Crypto Mining

beeza

Silver
Nov 2, 2006
3,264
410
83
Have a look at these screenshots from my Crypto account. The chart shows USDT (Tether) pretty much pegged to the USD over a 8 month period. And the other one stating you can earn up to 12% by staking it.

If you had a million dollars in Tether, that would equate to $2,300 deposited into your account every 7 days.
 

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MariaRubia

Well-known member
Jun 25, 2019
512
549
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Have a look at these screenshots from my Crypto account. The chart shows USDT (Tether) pretty much pegged to the USD over a 8 month period. And the other one stating you can earn up to 12% by staking it.

If you had a million dollars in Tether, that would equate to $2,300 deposited into your account every 7 days.

From Wikipedia...

Tether is called a stablecoin because it was originally designed to always be worth $1.00, maintaining $1.00 in reserves for each tether issued.[8] Nevertheless, Tether Limited states that owners of tethers have no contractual right, other legal claims, or guarantee that tethers will be redeemed or exchanged for dollars.[4] On 30 April 2019 Tether Limited's lawyer claimed that each tether was backed by only $0.74 in cash and cash equivalents.[9][10] In May 2021, Tether published a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper.


I think it you had a million dollars in Tether it might be an easy way to lose a million dollars. Just my opinion.
 
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johne

Silver
Jun 28, 2003
4,968
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No, it's 12% per annum on a US dollar, albeit a digital one, but 1 to 1 nevertheless.
Ah, there you go,"the hook... TWELVE PERCENT...set the hook? Let's talk about that for a moment; Why do firms, companies, people pay a 12% (rate of return, dividend or what ever they want to call it). 12% in not even paid these days by hard money borrowers to construct projects. So why the uber high rate??? You know the answer.Don't be shy. And in the history of the universe, regarding any fraud scheme, what has ALWAYS been "the hook"? You know the answer. And, if smart money in the past year earned 8% on paper 100xxx safer than this gibberish, why don't they jump all over this. Part of the answers to my questions above BTW, is human GREED. The "hook" dangling with a rate of return they thought only THEY could get... sank their boat.
I leave you with this thought: Just like jab or no jab, your body, your money, your intellect in a free country, what could go wrong?
Best of luck to you.
 

johne

Silver
Jun 28, 2003
4,968
1,388
113
Backed by a greater %, not by dollar to dollar (post 42 above) but rather "cash equivalents" which are tradable, mearly commercial paper that is NOT going to yield enough so as to support 12% long term....any term.
 

beeza

Silver
Nov 2, 2006
3,264
410
83
Ah, there you go,"the hook... TWELVE PERCENT...set the hook? Let's talk about that for a moment; Why do firms, companies, people pay a 12% (rate of return, dividend or what ever they want to call it). 12% in not even paid these days by hard money borrowers to construct projects. So why the uber high rate??? You know the answer.Don't be shy. And in the history of the universe, regarding any fraud scheme, what has ALWAYS been "the hook"? You know the answer. And, if smart money in the past year earned 8% on paper 100xxx safer than this gibberish, why don't they jump all over this. Part of the answers to my questions above BTW, is human GREED. The "hook" dangling with a rate of return they thought only THEY could get... sank their boat.
I leave you with this thought: Just like jab or no jab, your body, your money, your intellect in a free country, what could go wrong?
Best of luck to you.
Thanks for your well wishes..............along with the tint of sarcasm....(noted)

Don't shoot the messenger. Is crypto.com offering 12% APY on the dollar or not? I will leave that with you............

Here is a review of the company https://www.hedgewithcrypto.com/cryptocom-review/

Is Crypto.com Legit?​

Crypto.com appears to be a legit exchange that is secured and regulated. US customers fiat wallet balances (in USD) are covered by FDIC insurance up to US$250,000 which provides a level of assurance funds are safe on the platform. To date, there have been no hacks or major theft of funds on Crypto.com or its app.
 

Big

Well-known member
Apr 24, 2019
2,518
1,428
113
Ah, there you go,"the hook... TWELVE PERCENT...set the hook? Let's talk about that for a moment; Why do firms, companies, people pay a 12% (rate of return, dividend or what ever they want to call it). 12% in not even paid these days by hard money borrowers to construct projects. So why the uber high rate??? You know the answer.Don't be shy. And in the history of the universe, regarding any fraud scheme, what has ALWAYS been "the hook"? You know the answer. And, if smart money in the past year earned 8% on paper 100xxx safer than this gibberish, why don't they jump all over this. Part of the answers to my questions above BTW, is human GREED. The "hook" dangling with a rate of return they thought only THEY could get... sank their boat.
I leave you with this thought: Just like jab or no jab, your body, your money, your intellect in a free country, what could go wrong?
Best of luck to you.
Hence my comment, bogus!
 

XTraveller

Active member
Aug 21, 2010
362
158
43
Have a look into Cardano and it's native coin ADA. I am a true believer in this project and investing whenever I can.

I am using the Binance exchange. I purchased $200 of USDT with my bank debit card, which netted me $196 after the card fee. I then sent it to my friend who also has a Binance account, using the P2P feature. He received all $196 a few seconds later with no charge to either of us.
I remember when Banks introduce ATM. Employees where posted near the ATM to show clients how to use the ATM rather then wait inline for cashiers and of course there was no ATM fees and bank plans with limited transaction. A few years later the same employees lost their jobs and banks sucursales close up. Then ATM fees started to kick in with different Bank plans.

