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PieFacE
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On 03/06/2021 at 14:21, KenjiOgiwara said:

You see, to me there's more uses to tulips than crypto, but I'm intrigued. What's the uses I'm unaware of?

What on earth are you doing with tulips apart from paying too much money for them, then sticking them in a vase and watching them slowly decompose whilst the other half says how nice they look and/or smell?

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14 hours ago, Rds1983 said:

What on earth are you doing with tulips apart from paying too much money for them, then sticking them in a vase and watching them slowly decompose whilst the other half says how nice they look and/or smell?

*Loads* of products have their entire value bound up in 'they'll hopefully please my partner'. That's a pretty substantial chunk of the value of gold!

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Just now, AVTuco said:

Is this a positive thing for Bitcoin?

I believe so yes. The more countries that adopt it, the more legitimacy it has I suppose to people who think it's a scam cos they can't do 5 seconds of research. 

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Posted (edited)
2 minutes ago, PieFacE said:

I believe so yes. The more countries that adopt it, the more legitimacy it has I suppose to people who think it's a scam cos they can't do 5 seconds of research. 

El Salvador? How much legitimacy does it bring, I'm not sure?

Edited by AVTuco
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5 minutes ago, AVTuco said:

El Salvador? How much legitimacy does it bring, I'm not sure?

It's more about the domino effect. More countries will follow pretty quickly (imo of course, I really have no idea tbh).

But I think it makes sense for countries like Brazil, Argentina, Paraguay to soon follow. We'll see. 

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51 minutes ago, HanoiVillan said:

*Loads* of products have their entire value bound up in 'they'll hopefully please my partner'. That's a pretty substantial chunk of the value of gold!

Completely (sadly) agree, the literal small rock on my wife's finger cost a ridiculous amount of money but brought her crazy levels of happiness. I'm just curious what else you can do with tulips in case I'm missing out. 

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Posted (edited)

$3 of AMP up for grabs for free on the Coinbase training thingy. 

I’ve had over $20 worth of free tokens so far.

Edited by Genie
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FLIXX goes live on Bittrex tomorrow. Hopefully it’s blows up big time, then later in the month they’re announcing their Hollywood studio partner who they will host short film content for. 
🤞this is it. 
 

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1 hour ago, Genie said:

FLIXX goes live on Bittrex tomorrow. Hopefully it’s blows up big time, then later in the month they’re announcing their Hollywood studio partner who they will host short film content for. 
🤞this is it. 
 

Had no idea! Been trying to join Liquid to sell my Flixx. Will have to hold a while longer 🙌

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22 hours ago, Genie said:

FLIXX goes live on Bittrex tomorrow. Hopefully it’s blows up big time, then later in the month they’re announcing their Hollywood studio partner who they will host short film content for. 
🤞this is it. 
 

Fingers crossed for you. 

Any movement today?

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2 minutes ago, Xela said:

Fingers crossed for you. 

Any movement today?

Prices up 15-20% but volume still quite low. 
This was the first piece of the puzzle, they will announce the studio partnership shortly and needed a more widely available exchange onboard for the surge in interest (hopefully!).

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What *was* happening at Tether?

'Early stablecoin controversies circled around Tether International Ltd., which originally said its coins were completely backed by cash. In February, New York’s attorney general said the company for years didn’t actually have the cash it said it did and banned Tether from trading with New York residents. Now the company says Tether’s coin is backed not just by cash, but by assets including commercial paper, corporate bonds and precious metals.

For a while, in between Tether’s earlier claim that it was backed entirely by cash, and its current boast that it is mostly backed by commercial paper, bonds and other stuff, there was a hilarious and horrifying period when Tether was backed in part by loans to Tether’s affiliated cryptocurrency exchange, which Tether did not disclose until the New York attorney general put it in a lawsuit. Lending a ton of money to your shaky affiliates: Not banking best practices.'

What *is* happening at Tether now?

