Whats the next bitcoin reddit
Ethereum, a decentralized network inspired by bitcoin that can support financial transactions as well as other types of apps, is ascendent. Ethereum is, at its most basic, a blockchain-based cryptocurrency that includes a scripting element. Think of it kind of like this: bitcoin keeps track of transaction data, ethereum keeps track of that and computer programs. The market price of ether seems to be fueled by hype, speculation, and fear of missing out on another bitcoin-like boom, which made many early adopters unexpectedly rich. The Reddit user, who identified themselves only as Curtis out of fear that relatives would come knocking for handouts, said they and their spouse had discussed investing in ethereum back in , but promptly forgot about it.
We are searching data for your request:
Whats the next bitcoin reddit
Upon completion, a link will appear to access the found materials.
- When Elon Musk tweets, crypto prices move
- If you joined the GameStop frenzy or dabbled with Bitcoin, get ready for the tax man
- Dogecoin More Popular Than Bitcoin On Reddit In 2021, Tesla Getting Into Bitcoin Among Top Posts
- Social media and bitcoin metrics: which words matter
- Young investors are abandoning stocks for crypto — and making millions
- How Much Amateur Bitcoin Traders Are Freaking Out Now
- Five myths about cryptocurrency
- After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next
- Reddit co-founder, Solana venture team up on $100 mln blockchain investment initiative
When Elon Musk tweets, crypto prices move
On August 9th, Tether put out an attestation about its reserves , a way of reassuring users that the most popular stablecoin is, well, stable.
The company has also been investigated by the New York attorney general for claims around its backing and settled with the NYAG earlier this year.
As part of the settlement, Tether is prohibited from doing business in New York state, the capital of the US financial world. After months of hemming and hawing from regulators, chair of the US Securities and Exchange Commission Gary Gensler has now clearly asked for more authority to regulate cryptocurrency.
In fact, the way to get rid of stablecoins might just be… the dollar but digital. These digital currencies, which are pegged to other assets such as the US dollar or the Euro, are primarily used as payment mechanisms.
Some stablecoins are centralized, as well. That rendered those funds useless to the attacker. Tether is already in contact with the project that suffered the breach.
Tether validate the freeze and programs reissuance of funds. Happened in the past with Kucoin hack and others. Payments, says Bruce Mizrach, an economics professor at Rutgers. The same is true of USDC, another stablecoin. Some of that delay is that Mars has to comply with anti-money laundering laws to exit cryptocurrency back into the US dollar. Now, he could instead exit his Bitcoin trade into a dollar-pegged cryptocurrency.
The relatively quick transaction would mean that his funds would be available to go into another investment right away. If Mars is trying to do rapid trading, he might choose to do this instead of moving back and forth between the traditional banking system and cryptocurrency. Stablecoins can also be used for margin trading. Our buddy Mars can borrow money from an exchange such as Kraken, which will use its own funds to help execute the trade. But Mars has to put up some collateral for the loan, and stablecoins can be useful for that.
Margin trading is risky — it can lead to very big losses. It is! To the extent they are, we will apply the full investor protections of the Investment Company Act and the other federal securities laws to these products. Cryptocurrency regulation is kind of a hot topic right now, though, and Gensler used to teach courses on cryptocurrency during his last gig at MIT.
Well, stablecoins are huge. The most popular one, Tether, launched in and is pegged to the dollar. USDT tokens are involved in half of worldwide Bitcoin trades. And there have been questions about whether movements in Tether have created price manipulation in Bitcoin. Apparently, this works. In , it was originally called Realcoin, and the idea was that it would be backed by the US dollar on a one-to-one basis.
See, in , Tether also announced a partnership with cryptocurrency exchange Bitfinex. In , the leak of the Paradise Papers established that the same people control both Bitfinex and Tether. Anyway , Tether settled the case with New York state.
In the settlement agreement , the office of the attorney general found that Tether had no reserves to back the stablecoins in circulation for periods of time.
Tether declined to comment on why money moves between Bitfinex accounts and Tether accounts. The settlement agreement, by the way, bars Tether from doing business with anyone in New York. Tether has always been fully backed and the assurance opinion made available today confirms it once again, and puts Tether ahead of the industry on transparency. Mmmmmmm, well, the first move was pie charts! As of March 31st, about 76 percent of Tether was backed by cash and cash equivalents, including unspecified commercial paper, which is a kind of short-term debt issued by companies.
The recent attestation is more detailed. A quarter of the assets are in Treasury bills, a significant increase from the last report — which may reassure some people, since T-bills have a reputation as very safe assets.
According to the accounting firm Moore Cayman, Tether has more money in its reserves than is required for redemption. At this time, we do not disclose the make-up of our commercial paper holdings. You can see the issuer, the specific identification code, how much money is invested, and the market value, among other things, for each holding.
So we got an attestation to its assets : 61 percent in cash and cash equivalents and 9 percent commercial paper. Of the top 10 stablecoins, the most transparent is Gemini , says Mizrach.
