The graph of these crypto investments is looking a little worrying.
Is there a point where continuing to hodl is risky?
Some background for general readers:
https://www.cnbc.com/2022/05/11/terra-ust-stablecoin-dives-b…
LUNA and UST Coins
mskeggs on 12/05/2022 - 10:12
Comments
Will you come back next month, read this and regret not doing anything?
Hope not mate
doesnt LUNA need to PUMP ..literally 1000% + to get back to where it was
Actually more than 10,000% —-> more than 100x
Hah sorry that’s what I meant
9 hours on and it's now 250,000% —> more than 2500x 🤣
@tomclancy: I genuinely feel bad for anyone who had bags in LUNA … at least with BTC or ETH there is some hope of recovering. Maybe not this month or year… or even decade but there’s hope
@Jimothy Wongingtons: All 💩 coins eventually bleed against Bitcoin.
Their purpose is to 🙃 to accumulate more Bitcoin.
@Rektrading fed you the sweet sweet coolade i see.
Just knock me out for 5 years , hopefully we’ll see ETH at 5k again…
I expect it'll be a lot higher than 5k.
I can't remember feeding anyone anything.
ohh, wait. Does $TSLA count?
If anyone actually listened to you in the past month I imagine they'll be coming for your head (unless you told them to short it).
@freefall101: Lucky bots on the internet have no heads and metaverse isn't a thing yet. But then Rek might be selling virtual land if it were.
@freefall101: I posted when I bought $TSLA under $800 when the 🇷🇺 tanks rolled in and the May FOMC.
I don't 🩳 $TSLA.
I thought usdt was the standard, not UST? Usdt is still basically 1:1.
UST was created to be a stable coin working with luna. USDTether is an original stable coin and allegedly 1 us dollar to 1 us tether
https://www.bloomberg.com/news/features/2021-10-07/crypto-my…
I suspect Wall St boys will find weakness and go after all the pegging coins and eat their $300 Wagyu sandwichesthey have the smart on other side to unravel scheme as well, they go through their codes and look for vulnerabilities
and the next thing you know is it collapsing like Lunathat how they short stock and bring down Enron and all other dodgy business for this they have financial forensic digging through the books
Depegging $69B isn't the same as depegging $18B.
famously last word, watch when they finished dissecting the code
complex system always has unintended consequences either through lazy code or people taking short cut.but we all safe right it all in the code, code is law blah blah
now it a large enough system and there is enough money for them, they will to throw resources of picking it apart
it will only get worse from here@MrMarket: Size matters.
Tether is backed 1:1 with USD.
GM
Reminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB .
300M redeemed in last 24h without a sweat drop.
I didn’t realise you’re into crypto mskeggs.
Those pegs are only good if I can walk into a bank and cash my crypto to dollar one for one. But has anyone ever done it? Is it good for it if everyone does the same? Obviously the answer is no, hence why the discount to the USD. People are seriously starting to question it, and if enough people do, it can fail.
A bit like a bank says, you have 10,000 in your account, if enough people ask for it back, a bank run can occur and it could fail.
No exposure to crypto, but I am interested in the technology, and on the look out for a use case that makes sense. So I am also keen to understand the downsides.
Signal founder, Moxie Marlinspike has done a couple of interesting crypto art things. And IPFS and decentralised storage related stuff might be good in time.
I don’t think the technology is bogus, but apart from speculation and money laundering, I haven’t seen a good use yet.Oh, I don’t suggest the tech is bogus, the asx plans on implementing blockchain one day. I say one day because even with a clear use case, it’s clearly not that simple.
blockchain is handy if you have everyone looking at your records. It is like me implementing blockchain to store everything I do on my hard drive. Why would I blockchain my drive when I am not opening it to the public?
blockchain is handy if you have everyone looking at your records
And even then, write only ledgers can often provide the same level of immutability, with less unnecessary complexity
Often for single source of trust data (eg a single company entering the data or trusting end users to submit data), a blockchain solution doesn't add any additional 'trust' to the data being displayed/viewed.
Often for single source of trust data (eg a single company entering the data or trusting end users to submit data), a blockchain solution doesn't add any additional 'trust' to the data being displayed/viewed.
That is where I can't understand the commercial usage for it. Maybe if you have a super critical network and you don't want access to one node to affect all nodes (like hackers) and they'd need to take over a majority of your computers as validators.
