RE: RED ALERT - Mt. Gox 2.0 Brewing - Bitfinex May Be Issuing Unbacked Tether To Paper Over Banking Service Loss - What We Think We Know (Part 1)
Huge thumbs @mk40 up for your rational point on the total amount of tether to provide some perspective. This post starts off calling bitcoin "shitcoin", so there's heavy bias off the bat and at the end. If anything Tether should be the "hottest Shitcoin" and the focal point here. Drawing attention to Bitfinex and Tether is great, but leading and closing with Bitcoin Core FUD is free advertising for another agenda.
As for the risk to Bitfinex account/tether holders, I appreciate the post alert for that. People need to be aware of the big risks here and take action to protect themselves. Strictly talking Tether, I agree that there's a big scheme involved.
I hope Bitcoin and Bitcoin Cash both work out, and that any Bitfinex/Tether nonsense blows up for the health of the space long term. Hopefully people will protect themselves for that. I also hope that the BTC Core vs Bitcoin Cash arguments will grow old so the tokens can coexist without trying to kill each other, or at least be discussed separately.
PPS - I realize the Bitcoin Cash image at the top, for example, could seem a little off the main point I'm making here. I can understand that perspective, but I'm simply making it easier for people to at least consider selling some Bitcoin, whatever that may be for.
The facts are that Bitcoin looks scary on fundamentals right now, the chart is at nosebleed highs, and now we've got increasingly loud murmurs of Tether problems amid Tether hacks at the #1 exchange.
Is that a "wall of worry" you want to climb from $8200 to wherever the next "big, round-number slamdown" happens? $9000? $10000?
Thanks for all of this constructive debate and acknowledging some things fairly. Respect that. I'd upvote your comments my small stake to be in good form for your effort, but I see that it'll throw off the sorting logic of the string.
np ill handle the voting
@steemmatt that is so hope Bitcoin and Bitcoin Cash both work out, and that any Tether nonsense blows up to stop the crooks, and let the markets continue on after any fallout
I recall seeing the Ether market sell on that particular exchange live. I guess that we should set some low buy orders, right? I also remember the Ether price globally being resilient and strong afterwards with respect to recovering from that drop. Fortunately, I believe that the impacted exchange made good on compensating those who were affected by that incident. I'm not saying things would be the same for BTC.
I now understand that you had an ugly divorce with Bitcoin and will try to keep your devil's advocate focus in mind from now on. Without knowing your history, it's not out of the question to interpret how you opened with some Bitcoin bashing how you see em, and close with whispers of I told you so as FUD. You reach a lot of viewers, and not all know about your track record/efforts/warnings/advice at top of mind. I edited my post because I missed the whisper comment at the bottom, which set me off by feeling like taunting.
People have debated Core vs Cash forever, so I'm not going to have any life changing input here. I don't have the solution other than the hope that in the long run there can be a coexistence. I think a lot of the coins you hit with darts have far less adoption and demand on their systems. I perceive that this gives them the advantage via more nimble development teams to not have to deal with as much red tape and politics to improve their technology. They can also be more progressive with their solutions.
Thanks for the tips otherwise and additional transparency. It's wise for everyone to be diversified and prepared to accept that it can all go to $0. That's why we ideally play with money we can afford to lose.
"I also remember the Ether price globally being resilient and strong afterwards with respect to recovering from that drop. Fortunately, I believe that the impacted exchange made good on compensating those who were affected by that incident. I'm not saying things would be the same for BTC."
Correct on all points. I am worried the same might not be true of Bitcoin. I wonder, how price-setting was GDAX at the time for Ethereum? Today, it is only #4:
"I now understand that you had an ugly divorce with Bitcoin and will try to keep your devil's advocate focus in mind from now on. Without knowing your history, it's not out of the question to interpret how you opened with some Bitcoin bashing how you see em, and close with whispers of I told you so as FUD. You reach a lot of viewers, and not all know about your track record/efforts/warnings/advice at top of mind. I edited my post because I missed the whisper comment at the bottom, which set me off by feeling like taunting."
All fair points well taken. I'd be lying if I said I didn't use inflammatory language sometimes to get people's notice in the "sea of attention."
"People have debated Core vs Cash forever"
True, and you could easily interpret my post as more of that.
I'm more interested in debating Core vs ANYTHING. It looks bad compared to every coin I look at, in terms of fees, privacy, and transaction time. This should REALLY WORRY all of us, because it means buyers have no idea what they are buying, and BTC is floating on basically hype and name recognition. r/Bitcoin users are telling new users they should buy LTC instead because of the fees...that sounds like terrible precedent.
"I think a lot of the coins you hit with darts have far less adoption and demand on their systems."
Also great points. However, Steem is a monster for transaction numbers, and it's fast and practically no-fee. Just one example of a more load-bearing chain.
"It's wise for everyone to be diversified and prepared to accept that it can all go to $0. That's why we ideally play with money we can afford to lose."
I really don't want to sell any into fiat, but I'm a bit worried. Trying to talk myself into it. Bitcoin Cash could quadruple, or quarter, in an event like this, but I bet most sub top-10 crypto is going down hard.
@lexiconical as you said "I really don't want to sell any into fiat, but I'm a bit worried. Trying to talk myself into it. Bitcoin Cash could quadruple, or quarter, in an event like this, but I bet most sub top-10 crypto is going down hard."
@lexiconical you are right but you are not the only one worried, every one holding on tightly for a gain