Bitcoin Forum
March 29, 2024, 05:01:58 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2] 3 4 5 6 7 »  All
  Print  
Author Topic: Is TERRA/Luna kickstarting a new Bitcoin Standard?  (Read 1350 times)
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
April 08, 2022, 10:05:52 PM
 #21


- both terra and avalanche are going down faster than BTC, good luck with their whatever stable coin

Even if I predicted a zero value for basically every shitcoin in my third post (and first ever merited post)here on the forum, shadenfreunde is not something I am familiar with. Bitcoin is the king, and can rule even if they don't go to zero, eventually (spoiler alert: they will).

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
1711688518
Hero Member
*
Offline Offline

Posts: 1711688518

View Profile Personal Message (Offline)

Ignore
1711688518
Reply with quote  #2

1711688518
Report to moderator
Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711688518
Hero Member
*
Offline Offline

Posts: 1711688518

View Profile Personal Message (Offline)

Ignore
1711688518
Reply with quote  #2

1711688518
Report to moderator
hatshepsut93
Legendary
*
Offline Offline

Activity: 2926
Merit: 2127



View Profile
April 08, 2022, 10:26:51 PM
Merited by LoyceV (2)
 #22

Call me a Bitcoin maximalist, but I view all these algorithmic stablecoins as just a new and more elaborate method for scamming investors and traders - we've seen quite enough rugpulls, hacks (that could be just inside jobs), premine dumps, pump and dump schemes. So the fact that some shitcoin project owns a lot of BTC to support the price of their token doesn't mean anything - in the long run they will have to liquidate more and more BTC to support the price. I don't see any reason why would the masses want to adopt this token, and that's the thing that most people ignore - it doesn't matter if a token has web3, NFT, smart contracts, zero fees and all the other stuff that is there to attract investors; without real users such product is doomed.

.BEST.CHANGE..███████████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
███████████████
..BUY/ SELL CRYPTO..
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
April 21, 2022, 04:23:22 PM
 #23

Barrons covers the Terra/Luna ecosystem with some insight and a reasonable criticism:

Bitcoin Faces a New Threat: Algorithmic Stablecoins -- Barrons.com

The author worries about the potential destabilising effect of a sell off in LUNA potentially impacting BTC price

As the article is paywalled a copy for your convenience:
Quote

Bitcoin Faces a New Threat: Algorithmic Stablecoins -- Barrons.com
By Joe Light

(Dow Jones) -- Stablecoins are supposed to be the boring tokens of crypto--designed to maintain a fixed $1 value. But one of the fastest growing stablecoins--TerraUSD--may be creating new risks for Bitcoin and the broader crypto market.

Stablecoins act like digital dollars in crypto markets--many traders use them as a kind of parking spot for cash between trades. The largest ones are USD Coin and Tether, making up a combined 70% of the $186 billion stablecoin market.

Right behind them, however, is an "algorithmic" coin called TerraUSD. In the past year, its market cap has soared nearly 870% to $17.9 billion, making it the third largest stablecoin.

Like its more traditional peers, TerraUSD aims to maintain a fixed $1 price. But unlike its larger siblings--which maintain dollar-based reserves equal to their circulation--TerraUSD holds its peg by giving traders an arbitrage opportunity every time its price deviates from $1.

Terra's protocol allows traders to "burn" TerraUSD in exchange for a dollar's worth of another cryptocurrency called Luna. The trade makes a profit when TerraUSD's price falls below a dollar. It also works in reverse--preventing TerraUSD from rising above a dollar.

With a few exceptions, the system has largely worked to keep TerraUSD at a stable $1 price.

Yet Terra's backers appear to be going a step further to try and prevent TerraUSD from "breaking the buck." Terraform Labs founder Do Kwon recently pledged to stockpile a gigantic amount of crypto, including at least $10 billion in Bitcoin, to help backstop TerraUSD.

That is raising concerns that TerraUSD may not be as algorithmically stable as it would appear. And $10 billion isn't a trivial amount of Bitcoin to hold as a reserve asset tied to TerraUSD; if Terraform had to sell some of its Bitcoin to meet redemption requests for TerraUSD, it could destabilize the broader crypto market.

