Reply With QuoteIt's very sad, lessons for all
They're not taking it well on r/terraluna.....
It's very sad, lessons for all
When the book about crypto will be written, people will ask "Where where the signs?"
Someone who lies about the little things will lie about the big things too.
A mate said to me yesterday that he might buy £100 worth of Luna as it was like betting on a horse.
He messaged me this morning to say he bought £100 at lunchtime and it was worth £500 last night and this morning its worth .. 80 pence! Havent spoken to him yet so not sure if he was joking or not, but I guess thats the volatility out there.
Yeah he's joking it's worth 4p
Anyone betting on a comeback of LUNA or any other failed crypto doesn't understand the basics:Originally Posted by Devonian
Two days ago, there existed 377 million LUNA coins, yesterday that increased to 1.46 billion coins and right now 169 billion coins. This apparently is some anti-inflationary stuff that I don't understand, but if you think that the price of the coins will ever move beyond the potential of a dead cat bounce, I have a few million bridges to sell to you.
https://messari.io/asset/terra/chart/sply-circ
Someone who lies about the little things will lie about the big things too.
Why did the available coins skyrocket?
I'm not 100% sure, but is it the burning of UST that mints the Luna?
That's the way the algorithm works, when UST goes below parity, there are LUNA tokens created. When UST unpegs, LUNA creation goes into overdrive. Design fail.
Someone who lies about the little things will lie about the big things too.
Thanks for playing.
Someone who lies about the little things will lie about the big things too.
Not sure "sorry to those affected" is the sort of apology I would accept if my bank lost all my money but I guess that's what makes crypto different.
There'll be time enough for counting, when the dealings done'...why wasn't he happy to take his the dead easy, quick 400 quid profit...'you gotta know when to walk away and when to run'.
- - - Updated - - -
Always a way out for the brave.They're not taking it well on r/terraluna.....
If you are in need of some comedy: Twitter account of LUNA influencer https://twitter.com/itsloganshippy
Been leveraged long LUNA and bragging about his lifestyle of fancy cars and real estate. Until this week.
Someone who lies about the little things will lie about the big things too.
I have always ever treated crypto as a casino.. only stick in what you can afford to lose. At its peak my balance was worth over 3k and currently languishing around 450 quid. Pretty miserable! Can only hope it picks back up again!
I dunno, but wouldn't you rather go to a Casino, there's 'free' drinks, it's a night out in the real! Gotta be more fun than sitting at home disconsolately watching your money disappear...though I'm not 'in' crypto personally and it's been some years since I was in a casino.
Last edited by Passenger; 14th May 2022 at 10:26.
Casinos are full of old people with probability cards not James Bonds
Saving on the heating
Bitcoin mining?Saving on the heating
Tether is 0.9970/80, slow drift lower has begun again.
I heard somebody say yesterday that the Luna debacle wasn't the Lehman moment in comparison with the GFC, but it was the moment when the two Bear Stearns funds failed. Lehman was only a couple of weeks later and was the drop that made the bucket overflow.
This year's Lehman will be Tether, just wait. The implosion will be spectacular.
Someone who lies about the little things will lie about the big things too.
Got this from my miner man
"You don't have to watch the whole video, but this is from March 17th, and accurately predicted the possible collapse of the Terra/Luna/Anchor system. No need to search for nefarious "attackers" etc.: it did what all algo stablecoins did before it - despite them buying a lot of BTC as "war chest". So it's not "just the wild west" if you really pay attention. It also proves it's not easy to navigate this space."
https://youtu.be/y_otSD3LYCA
This is what this desperation looks like:
Bitfinex paying 35% interest so that people don't withdraw their money. This is economic nonsense and is deeply loss making to them.
Someone who lies about the little things will lie about the big things too.
I shared Matt Levine before it happened, he clearly described why it had no substance weeks before it failed.
Anyone who still has money in Tether will come to regret.
Someone who lies about the little things will lie about the big things too.
Just been exchanging messages about Tether with my miner guy
It has been doing this for quite a while now to be honest. Yesterday I was watching the most boring chart ever: a list of all stablecoins.There's no doubt heavy regulation is coming, Tether might be forced to let a real audit happen etc. I'm also seeing the market share of USDC growing compared to USDT.
For what we do, a stablecoin is not really needed. But for DeFi to work, they really need one. And given that these coins are "printing/burning actual dollars", it's only fair that the US government has a say in it, as it is exposed to the risk.
