I get a lot of people calling out my #Bitcoin skepticism (as in: Bitcoin is a worthless piece of hot garbage trying to kill our planet) because number is again going up. This time it's real, now that the scamers have been caught and all.
But if you want to know why Bitcoin goes up you just need to look at one curve: Tether has printed 4 billion USD from thin air in the last week.
While it's great to see the crypto scam artists SBF and CZ been caught and punished (sadly without making their victims whole) the actual rock that whole scam economy is built on is Tether. Has been Tether for years.
And I really don't get why US regulators let some weird company print fake USD.
The supply of "USDT" increased. Note that "USDT" is not USD, and it is also not Bitcoin.
The price of Bitcoin increased.
Possible explanation: Tether created more USDT and sold them to people who paid with fiat money. Those people then used those new USDT to buy Bitcoin (and/or other cryprocurrencies), so there was increased demand for Bitcoin.
@eliasr@Josteglitz@tante people aren't buying Tether with fiat money, certainly not on the scale of the amount that were printed. The way they push prices up is by wash trading. The company that owns Tether also owns the Bitfenix exchange, so they can make fake trades where Bitcoins are exchanged with Tethers at inflated prices. The trade prices are reported as if the they happened in US dollars. Those who fall for it will typically buy Bitcoins with fiat money at the inflated price.
@gabrielesvelto@eliasr@Josteglitz exactly this. Bitcoin is bought with Tether which is just fake USD increasing the price to use when dumping assets on retail
He'll be pissed and angry for a day but has so much money on the bank that he can't really burn it all even if he'd pay multiple therapists 24/7 to help him touch grass...
@tante I mean it's not like with "traditional" [real] finance where if someone were to try to taint my bank account by wiring money from cartels to me just to get me into trouble where bank systems will instantly sus the transaction and widthold it pending clearance, and the account holder isn't being questioned or suspected until they were to ask for said transaction, thus being "in the know"...
@tante #USDT & #USDC are just digital casino chips:
They can only be (legitimately) converted to actual money by virtue of paying for them and they can only be (illegitimately) swapped at huge loss rates if someone wants to get them.
And like in a real casino, there are the equivalent bouncers ans security cameras at the exchange desk.
@kkarhan@tante imagine parking tickets were based on income… 500.000$ for parking where he is not supposed to might be the funniest thing I have thought about today (for clarification: 500k per ticket).
@hiiaminfi@tante#Finfact: Were those not misdemeanors but felonies and had he done so in Germany and be sentenced by a judge, his penalty in the form of a fine would've been based off his income.
The Problem with #billionaires like Bezos is that they can and do artifically keep their taxable income low, and that being compensated in shares, not a paycheck as well as getting liquidity by taking a credit with said shares as collateral isn't even legally considered income. https://www.youtube.com/watch?v=t6V9i8fFADI&t=195
@hiiaminfi@kkarhan@tante
I've long argued for this. I remember a Bentley left parked in the loading bay outside where I worked in Liverpool for a week, it got a ticket every day and the owner just casually swept them up when he finally came back, presumably easily affording the cost since the car costs as much as a house.
Laws only enforced by fines are only illegal for the poor.
Personally I think it would've been more painful to get said car towed...
Not shure how it's in your juristiction but in Germany towing companies can literally tow misparked vehicles on public roads if they please and then the owner gets to pay their expenses...
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