Much fud, speculations and other news being shared in social media and other information being published in bitcoin news media. The news is Do Kwon was behind another stablecoin project that failed according to Coindesk. There are some members of the Luna community who are beginning to speculate that this is another rugpull. Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.
Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of terraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.
But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below 1 cent on Wednesday.Source https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/There are also some groups mentioned that this attack on UST was by Alameda Research, Citadel, 3 Arrows Capital and Justin Sun was also mentioned. |
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In any case, are you following the news on UST's depegging?
Technically speaking centralized shitcoins whether it is UST or USDT or others are not really pegged to anything. They all function based on faith and a hope that users are going to continue using their shitcoin at the designated price but when that faith goes away or when a massive dump occurs these shitcoins crash hard. The biggest one is still Tether but that too has gotten dumped in the past and there is nothing they can do about it. These things are only creating headaches in bitcoin world. I very much agree. Something similar can also be argued on fiat currencies. Inflation in America is presently 8% according to some articles. This could be implied that the American dollar has depegged 8% hehehe. Also agreed on tether and the headaches they create in the cryptospace. We have argued about this in my big short thread for months and it appears that some people beginning to see the possbility of tether as a systemic risk. |
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@PlataOcrypto. The development team of Putty has announced another NFT product called Cally. It is a protocol that gives users a chance to earn yield from NFTs by selling covered calls on them. This idea might become useful for the NFTs minted by you and to give users more options to secure value.
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@TravelMug. Agreed. Donaire is a person who repesents good manners and excellent style. His boxing style is also very graceful and more pleasing to the eyes. More pleasing than Pacman's style in my opinion. This Casimero boxer is distasteful. Is he copying Conor McGregor or Nate Diaz? It does not look good for him. Filipinos and also the Japanese boxers are usually very humble and natural in their actions. It appears his actions are his manager's idea.
In any case, it is Jermell Charlo versus Brian Castano. The odds on Charlo is only 1.51. However, it appears his victory is a certainty.
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@Wind_FURY. Agreed. Do Kwon and Terra's decision to use bitcoin as the reserve gave the exploiting whales a reason to attack UST's peg. It is presently speculated that there was a whale that has shorted an amount of $4 billion at $42k and also has bought $1 billion in UST before beginning his attack.
The attacker began selling some UST in Binance that started it to depeg to $0.97 and Do Kwon reacted by selling bitcoin to defend the peg. It started a rumor and the whale used all his UST to cause the panic where it caused UST to depeg to a low of $0.65. Do Kwon was forced to dump more bitcoin to defend the peg.
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Why is he even confessing his cryptocurrency activities to the priest? Are those sins? What is he expecting? That the priest would exorcise his crypto failures out of him? For all we know, the priest does not even understand a thing about crypto. The priest's question speaks about it.
If the man believes he is already in a state of addiction, he should probably seek help from a psychologist not a priest. The priest cannot solve his problem even if he'll be asked to pray 100 Our Fathers.
Yes but it was very funny the way it was written in the article. Are you gambling? And it was replied by it is crypto hehehehe. Have you tried memecoins and NFTs? Try it mr. priest. Rojas should have also asked the priest it is crypto, did you have to ask? hehehe. In any case, much of the people who might not admit they are gambling, are really gambling. This is only reality. |
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@DooMAD. Agreed, however, the insiders of Blackrock and Fidelity might be thinking about this differently if they are investing in USDC.
In any case, are you following the news on UST's depegging? It also appears that this might become a storyline where the regulators can argue for a ban on all stablecoins instead of regulating them hehehe. This will certainly reduce the market size of the cryptospace in America.
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@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more. https://coinmarketcap.com/currencies/terrausd/It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold? |
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I am quite certain their position on taking a loan against their bitcoin to buy more bitcoin is safe because they have more bitcoin to deposit in their account to avoid a margin call. However, taking leverage by borrowing against a volatile asset to buy the same volatile asset is very risky. The real whales of the cryptospace, Sam Bankman Fried, Changpeng Zhao and Arthur Hayes and the cryptofunds who follow them can manipulate the market to liquidate Michael Saylor. MicroStrategy’s CFO Phong Le explained in the company’s first-quarter earnings call on Tuesday that if Bitcoin’s price falls below $21,000, or around 50% from current levels, it will be forced to pony up more cryptocurrency to back its $205 million Bitcoin-collateralized loan with Silvergate Bank that was used to buy Bitcoin in the first place.
