Author: Got Money, Got Honey!

Calling it the "Tether Top"

3 hours 20 minutes after my warning about Tether this morning, this happened: Reddit version here. Which led to this: Though this announcement isn’t exactly the level of implosion I was expecting, it smells and reeks of a cover up. A “hack” is very reminiscent of the Mt Gox story. As a reminder, Bitfinex got “hacked” in August 2016 and lost 120,000 BTCs. That was valued at $72m back then, but it’s worth a whooping $960m now. I was hoping for something bigger. Like Bitfinex freezing all BTC withdrawals and halting all USDT pairs, or something of that level. Would...

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The BIGGEST risk in cryptos right now

It’s not government regulations. (China failed) It’s not a mining revolt. (BCH and B2X failed) It’s not for being called a ponzi, fraud or a scam. (DBS CIO whateva his name is, Dimon, Buffet, etc etc etc) It is the $600M USD giant white elephant in the middle of the entire freaking room named Tether. Tether is a crypto representation of 1 USD stored in a Taiwanese bank account. Supposedly. There has been no audit on their assets. Tether is NOT claimable for actual USD. Their website does not allow you to exchange Tethers for USD. Tether started out...

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19 Nov 2017 Crypto Thoughts

Just gonna plop out some mental crap that has been clogging up my brain’s mempool for a while. Hope anyone picking my thoughts can pick up something interesting. Bitcoin is a trustless, uncenorable way to transfer payment information and balances.Ethereum is a trustless, uncenorable way to transfer all types of information, INCLUDING payment information and balances. Monero is what normal people think Bitcoin is.Monero is what shady people that use Bitcoin need to actually use instead. Banning cryptocurrencies because it can be used for money laundering is like banning the internet because terrorists can send each other emails. People...

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Project Ubin Phase 2: MAS and 11 Banks working on Crypto, I shit you not

There will always be disbelievers, but I am not fazed. Here is the MAS media release regarding open sourcing the Project Ubin Phase 2 findings, and here is the full PDF report. MAS even has a page for Project Ubin. Anyway, here are 2 screenshots of things I wanted to point out: Page 52: “Future phases of Proj Ubin could focus on a decentralized bonds payments system, which could be supported by MAS and the participant banks with execution driven by SGX. This could delivery a more efficient fixed income securities trading and settlement cycle through DLT.” Didn’t I...

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Warning: Browser Mining Experimentation

Dear all, I would like to announce that I am experimenting with browser mining. What is browser mining? Well, when you surf around my blog, a “miner” will use up a fraction of your computer’s computing power to help calculate some operations. No worries, I have limited the mining to only 2 threads and only 30%, so if you’re running a decent computer, you shouldn’t even notice it! Our course, I am mining cryptocurrency. For those curious, I am mining Monero (XMR), which is one of the few cryptocurrencies that can still be mined using regular computers, without a...

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Crypto 11.11 Thoughts

Just a week ago, I wrote a post regarding the Alt-mageddon that was happening at the time – BTC was heading higher into the fork and alt coins were languishing badly. My final conclusion? Alts were cheap, and they should be bought, rather than chasing BTC at all time highs. One week on, and what do we get? A perfect bottom call, hehe. Just a sample of 4 of the alts that are quite popular: OMG, PAY, LTC and ETH. At that point of time, BTC was at 6,800 and now we are back at 6,800 again. I did...

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EXIT ALL OF THE STOCK MARKETS

It’s a crypto meme, but I thought I’d just use it since I’ve gone full crypto-retard anyway, hue hue. So I see that now at market ATHs, some markets are showing bad signs, especially with junk bonds leading the way, the usual leading indicator. I seriously hope that these cracks really lead to what I’ve been waiting for. Yes, I am a financial asshole. The stock market is a ridiculous shit show for the last few years that I had been forced to play with. I hated playing it, but there was no other game in town…. that I...

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Gold vs Digital Gold (Bitcoin)

As someone who has physically owned precious metals for years, I think I am in a pretty good position to talk about precious metals as an investment compared to 95% of other investors who have never touched it before, or only own it through chance / luck through some ETF or unit trust holding. Also, as someone that owns his own private key on the Bitcoin blockchain and has more than 1 BTC, and have actually made multiple transactions using the blockchain, I also think I am in a pretty good position to talk about Bitcoins compared to 99.8%...

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My Current Thoughts on the Alt-mageddon

BTC is breaking new all time highs. Again. Honestly, it’s really chugging along as expected. BTC at $10,000 or even $20,000 really isn’t mind blowing for me. I’m just a bit surprised that it is reaching these levels a lot quicker than I anticipated, and also not dragging up the rest of the alt-coin market with it. Alt-coins are getting thrashed right now. I think it is generally the newbie FOMO of BTC going up with the fork, and everyone is trying to get their “free” forked coins. Which is silly, since people were selling BTG (the last fork)...

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Terminology Clarifications: Blockchain, Distributed Ledgers, Bitcoin and more

I have to admit that I am not the most technical person in the world. I don’t know any programming languages and the maximum extent of my computing prowess ended with building my own computer. However, as I learn and study more about crypto, one of the issues that always crops up is the people referring to WRONG definitions, and therefore their argument is literally wrong, though usually the idea that they are trying to convey is clear if you are willing to give a lot of leeway in the meaning of the specific words. So anyway, let’s get...

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What If I Had Invested In Bitcoin For The Past 7 Years

I’m sorry Mr 15HWW, I just saw your posts on the STI and Berkshire and I just had to do this, ehehe! BTC price data is pulled from here, and I just followed his format, with additional columns for my calculations. Assumptions: 1. SGD is converted to USD to purchase BTC 2. Transaction Fees include conversion, remittance, deposit fees, large spreads and slippage 3. Initial Fees are a WHOOPING 30%, due to what I think was a very illiquid market initially 4. I gradually adjust fees to be lower to take into account the better market infrastructure 5. My...

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WTF are Smart Contracts and why "Bitcoin" will be huge

I’m always slightly annoyed by the ignorance that all cryptos are lumped together and labelled “bitcoins”. Bitcoin is the first application of distributed ledger technology (DLT) which uses blockchain technology and decentralized distribution principles. Bitcoin is NOT blockchain.Blockchain is NOT distributed ledgers. Bitcoin also is not able to handle smart contracts natively (requires RSK or oracles if I am not wrong). But Ethereum can. There is a recent burst of development of oracles – both centralized and decentralized ones – and their interaction with smart contracts, which are giving rise to more and more ways for external data of...

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GMGH Crypto Blackbox Investing (Final)

As mentioned on 8 Aug, I have been doing something called Blackbox investing.As a refresher what that is all about: I will not be proving my investment capital I will not be naming the actual investments I will not be proving the returns from those invesments I could make making up the entire thing and you wouldn’t know However, this will be the last update. Why? No, I am not losing money, hehe. 1) The bitcoin fork(s) are coming and I need to pull back my BTCs to manage the fork process 2) I am planning to inject more capital...

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GMGH x PennyWise (Crypto Hardware Wallets)

I understand that it is pretty hard to find information locally, especially since the crypto community is so small, and Singapore is so small too. Since I started my crypto journey, I’ve joined a local telegram group that talks about crypto and I got to know Jun Yi, the guy behind PennyWise, a local seller of hardware wallets. I met up with him on one occasion to do a face-to-face deal because I had friends desperate to get their hands on a hardware wallet immediately and he happened to have some in stock. Quick deal, wasn’t even 30 seconds!...

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