What Cryptos/ICOs currently have a Working Product

makeorbrake

crytoadvice wrote: »

Who makes sure of that? Why would people invest in it?

The idea was that it could be used by people who wanted to go 'risk off' and get out of whatever crypto they had speculated on without having to cash out to FIAT. However, there are major concerns with regard to Tether. Firstly, they're a centralised crypto coin. Secondly, there's been a major contraversy over how Tether is being run - and what they've been up to. Google it. It's not fully confirmed but it looks ominous.

crytoadvice

makeorbrake wrote: »

The idea was that it could be used by people who wanted to go 'risk off' and get out of whatever crypto they had speculated on without having to cash out to FIAT. However, there are major concerns with regard to Tether. Firstly, they're a centralised crypto coin. Secondly, there's been a major contraversy over how Tether is being run - and what they've been up to. Google it. It's not fully confirmed but it looks ominous.

just read about it propping up Bitcoin.
Why would anyone convert their coins to Tether and not to Fiat. Who could guarantee that Tethers value would always be pegged to the dollar. Thats why I asked who makes sure of that

https://cointelegraph.com/news/all-eyes-on-tether-amid-crypto-pull-back
"Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio. In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens."

My understanding of that is that Bitfinex issue a Token supposedly equal to 1$. Customers buy it with the coin they want to get rid of and then bitfinex sell that coin and pocket the money. is that correct?

makeorbrake

crytoadvice wrote: »

Why would anyone convert their coins to Tether and not to Fiat.

Faster to convert than FIAT. Cheaper to convert than FIAT.


As regards who can guarantee that the dollars are held to match the tether in circulation, that's the problem - there's no proper oversight.

grindle

crytoadvice wrote: »

Thought you might be interested in this. i follow this guy on Twitter cos he appears On Keiser report frequently enough. https://twitter.com/richardheartwin/status/942001572267126784?lang=en
He doesnt rate IOTA

They've pulled stupid shít in the past, I'm aware. It's also overvalued but is going to be used eventually.
Please don't put all your trust in Richard Heart, he's a very intelligent guy but he's a Bitcoin maximalist.
As far as he's concerned everything that isn't Bitcoin is a scam.

crytoadvice

grindle wrote: »

They've pulled stupid shít in the past, I'm aware. It's also overvalued but is going to be used eventually.
Please don't put all your trust in Richard Heart, he's a very intelligent guy but he's a Bitcoin maximalist.
As far as he's concerned everything that isn't Bitcoin is a scam.

I dont but I thought he was worth following. He recently got out of bitcoin at 10,000 i think and got a lot of criticism on twitter cos of this. Ill try and find the post but I think hes buying back in

I follow people recommended here and whoever is interesting on the keiser report
https://www.marketwatch.com/story/bitcoin-and-cryptocurrency-on-twitter-the-most-important-people-to-follow-2017-12-04

The four Ive found best from the list are
https://twitter.com/RonnieMoas
https://twitter.com/PeterLBrandt
https://twitter.com/lopp/
https://twitter.com/onemanatatime

BrokenArrows

crytoadvice wrote: »

just read about it propping up Bitcoin.
Why would anyone convert their coins to Tether and not to Fiat. Who could guarantee that Tethers value would always be pegged to the dollar. Thats why I asked who makes sure of that

https://cointelegraph.com/news/all-eyes-on-tether-amid-crypto-pull-back
"Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio. In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens."

My understanding of that is that Bitfinex issue a Token supposedly equal to 1$. Customers buy it with the coin they want to get rid of and then bitfinex sell that coin and pocket the money. is that correct?

The market pretty much makes sure that tether remains 1:1. Thats all its worth and is freely available to buy directly from Tether for the value of $1. So nobody will pay more.

The problem with tether is if the market loses belief in the fact that the coin is actually backed up by $1 in a bank account. Tether have been pretty **** at releasing good financial data to prove that they have this money in a bank account.

People are suspecting that the money that was used to purchase tether coins have been used to purchase BTC which has been pushing up the price. But there is no proof of this and is speculation.

However if Tether proves to be some form of scam it will crash the whole crypto market as every $ used to purchase Bitcoin or any other alt is basically worthless.

Bitfinex is not the only exchange trading with Tether. Binance use it too.

The problem is that in Tethers T&C they state they do not guarantee redemption of the coin for $1.

crytoadvice

BrokenArrows wrote: »

The market pretty much makes sure that tether remains 1:1. Thats all its worth and is freely available to buy directly from Tether for the value of $1. So nobody will pay more.

The problem with tether is if the market loses belief in the fact that the coin is actually backed up by $1 in a bank account. Tether have been pretty **** at releasing good financial data to prove that they have this money in a bank account.

People are suspecting that the money that was used to purchase tether coins have been used to purchase BTC which has been pushing up the price. But there is no proof of this and is speculation.

However if Tether proves to be some form of scam it will crash the whole crypto market as every $ used to purchase Bitcoin or any other alt is basically worthless.

Bitfinex is not the only exchange trading with Tether. Binance use it too.

The problem is that in Tethers T&C they state they do not guarantee redemption of the coin for $1.

Thanks for the explanation. I find it hard to see why people would have trusted Tether to begin with. The idea is good but with no guarantees or oversight its far too risky. What would stop someone offering another coin doing the exact same job

grindle

crytoadvice wrote: »

I find it hard to see why people would have trusted Tether to begin with.

People in general are retarded?

Look at the crypto market cap and the shítcoins that make up the majority of it.

crytoadvice

grindle wrote: »

People in general are retarded?

Look at the crypto market cap and the shítcoins that make up the majority of it.

I mentioned earlier I was considering using Value Averaging to invest small amounts in some coins. is that the safest way to start for a beginner. Theres so much conflicting info its hard to know what way to go about it

grindle

crytoadvice wrote: »

I mentioned earlier I was considering using Value Averaging to invest small amounts in some coins. is that the safest way to start for a beginner. Theres so much conflicting info its hard to know what way to go about it

Averaging is the soundest way of spreading the funds. Try to put the largest portion into whatever you consider the least risky option and consider that as the stack you want to build.
For me that's ETH, for most in the market it's BTC.
For risky bets, please ignore things like unit price - XRP is not going to reach BTC's price, the total coin supply is almost 5000 times higher.
If people balk at the notion of BTC hitting $100k or $1m then they should be even more horrified at the thought of XRP (a centralised asset) hitting $20 to $100.
Same with crap like Tron or unproven tech like Cardano - you'd be placing a bet without any kind of fundamental in mind, just the price which is already far too high for vapourware.

You'll have your work cut out for you but it requires a lot of reading and bullshít detection, not falling for intensely manipulative shilling and bot-voting on Reddit and a prerequisite of taking part in ICOs and their communities is remembering that the room probably has a few scammers in it. Don't be one of their victims.
Case in point: Seele ICO had a scammer in the chat pretend to be one of the devs and they've just grabbed $1.8m from 4 groups of saps who didn't investigate anything beyond seeing that the pic and name was the same.