If ASX was on bitcoin blockchain who is going to wait 20 minutes to settle a trade?
the tech is not bogus it just don't need any crypto to function
right now no one can come up with a model to make money out of it
it all just speculations maniaASX CHESS replacement is such project it probably stay private and that where most organisations
are going they just implement them like any IT projects or Application developmentright now no one can come up with a model to make money out of it
Ethereum seems to make money on transactions but the gas fees. It is like sending $1 and paying $16 in fees. It can't do many transactions hence the high fees. Even when it moves to proof of stake validation it still can't do VISA / Mastercard level of transactions at a cheap fixed price. Those blockchains that say they can do it cheaply can't get scale of validation nodes because there is no "money in it"
Main problem is decentralised network that needs many nodes offered by individuals but if those individuals pool then subject to 51% attack is easy. Many nodes to validate means slowness.
If it was 5 machines on a private network that need to validate / agree then easy but 50k machines and majority needs to reach consensus then good luck.
@netjock: but that whole thing is designed to prop up Ethereum
right now it NFT and all speculations manias people willing to gamble and paid high gas fees
this model is not sustainablebut that whole thing is designed to prop up Ethereum
Not sure about that but you are right about not sustainable.
It is just nuts. Lets see if they can go to proof of stake. Either it works or it is just FUBAR. There could only be one winner in crypto and at the moment none of them have the infrastructure or technical abilities to make it work.
Only way it could work is if it has speed (faster than visa & mastercard) also be able to keep it valid (that is to not depend on random strangers bringing in their hardware) and it actually does something like being able to give interbank FX rates with low margins, register the transactions quickly, somehow give people access to their money (no one is standing 20 minutes in front of a bitcoin ATM or holding a massive currency buffer waiting for BTC to clear). That is a big investment.
Crypto is pretty much about pushing out a piece of code then reserving a bucket load of tokens for the dev team, they get rich and then just let everyone else try to make it for themselves.
Basically my stance on crypto right now. The idea of it being an investment and replacement for fiat is where I disagree.
replacement for fiat
It is a big fat lie. Simply having to reference all crypto to USD which what they call a failing currency is the problem. AUD was 75c USD and now 69c USD and no crypto has protected Australian buyers of crypto.
Then there is banking the unbanked. I'd suggest unbanked in Africa is because they don't have enough money to put into the bank, or they don't have proof of ID for KYC/AML. If they don't have enough money how are they going to get an up to date and secure phone to run the Binance app and pass Binance KYC/AML?
Quant seems to have a use case and some patent to back it up
Don't own any crypto but the tech behind siacoin and skynet is getting pretty tasty. Literally rebuilding the internet from the ground up
its going to zero baby
100% of all stakers got rekt due to having to wait pull their LUNA from validators
how are them bags feeling m8?
I'm waiting to buy more.
@rektrading: Weren’t you waiting for Bitcoin dog to chase you down to 30k a few months back? Shifted your target closer to my target now?
@cloudy: All my orders for #Bitcoin sub $30,000 were executed shortly after the CPI came out in the US.
@abctoz: I'm buying all the way down to $3,800.
Ether is also looking delicious closer to sub $2,000.
@rektrading: if we go near 6k we'll bottom below 2k imo, as low as $500
i remember in 2019 we were at 3k and everybody on reddit was like we're going to 2k then 50k, so joked "no guys we're going to 50k then 2k", then got negged to oblivion lol…
@rektrading: Down to 3800? Surely given how bullish you are on it I would have thought you went all in at 30k or maybe save some for 25k, surely nothing left by 20K let alone 10 or less.
Don’t tell me you’re investing $10 at a time lol
@rektrading: Ah, me too.
I put $100 in every time bitcoin drops $10,000. Once it goes lower than $10,000 I’ll put $200 when it hits $1000.
When bitcoin hits $100 I’ll put in $200,000 and own 2000 bitcoins. I reckon I’ll execute my plan within the next few years. I’m just hoping it doesn’t go to zero.
Just a symptom of these companies printing fake cash to prop up crypto ecosystem. Once people try to extract real cash it starts to collapse.
The code is designed to repeg by burning $UST to mint $LUNA. It should be UST 1:1 USD when there is no more UST to burn.