"The efforts to stabilize one crypto asset might create more instability in other crypto assets," said University of Calgary law professor Ryan Clements, who has researched stablecoins including TerraUSD. "If they have to redeem Bitcoin to support the peg, could that put downward pressure on Bitcoin? It would seem that would be the case, just logically."

Terra's algorithmic process has faltered. As the crypto market crashed in May 2021, TerraUSD temporarily broke its peg, moving to as low as 94.5 cents on the dollar, though it recovered within a week. Other algorithmic stablecoins, like one developed by Iron Finance, have completely collapsed.

One other concern is that much of the demand for TerraUSD comes from yield-seeking investors using a crypto savings product called Anchor Protocol. Anchor, which is built on the Terra blockchain network, currently offers a yield of more than 19.5%.

If investors lose confidence in Anchor and try to take their money out, it could lead to a cascading loss of demand for TerraUSD, potentially endangering its dollar-peg. That's where Bitcoin may come in.

To help prevent a run, Kwon and others formed the "Luna Foundation Guard, " a Singapore-based nonprofit that, among other tasks, would build a giant crypto reserve to support TerraUSD. With $10 billion worth of Bitcoin, it could soon become one of the largest holders in the world.

The problem, according to Clements and others, is that it's unclear whether the Bitcoin market has enough liquidity to absorb rapid selling from a Bitcoin holder that large. Just $32 billion worth of Bitcoin traded in the last 24 hours, according to CoinMarketCap, amounting to less than 4% of the coin's market cap of $811 billion.

"If you liquidate $50 billion in Treasuries, that's not going to tank the U.S. economy," said Clements. Bitcoin may be far more vulnerable to a wave of selling by the Luna Foundation, which could be the token's new "whale."

Terraform Labs and the Luna Foundation Guard did not respond to requests for comment.

Write to Joe Light at joe.light@barrons.com

(END) Dow Jones Newswires

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
April 23, 2022, 02:00:52 PM
 #24

USDT idea is getting traction, as other algorithmic stablecoins launches, proposing a similar mechanism, bitcoin reserves included.

Justin Sun to launch algorithmic stablecoin USDD on Tron, will use $10 billion of crypto as collateral

Quote
  • Tron is launching a decentralized algorithmic stablecoin called USDD.
  • Tron’s native coin TRX will be used to help the USDD stablecoin stay pegged to the dollar — along with $10 billion of crypto as collateral.


Bitcoin is not explicitly mentioned, but there is little doubt:


Quote
Sun did not state which assets would serve as collateral but said they would be "highly liquid assets raised from initiators of the blockchain industry."

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
Bitcoin2009
Member
**
Offline Offline

Activity: 1050
Merit: 10


View Profile
April 23, 2022, 02:30:30 PM
 #25

Terra looks very convincing, transactions with Terra are very fast and fees are very cheap, the same beginning I send bitcoin in 2014, when users were still not as big as now, even many platforms at that time could be used free of charge when sending bitcoins, if Terra users rose 10x from now I'm sure the cost will also be high.
Agbe
Hero Member
*****
Offline Offline

Activity: 840
Merit: 1235



View Profile
April 24, 2022, 11:48:57 PM
Last edit: April 25, 2022, 12:51:23 AM by Agbe
 #26

Thanks you very for this analytical information. TERRA being a blockchain protocol. It is also like other decentralized stablecoin which is also known as TrraUSD and UST. It is synonymously with LUNA.  And yes I believe they are Kick-starting new crypto blockchain in the Crypto ecosystem. (Bitcoin). The price of TERRA/LUNA is also high but it is not as high as bitcoin.
The following chart is the latest presentation of the stablecoin price.




For more information
https://coinmarketcap.com/currencies/terra-luna/

Although I have not used Terra/Luna but the coin gaining weight and ground more than others except bitcoin. Most people I know use the stablecoin.

