
The Bitcoin Scam - pudo
https://tribunemag.co.uk/2019/05/the-bitcoin-scam
======
oaeide
"...reaching a peak of $20,000 for a single bitcoin before a spectacular
plunge in value in December 2017 from which it has never really recovered (it
is trading at $3,800 at the time of writing)."

Yeah, about that....

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tim333
The present episode is quite interesting and they are merrily printing tethers
which are probably being used to buy bitcoin and pump the price now that
tether have dropped the insistance that tethers are backed by dollars. $1.4bn
new tethers since the start of April coinciding with bitcoin going from $4100
to $9400. God knows where it ends - is there anything to stop them printing a
trillion tethers and sending each bitcoin to $10 million?

~~~
DINKDINK
Is the following an accurate summary of your position:

"There actually aren't dollars that are being moved into tether's accounts but
fabricated database numbers. These fabricated numbers are then exchanged for
bitcoins but the other people of that trade (the people buying tethers with
bitcoins) somehow never redeem these tethers. Despite the tether to dollar
exchange rate not at a discount there's a mass delusion. This delusion will
continue until bitcoiners buy 10 million tethers for one bitcoin. The dollar-
bitcoin market doesn't affect the price/supply of bitcoin."

Because that's what it appears to be. Do you know how a eurodollar works? If
not, you would learn much from just that instrument.

~~~
tim333
Not quite. More what I've written to stzup7 below.

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russian_bot
This was a very accurate analysis of Bitcoin and cryptocurrency projects.

Bitcoin is primarily used for regulation arbitrage.

~~~
stcredzero
_Bitcoin is primarily used for regulation arbitrage._

I'm unfamiliar with the term "regulation arbitrage." Is this just flaunting
laws and regulations? Examples?

~~~
886
I believe russian_bot means "taking advantage from an inefficiency". In this
case, taking advantage of regulation, or non-regulation rather.

[https://www.investopedia.com/ask/answers/what-is-
arbitrage/](https://www.investopedia.com/ask/answers/what-is-arbitrage/)

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aerodog
He's a British MP

~~~
ChainOfFools
and he could pass, with these perspectives, for an r/buttcoin regular quite
convincingly as well. not that that's a bad thing.

better 5 years late than never though.

~~~
tuesdayrain
r/buttcoin posters are some of the most insufferable people on reddit, and
that's saying a lot. It takes a special kind of person to frequent a community
specifically made to hate on something.

~~~
stcredzero
_It takes a special kind of person to frequent a community specifically made
to hate on something._

I thought those sorts of reddits weren't that uncommon. (Though they are
banned from time to time.)

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shitgoose
the "the new fascist and nationalist movements arising in Europe, Asia, and
the Americas" sets the tone for the rest of the article. typical "left-winger"
who read too many introductions.

~~~
jc01480
I was hoping someone would catch this. Seems like a delusional stretch to tie
this phenomenon to right-wing hate. Nice try, but that’s complete BS.