Tether, naturally, would disagree. More or less, yeah. Yeah, according to Bloomberg. Actually, yes. They are working as hard as they can, they are super hard workers. They are really deeply involved with our businesses and they handle day to day operations, and they also are extremely available to our customers. I also asked if the commercial paper was Chinese. Tether declined to comment on that. But a lot of other stablecoins have failed! And 25 percent of those created in also failed.
That makes the failure rate of stablecoins comparable to other digital assets. A bunch of people decide to redeem their tokens. Our friend Mars Vulrich is among them. We may have gotten a preview of what could happen with Tether in a run on a different stablecoin in June. I took a flyer and lost. During those events, the Tether peg remained solid, all redemptions were honored, and the price across exchanges remained stable.
Tether has been stress-tested multiple times and passed with flying colors each and every time. Tether is often used as a parking place for high-frequency traders, Mizrach says.
That means if Tether loses its peg, it can also tank Bitcoin and Ethereum. Tether is involved in more Bitcoin transactions than the US dollar is. A report from JP Morgan in February pointed out that USDT does a lot of the same things in the cryptocurrency world that banks do in traditional finance, but without the same supervision and without deposit insurance.
Li agrees. Yes, according to Fitch , one of the Big Three credits rating agencies. The other thing Fitch points out is that during a period of financial stress, Tether may not be stable. A digital dollar would drive out all of the dollar-pegged stablecoins, because that would mean zero counterparty risk, Mizrach says. Li views central bank digital currencies as inevitable. He also wants lower fees on transactions.
Filed under: Policy. Linkedin Reddit Pocket Flipboard Email. Policy Amazon workers at a second warehouse in NYC say they have filed a petition to unionize. Share this story Twitter Facebook.
If you joined the GameStop frenzy or dabbled with Bitcoin, get ready for the tax man
Dogecoin More Popular Than Bitcoin On Reddit In 2021, Tesla Getting Into Bitcoin Among Top Posts
Next altcoin to pump reddit. As Bitcoin takes a breather, attention is turning to lesser-known cryptocurrencies. They continuously shill a specific asset that they hold a large quantity through different communication mediums, thereby making it popular and many many noobs to invest in that asset. This should be pinned to the top of 1 jul. Cardano ADA Cardano emerges as one of the top cryptocurrencies for many reasons. Coinbase always goes down, so no real effect there. Want to jump straight to the answer? Altcoins are generally considered everything but … Press J to jump to the feed.
Social media and bitcoin metrics: which words matter
Cryptocurrency proponents and talking heads on social platform Twitter are seemingly excited about a new wave of market participants making their way to Bitcoin or other cryptocurrencies. Others argued that WSB might turn its attention to Bitcoin, and pump its price. Do you see this community channeling their anger at the system? What do you think happens when they find out what Bitcoin actually is?
Young investors are abandoning stocks for crypto — and making millions
Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Reddit forum discussions swing from meme stocks to cryptocurrencies Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Join over , Finance professionals who already subscribe to the FT.
How Much Amateur Bitcoin Traders Are Freaking Out Now
The internet is an excellent source for reading interesting stories. Everything You need to know about Bitcoin! Beginners Guide. What Is Shiba SkyBlock you might ask? Data from Blockchain.
Five myths about cryptocurrency
Government Has Taken Notice. Here's What Investors Should Know. Ethereum Just Hit a 6-Month Low.
After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump NextRELATED VIDEO: Bitcoin fair valuation at the next halving in 2024
Wall Street Bets, the Reddit forum that kickstarted GameStop's epic trading frenzy, is allowing its members to exchange views on some cryptocurrencies, according to a recent moderator post. The subreddit has a "No Cryptocurrency" rule, listed as part of a content guide , that limits posts solely tied to cryptocurrencies or the technology they run on. But now discussions on bitcoin , Ethereum's ether , and dogecoin will be allowed only within a daily crypto discussion thread, the post said. The social platform and community group is known to seek opportunities to improve their finances through high-risk day trading.
Reddit co-founder, Solana venture team up on $100 mln blockchain investment initiative
Built by software engineers Billy Markus and Jackson Palmer during the early Bitcoin craze and featuring a "mascot" of the then-popular meme featuring a Shiba Inu dog, the coin was originally conceived as a meta-joke about monetary value and the internet. The joke didn't last long for its creators: Markus and Palmer both ended their involvement with Dogecoin in In fact, Markus recently wrote on Reddit that he sold his coins for only about enough to buy a used Honda Civic. However, a major one is a seemingly ever-increasing positive cryptocurrency industry sentiment and, in turn, increasing prices of the coins themselves. Institutional and, in turn, mainstream adoption is cited as one major factor propelling the rise of cryptocurrencies.
This op-ed was originally published by The Washington Post. Bitcoin, the original cryptocurrency, was launched in The surge in their prices earlier this year minted tens of thousands of cryptocurrency millionaires—at least on paper.