If you take a step back, now is a good time for crypto to get rid of all the scams, dodgy stablecoins, half assed DeFi "solutions", rug pulls etc. It really needs a good spring cleaning. Maybe this bear market will take care of that. (and it's probably why bear/bull markets exist: go up when there's innovation that really gives value, bear markets to cut out the "me too" projects and all the Shiba Inu shit etc. )
Crypto was made to not only be "digital money", but also as a way to clean up the traditional finance shit (think 2008 crash etc). It seems to have lost its way a bit, and because of the trading bots and insane leverage taken on by 18 year olds without a clue it may even be worse than what it's trying to replace. I'm still bullish (mainly on Bitcoin), but I wouldn't mind a good kick in the nuts to a lot of projects. Also: the user interfaces of EVERYTHING crypto sucks donkey cock.
So I do believe in it still, but I did not drink the koolaid. Also: too much cult like behaviour in the space right now. I almost feel ashamed admitting I'm involved in crypto.
Sucks donkey cock my new crypto moto
Was the brief owner of 17,000,000 LUNA today, great fun!! :)
I can only hope you sold it before it lost another 90% within 30 minutes late yesterday.
Someone who lies about the little things will lie about the big things too.
How ironic!!
Cheers, Shaun
Say what? No it didn't.
You must be looking at the chart from one of the few exchanges that halted trading and then resumed it again. (Bitfinex??)
Not according to my data.
Yes Bitfinex data, but it shows steady trading with volumes without interruption, drops from $0.031488 to $0.00095 within four minutes starting at 23:47h UTC+2.
HUOBI has an even bigger drop, but on the 13th so likely linked to the re-starting of the blockchain. Strange, but in the end I don't care.
Whatever, anyone thinking they can make money buy buying this POS should take not that the number of coins in circulation stands at 6.5 trillion by now. They are still dumping this worthless coin on crypto bagholders, it is nothing but hilarious.
Someone who lies about the little things will lie about the big things too.
I bought it at about 0.00022, then jumped in the car to take the kids trampolining
At the trampoline place I set sell orders which all filled whilst we were bouncing my last order filled at 0.00070 and it tanked shortly after
There was a lot of noise on twitter about a rescue plan, which I thought could lead to a pump
Cashed out and firmly never going near anything other than bitcoin again
That sounds like a good idea.
Glad it worked out for you.
Someone who lies about the little things will lie about the big things too.
In which case I hope you managed to make your exit before the tattoo as well.
Tether: $8 billion withdrawals in the last week. Probably nothing.
Someone who lies about the little things will lie about the big things too.
Heavy regulation on the wayTether: $8 billion withdrawals in the last week. Probably nothing.
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Note from my miner manTether: $8 billion withdrawals in the last week. Probably nothing.
.Unexpected victims... a lot of South Americans (Argentina etc) who bought UST to fight the 60 to 80% inflation their local currencies had. They were not even "gambling", but just tried to keep their value. Will be a movie on Netflix soon (if Netflix survives.)
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Heartening that there was 8bn to withdraw :-)
Crypto has lost 1.2t this year, although the markets 35t I think
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I think the quotes about total value of crypto in the market is quite misleading though, they simply sum up coins outstanding by latest price. Total value of crypto is how much hard currency has actually been net converted to crypto, its defo not 2x US GDP!
Id be surprised if that figure was even 5%
Tether lost another bio
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Redemption bring out the truth.
I read an interesting theory the other week that they basically issue new coins against IOUs of the market participants, meaning they have a huge pile of IOUs that they are simply cancelling when a market participant wants to exchange USDT for USD. But once one of them cannot get their own IOU back but will be asked to accept the IOU from one of the other market participants, the whole thing gets interesting. So far, a good 10% of the outstanding coins have been redeemed. Just wait until we reach 20% or 30%, then it will start becoming interesting.
$74 billion right now.
Someone who lies about the little things will lie about the big things too.
Good vid on the madness of NFTs
https://youtu.be/i_VsgT5gfMc
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There are now stories buying NFTs which have been replaced by explicit pictures of children with the person's name over them
I wouldnt touch an NFT
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Great vid, I've just watched a bunch more that he has up, very interesting stuff.
Cheers..
Jase
"Well they would say that ... wouldn't they!"