 As of today, 24/04/2022. Bitcoin price is also rising and falling.  It is about $39,670.77 or $40,670.77
https://www.coingecko.com/en/coins/bitcoin

█████▄▄██
███▄█████
██▄███████▄
████████████████
███▀██████████▀
██▄████████████▄
░█████▀▀▀▀▀▀█████
████▀████████▀████
▀▀▀▀▄▄▄▄▄█████████
█████▀███████▄████
███████▀▀▄▄▄█████
███████████████▀
████████████▀▀
OMBARD.com|.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀
██████░██░████░██
▄▄░▄▄░▄▄░▄▄░▄▄░▄▄▄▄
▀▀░▀▀░▀▀░▀▀░▀▀░▀▀▀▀
██████████████
▄▄░▄▄▄▄░▄▄░▄▄▄▄▄▄
▀▀░▀▀▀▀░▀▀░▀▀▀▀▀▀
██░██░██████████
▄▄▄▄▄▄▄▄░▄▄░▄▄▄▄
▀▀▀▀▀▀▀▀░▀▀░▀▀▀▀
.
PICK,
PLAY,
PROSPER!
|.

██████
██████████
██████████
██████████████
████████████████
████████████████
████████████████
████████████████
████████████████
█████████████████   ██
PROVABLY
FAIR
1%█████████████████   ██
HOUSE
EDGE
100%█████████████████   ██
DEPOSIT
BONUS
.
  Play now  
Sir Legend
Sr. Member
****
Offline Offline

Activity: 1792
Merit: 255


View Profile
April 25, 2022, 03:21:33 AM
 #27

There is no doubt that Terra deserves to be the next bitcoin, Terra currently has many things and looks better than bitcoin, of course the community that will determine Terra's future and seeing the trends in the market I'm optimistic that this year Terra can enter the top 3 rankings.
adaseb
Legendary
*
Online Online

Activity: 3710
Merit: 1699



View Profile
April 25, 2022, 03:30:01 AM
Merited by fillippone (3), hugeblack (2)
 #28

You can tell by many of these replies, that nobody actually read the first post and are doing nothing but posting non sense.

This thread is mostly about the stablecoin they released and how it gained traction last month when they bought over $1B worth of Bitcoin for its stable coin.

Since then other projects such as Justin TRX Tron also announced they would do something similar with a 30% APY with theirs.

.BEST..CHANGE.███████████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
███████████████
..BUY/ SELL CRYPTO..
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
April 25, 2022, 05:54:09 PM
 #29

You can tell by many of these replies, that nobody actually read the first post and are doing nothing but posting non sense.

I didn't want to talk about Terra, I wanted to talk, how you can start a Bitcoin Standard bottstapping a new economic ecosystem using bitcoin as a reserve asset.

Insetad I have to read nonsense like this:

There is no doubt that Terra deserves to be the next bitcoin
<...>


Are you kidding me?

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
May 05, 2022, 08:53:29 PM
Last edit: May 15, 2023, 12:50:08 PM by fillippone
Merited by hugeblack (2)
 #30

After a few week's hiatus LFG bought some more coins:


Luna Foundation Guard buys additional $1.5 billion in bitcoin backing for UST

Quote
Quick Take
  • The Luna Foundation Guard (LFG) now holds $3.5 billion worth of bitcoin.
  • LFG’s bitcoin stash is to prop up the collateral reserves of Terra’s stablecoin.

This buy is so new it still has to be reflected on every possible known public address:



We will keep an eye on it.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
Lucius
Legendary
*
Offline Offline

Activity: 3192
Merit: 5543


Fortis Fortuna Adiuvat⚔️


View Profile WWW
May 06, 2022, 09:18:26 AM
 #31

Were they just lucky or were they waiting for the right moment for a new investment? However, the article says that they are now in seventh place of the largest BTC holders, and they have only achieved a third of what they planned. However, according to the information in the article, they are not exclusively focused on buying BTC, but they are also investing in some tokens that will also be used for stablecoins reserves.

When you think about someone buying almost 38 000 BTC and the price drops by 7-8%, one really wonders how much the world has changed in the past 2-3 years.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
May 08, 2022, 06:02:30 AM
Last edit: May 15, 2023, 12:48:29 PM by fillippone
Merited by hugeblack (2)
 #32

TerraUSD per mechanism is working or not?

A Tweet this morning alarmed me:



If TerraUSD per were breaking then all that algorithmic mechanism, together with Bitcoin reserves, would have failed to prove a working concept. This would have been a worry, or at least a signal, for the need of finding some more sophisticated and robust link for future coins.

But as I usually do, I tried to verify the graph myself, and this is what I found:



It was a momentary dip, followed by a quick, and almost complete recovery.


Let's see what happened with tether in the last month (of course Terra and Tether capitalization and liquidity are not comparable:



Well, it seems that Tether has wider, yet quicker, oscillations!

