"Ordinary people globally understand why a decentralized asset is the ultimate safe haven."
Ordinary people have never heard of bitcoin. I have relatives working in finance who don't understand bitcoin.
Ordinary people have never heard of bitcoin. I have relatives working in finance who don't understand bitcoin.
https://twitter.com/bitfinex https://www.reddit.com/r/bitfinex/comments/7fx9z9/bitfinex_w...
Perhaps Bitcoin will recover from this fraud or another cryptocurrency will take the lead in the space, but we are headed for a crash.
please, explain what money is "fake" and what "injected" and "ecosystem" mean.
In a sense people are worried that they're literally making up money on the promise they have US Dollars so they can buy up BTC and sell it to maybe regain the missing USD? Unclear.
Need to remember that this is the same place, I believe, that was "hacked" and they spread the losses across all their customers if their costs were actually lost or not. Details have been hard to come by which is where the suspicion seems to have really started.
https://coinmarketcap.com/currencies/tether/
If Tether is what they say it is, this can only come from investments of US dollars. Ie nearly $400 million dollars of investment in one month.
On November 21 Tether announced a hack in which they lost $30 million.
Bitfinex is extremely likely to be insolvent at this point. Users are complaining of an inability to withdraw funds on Reddit, and Bitfinex's Twitter has a days old announcement of a supposed DDoS attack, with no updates:
https://www.reddit.com/r/bitfinex/comments/7g8cp3/eth_withdr...
Tether has been traded on other exchanges for other cryptos, meaning that these other cryptos have been inflated by purchases with fake money.
This is a good outline of the scenario I think is about to play out:
https://prestonbyrne.com/2017/11/26/the-bear-case-for-crypto...
Bitfinex'ed is an anonymous Twitter and Medium account that is explaining the Tether fraud much better than I can:
That is, of course, if it actually was a theft, and it was actually for $30 million. It's a single source currency, no one but the people running Tether knows what's actually behind it.
If so, I don't think you have a truly representative sample.
On the other hand, I still think governments are going to ban it once they understand it. But for now: :D
And I totally agree that they'll ban it once they understand it :-)
I think on a surface level, they'd say sure, digital money, why wouldn't that be the future but they assume it comes from an "authoritative" source such as the UN or a government.
If I were living in a world where money had just been invented, I suppose I'd care mainly that whoever was issuing it was trustworthy enough not to issue extra on the side.* Otherwise I wouldn't really care where it came from.
I'm not sure if I'm agreeing with you, disagreeing, or just continuing the discussion.
*Eventually I'd come to understand that inflation is not necessarily a bad thing, but my first instinct would be that I'd value money only if it were scarce.
How are you interpreting the term "understand"?
Does the average person even understand what a "decentralized asset" is?