Just today I wanted to pay my gas bill, which was $200, so I rang up my service provider and told him I'd give him 200 bananas, because bananas trade for $1 at my local shop. He told me to fuck off and hung up. Weird. This is going to sound sarcastic given we're on a gold forum, but I assure you it isn't - if you don't understand why things aren't priced in bananas, you should read books which explain the gold standard and how it functioned. Just because I can sell 30 bananas for $1 and buy an ounce of silver doesn't mean silver is priced in bananas. The people on the other end of the transaction are selling you couches or letting you pay your BPAY bill with dollars. You then hire this third party to turn your Tethers into dollars. It's just like turning bananas into dollars via a third party. Silver is not priced in bananas and your gas bill cannot be paid in Tether. Nobody is selling you a couch in Tethers. Nobody is letting you pay your gas bill in bananas. Selling your 200 bananas to the local shop for $1 each, then paying your $200 gas bill in dollars, does not mean gas is priced in bananas. Now let's get back to the main point. 1. I show you last week how it is not only likely but probably Tether is running a fractional reserve Ponzi scheme 2. You say something about fractional reserve being a good thing, who cares if its antithetical to Bitcoin and if they lied every step of the way and were only forced to reveal what they were doing by the authorities 3. This week, one of their partners explains step by step how Tether is running a fractional reserve leveraged Ponzi scheme 4. Tether says "yes we are running a fractionally reserved leveraged Ponzi scheme but old news everyone already knew this" 4. You say "but I can buy a couch by selling USDT to a third party, who buys Bitcoin with my USDT and sells it for AUD to someone for dollars, and then gives those dollars to the person taking dollars, that means theres no problem and I'll ignore the rest of your post" Please. Just address the issue at hand. I showed you how and why Tether is probably a Ponzi, and today one of Tether's cronies (who Tether is a major shareholder of) said "sure here's this thing we do that looks exactly like a leveraged fractional reserve Ponzi scheme which manipulated the price of BTC", and says that on record to the FT, the FT says to Tether "hey are you a fractional reserve Ponzi scheme manipulating the price of BTC" and Tether says "yeah of course this is true but its old news stop talking about it". Let's talk about it.
I'll have to dust of my copies of Ayn Rand and refresh myself on why goldbugs think a commodity backed currency limited by physical availaibility is actually a positive move in the modern era. Oh that's right, she wrote novels over half a century ago. You said: Now that we've gotten that out of the way....
Ponzi: is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Tether doesn't meet my Ponzi criteria. Point out to me where BTC is antithetical to the FRB system? Is it because a FRB system is centralised? Bit like a gold standard I suppose? Use the lightning network then where you can pay for stuff like lounge chairs, coffee or services instantaneously with BTC. Or better still, use both it and a FRB payment system, depending upon the circumstances. The lying bit or whatever is of no concern to me, nor many others. As I've said before. Neither is leveraging. And I'll just ignore the rest because it's more Ponzi, Ponzi, Ponzi.
"NEW YORK, NY — Hindenburg Research, a forensic financial research firm" Translation: "Performing "independent" dirt gathering for our investors so their competitors can be taken out"
Guessing crypto prices is like reading tea leaves but my gut tells me we may see 80/90/100K before another pullback. It tends to follow what a large minority THOUGHT the price was going to be on the last pullback.
Charts looking good and little pullbacks on the daily are bullish and nothing to worry about. A good time to let it ride and see what happens IMO. Hopefully it shoots up again and I can buy some gold with the winnings. I'm up a half an oz so far since the last rebuy so I'm happy with that. Free gold is always nice!
Old news Fed's Powell sold up to $5M in stock in 2020 before market tanked https://www.foxbusiness.com/economy/federal-reserve-jerome-powell-personal-stock-sale
Looks like Shiba forming a bull pennant and might break out. I might have to check that one out. Never know when a random coin might gain a bunch.
Experts are watching the 66 k limit to see if it goes through and heads higher. If not, there's a chance for a correction. If goes down to 50 k even, it will be a rare buying opportunity (perhaps it will never fall this low again) and 20-30 k would be a tremendous gift for those who missed previous buying opportunities.
Could break 66k today. The trajectory is still pointing up pretty strongly. All time high has been crushed.
What do you think about the Mt Gox settlement? Potential 150,000 bitcoins to be sold... https://cointelegraph.com/news/mt-g...meaning-creditors-could-soon-receive-billions