'Now, though, Tether promises that it’s not lending any of its dollars to its affiliates, and is instead keeping them all in safe and mostly short-term stuff. I think it is fair to say that there is a certain amount of skepticism about Tether’s claim that it managed to become, uh, the seventh-largest commercial-paper buyer in the world without anyone in the commercial-paper industry ever having any interaction with it. But leaving that aside, even if you take Tether at its word, it is a very thinly capitalized banking business. 3 The way a bank works is that it takes about $92 of deposits and invests about $100 in loans; the extra $8 is called “capital,” it is put up by the bank’s shareholders, and it protects the depositors if anything goes wrong. If the $100 of loans turn out to be worth $95 instead — if some of the loans default — then the shareholders eat the loss and the depositors are protected. The way a stablecoin works is that it takes $100 of deposits and invests $100 in whatever it wants; there is no capital requirement because (1) it is not a bank and (2) freedom, etc. If its $100 of assets turn out to be worth $95, the stablecoin holders eat the loss.

Now, in fact, Tether’s accountants said that, as of March 31, it had total assets of “at least USD 41,017,565,708,” and total liabilities of “USD 40,868,295,798 of which USD 40,855,204,950 relates to digital tokens issued.” That gives it equity capital of about $149.3 million, or a capital ratio of about 0.36%, which is not zero but is about an order of magnitude less than what is required of banks. (Even a bank that held only Treasury bills as assets would have to have $3 of equity capital for every $100 of Treasury bills, under the supplementary leverage ratio rules.) 

Taking Tether at its word, most of its assets are in very safe short-term stuff that should almost always be worth 100 cents on the dollar, but 10% are in “corporate bonds, funds & precious metals,” which can be volatile, and 1.64% are in “other investments (including digital tokens).” If 1.5% of Tether’s reserves are in Bitcoin, and Bitcoin loses a third of its value (as it did in May), that will wipe out Tether’s equity. If 5% of Tether’s reserves are in gold, and gold loses 10% of its value (as it did in the first quarter of 2021), that will wipe out Tether’s equity. I have no idea how much of Tether’s reserves are in Bitcoin or gold — I assume less than those numbers — but that’s because Tether doesn’t disclose it and isn’t subject to capital regulation.'

extracts from: https://www.bloomberg.com/opinion/articles/2021-06-16/don-t-pay-gambling-debts-by-insider-trading

Seem like potentially-very-unstable coins to me.

 

 

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Classic crypto this:

From the story:

'Up to $3.6bn in Bitcoin has disappeared from a South African cryptocurrency investment outfit as well as the two brothers who ran it.

Africrypt, led by founder and CEO Raees Cajee and his sibling and COO Ameer, claimed two months ago it had been hacked and had to halt its operations. The biz also urged its investors – said to include celebrities, the rich, and the like – to keep quiet and not alert police as doing so would apparently derail the process of recovering any coins stolen from the biz's digital wallets.

A group of 20 or so of those investors have since hired a law firm to investigate the fiasco, and obtained from the South African courts a provisional liquidation order against Africrypt. Raees, 21, and Ameer, 17, have until July to appeal against the order, though we note they have essentially vanished.

And that’s not the only thing that has gone missing: some 63,000 Bitcoins, valued at nearly $4bn at the time they disappeared from Africrypt's wallets, according to South Africa's ITWeb this month. The publication was unable to obtain any comment or explanation from the siblings. The company's compliance officer reportedly said he didn't know for sure what had happened nor where the brothers were.

[...]

The lawyers hired by the investors found, through blockchain analysis, that coins from Africrypt’s wallets had been run through Bitcoin mixers and tumblers to hamper any further tracing. Cryptocurrency exchanges were said to be on the look out for any signs of anyone trading the coins.

South Africa's financial watchdog, the Financial Sector Conduct Authority, is said to be mulling an investigation into Africrypt, with the main hurdle to launching a probe being whether or not the regulator can find any actual legal jurisdiction over the biz and its crypto-based offering.'

When people say crypto is the wild west, what they probably have in mind is shit like 'the Chief Operating Officer is 17' and 'the regulators can't work out if they have any jurisdiction whatsoever' 😂

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19 hours ago, Genie said:

It’s mad how many people have huge sums stored in exchanges.

Who are they gonna call if they wake up tomorrow and the site has gone?

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Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator. 

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK.

It also issued a consumer warning about Binance.com, advising people to be wary of adverts promising high returns on cryptoasset investments. 

This comes amid pushback from regulators around the world against crypto-currency platforms.

(link: https://www.bbc.co.uk/news/business-57632831)

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