The future Banks can profit more with less expenses and you can bet fees will kick in. Someone has to pay directors and shareholders!
 

johne

Silver
Jun 28, 2003
4,968
1,388
113
Thanks for your well wishes..............along with the tint of sarcasm....(noted)

Don't shoot the messenger. Is crypto.com offering 12% APY on the dollar or not? I will leave that with you............

Here is a review of the company https://www.hedgewithcrypto.com/cryptocom-review/
No sarcasm. I am a firm believer in doing what a person feels is best. Really. I am an extremely conservative investor that is thankful for where I am in life and your investments are your money. Good luck was not meant to be "good luck with THAT". It meant ole school "Good luck".
 

windeguy

Platinum
Jul 10, 2004
36,495
2,815
113
No sarcasm. I am a firm believer in doing what a person feels is best. Really. I am an extremely conservative investor that is thankful for where I am in life and your investments are your money. Good luck was not meant to be "good luck with THAT". It meant ole school "Good luck".
You and me both. Crypto scams or reality are not for me. Those that like the risk, go for it. I will use it when I have to use it.
 

malko

Campesino !! :)
Jan 12, 2013
4,762
394
83
As a business guy I believe strongly in the non barter system. You give me cash, I give you product. If someone asks me if they can pay in Bitcoin I say absolutely, right after you turn it into cash or a certified cashier's check

Probably the same words uttered by some guy who wanted to buy a chicken with a piece of silver, some 3000+ years ago.
Can I pay for the chicken with a piece of silver ?
Absolutely, when you turn it into carrots or an axe.
 

malko

Campesino !! :)
Jan 12, 2013
4,762
394
83
Ah, there you go,"the hook... TWELVE PERCENT...set the hook? Let's talk about that for a moment; Why do firms, companies, people pay a 12% (rate of return, dividend or what ever they want to call it). 12% in not even paid these days by hard money borrowers to construct projects. So why the uber high rate??? You know the answer.Don't be shy. And in the history of the universe, regarding any fraud scheme, what has ALWAYS been "the hook"? You know the answer. And, if smart money in the past year earned 8% on paper 100xxx safer than this gibberish, why don't they jump all over this. Part of the answers to my questions above BTW, is human GREED. The "hook" dangling with a rate of return they thought only THEY could get... sank their boat.
I leave you with this thought: Just like jab or no jab, your body, your money, your intellect in a free country, what could go wrong?
Best of luck to you.

The answer is because of US laws. People prefer to take out over-collaterised loans instead of cashing out on their crypto, in order not to get fleeced by the tax man.

BTW, 12% was the return rate BEFORE institutional money poured into crypto. Now 8 or 9% is the norm.
 

malko

Campesino !! :)
Jan 12, 2013
4,762
394
83
As for the OP, the real problem will be to get his hands on ASIC miners and/or powerful graphic cards ---- depending on what crypto he wants to mine.

The future is probably Proof Of Stake, so exit to the miners.
 

beeza

Silver
Nov 2, 2006
3,264
410
83
As for the OP, the real problem will be to get his hands on ASIC miners and/or powerful graphic cards ---- depending on what crypto he wants to mine.

The future is probably Proof Of Stake, so exit to the miners.
Agreed. That's why I'm into ADA which is POS.
 

Sailor51

2021 fashion statement
Oct 30, 2018
413
167
43
Probably the same words uttered by some guy who wanted to buy a chicken with a piece of silver, some 3000+ years ago.
Can I pay for the chicken with a piece of silver ?
Absolutely, when you turn it into carrots or an axe.
Funny, but it did change after who knows how long. Thing is both traders had something in hand. I buy stock I can get the certificate. I buy precious metals, I have the metal in hand.
You buy a crypto you have nill. It's somewhere out there waiting to be discovered by the best hacker. And you gotta bet they are trying. By the way, a friend tried to get his cyber cash back and had a hell of a time with it.
 

malko

Campesino !! :)
Jan 12, 2013
4,762
394
83
Funny, but it did change after who knows how long. Thing is both traders had something in hand. I buy stock I can get the certificate. I buy precious metals, I have the metal in hand.
You buy a crypto you have nill. It's somewhere out there waiting to be discovered by the best hacker. And you gotta bet they are trying. By the way, a friend tried to get his cyber cash back and had a hell of a time with it.

Well yes and no. Most stock is not nominative, so it is lent out, borrowed, etc.... multiple times, even though you supposedly own it.

As for hacks on crypto, do they happen ? Yes very often. But you would be hard pressed to find a "blue chip" crypto that has been hacked.
BTC has a trillion $ market cap....... what are hackers waiting for ?
 

windeguy

Platinum
Jul 10, 2004
36,495
2,815
113
Well yes and no. Most stock is not nominative, so it is lent out, borrowed, etc.... multiple times, even though you supposedly own it.

As for hacks on crypto, do they happen ? Yes very often. But you would be hard pressed to find a "blue chip" crypto that has been hacked.
BTC has a trillion $ market cap....... what are hackers waiting for ?
Working on how to hack it? Just a guess.
 
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Big

Well-known member
Apr 24, 2019
2,518
1,428
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Probably the same words uttered by some guy who wanted to buy a chicken with a piece of silver, some 3000+ years ago.
Can I pay for the chicken with a piece of silver ?
Absolutely, when you turn it into carrots or an axe.
well I guess I am referring to in my life time. There are already avenues for large businesses to transfer and change monies taking into account exchange rates and complex tax laws. At this point in time it is a novelty and/or a hobby. For business people it is a joke!!