Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[PoolMinor]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all. 

Here is a deeper dive.
Say one wants to buy Tether.
Tether issues their token based on conversion of fiat/papergold/crypto/etc....  $100k in gold give $100k in Tether....Tether mints $100k out of thin air....
What happens when the value of the converted asset loses value, does Tether make the party that converted their assets to Tether cover the difference? I doubt it... Therefore Tether's reserves are currently only backed by ~5% actual USD deposits, the other 95% is other slightly volatile asset classes.

[Torque]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

[Wexlike]

https://twitter.com/jonwu_/status/1523793482850050048

Just found a long thread that partly explains the UST de-pegging situation, still reading it. Parts of the DeFi Eco system are a true joke.

[Gachapin]

Welcome to the 20s  


Funny how the dips always occur almost exactly one year after every cycle peak

[Biodom]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.

[Wexlike]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.

That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob.

[Gachapin]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

Did they already sell? ...If not, we probably will see 25k and lower very soon

[1miau]

It's Shitcoin implosion 💯

Terra Luna, where Terra USD is based on, loses 27% in one hour...



Bitcoin at 30k now...


Well, what did we expect from Shitcoins...

[LFC_Bitcoin]

Who's our next Mindrust?

[Torque]

Parts of the DeFi Eco system are a true joke.

All of the DeFi Eco system is a true joke.

It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real.

It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air.

[jojo69]

[ImThour]

29800, 30800, 31800, 32800.
All my orders got filled in 1 single day.

[Apocollapse]

Who on earth has any idea how an algorithmic stable coin might/can work. This one is apparently not working anymore yet still dumping the treasury on the market.

Just lost another 15% in a couple of minutes, lol.

That's why I never trust so called decentralized shitcoins and so called stable coin

[Biodom]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.

That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob.

I give at least 60/40 chance that we should expect the same from Saylor (that he might sell into a margin call this year).
It seems that EVERYONE who either buys bitcoin on margin OR does some bitcoin-unrelated stuff, is being shaken off eventually.

Bitcoin is like a wild stallion that does not allow anyone to saddle it.

[Wexlike]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.

That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob.

I give at least 60/40 chance that we should expect the same from Saylor (that he might sell into a margin call this year).
It seems that EVERYONE who either buys bitcoin on margin OR to do some bitcoin-unrelated stuff, is being shaken off eventually.

Bitcoin is like a wild stallion that does not allow anyone to saddle it.

That's true. You could call it "The ultimate whale-hunt"

[Wexlike]

Parts of the DeFi Eco system are a true joke.

All of the DeFi Eco system is a true joke.

It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real.

It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air.

I wouldn't call all of them a joke. I use and like some where I use wBTC as collateral to get fiat exposure without selling. So there's demand for the service and I'm willing to pay for it in a decentralized manner. Something you can't yet do on Bitcoins L1 or L2. Only on some sidechains like RSK, but the onboarding experience is a pain.

And then there are some algorithmic "stable coins" without full collateralization... 

[ChartBuddy]

Explanation

[PoolMinor]

[ImThour]

LUNA team sold 14k BTC at $30,747.14 to protect it's UST Stablecoin.

https://bitinfocharts.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

[savetherainforest]

Nice ! Remembers me of the 90's ..