There is a moral case against crypto
by Jemima Kelly
The environmental, financial and psychological harm caused by ‘mining’ digital currencies is enormous
Three weeks ago, I used this column to explain why I was still not taking crypto seriously, despite the number of allegedly very serious and grown-up investors getting involved in it. Since then, the market has crashed by about 30 per cent, with many so-called “stablecoins” proving themselves to be anything but. Bitcoin’s value has now collapsed by more than half since its highs last year; Dogecoin’s by almost 90 per cent. A reader wrote to me over the weekend to suggest a column idea: “This week, I was thinking you should write a massive ‘I told you so’ article :)”.
The truth is, it would be slightly disingenuous for me to claim that I did indeed tell you so. Arguing that crypto should not be taken seriously is not the same as arguing that it is about to crash, and in a market driven by little more than sheer faith — and whatever Elon Musk has just tweeted — trying to predict future prices is a fool’s game. It would also be somewhat disingenuous for me to pretend I don’t take a certain amount of satisfaction from wealthy crypto bros seeming a little extra sensitive at the moment, or from seeing crypto exchanges that boast to their shareholders about how “greedy” they are missing their $1.5bn quarterly revenue targets. But I take no joy from seeing retail investors, in the middle of a cost of living crisis, losing large chunks of their money to a market they were assured would only ever go up, or to “stable” coins they were told were just as reliable as the real currencies they were pegged to. Nor from seeing lists of suicide helpline numbers pinned to the top of Reddit forums.
So it seems more appropriate to use the latest market crash as an opportunity to make the moral argument against crypto. Because it’s not just that we should not treat it as a serious asset class; we also need to stop imagining that it is just all a bit of harmless fun. I recently interviewed Jonathan Haidt, a social psychologist with a focus on morality. I took the opportunity to ask whether he had bought any crypto. To my surprise, the answer was yes — he had put more than 1 per cent of his money into it. “I recognise it could go to zero, [but] it could go up multiple times . . . And if I don’t buy in at all, I would feel bad if it goes way up and I’d missed it,” he told me. I have heard variations on this from a number of people, and on the face of it, such “fear of missing out” seems reasonable.
But the crypto market is a “negative sum game”. That means it is not just “zero sum” — ie one person’s loss is another’s gain — but that on top of that it causes “negative externalities”, to use the market jargon. And the problem is that most of the people playing this game don’t even realise that they are. The main environmental argument against crypto is that the carbon footprint produced by “mining” bitcoin and other coins outstrips that of *insert medium-sized economy*. According to a New York Times analysis, bitcoin mining uses 0.5 per cent of all the world’s electricity. That’s seven times more than that used by all of Google’s global operations. There is also a growing e-waste problem: a recent study by researchers from MIT and the Dutch central bank estimated that the waste produced by every single bitcoin transaction — there are usually about 300,000 each day — is equivalent to that of two iPhones, due to the short lifespans of the mining hardware. You do the math, as they say.
The societal harms are harder to measure, but we can get an idea. For anyone who had put a large amount of money into Luna, which last week collapsed to almost nothing, this crash has been devastating; social media is full of accounts of suicide attempts and financial ruin. Then there are the all-out scams — estimated to have cost their victims $14bn in 2021. And even without crashes and scams, the pyramidal structure of crypto is harmful in itself. It means that early adopters — who are still doing just fine, thank you very much — need constantly to recruit new members with false promises about how bitcoin is the future of money, or the latest dishonest tagline: “We’re all going to make it”, or #WAGMI. “We” are not, in fact all going to make it — in a negative-sum or even zero-sum game, that’s impossible. The people using this line might, but that’s because they got in before everyone else. They are relying on the “greater fool” — which they hope includes you, dear reader — continuing to believe these lies and perpetuating their dishonest schemes.
Next time you think “what’s the harm in putting a bit of money into crypto?”, it might be worth remembering that’s not actually a rhetorical question.
FT
Someone who lies about the little things will lie about the big things too.
Superb article ,
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Are we now in the process of crypto v1 dissipating to zero?
When does MicroStrategy start to struggle, I thought their average buy price was above 30k. Are they having to do write downs.
Beats the last crypto article I read in the FT, which stated Bitcoin was only for rich people because it couldnt be bought fractionally
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They will have substantial write downs this quarter, the dip to $25k in bitcoin last week will have triggered these.
More importantly, it is about the leverage in their balance sheet which is growing exponentially with a falling bitcoin price. Fortunately, they have no bond maturities for another three years or they would already be in deep trouble, but it won't take a much lower bitcoin to trigger the spiral of death for them.
Someone who lies about the little things will lie about the big things too.
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