Bitcoin currency of the future?

[Deleted member 409801]

I did turn $2900 into $27k in less than 48hrs. That was nice.

That is very nice , but like you said , in no way sustainable , and there will be plenty of people that do the inverse or worse of what you managed to do.

 

[SwamiLeoni]

That is very nice , but like you said , in no way sustainable , and there will be plenty of people that do the inverse or worse of what you managed to do.

No doubt. In fact it’s already happened. Two recent stories popped up, one guy lost $500k who took out loans and another who recently lost $30k. Both were heavily invested in BitConnect and BitConnect just dissolved and exited. It was a straight up Ponzi scheme. What the FOMOers fail to realize is that when Tether implodes, they’ll be joining them. It won’t go to ‘0’ but I bet we’ll see a market drop of $300B or more.

You would be naive to think that even during a bull market everyone is making money. There’s always going to be a loser.

 

[Luminaire]

No doubt. In fact it’s already happened. Two recent stories popped up, one guy lost $500k who took out loans and another who recently lost $30k. Both were heavily invested in BitConnect and BitConnect just dissolved and exited. It was a straight up Ponzi scheme. What the FOMOers fail to realize is that when Tether implodes, they’ll be joining them. It won’t go to ‘0’ but I bet we’ll see a market drop of $300B or more.

You would be naive to think that even during a bull market everyone is making money. There’s always going to be a loser.

Are you exiting the market Swami?

Might be opportunity when the dust settles...

 

[Reyesnuthugr]

No doubt. In fact it’s already happened. Two recent stories popped up, one guy lost $500k who took out loans and another who recently lost $30k. Both were heavily invested in BitConnect and BitConnect just dissolved and exited. It was a straight up Ponzi scheme. What the FOMOers fail to realize is that when Tether implodes, they’ll be joining them. It won’t go to ‘0’ but I bet we’ll see a market drop of $300B or more.

You would be naive to think that even during a bull market everyone is making money. There’s always going to be a loser.

BitConnect was a bad joke from the beginning. It was a 'referral program'... which if you're over 10 years old, means you know that is a ponzi/MLM scam.

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As for the market crash, if that's true, I'll be fine because I didn't invest more than I am willing to lose. At worst it's more of a long game now for the market (not a couple months or weeks). In the mean time, several companies will still be going full steam developing their tech and securing contracts. So it doesn't even bother me if that happens.

 

[SwamiLeoni]

Are you exiting the market Swami?

Might be opportunity when the dust settles...

You know, I’d be lying if I said my hands weren’t sweaty right now. This Tether stuff has me on a little bit of a tilt. I have enough to completely pay off my loans, however, I have so many good coins that if they launch I’ll have enough to put a sizable down payment on a house in San Diego (where I live). It’s really a gamble right now. I’m betting on the market to increase against some journalist with a hair up his ass looking to expose Tether. Which one comes first? It’s the age old $500 on Black and let it ride.

Where it really gets hairy is that my father gave me a sizable amount of cash to invest for him. He made quite a bit buy and selling silver. I’ve known about Tether for quite a while, but I didn’t realize how bad it was getting until now. My plan was to put 70% into the market now and keep the other 30% reserved in a USD wallet for a steep correction like the one we recently had. Now it’s a totally different story, but it’s the same gamble. I feel like I’m in the Twilight Zone.

 

[SwamiLeoni]

BitConnect was a bad joke from the beginning. It was a 'referral program'... which if you're over 10 years old, means you know that is a ponzi/MLM scam.

---

As for the market crash, if that's true, I'll be fine because I didn't invest more than I am willing to lose. At worst it's more of a long game now for the market (not a couple months or weeks). In the mean time, several companies will still be going full steam developing their tech and securing contracts. So it doesn't even bother me if that happens.

That’s awesome man, glad to hear that. Many people are putting their life savings into this and they’re going to get burned. As far as BitConnect is concerned, there is a sucker born every minute. Unfortunately a lot of people lack the ability to think critically and will follow others off a cliff without researching how high the cliff is and what’s at the bottom. All you can do is try to keep people informed. That’s why I really enjoy Doug Polk’s recent Crypto series. He’s doing a great job.

