Don't know.
Not sure if I would agree with the good Frank, but I am not a crypto expert.
I'm only interested in what's 10-10000 bagging.
Tether is grand scale scam..the more you learn the more puzzled you are at how the hell did they manage to keep that level of fraudulent activity so long and so far
The narrative is that bitcoin is the new gold (meaning inflation hedge). I just showed the US10Y correlation.
Obviously the punters were keen to get on board.
www.finder.com.au
Still not sure if it will really resolve anything, unless someone somewhere comes up with the private key for the orignal bitcoin mining wallet.
All i can see coming from this is that Gensler will be the mechanism whereby the US Fed crushes the bitcoin industry, mainly because it cannot control it.How long would you hold a live grenade after the pin has been pulled ?
I was doing some research on the question of how well backed Tether is as a Stable Coin. And in fact if matters anyway.
A long read but perhaps a consideration for ASF punters playing at the CCC (Crypto Currency Casinos.)
Untethered
It’s time to get very worried about Tether, the “stablecoin” at the center of the crypto economy.
Many things that are terrible for you in high doses are pretty fun in low ones. For example, I enjoy some light gambling, or used to before the responsibilities of adulthood robbed me of the luxury. Two good things about gambling: It’s social—at least if you do it in person—and you can drink alcohol while doing it. Sometimes you win, sometimes you don’t, but you get time with fellow humans, an adrenaline rush, and a story to tell later. As long as you’re doing it with money you can afford to lose and you know the risks involved, it’s usually fine.
One place where it looks increasingly not fine is the cryptocurrency industry, which Securities and Exchange Commission Chairman Gary Gensler has compared to betting in unlicensed, unregistered casinos. “We’ve got a lot of casinos here in the Wild West,” Gensler said in a chat last month with the Washington Post. “And the poker chip is these stablecoins.” In this casino, the chips themselves might be just as risky as sitting down at the blackjack table.
... The question of whether Tether is a fraud, then, matters less than the questions that animate so much crypto trading: Can I make money from it? Is the gamble worth it?
A prominent Tether critic who goes by the pseudonym Bitfinex’ed defined Tether’s profound risk by way of a vivid thought experiment. “I’m going to give you a grenade, and this grenade has a random timer,” he said. “It could be 30 seconds. It could be six months. I’m going to pull the pin. And for every 10 seconds you hold that grenade, I’m going to give you a thousand bucks in cash. How long are you going to hold the grenade for?”
There’s a Potential Grenade at the Center of the Crypto Economy
The stablecoin Tether appears to be neither stable nor especially tethered.slate.com
So regretfully I too didn't turn up. The writing was on the wall.
I have certain rules about investing/trading.Fair enough Mick. Your money. Your choice.
Perhaps you should consider pushing all the chips into the pot and betting up big before the game is stopped. You could win big.
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What struck me about the analysis was the comparison to unregulated gambling and Big Players vs Little Players. I.E Who was going to get screwed and who was going to do it. In my younger days I played poker in a couple of schools. Initially I wasn't bad, generally held my own and came out somewhat ahead.
But as time wore on the weaker players dropped out as they consistently lost and their bank balances faltered. As they left it became clear to me I was now in the bottom half of the school.
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