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nachos posted:I need the line goes up guy to make another 2 hour video on this terra luna thing. It is all so dumb but I am not smart enough to truly appreciate how dumb it is. I made two coins One is called Dollarcoins and I write underneath it that it's worth $1 The other is called Bezoscoins and underneath it I write that it's worth $100,000 I create 20,000,000 Bezoscoins and say that since one Bezoscoin is worth $100,000 I have $2 trillion in assets backing up Dollarcoins. If anyone ever wants to cash out their dollarcoins, they can do that for $1 each, which I can easily afford thanks to my $2 trillion in assets. Because I have $2 trillion in assets backing up Dollarcoins, that means I have 2 trillion dollarcoins. I begin to convince people of the value of Bezoscoins because I have two trillion dollarcoins to back up their value. I begin to sell them my Bezoscoins and my Dollarcoins. Everything starts running smoothly. People begin to buy and sell Bezoscoins. Much to my surprise I earn a couple million IRL dollars in the process, rad! Then someone who has been buying and selling and trading a lot of these things accumulates 500 million dollarcoins and they withdraw them all at once. Well poo poo, I only have a couple million dollars. So I start a mass sell-off of Bezoscoins to earn money to pay off the Dollarcoins. This makes the bezoscoins price start dropping, and a lot of ""investors"" see their assets tank so they freak out and start dumping all their bezoscoins and dollarcoins too. But now the Bezoscoins are worthless and I can't sell them to pay the people withdrawing their dollars from the dollarcoins! deep dish peat moss fucked around with this message at 08:12 on May 11, 2022 |
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May 11, 2022 08:09
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good explanations in this thread, but now I think I am happier not understanding the exact details of how dumb this all is
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May 11, 2022 08:15
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Dabir posted:"Scuze me sir, I think I can 'elp you here. I actually have an NFT of my own what I've been keeping aside for a rainy day."
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May 11, 2022 08:24
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Oops, I left out the part where anyone who wants to sell their Bezoscoins back to me can, but I will pay them in Dollarcoins, which is fair because Dollarcoins have a guaranteed value of $1 due to the value of the bezoscoins backing them up.
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May 11, 2022 08:25
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it's an ouroboros of fraud
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May 11, 2022 08:26
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Terra just dropped below 0.4 lmao What's the opposite of 'to the moon?'  Koburn fucked around with this message at 08:40 on May 11, 2022 |
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May 11, 2022 08:35
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Koburn posted:Terra just dropped below 0.4 lmao Depends on the position relative to Earth. What are the odds of Luna's dead hitting the other stable coins hard as well?
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May 11, 2022 08:40
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Deep Glove Bruno posted:good explanations in this thread, but now I think I am happier not understanding the exact details of how dumb this all is Congratulations, you have ascended.
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May 11, 2022 08:41
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deep dish peat moss posted:Oops, I left out the part where anyone who wants to sell their Bezoscoins back to me can, but I will pay them in Dollarcoins, which is fair because Dollarcoins have a guaranteed value of $1 due to the value of the bezoscoins backing them up. When's the part where you get "hacked" and mysteriously vanish?
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May 11, 2022 08:44
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someone is pulling in some big favors, this is a valiant fight
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May 11, 2022 09:14
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 buy the dip!
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May 11, 2022 09:28
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The Terra Luna subreddit is pretty dark. National Suicide Hotline pinned to the top, as you'd expect. On the one hand a lot of people in crypto are just loving greedy to insane degrees. On the other hand, there are muppets who really ought to be protected from themselves who really are putting their life savings in to these things, and have no other experience of stock markets, or the concept of "number go down". In crypto, as has been discovered recently, number can go down very, very fast. Having said that those people are insanely greedy too, so *shrug*. I am really struggling to sympathise with these people, particularly because they switch their brains off completely while the number is going up. People seem to be blaming all of this on an "attack" (it's always an attack), with the likely culprit being Citadel. Citadel, if you recall, were apparently responsible for GameStop stock being shorted so much. Citadel is also responsible for any traffic you encounter on the road, and it steals kids lunch money as well. One highly amusing thing I did find on my travels this morning is the guy behind Terra Luna mocking someone who described the exact attack that has apparently happened: https://twitter.com/stablekwon/status/1464897977793728514 lol
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May 11, 2022 10:11
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Durzel posted:People seem to be blaming all of this on an "attack" (it's always an attack), with the likely culprit being Citadel. Citadel, if you recall, were apparently responsible for GameStop stock being shorted so much. Citadel is also responsible for any traffic you encounter on the road, and it steals kids lunch money as well. Citadel, George Soros and the Deep State are responsible for the noisy cats that woke me up fighting outside last night
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May 11, 2022 10:26
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im not going to read the subreddit, just a window with the ticker open enjoying watching the red candles
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May 11, 2022 10:58
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Koburn posted:Terra just dropped below 0.4 lmao gently caress these people, they don’t deserve pity.