 

[CerebralKnievel]

Guys, I’m posting this as a warning and not FUD. Please be cautious and pull out your initial investment. This is really serious stuff.
https://www.reddit.com/r/CryptoCurr...he_current_marketcap_of_tether_is_16_billion/
https://twitter.com/tetherprinter?lang=en

Please use your common sense here. USDT has NEVER been audited. They’re printing money out of thin air to buy BTC which inflates the value. They’ve printed $400M IN THE LAST 4 DAYS. This is unsustainable. Once a regulatory body gets their hands on Bittrex, the party is over. This will bring the market to its knees and the media coverage will ruin Crypto for years to come here in America and possibly elseware. Don’t think this is FUD because it’s real and it’s happening.

What the hell is Tether, anyway? Never even heard of it. It isn't traded on any exchanges which take USD for payments, is it?

 

[SwamiLeoni]

What the hell is Tether, anyway? A coin exchange?

USDT. It's a trading pair (sometimes) coin thats tied 1:1 to the USD. The thing is, its not tied to the USD because its tied to nothing. People use it to cash out during corrections. They move their money into USDT to avoid losing their gains. But Tether prints and prints and prints and buys BTC with it. It's a sham.

 

[CerebralKnievel]

USDT. It's a trading pair (sometimes) coin thats tied 1:1 to the USD. The thing is, its not tied to the USD because its tied to nothing. People use it to cash out during corrections. They move their money into USDT to avoid losing their gains. But Tether prints and prints and prints and buys BTC with it. It's a sham.

So the theory is that massive calls will somehow trigger a systemwide collapse of blockchain investments? Seems more like it would just land some Tether founders in prison and initiate a temporary crash of prices akin to Korea essentially withdrawing from the market. But I'm a casual on this topic so I'm really just running my mouth.

 

[rj144]

I did turn $2900 into $27k in less than 48hrs. That was nice.

How did you do that?

 

[IDL]

I had sold my bitcoins awhile ago, but I still have an account open with Kraken

Today they deposited lumen coins (XLM) into people accounts. I had some free ones deposited into my account while ago as well.

Before they gave me 500, and this time they gave me 3000 and I don't own anything. Just have a bit of cash in my account.

Lumens are worth 50 cents a peice, so they just gave me $1500 for nothing.

Anyone know why this happens? Rarely does it rain money out of the sky but I'll take it.

 

[Reyesnuthugr]

I had sold my bitcoins awhile ago, but I still have an account open with Kraken

Today they deposited lumen coins (XLM) into people accounts. I had some free one deposited into my account while ago as well.

Before they gave me 500, and this time they gave me 3000 and I don't own anything. Just have a bit of cash in my account.

Lumens are worth 50 cents a peice, so they just gave me $1500 for nothing.

Anyone know why this happens? Rarely does it rain money out of the sky but I'll take it.

I think they were working to correct some site-wide problems on Kraken recently (the whole site has been frozen for a while) and it just looks like an unintended accounting/clerical error that came along with the fix. When you try to fix a messed up database, this sort of thing happens alot-- transposed account details. From there its almost impossible to re-fix again the way it was.

This also happened to a debt collection company that had a large package of student debts transferred to it when they purchased them from another debt company. All the details got shifted, incorrect and un-provable in court, and now none of the students owe debt anymore because they can't figure out how to put it back together.

 

[SwamiLeoni]

How did you do that?

REQ

 

[IDL]

I think they were working to correct some site-wide problems on Kraken recently (the whole site has been frozen for a while) and it just looks like an unintended accounting/clerical error that came along with the fix. I probably wouldn't complain to them about it if I were you

I'm reading into it now, and apparently it is not an error. This is the second round of 'free giveaway' of XLM to all holders of bitcoins.

Well I don't have bitcoins, but I read more details and this is what it says

"Your share of the 16 billion XLM was credited to your account according to the Kraken bitcoin balance you had as of the first bitcoin block mined on June 26, 2017 UTC (bitcoin block #472889).."

So since I had a bitcoin balance as of June 26th, 2017, I still get free XLM

Nice!

 

[Reyesnuthugr]

I'm reading into it now, and apparently it is not an error. This is the second round of 'free giveaway' of XLM to all holders of bitcoins.

Well I don't have bitcoins, but I read more details and this is what it says

"Your share of the 16 billion XLM was credited to your account according to the Kraken bitcoin balance you had as of the first bitcoin block mined on June 26, 2017 UTC (bitcoin block #472889).."