"We took out the loan at a 25% LTV; the margin call occurs at 50% LTV,” Le said. “So essentially, Bitcoin needs to cut in half, or around $21,000, before we’d have a margin call.”
The CFO noted that MicroStrategy still holds “quite a bit” of uncollateralized Bitcoin that it could use to answer any potential margin call, however.
“As you can see, we mentioned previously we have quite a bit of uncollateralized Bitcoin,” Le said. “So we have more that we could contribute in the case that we have a lot of downward volatility. But again, we're talking about $21,000 before we get to a point where there needs to be more margin or more collateral contributors. So I think we're in a pretty comfortable place where we are right now.”Read in full https://fortune.com/2022/05/04/michael-saylor-microstrategy-margin-call-bitcoin/ |
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I was shaking my head and laughing very hard when, according to the article, the priest asked are you gambling? and Rojas told him it's crypto hehehehehehe. In any case, I am very skeptical because this article appears to be an advertisment paid for by the Swiss rehab mentioned for cryptoaddicts. Also, they charge $90,000 per week to the people who lost everything in crypto? What will they tell you to battle the addiction? Trade stocks and bonds? The old cravings sometimes creep up on Stevie Rojas and work on his nerves and start to hijack his brain. But he says that he’s kicked the habit — that he’s quit cryptocurrencies cold turkey. A lot of people get into crypto. Rojas did, and more: He says he got hooked on it. Rojas is an entrepreneur in his early 30s, and he began experimenting with cryptocurrencies for all the usual reasons: boredom, curiosity, fear of missing out. He started with Bitcoin and discovered he liked the rush.
Rojas became — his word — an “addict.”
And so one day last year Rojas knelt in the darkened confessional of a Roman Catholic church in Manila, where he lives. He broke down and prayed for help.
Are you gambling? the priest asked.
It’s crypto, Rojas told him.
Is it really possible to be addicted to cryptocurrency? The idea is contentious, but it isn’t far-fetched — particularly to the lucrative addiction-treatment industry. From a $90,000-a-week Swiss clinic to relatively inexpensive teletherapies, crypto, of all things, has come to rehab.Read in full https://www.bloomberg.com/news/features/2022-04-22/can-you-be-addicted-to-crypto-trading-expensive-rehab-treatments-emerge |
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This is a first, but the same could happen agaisn't Chipmixer and/or other mixers. Is anyone else worried about what may happen if you move funds from a mixer to big exchanges after this? Of course one could always do another hop to "unlink" a set of coins from a mixer, but how many would be enough?
I cannot find the video, however, Charlie Lee said it would take at least 7 hops before an exchange will not mind where your coins came from anymore. The question however was only about avoiding problems on your account in Coinbase if your coins came from a gambling site. We cannot be quite certain if it would work if the source of your coins was from something more criminal. |
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I like what the commentator said during the few seconds before the bell rang and already knows what will be the result of the match was:
"DID WE UNDERESTIMATE DMITRY BIVOL?"
Those commentators already have a sneak peek of what will be the result as Canelo is struggling throughout the match. They even pointed out that it was the first time they saw Canelo in fatigue which is not in his vocabulary.
Bivol is patient, doing jabs carefully while having a good defense. He is not aggressive but just patiently waiting for the right timing to land a punch. That made Canelo disappointed and become upset and as a result, he began to lose focus and Bivol takes advantage of it.
This match proves that never depends on how big the name is to determine the winner like what others do here.
Clearly the answer is yes hehehe. Everyone was trusting much of the media hype on Canelo. In his weight division, yes he is the king, however, he is not Pacman. Also, I know I am not always correct in my predictions, however, it would help everyone as a bettor[/b] to be skeptical of any article or news that any mainstream sports media publishes. Many news writers are paid for by someone to spread hype, this very much similar to cryptonews media during ICOs hehehehe. |
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I voted again no idea similar to last month's sentiment poll. I want to agree with @adaseb where statistics implies that the next weekly candle will be a green candle, however, where the world presently is, we cannot be certain anymore. China might invade Taiwan, UST might depeg, Elon might dump or Saylor might be liquidated.
