Crypto market

[ZeroFX]

I heard The LUNA reddit had to be closed due to all the suicide posts... the Terra one is still up though:

This is why governments should have stepped in and banned or at least regulated this giant financial scam. Stocks and pensions are heavily regulated because of bad experiences and exploitation. I see no difference in Crypto.

 

[C1CDG]

As sad as it is reading those posts, I can’t help but think ****ING IDIOTS!!!!


Never put all you have into anything. That’s just crazy!

 

[ZeroFX]

As sad as it is reading those posts, I can’t help but think ****ING IDIOTS!!!!


Never put all you have into anything. That’s just crazy!

I get adverts for etoro pumping tesla daily and other stocks like they only ever go up. Same with BTC.

I have little self control when it comes to stocks sometimes, i see a cheap price and i buy and do the research after... totally backwards but it works mostly.

Crypto has tried to pull me in many times. When someone you know that lays copper pipe for a living hits 750k you question yourself.... That 750k is 99.87% down now. Its not even in Luna!

Luckily i look at it and i always see what Charlie Munger sees and that keeps me sane.

 

[stiggly]

some good stuff on reddit- just saying

 

[Yanto]

As sad as it is reading those posts, I can’t help but think ****ING IDIOTS!!!!


Never put all you have into anything. That’s just crazy!

Sad reading. But it’s based on human flaws of (i) pure greed and (ii) attempting to maximising a gain with the minimum amount of time/effort invested. There’s never a silver bullet for this and it won’t be the last example. I genuinely think it’s recent generational behaviour of those without longer term experience of market behaviour. A manipulators dream.

 

[Rover200]

What are people’s opinions on stable coins backed by the dollar rather than algorithmic pegs like UST. I have a small amount of cash in USDC earning some interest in BlockFi, now trying to work out if it’s worth taking a bit out after everything that’s going on. It’s not money to be invested, just to keep as cash.

 

[stuartk]

So people. Time to pile some money in.

 

[holdon]

What are people’s opinions on stable coins backed by the dollar rather than algorithmic pegs like UST. I have a small amount of cash in USDC earning some interest in BlockFi, now trying to work out if it’s worth taking a bit out after everything that’s going on. It’s not money to be invested, just to keep as cash.

After the collapse of Terra I took a bit of a dive into these so called "stable coins" such as USDT and USDC. The concept of stable coins is to maintain a 1:1 peg with the dollar by actually holding the equivalent amount in raw dollars.

What has happened now is that that dollar is instead used to buy an asset that's worth 1 dollar. If this asset is no longer worth a dollar, then you should have an idea of what happens next...

Don't believe me? Go look at what both USDT and USDC say they hold in reserve/assets (how they're backing the minted coins). Anybody who says these stable coins aren't digital money printers most definitely has skin in the game.

 

[holdon]

On another note can anyone advise me on the best way to store my coinbase coins on a external wallet in case they go bust?

I'd seriously recommend you look into what is called cold/offline storage.

 

[Rover200]

After the collapse of Terra I took a bit of a dive into these so called "stable coins" such as USDT and USDC. The concept of stable coins is to maintain a 1:1 peg with the dollar by actually holding the equivalent amount in raw dollars.

What has happened now is that that dollar is instead used to buy an asset that's worth 1 dollar. If this asset is no longer worth a dollar, then you should have an idea of what happens next...

Don't believe me? Go look at what both USDT and USDC say they hold in reserve/assets (how they're backing the minted coins). Anybody who says these stable coins aren't digital money printers most definitely has skin in the game.

Thanks mate. Where exactly can you see what they are holding the reserves in?

 

[Schmeel]

Holy hell.

Had a read of r/lunaterra. Got to feel for some of those peeps. They had their life savings in there which have pretty much been wiped out.

I know it's risky but still tough reading none the less.

Good luck gents

 

[holdon]

Thanks mate. Where exactly can you see what they are holding the reserves in?

USDT:
www.tether.to/en/transparency/#reports
At the bottom they have Reserves Breakdown that is easy to look at and supposedly kept up to date. You can also look at their latest accounting report which is December 31 2021.

USDC:
www.centre.io/usdc-transparency
They stopped providing breakdowns some months ago and now only say "total fair value of US Dollar denominated assets held on behalf of USDC holders is at least equal to". You can also look at older reports such as May 2021 of when they provided breakdowns.

 

[ZeroFX]

USDT:
www.tether.to/en/transparency/#reports
At the bottom they have Reserves Breakdown that is easy to look at and supposedly kept up to date. You can also look at their latest accounting report which is December 31 2021.

USDC:
www.centre.io/usdc-transparency
They stopped providing breakdowns some months ago and now only say "total fair value of US Dollar denominated assets held on behalf of USDC holders is at least equal to". You can also look at older reports such as May 2021 of when they provided breakdowns.

not even banks hold their money 100% liquid. what are the odds these clowns do...

 

[schermerho]

Only in crypto you can be 99% down and then be 99.99% down and then be 99.9999% down and still retain hope it will moon.

My $200 in LUNA would have been $320,000 a month ago but today it's $0.06.

I've never FOMOd into something just to be contrarian like I did with LUNA the other day

 

[ZeroFX]

Only in crypto you can be 99% down and then be 99.99% down and then be 99.9999% down and still retain hope it will moon.

My $200 in LUNA would have been $320,000 a month ago but today it's $0.06.

I've never FOMOd into something just to be contrarian like I did with LUNA the other day

Most people will never understand how you can buy something 99% off its high and then lose all your money when its then 99.99% off its high lol.

 

[bm99]

how many luna people on here then?

Also if luna fell mainly beacuse of ust or terra (whatever its called) how come ust didnt collapse as much?

 

[schermerho]

how many luna people on here then?

Also if luna fell mainly beacuse of ust or terra (whatever its called) how come ust didnt collapse as much?

I went balls deep into LUNA investing $200 at $0.05 lol

The second is I am guessing they offloaded enough LUNA and made enough USDT/BTC/ETH to balance their books and solvency ratio without going totally into FUBAR territory.

 

[grdaniel]

LUNA is never coming back, have you seen what happened to its circulating supply after all the minting to try save Terra? Its been around 340 million for the longest time, but after this week there are now almost 7 trillion tokens lol…

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

messari.io

 

[ZeroFX]

LUNA is never coming back, have you seen what happened to its circulating supply after all the minting to try save Terra? Its been around 340 million for the longest time, but after this week there are now almost 7 trillion tokens lol…

View attachment 22763

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

messari.io

That should horrify anyone.

They also dumped 10 billion of BTC to try and save it.

How did they mint 7 trillion coins if there is supposed to be mining difficulty?

 

[Uncle Benz]

That should horrify anyone.

They also dumped 10 billion of BTC to try and save it.

How did they mint 7 trillion coins if there is supposed to be mining difficulty?

Because it’s not real. Shhh.