Current Events > 'Stable'coin holding up crypto house of cards may not be so stable after all

(+) Yeah! (+)

https://www.nytimes.com/2022/06/17/technology/tether-stablecoin-cryptocurrency.html

When will cryptobros realize they bought into what is just the biggest Ponzi scheme ever?

Hope CEs cryptobros have pulled out

Why pull out when you can short as the market crumbles, I dont trade much but I definitely made more from shorting crypto than holding onto it, just feels like its easier to have a gauge for when the market is collapsing than when its popping since downturns happen over a longer period of time. Sadly the site I used to use to trade leveraged shorts isnt VPN friendly anymore

David1988 posted...

Why pull out when you can short as the market crumbles, I dont trade much but I definitely made more from shorting crypto than holding onto it, just feels like its easier to have a gauge for when the market is collapsing than when its popping since downturns happen over a longer period of time. Sadly the site I used to use to trade leveraged shorts isnt VPN friendly anymore

OK, but let's be clear. You shorting crypto is not making money off of crypto. It's making money off gullible fools who got suckered in

Shorting requires someone to buy your short. This isn't just crypto, shorting stock is the same thing. My point was crypto itself is a scam. You're just making money from speculative bets at the expense of the morons suckered into the HODL mentality. Bravo to you and all, not saying negative stuff against you personally, you're just taking advantage of a system that's broken as hell, just emphasizing that crypto itself is dying.

Rathinor posted...

You shorting crypto is not making money off of crypto. It's making money off gullible fools who got suckered in

You said the same thing twice. There is no form of shorting that isn't taking advantage of someone else.

So how are evildoers supposed to pay for their illegal activities now?

[LFAQs-redacted-quote]


I used to use Bitmex, I stopped trading after they started requiring identity and address, VPN wasnt enough to bypass being American. I havent checked out FTX but I e been out of the trading game for awhile now

Guide posted...

You said the same thing twice. There is no form of shorting that isn't taking advantage of someone else.

That's fair, yes

Rathinor posted...

OK, but let's be clear. You shorting crypto is not making money off of crypto. It's making money off gullible fools who got suckered in

Shorting requires someone to buy your short. This isn't just crypto, shorting stock is the same thing. My point was crypto itself is a scam. You're just making money from speculative bets at the expense of the morons suckered into the HODL mentality. Bravo to you and all, not saying negative stuff against you personally, you're just taking advantage of a system that's broken as hell, just emphasizing that crypto itself is dying.

eh I get what youre saying but I would bet dollars to donuts most people who are involved in crypto are in it to make speculative bets, the HODL crew are just the loudest segment that keeps the train going so they are most noticeable. Personally I have no beliefs about the future long term success of crypto as an investment outside of maybe BTC itself

https://gamefaqs.gamespot.com/a/user_image/4/9/5/AAQ2WmAADMd3.jpg

Tether and the other similar stable coins have always seemed like a massive scam to me.

solosnake posted...

Tether and the other similar stable coins have always seemed like a massive scam to me.

Crypto itself is the scam

btc will probably be ok in the longterm but the rest seems like obvious get rich quick pyramid schemes

andel posted...

btc will probably be ok in the longterm but the rest seems like obvious get rich quick pyramid schemes

What purpose does bitcoin actually serve? Aside from money laundering and milking people out of their money

No one providing an actual use for this scam

Rathinor posted...

No one providing an actual use for this scam

Making money, and avoiding government tracking. Also, there's one country where crypto is more reliable than their actual currency, which causes a major shift in investment there, although I don't know how it's turning out. Note that I am giving you answers, not necessarily endorsing those answers.

For the myriad issues crypto has, calling the whole thing a scam just don't make any sense. Gambling isn't a scam.

Guide posted...

Also, there's one country where crypto is more reliable than their actual currency, which causes a major shift in investment there, although I don't know how it's turning out.

Many Venezuelans were able to retain a much higher portion of their assets/wealth by putting their money into BTC when they were experiencing ungodly levels of inflation with their state currency. I dont see much use for crypto in the West, but there have been many cases of BTC in particular helping folks from countries with highly volatile and unstable governments since the inflation of their state currency was even worse than the price swings with BTC.