://coinmarketcap.com/currencies/tether/

How can Tether have a daily trading volume of almost 100 bln on a supply of 'just' 24 bln? Seems rather obvious that the vast majority of crypto trades are done by HFT algos and not people (or worse, that the actual supply of Tether is much higher than the reported supply).

You can't deny that Tether is a very essential component in the crypto markets. It is also an unregulated, unaudited private entity operating outside western jurisdictions, with a long history of controversies: https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

Hardly the group you'd want managing a global currency system.

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rglullis 1964 days ago
You do know what you are saying may be new to a few naive or ignorant newcomers, but that is already priced in by any reasonable person involved in the space, right? [0]

Yes, I completely agree what Tether is doing is criminal and that they will likely be responsible for the next crash.

The question is: so what? The important thing about crypto is its anti-fragility. Every crash brought a correction that made the system more robust and less prone to be extinct.

It's not going to be crypto's first crash and it is certainly not going to be the last.

[0]: https://www.reddit.com/r/UniSwap/comments/l43yka/what_happen...

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codebolt 1963 days ago
> already priced in

Nothing can be effectively priced in as long as you have an artificial and illegitimate source of liquidity pushing the price up. Such a market doesn't allow for rational pricing mechanisms to manifest.

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rglullis 1963 days ago
You are right, my term was not correct. What perhaps I would say is that those are aware of the issue are already putting Tether in their risk calculations and their exposures.

If it were not for Tether, I'd be way holding way more non-stable crypto that I am now. Right now the only non-stable token that I am buying is BAT, and mostly because their projects has a clear/transparent way to see where their money is coming from.

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