I think: keep an eye on this, but case dismissed.



..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
Rikafip
Legendary
*
Offline Offline

Activity: 1708
Merit: 5933



View Profile WWW
May 09, 2022, 08:23:26 PM
Last edit: May 09, 2022, 08:54:08 PM by Rikafip
Merited by fillippone (3)
 #33

It was a momentary dip, followed by a quick, and almost complete recovery.
Looks like yet another TerraUSD dip happened tonight, and this time it was way more serious as it went all the way down to 0.93 but this time it didn't recover, at least not yet.


██
██
██
██
██
██
██
██
██
██
██
██
██
... LIVECASINO.io    Play Live Games with up to 20% cashback!...██
██
██
██
██
██
██
██
██
██
██
██
██
fillippone (OP)
Legendary
*
Offline Offline

Activity: 2114
Merit: 15185


Fully fledged Merit Cycler - Golden Feather 22-23


View Profile WWW
May 09, 2022, 08:55:33 PM
 #34

It was a momentary dip, followed by a quick, and almost complete recovery.
Seems like yet another TerraUSD dip happened tonight, and this time it was way more serious as it went all the way down to 0.93 but this time it didn't recover, at least not yet.

I have read 3 or 4 different articles on TERRA/LUNA today.
UST stablecoin falls to record low amid continued market tumult

Quote
The price of algorithmic stablecoin UST fell to a new low on Monday amid continued volatility in the broader cryptocurrency market.

According to market data from Binance, which hosts the most voluminous market pair for UST against USDT, the stablecoin hit a low of $0.9202.

Terra’s Luna Foundation Guard Dumps $750M Worth of Bitcoin

Quote
  • The LFG attempted to downplay this dumping by calling it a “loan” to OTC trading firms.
  • Terra’s founder stated that the sold assets would eventually be repurchased.
  • LUNA, affected by the broader market bearish cues, has declined by 12% in 24 hours.

And many more others, but I failed to find a "reasonable explanation" for what just happened in the market.
 

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
adaseb
Legendary
*
Online Online

Activity: 3710
Merit: 1699



View Profile
May 10, 2022, 03:37:18 AM
Merited by fillippone (3), hugeblack (2)
 #35

Today was a nasty day for the peg. It’s down to 0.60 and no signs of recovering. The dev already started to move the BTC into the exchanges and people are panic selling Bitcoin because they fear of the $1.5B sell order he can make. This was so massive that Bitcoin went below $30k even.

Wonder if the peg will go back to $1. Makes me feel uneasy holding any type of stablecoins honestly. Feel bad for the people who held their savings in the UST stable coin. Only to wake up and have half of it disappear.

.BEST..CHANGE.███████████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
███████████████
..BUY/ SELL CRYPTO..
Rikafip
Legendary
*
Offline Offline

Activity: 1708
Merit: 5933



View Profile WWW
May 10, 2022, 07:35:05 AM
 #36

Today was a nasty day for the peg. It’s down to 0.60 and no signs of recovering.
From what I can see on Coingecko, the lowest it went was 0.66. Its still wasn't good at all of course, but its not a negligent difference since we are talking about bitcoin. Its back to $0.9 now by the way.


Wonder if the peg will go back to $1.
It probably will eventually, but its a good warning to all those that are holding large amount in stablecoins. Speaking of that, friend told me this morning that one of his buddies panic sold at $0.7, and he had six figure amount of TerraUST. Somehow I doubt that guy will touch stables ever again.  

██
██
██
██
██
██
██
██
██
██
██
██
██
... LIVECASINO.io    Play Live Games with up to 20% cashback!...██
██
██
██
██
██
██
██
██
██
██
██
██
Lucius
Legendary
*
Offline Offline

Activity: 3192
Merit: 5543


Fortis Fortuna Adiuvat⚔️


View Profile WWW
May 10, 2022, 10:28:05 AM
Merited by hugeblack (3), fillippone (3)
 #37

I didn't like this project from the beginning and unfortunately, it didn't turn out to be good for Bitcoin when some geniuses tried to use it to promote their personal projects in the form of some tokens and stablecoins. They can now claim that it is only temporary, but to me, this seems like a complete fiasco. If it happened once, the only question is when it will happen again.