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Anyone holding stablecoins at the moment needs to seriously consider their options. Centralised entities are easy targets for regulators and law enforcement. If they identify impropriety and decide to take action, some of these so-called currencies could easily be shut down. You don't want to be holding them when that happens.
Agreed. This is why I was always very cautious on Tether. However, I speculate that there might be 1 or 2 stablecoin issuers that will be favored by the American government. One of them might be USDC. It is centralized but Fidelity and Blackrock appear to be confident that the regulators will not use regulatory pressure to shut it down. They know the market more than us. Circle Internet Financial, a global internet finance firm and the issuer of USD Coin (USDC), today announced it has entered into an agreement for a $400M funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP and Fin Capital. The funding round is expected to close in the second quarter.Source https://www.prnewswire.com/news-releases/circle-announces-400m-funding-round-301523647.html |
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There are rumors that Do Kwon and the supporters of Terra's stablecoin UST might be in danger of depegging. There are also some who are speculating that those supporters, I assume Jump Crypto, 3 Arrows Capital and Defiance Capital are selling Bitcoin and Ethereum to support the peg of UST. I have not yet made any of the research, however, I saw this tweet. I will share more updates tomorrow. Algostable $UST about -0.34% off peg with some rather large curve swaps starting to unbalance the pool. Be careful out there.
$UST forced itself into the majority of DeFi and crypto, so if it depegs >2% then the entire space is going to take a massive hit.Source https://mobile.twitter.com/7ommyzero/status/1523032846339764224?s=12 |
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There has been some people telling this to everyone already. I am not certain if everyone was listening, however. But it was already beginning to become clear that the American government will regulate stablecoins and deputize them to become a gateway in and out of the cryptospace. This will be very much similar to what the American government did with online gambling where they deputized the credit card companies and some payment processors to be the gateway in and out of online gambling.
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It appears this weight issue for Charlie Olives is causing many people to doubt him hehehe. He did not have a weight issue. In an interview after his weigh in he said he went to sleep with the right weight, however, he woke up 0.5 pounds overweight and he cannot reduce it back to 155 pounds. He was not dehydrated, I reckon. I predict Charlie Olives will submit Justin Gaethje with rear naked choke hehehe. |
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I am 1 of the 5 who voted for Bivol to win this. Who are the 4 other voters? Let us not be ashamed and show ourselves hehehe. I reckon Bivol only to win from 4.70 to Bivol to win through a decision with 7.80 are good odds considering that everyone is certainly overestimating Canelo for this fight. Is there a sportsbook that offers odds that this might end by split decision? This might not end very easily for Canelo.
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I read this yesterday and I still don't know what to make of it. I doubt this is just about supporting free speech or whatever. Knowing CZ from his previous actions, he won't do this without any business motive in mind. Will we see Binance plastered all over Twitter ads? Will it become the exclusive crypto exchange? Or maybe Twitters users can use their account to create account in Binance?
I very much agree. Free speech will be part of their agenda to improve the platform but it will also certainly be about more visible advertisements that would favor Binance more than their competitors. However, it will be nothing undisguised similar to what you have mentioned. I reckon it will be the same twitter experience, only with more Binance and Tesla ads hehehe. |
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the usual is that the projects that cant hodl will slip off partly because of lack of strong community, good team thats working consistently and communicating steadily with their community, constant project update. also some projects stand strong because they have a strong and determined team thats evolving from time to time. not everyone can hodl through the bear and not all tokens will stand strong after bear, thats why its good to follow up on any project you are holding. once a bear is confirmed, many tokens will be at discount price.
I agree that a strong community is needed and a good team is needed for any project. However, what a project also needs is a growing community which causes the project's ecosystem to grow which also causes an attraction for new developers to join. I think the growth of a blockchain's total value locked might be a good measurement to follow for this. In a bear market, watch those projects that lost the least TVL. |
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