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May 11, 2022 11:02
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Dabir posted:"Scuze me sir, I think I can 'elp you here. I actually have an NFT of my own what I've been keeping aside for a rainy day." Come for the Crypto drama, stay for the extra 2 minutes of quality Blackadder content all for free!
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May 11, 2022 11:36
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Koburn posted:
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May 11, 2022 11:42
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Koburn posted:Terra just dropped below 0.4 lmao it hit exactly 0.3 overnight before sharply bouncing back to 0.4-0.5 https://twitter.com/web3isgreat/status/1524346182482472962?t=fzfv5yLU6LmioAJQ_T--ag&s=19
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May 11, 2022 12:24
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Wait, is this why they're called "bull markets" and "bear markets"?
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May 11, 2022 13:12
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Nah, bulls charge; bears hibernate. I say confidently for no reason quote:The commonly held belief about the origin of these terms suggests that the use of "bull" and "bear" to describe markets comes from the way the animals attack their opponents. A bull thrusts its horns up into the air, while a bear swipes its paws downward. lol sure whatever Squiggle fucked around with this message at 13:21 on May 11, 2022 |
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May 11, 2022 13:16
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More like Don't Kwon
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May 11, 2022 13:28
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I wish this could be a thread title
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May 11, 2022 13:30
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Crime on a Dime posted:LUNA put up a fight but will be dead very soon. gn BUY THE DIP
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May 11, 2022 13:33
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Durzel posted:The Terra Luna subreddit is pretty dark. National Suicide Hotline pinned to the top, as you'd expect.  holy poo poo, walk into a subreddit like hey guys what's going on in...here... 
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May 11, 2022 13:40
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LifeSunDeath posted:holy poo poo, walk into a subreddit like hey guys what's going on in...here... and now youve done that here
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May 11, 2022 13:43
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also loving big lol about this guy https://twitter.com/durzel/status/1524353597873532929?s=20&t=nfsdG2kVrubDniC4WMCuKQ
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May 11, 2022 13:48
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Market contagion from the death of Luna starting to really hit now, everything is crashing at the moment. Quite the show.
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May 11, 2022 13:52
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May 11, 2022 13:56
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What happens if the coin backing the stable coin is also worth $1
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May 11, 2022 13:56
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The monthly CPI measure also just dropped and it shows 8.3% year over year for April. You see the hedge against inflation, Bitcoin, doesn't like inflation at all.
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May 11, 2022 13:58
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Seriously, global value of all crypto is down 8 percent in the last 10 minutes and 13% in the last couple hours. There’s a run on Tether, which is probably going to take down Bitcoin. Could be a flash crash, or Bitcoin could be dead by sundown.
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May 11, 2022 14:02
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https://saylortracker.com/ Saylor is in the red too, finally
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May 11, 2022 14:05
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Bitcoin will never die the world is too dumb
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May 11, 2022 14:08
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 Crypto might actually be dying after all. Some of those numbers.. 
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May 11, 2022 14:11
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Xenophanes posted:Seriously, global value of all crypto is down 8 percent in the last 10 minutes and 13% in the last couple hours. There’s a run on Tether, which is probably going to take down Bitcoin. Could be a flash crash, or Bitcoin could be dead by sundown. 
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May 11, 2022 14:13
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May 11, 2022 14:18
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Xenophanes posted:Seriously, global value of all crypto is down 8 percent in the last 10 minutes and 13% in the last couple hours. There’s a run on Tether, which is probably going to take down Bitcoin. Could be a flash crash, or Bitcoin could be dead by sundown. inshallah
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May 11, 2022 14:19
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May 11, 2022 14:19
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Durzel posted:
Its a reflection of global markets. As the squeeze starts in the financial sector in what looks like the possibility of a global recession, industry takes its money out of high risk assets and moves it to low risk assets. So all the various companies that have ploughed money into crypto are pulling their money out. Global markets will eventually recover, they always do with enough time. If those same industries then return their investments to crypto will decide if it dies or not, and sadly we won't know for some time, maybe even a few years. I personally think they won't. The 'in thing' to invest in when you are flash with cash changes every few years. A few years ago it was 'AI' so every company with an algorithm was renaming it as 'AI-driven' to attract that money. Today its 'blockchain!' . By the time the markets recover it will likely be a new fad.
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May 11, 2022 14:23
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nexous posted:Bitcoin will never die the world is too dumb It will be impossible to kill, but maybe it can be broken to the point that it never regains the kind of influence it has had. There will always be idiots who think they can beat the scam, but "Crypto was all a scam and everyone who put money in it lost everything" being the public view of it will keep it down.
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