Speaking of that, friend told me this morning that one of his buddies panic sold at $0.7, and he had six figure amount of TerraUST. Somehow I doubt that guy will touch stables ever again. 

You can hardly lose money in a more bizarre way if we are talking here about something that should be stablecoins - although one such move is quite obviously completely wrong and is the result of panic. As far as I can see the price has returned above $0.90, which once again shows that panic and inexperience are not a good combination when it comes to investing in cryptocurrencies.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
Rikafip
Legendary
*
Offline Offline

Activity: 1708
Merit: 5933



View Profile WWW
May 10, 2022, 12:34:24 PM
Merited by hugeblack (3), fillippone (3)
 #38

If it happened once, the only question is when it will happen again.
You have to be either naive or insane to keep hodling this after it (hopefully) reaches $1 again.


You can hardly lose money in a more bizarre way if we are talking here about something that should be stablecoins - although one such move is quite obviously completely wrong and is the result of panic. As far as I can see the price has returned above $0.90, which once again shows that panic and inexperience are not a good combination when it comes to investing in cryptocurrencies.
Yep, it sounds completely crazy to loose $30k+ dollars by panic selling stablecoin and if didn't know guy that told me the story IRL I would have thought he was full of bs. What's even worse is that guy isn't newbie at all but he panicked at the sight of stablecoin dropping like 30% in a few hours and managed to sell basically at the bottom. I can imagine the chaos and panic if tether did the same...

██
██
██
██
██
██
██
██
██
██
██
██
██
... LIVECASINO.io    Play Live Games with up to 20% cashback!...██
██
██
██
██
██
██
██
██
██
██
██
██
Lucius
Legendary
*
Offline Offline

Activity: 3192
Merit: 5543


Fortis Fortuna Adiuvat⚔️


View Profile WWW
May 10, 2022, 01:41:02 PM
Merited by fillippone (3), stompix (2), hugeblack (2)
 #39

I can imagine the chaos and panic if tether did the same...

That’s why I say that stablecoins are a true Trojan horse that can do huge damage to Bitcoin at any time. Most stablecoins can be frozen remotely no matter where they are stored, and it’s no secret that you can’t check if they’re really backed up with something or as we had a chance to find out a couple of years ago that 70% of USDT wasn’t backed up with $. One government, one stablecoin and nothing more is needed to tear the crypto market to pieces.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
stompix
Legendary
*
Offline Offline

Activity: 2842
Merit: 6156


Jambler.io


View Profile
May 10, 2022, 04:15:15 PM
Merited by fillippone (3)
 #40

I admit I haven't been following this topic very closely, but the more I dig into this topic, the less interesting I think the obvious consequences are

So you were saying? Not interesting?  Grin
This is one of those glorious shitshows you can rarely enjoy, and seeing it unfolding live it's even more entertaining.

The moment you can short a stable coin against the currency it's supposed to be pegged at with a backing of 10 billion to keep the course is a once-in-a-lifetime opportunity! The next level is when you will be able to short Luna vs Luna, as one Luna will be 0.66 Luna.  Grin
I should ask the obvious question, why do we need their shitcoins in the first place, but now it's clear, that some guys need to scam others and get rich while "investors" can't believe their eyes, they turn back they read the whitepaper, they read the protocol, they look at the wallet and this can't understand why they've lost all their money! And just yesterday I had a debate with somebody who was telling me that altcoins are useful, I still can't find any other utility with them other than scamming.

Today was a nasty day for the peg. It’s down to 0.60 and no signs of recovering. The dev already started to move the BTC into the exchanges and people are panic selling Bitcoin because they fear of the $1.5B sell order he can make. This was so massive that Bitcoin went below $30k even.

Wait till they are out of BTC to sell...
How do you call a coin that is backed by thin air, not even by one if not nine nuclear carrier fighter groups but by some guy on Twitter?  Cheesy


  BTC
.
BTC
.
 BTC
.
BTC
..JAMBLER.io..
██
██
██
██
██
██
██

██

██

██

██
YOUR OPPORTUNITY TO
HAVE BITCOIN BUSINESS

██
██
██
██
██
██
██

██

██

██

██
.
  BTC
. BTC
.
.
 
BTC
  BTC
Pages: « 1 [2] 3 4 5 6 7 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!