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bitcoins
- Thread starter enki
- Start date
Bowling4Bikes
Steee-riiike!
haha chortle all you like, gentlemen.
I concede btc hasn't been as a successful hedge against inflation or any asset, over the last 6 or so months. There may very well be many more months of decline to come. Perhaps this particular benefit of btc will be ultimately measured against a longer time frame, though.
I think the big news is that Terra Labs' UST stablecoin has not been able to return to its peg of $1.00 for like 3 days now. It is a complicated algorithm, but essentially boils down to the buying and selling of the Terra's LUNA token to achieve the pegged balance. LUNA has dropped from ~$87 to ~$1 in a week, which has overstressed their algorithm. the "stablecoin" UST has been hovering around $0.75.
The short and long term response to UST and the market in general because of this will be interesting to see.
I concede btc hasn't been as a successful hedge against inflation or any asset, over the last 6 or so months. There may very well be many more months of decline to come. Perhaps this particular benefit of btc will be ultimately measured against a longer time frame, though.
I think the big news is that Terra Labs' UST stablecoin has not been able to return to its peg of $1.00 for like 3 days now. It is a complicated algorithm, but essentially boils down to the buying and selling of the Terra's LUNA token to achieve the pegged balance. LUNA has dropped from ~$87 to ~$1 in a week, which has overstressed their algorithm. the "stablecoin" UST has been hovering around $0.75.
The short and long term response to UST and the market in general because of this will be interesting to see.
mrzuzzo
New member
I literally posted about the risk of stablecoins in this very thread and said stables will collapse. I was told this was good for Bitcoin as a response.
It is.
kingmoochr
WHARRGARBL
Not all stablecoins are the same. UST being the most "defi" of the bunch.
mrzuzzo
New member
Tether is not any better. That will wipe out a massive ton of market liquidity when it falls. It's going to be a bloodbath.
And yeah, Bitcoin is a great hedge against value and also a store of inflation.
ScarySpikes
tastes like burning
I haven't been paying much attention... Did the crypto bros make it to the moon? Are they coming back to earth now?
kingmoochr
WHARRGARBL
I wasn't referring to tether. And what would happen if all the sudden everyone wanted their cash out of the banks?
redruM
Peripheral Visionary
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I always found it pathetically hilarious that 'they' assigned a golden coin as the branded symbol of bitcoin and other craptocurrencies. A total psyop.
Knowledge of the true flight path to safety was purposely removed from public consciousness decades ago. It will be re-learned by the people - the hard way.
As with so many things: what the wise man does in the beginning, the fool does in the end.
mrzuzzo
New member
Are you serious or trolling? The banks have a backstop called the US Government and the Fed.
LUNA, USDT, USDC, etc backstop is the toxic crypto community on Twatter, reddit, here, and elsewhere.
What do you think will happen?
So far there are ~20 confirmed suicides on Reddit after the LUNA crash. I'd be laughing if this wasn't harming vulnerable people.
It's all very sad. Hope Do Kwon does time but for some reason crypto bros are immune from all laws.
And remember folks, the moon is a desolate wasteland with no oxygen. I'm not sure you want to go there.
ScarySpikes
tastes like burning
20, already, and that's just what we know about? That's horrific.
I guess it shouldn't be surprising, but it's pretty infuriating. Unregulated scam 'markets' like this should not exist.
redruM
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the entire crypto-verse is a scam. and "regulation" should make no one sleep better at night. often times, regulators are the biggest criminals in the room.
ScarySpikes
tastes like burning
First part, true. I don't know why it's not obvious, but crypto is essentially a speculative market with no underlying product. Every coin is a Ponzi scheme.
Regulation, and regulators are as effective, or ineffective, as we design them and allow them to be. The regulations put in place after the great depression were incredibly effective at preventing massive boom-bust cycles from when they were adopted right up until they were repealed.
redruM
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A surface-level, academic approach to these matters yields no truth. Only facts, which are often based on flawed data and/or false narrative.
The entire system is corrupt from top to bottom, because shit runs downhill.
The entire system is corrupt from top to bottom, because shit runs downhill.
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A ponzi scheme is very different from a value store. Despite the fact that tradable value stores do have value fluctuations, they are nothing like how a Ponzi scheme operates. Unless I'm misinterpreting your comment, which is possible.
rodr
Well-known member
Which entire system do you mean?
"Ponzi scheme" is a rather vague expression. Wikipedia attempts to define it and includes a reference to crypto:
And in my personal view, cryptocurrencies in general have not been around long enough to be considered a value store. That requires a long history of retaining value.
Bowling4Bikes
Steee-riiike!
man, I wish I had the conviction that some in this thread do. In my world, everything is a grey area and no one really knows how everything is going to work out. But for some here, they can see past the grey and declare what is black and what is white. Kudos to you.
I looked into the reddit claims of mass suicides. I'm failing to find anything other than one person threatening suicide and one reporting an attempted suicide by their roommate. That is such a tragedy if over 20 people have done it. Sorry to hear that. Maybe their posts were deleted?
Skepticism regarding regulation is valid. However flawed, the clarity that investors can gain from that regulation will be helpful for continued adoption. Additionally, the disaster that befell LUNA and by extension UST may be used to justify the issuance of a US CBDC (look it up). Although the CBDC is essentially a method of digital control afa being able to track and possibly restrict or remove your coins just like they can do with fiat, this could ironically also bring more legitimacy to digital assets in general.
It's going to be a bumpy ride for digital assets, stock markets and fiat in general for the next little bit while the markets adjust to the rises in basis points, and the decrease in bond purchases by the banks. Strap in!
I looked into the reddit claims of mass suicides. I'm failing to find anything other than one person threatening suicide and one reporting an attempted suicide by their roommate. That is such a tragedy if over 20 people have done it. Sorry to hear that. Maybe their posts were deleted?
Skepticism regarding regulation is valid. However flawed, the clarity that investors can gain from that regulation will be helpful for continued adoption. Additionally, the disaster that befell LUNA and by extension UST may be used to justify the issuance of a US CBDC (look it up). Although the CBDC is essentially a method of digital control afa being able to track and possibly restrict or remove your coins just like they can do with fiat, this could ironically also bring more legitimacy to digital assets in general.
It's going to be a bumpy ride for digital assets, stock markets and fiat in general for the next little bit while the markets adjust to the rises in basis points, and the decrease in bond purchases by the banks. Strap in!
Last edited:
HappyHighwayman
It's all in the reflexes
Shockingly my brother who wouldn't shut up about what a dumbass I am for not buying Bitcoin hasn't said a word about it lately.
mrzuzzo
New member
There were multiple corroborated reports both on Twitter and Reddit.
It's so nice not having to hear about this garbage.
The incredible thing is that Do Kwon's Terra/UST ponzi/scam actually had a higher market cap and promised way bigger returns than Bernie Madoff's ponzi or Theranos.
But of course crypto bros are somehow immute from any sort of legal action and this guy will probably be back to ruin more lives in the future (this is his second failed stablecoin project).