I was waiting for the "it's all in the code" reassurance
that's my bingo card, cheers
I'm happy to entertain.
it all in the code too at Long Term Capital some decade ago
they came up with a trading algorithm that they think cant lose
they make some good coin initially then boom it doesn't work any more and they went bankrupt
but it all in the codeCodes need to be battle-tested.
$UST lost its peg. It's now trying to repeg by burning.
have you done any coding? have you work on any complex algorithm?
when you do none of this stuff matters, it all made up by human
a lot of thing can go very wrong and unpredictable with code.there is absolutely no assurance this is just a desperate buzzword stuff to keep the scheme going
@MrMarket: "Code" isn't a commodity or a real world item to a cryptobro, code is the promise of easy technical solutions and the wealth that goes with it with no downside.
Blockchains and smart contracts fix problems via code, code is going to shake up major industries and replace jobs, code is going to make a lot of money by doing this, if something doesn't make sense or doesn't work, the code will fix that as well.
Of course, when something goes wrong ( https://decrypt.co/98530/aku-ethereum-nft-launch-ends-with-3… ) then it's, oh, humans clearly did something wrong, obviously battle testing was required, this isn't the sort of code we are talking about..
@Crow K: Bitcoin is a commodity and has been trading on the world's largest commodity exchange since 2017.
Ether is also a commodity that was added to the exchange in 2021.
@rektrading: Yes, a lot of commodities (both real world and digital) are made from code, and have been for decades. Is that related to what I was saying?
@rektrading: Thank you for confirming for me your understanding of those three concepts (which matches my earlier stated expectations).
Incidentally, code is made of 1's and 0's so here's a few 1's for your time - don't spend them all at once!
111111
Such a dump lol
look more like a rug lol
It's too soon to say but it looks like #LUNA may have found a local floor at ~$1.03
0.5$ now
Still waiting.
There is still $12.96B UST floating around. Much of it has to go.
Now at the $0.27 "floor".
Local floor change.
@rektrading: it will go lower and lower
each UST can redeemed 1 Dollar worth of Luna, the lower the price, the more Luna need to be mint
UST still worth 10-11bn that means it has 10-11bn of liability that can redeem in Luna, Luna coins mint by billions every day
soon it be billions every hour or minutes, game over really
This aged well
It is what it is.
The LFG changed the burn rate and nuked the price.
The next project should take note and not make the same changes.
I feel for those who have lost out on this, some have lost their life savings. If you go to Reddit and see some of the discussions, they’re quite shocking
It’s an expensive life lesson for some
This is a joke right… reported on The Onion… and the bloke bought DickCoin… and Golden Banana tokens haha
Nobody is foolish enough to put all their savings in an altcoin.
Have you not seen Reddit? It's a gathering place for the foolish. They are still hodling gme.
It comes down to risk management.
I would never go 100% in 💩coins. A 99.99% mix in #Bitcoin, L1s, some 💩coins and $TSLA.
Nobody is foolish enough to put all their savings in an altcoin.
Bro, the r/terraluna subreddit has been having a hilarious 48-hour (and counting) meltdown and they've pinned the National Suicide Hotline to the top of every page. As it turns out, there's plenty of people that put all of their hard-earned retirement savings into a fictitious Internet currency that promises 20% YOY returns.
Wow, I just had a look through and that sub is.. Something I've not seen before.
I have no doubt some people are looking for sympathy and free money (not paid in LUNA) by making up horror stories, but there surely are others who have dumped far more money than they could afford to lose into this scam.
LUNA once traded for a few cents, and then rocketed upwards to over $100. Imagine your family or friends getting 'rich', and calling you an idiot for not joining in. 'Have fun staying poor, moron!' The temptation to give into pressure and sheer naked greed must have been immense.
I ❤️ 💵 just as much as anyone else but I would never damp 100% of my 💵 on one asset.
It happened with stocks as well
Redditors are exceedingly dumb for some reason, they always put their life savings into things like that.
I had 25k in and got pretty wrecked (at one point I was down 11k on Tuesday). Ended up cashing out during the retrace to 94c. 2k or so loss. You live and learn but I'm grateful I didn't lose more.
How long did you hold.
6 months, so I made a decent amount in interest. Probably about what I lost.
doesnt LUNA need to PUMP ..literally 1000% + to get back to where it was?
My bags of ETH are super , duper, mega RED right now…and even i'm wondering if i've gone insane not selling out a month ago.