So since I had a bitcoin balance as of June 26th, 2017, I still get free XLM

Nice!

Wow that's really nice and surprising. Surprising because 1. I've never heard of retro-active crediting, and 2. Kraken is known mostly for errors and problems.

Nice, dude.

 

[IDL]

This is the message with the full details, FYI

Spoiler

Did you notice the gift in your account? Your balance has been credited with lumens (XLM), the currency of the Stellar network. The credit was done on January 15 and shows in your account ledger as a “transfer.”

Also, last week we released a major upgrade to our trading engine - give it a whirl on our new pro trader interface at https://trade.kraken.com.

What is the Stellar network?

Stellar shares many commonalities with Ripple, including a founder. The protocol has changed but many of the same features remain. The stated mission of the Stellar Development Foundation (a non-profit) is “to connect people to low-cost financial services to fight poverty and maximize individual potential.” Lofty yet noble ambitions!

Read more: https://www.stellar.org/how-it-works/use-cases/

What’s up with lumens?

Lumens are to Stellar as ether are to Ethereum. Lumens are the native asset of the Stellar network. At present, they have a value of about $0.52 each. They effectively work like any other cryptocurrency -- they’re tradeable, transferrable, and they pay transaction fees on the Stellar network where you can do other cool things.

Read more: https://www.stellar.org/lumens/

Why the XLM credit?

Kraken is the only top exchange participating in the second round of the Stellar giveaway. Stellar has reserved 19 billion XLM for people who hold bitcoin. 16 billion XLM were given away in the second round. The idea is that giving away lumens will encourage further development of and participation in the Stellar ecosystem. Even if you’re not too interested in the Stellar project, who can argue with free money, right?

By the way, if all this seems familiar, Kraken also participated in the first round of the stellar giveaway, when 3 billion XLM were distributed. So for some of you this is the second XLM credit! To get get in on the first round though, you had to have a bitcoin balance with Kraken on July 4, 2016.

How did the second round work?

Your share of the 16 billion XLM was credited to your account according to the Kraken bitcoin balance you had as of the first bitcoin block mined on June 26, 2017 UTC (bitcoin block #472889).

Read more: https://www.stellar.org/blog/bitcoin-claim-lumens-2/

Can I trade my lumens for something else?

Kraken offers an XLM/XBT (lumen/bitcoin) market where you can buy and sell lumens for bitcoin. As with any kind of trading you should pay attention to the depth of the order book and consider utilizing limit orders to avoid slippage (instead of market orders that can see a lot of slippage in thin markets).

Please note that our XLM market is listed as “STRBTC” on the trading platform (https://trade.kraken.com).

Stellar and Kraken are pleased to offer you this gift and deeply appreciate your participation in the digital currency ecosystem.

The Kraken Team

 

[xcvbn]

Just wanted to toss out a couple general tips:

Don't tell people which exchange(s) you use.

Don't tell people any specific or general numbers or dollar amounts for coins you own.

These make you an easier target for being scammed/hacked. Also it would be really stupid to use an email account associated with any social media/forums/Reddit to use for exchange account. Don't forget 2fa either.

 

[SwamiLeoni]

Just wanted to toss out a couple general tips:

Don't tell people which exchange(s) you use.

Don't tell people any specific or general numbers or dollar amounts for coins you own.

These make you an easier target for being scammed/hacked. Also it would be really stupid to use an email account associated with any social media/forums/Reddit to use for exchange account. Don't forget 2fa either.

Get a Ledger if you can.

What do you think of USDT?

 

[xcvbn]

Get a Ledger if you can.

What do you think of USDT?

I've posted concerns in the past about Tether. I'm very surprised its price has stayed relatively stable and that they've avoided major controversy. It's a recipe for disaster imo

When it first released I wondered why some exchanges couldn't just hold cash like others. Maybe it's been adopted as a sort of security measure, but otherwise it doesn't make much sense. Legal USA exchanges are FDIC insured iirc (negating the need for tether imo) so I'm wondering how much of this is out of control or regulation.

I've always felt the "for every 1 tether we keep $1 in a vault" to be absolute horseshit- and even if it were true there's likely many security flaws/little recourse for a worst case scenario in doing so.

Tether is something I've never held and have no intention of doing.

 

[SuwoopBangin]

anybody here use gemini?

i've been waiting about a week to get verified by them, how long does it normally take?