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Old 05-13-2022, 05:21 PM   #2301
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lol, NSFW

6:45

Spoiler!
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Old 05-13-2022, 05:33 PM   #2302
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Wow. Looks like the end for Terra. The blockchain was halted and Binance halted trading. UST’s at $0.15 and Luna’s at $0.0000922. Luna was at $78 a week ago and over $100 just over a month ago.
https://markets.businessinsider.com/...o-crash-2022-5

Crypto entrepreneur Do Kwon's TerraUSD stablecoin has crumpled and luna token has plunged 99%.

Now attention in the crypto community is turning to his habits of dismissing criticism of his projects by mocking detractors as "poor."

In July, Kwon mocked a British economist who criticized the so-called algorithmic stablecoin model.

Kwon replied: "I don't debate the poor on Twitter, and sorry I don't have any change on me for her at the moment."

Neil Wilson, analyst at trading platform Markets.com and a long-time crypto skeptic, said: "It's all fugazi. They're made up assets."
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Old 05-13-2022, 07:04 PM   #2303
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Yes investments, small portion is crypto but it has given me the biggest returns so naturally it's percentage of my portfolio has increased.

Stock market isn't exactly hot ATM either

BTC having a decent day...up over 2%
You didn’t clarify the 50 weren’t all crypto.

Decent day of up 2% ($500) is pointless boosterism when it’s preceded by a week of a 20% loss ($7000).

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Old 05-14-2022, 12:42 AM   #2304
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You didn’t clarify the 50 weren’t all crypto.

Decent day of up 2% ($500) is pointless boosterism when it’s preceded by a week of a 20% loss ($7000).
I was literally talking about diversification

Its up 1200% over 5 years if we want to go there...last I checked it was a talk about crypto currencies thread...the fact that the downturn is showing some resistance is certainly news.

"peak bubble $1500"
"lol its only worth $38000 now you losers I told you so"

Same posters
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Old 05-14-2022, 12:07 PM   #2305
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I found this interview with UC-Berkeley’s Nicholas Weaver. I thought it was interesting and very well expresses my views on Cryptocurrencies.

https://www.currentaffairs.org/2022/...-die-in-a-fire

He also has a cryptocurrency lecture on YouTube, although it’s an hour long and I haven’t watched it yet.
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Old 05-15-2022, 12:04 PM   #2306
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https://www.ft.com/content/5887ef43-...c-aacc99f076b9

The $1.3tn cryptocurrency industry was on Thursday hit by one of its toughest challenges when stablecoin Tether — a critical cog in the market — failed to maintain its link with the US dollar.

Paolo Ardoino, Tether’s chief technology officer, on Thursday vowed to defend the token’s dollar peg and said the company had bought “a ton” of US government debt, which it is willing to offload in that effort. But in an interview with the Financial Times, he declined to give details about its $40bn hoard of US government bonds because he did not “want to give our secret sauce”.
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Old 05-15-2022, 01:28 PM   #2307
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Originally Posted by chemgear View Post
https://www.ft.com/content/5887ef43-...c-aacc99f076b9

The $1.3tn cryptocurrency industry was on Thursday hit by one of its toughest challenges when stablecoin Tether — a critical cog in the market — failed to maintain its link with the US dollar.

Paolo Ardoino, Tether’s chief technology officer, on Thursday vowed to defend the token’s dollar peg and said the company had bought “a ton” of US government debt, which it is willing to offload in that effort. But in an interview with the Financial Times, he declined to give details about its $40bn hoard of US government bonds because he did not “want to give our secret sauce”.
If it follows the rest of crypto's history/standard operating procedure the secret will turn out to be there is no sauce.
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Old 05-16-2022, 09:51 AM   #2308
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Algorithmic stablecoins are garbage.

Tether has been known to be garbage as well for well over a year. Being backed by US Bonds and Chinese Commercial Debt isn't a winning formula.

USDC, DAI, miMATIC and BUSD (hilariously enough) are the most safe stables and are actually backed by real fiat.

DEI (not DAI) will be the next stable to collapse.
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Old 05-16-2022, 10:33 AM   #2309
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On a similar note, DEI and FRAX are really good shorting targets if you want to try to make some $$ on algo stables collapsing.
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Old 05-16-2022, 12:28 PM   #2310
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Evidently stable means something different than I thought.
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Old 05-16-2022, 12:35 PM   #2311
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When you sell snake oil, words don't really have meanings you care about.
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Old 05-16-2022, 01:28 PM   #2312
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Originally Posted by PsYcNeT View Post
Algorithmic stablecoins are garbage.

Tether has been known to be garbage as well for well over a year. Being backed by US Bonds and Chinese Commercial Debt isn't a winning formula.

USDC, DAI, miMATIC and BUSD (hilariously enough) are the most safe stables and are actually backed by real fiat.

DEI (not DAI) will be the next stable to collapse.
How do you know they are backed?
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Old 05-16-2022, 04:20 PM   #2313
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How do you know they are backed?
USDC provides monthly reports on their attestation breakdowns, as determined by Grant Thornton LLP

https://www.centre.io/usdc-transparency
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Old 05-16-2022, 04:54 PM   #2314
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USDC provides monthly reports on their attestation breakdowns, as determined by Grant Thornton LLP

https://www.centre.io/usdc-transparency
if you dig into the report they dont tell you what assets back the account, which leaves the whole thing open to crypto backing crypto type issues, and thats assuming that Grant Thornton LLP cant be bought.
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Old 05-16-2022, 05:09 PM   #2315
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It says right in there that it's all cash and short-term US T-bills that are segregated from the rest of their finances. And while it's possible that one of the largest accounting firms in the world could commit accounting fraud (it happened with Arthur Andersen and Enron), basically any financial statements are suspect if that's the assumption.

That said, not all organizations are so transparent. The people at Tether refused to disclose the details of the financial instruments that are backing their coin for fear of revealing their "secret sauce."
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Old 05-16-2022, 05:45 PM   #2316
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It says right in there that it's all cash and short-term US T-bills that are segregated from the rest of their finances. And while it's possible that one of the largest accounting firms in the world could commit accounting fraud (it happened with Arthur Andersen and Enron), basically any financial statements are suspect if that's the assumption.

That said, not all organizations are so transparent. The people at Tether refused to disclose the details of the financial instruments that are backing their coin for fear of revealing their "secret sauce."
These are the good guys and they are already under SEC investigation!! I wouldnt trust that they actually have the backing they say just because if there is a sector that is full of shysty enron types its crypto
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Old 05-22-2022, 06:03 PM   #2317
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Even got the sign on the upper right.

https://twitter.com/user/status/1528501604898447361
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Old 06-08-2022, 12:57 PM   #2318
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Old 06-13-2022, 07:24 AM   #2319
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Today is going to be interesting, most currencies down at least 10% this morning.

Crypto lender Celsius said it is pausing all account withdrawals and transfers, citing “extreme market conditions.”
The firm had more than $8 billion lent out to clients and almost $12 billion in assets under management as of May.
Bitcoin and other tokens plunged, with the world’s biggest digital coin falling to lows not seen since December 2020.


Link
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Old 06-13-2022, 08:17 AM   #2320
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Sad days for crypto as it was supposed to be the big hedge against inflation. Inflation occurs - and crypto tanks in value.
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