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.
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"
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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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
Last edited by monkeyman; 05-14-2022 at 12:13 PM.
Reason: Add YouTube link
The Following 2 Users Say Thank You to monkeyman For This Useful Post:
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”.
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.
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.
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."
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
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.
