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I think UST is pegged to the dollar by using Luna, which is backed by bitcoin. Its also an algorithmic peg so the algo buys/sells to maintain the peg or something, the details at this point are just irrelevant and its dumb. They buy bitcoin to make Luna they use to maintain the peg to UST or something and the algo maintains the 1:1 dollar ratio.
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May 11, 2022 21:04
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Blind Rasputin posted:I went to the r/cryptocurrency subreddit to see what the vibe is, I’ve never visited any of these subreddits before. UST is known as an algorithmic stablecoin. The original round of stablecoins represented that for each coin in circulation the minters had $1 sitting in a vault to back it up. Of course this was all fraud and misrepresentation but that's crypto. Algorithmic stablecoins involve creating a connected series of coins. One of the coins is pegged to USD or Euro or whatever. The rest sort of free float but also don't. Algorithms automatically create and destroy coins and arbitrage between the two in order to offset market movements unpegging the stablecoins. This works because algorithms and blockchain. Anyways the market got too unstable for the automatic conversions to steady the price which caused a bank run and UST/LUNA system no longer had the liquidity to self manipulate the UST price back to $1. Which only furthered the bank run and accelerated the collapse.
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May 11, 2022 21:05
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Wow it’s wild that digital currency still bases its value on the dollar this really feels like a brand new future economy I don’t even know the point of crypto anymore outside of treating it like a stock. It seems like a digital commodity (I guess?), not a currency.
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May 11, 2022 21:09
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Can someone explain it like I'm five or in as few sentences as possible tell me what's going on with crypto right now so I can laugh at it? Right now all I get is "It's tanking". Maybe that's all I need to know here? 
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May 11, 2022 21:10
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The great depression stock market crash i think
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May 11, 2022 21:14
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Handsome Ralph posted:Can someone explain it like I'm five or in as few sentences as possible tell me what's going on with crypto right now so I can laugh at it? Right now all I get is "It's tanking". Crypto is a bunch of tech bros, criminals, pedophiles, and fascists cooking the planet to speedrun the history of finance with computers. This is yet another crash like we used to have all the time before the invention of modern financial regulatory frameworks.
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May 11, 2022 21:15
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Soylent Pudding posted:Crypto is a bunch of tech bros, criminals, pedophiles, and fascists cooking the planet to speedrun the history of finance with computers. This is yet another crash like we used to have all the time before the invention of modern financial regulatory frameworks. Well in that case,  Except you know, the whole emissions part of it. That part sucks poo poo.
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May 11, 2022 21:16
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Handsome Ralph posted:Can someone explain it like I'm five or in as few sentences as possible tell me what's going on with crypto right now so I can laugh at it? Right now all I get is "It's tanking". its a giant ponzi scheme and people are cashing out leaving the bagholders hodling.
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May 11, 2022 21:19
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Make sure you buy the dip so that the main grifters can recoup a bit more!
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May 11, 2022 21:22
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Soylent Pudding posted:UST is known as an algorithmic stablecoin. The original round of stablecoins represented that for each coin in circulation the minters had $1 sitting in a vault to back it up. Of course this was all fraud and misrepresentation but that's crypto. https://medium.com/illumination/how-to-stake-ust-stablecoin-to-earn-20-interest-2ffae899e5fa 20 percent to let somebody borrow your crypto is crazy town. If this weren't an election year I think we end up with a whole lot more regulation after this week's poo poo show.
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May 11, 2022 21:23
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These are the leading billionaires of crypto and should set it all kinds of red flags about market manipulating https://www.youtube.com/watch?v=nvQ4p82-D54 It's eugenics and pedophilia https://www.youtube.com/watch?v=u-sNSjS8cq0
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May 11, 2022 21:27
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In my description I forgot to mention that cryptocurrency makes up a meaningful portion of the funding for Best Korea's nuclear program. Not in the sense that they've launched Juchecoin or whatever but because they do so much hacking and market manipulation.
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May 11, 2022 21:33
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BIG HEADLINE posted:As much as I want the crypto bros to eat poo poo, BTC was this low ~10 months ago before the banks and corporations that said crypto bros always claim they don't serve hyperinflated it to $67.5k within four months' time. Crypto doesnt need corporatists to trigger depression at will for me.
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May 11, 2022 21:52
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regulating crypto gives it legitimacy, unless the regulation is banks aren't allowed to touch it
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May 11, 2022 22:21
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Blind Rasputin posted:I went to the r/cryptocurrency subreddit to see what the vibe is, I’ve never visited any of these subreddits before. These are the fuckers that won't shut up about how stupid everyone is for missing the boat for Bitcoin, Crypto in general, and NFTs. They can rightly get laughed at. You refuse basic investing advice like not overinvesting more than you are willing to lose, and got bit. They spent years being told it was rightfully a scam, and they were going to be the ones left holing the bag, and here we are.
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May 11, 2022 23:00
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https://twitter.com/jackcalifano/status/1523892127742283776?t=kd12wLU3MTDRhawM8hygiQ&s=19 I am uncertain how much to worry about this, however it is making me think I should conceal carry everywhere because I have a stupid thought that republicans will harass or assault me and my husband in public now.
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May 11, 2022 23:02
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Pine Cone Jones posted:https://twitter.com/jackcalifano/status/1523892127742283776?t=kd12wLU3MTDRhawM8hygiQ&s=19 I think its just a matter of "when" sadly.
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May 11, 2022 23:05
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That Works posted:I think its just a matter of "when" sadly. Pretty much. Its dehumanizing language, they are well on their way to justifying crimes against humanity.
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May 11, 2022 23:12
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FrozenVent posted:Tethers and stablecoins are interchangeable, tethered coins is more popular these days because they’re absolutely not stable. They call them stablecoins because they're full of horseshit.
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May 11, 2022 23:21
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CommieGIR posted:Pretty much. Its dehumanizing language, they are well on their way to justifying crimes against humanity. Yeah fun poo poo like this https://twitter.com/nickmartin/status/1524503601460117504?s=20&t=4wAEjJT9TRsHhE_ArNP4lQ Literally my own mom sharing stuff to the rest of the family about how trans people are grooming kids for rape now and should have sense knocked into them. I'm so loving tired.
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May 11, 2022 23:23
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That Works posted:Yeah fun poo poo like this Lol someone’s getting arrested.
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May 11, 2022 23:41
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So glad we're going high while they prepare to do the murder
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May 11, 2022 23:42
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Marshal Prolapse posted:Lol someone’s getting arrested. I agree a leftist who posts that we need to arm up will get arrested again
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May 11, 2022 23:42
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maffew buildings posted:I agree a leftist who posts that we need to arm up will get arrested again Well isn’t someone being an optimist, presuming the leftist is not shot by federal marshals.
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May 11, 2022 23:48
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Wasabi the J posted:These are the leading billionaires of crypto and should set it all kinds of red flags about market manipulating not sure you used the right video with the second one? I didnt' see anything about eugenics or pedophilia
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May 12, 2022 00:04
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Marshal Prolapse posted:Lol someone’s getting arrested. Oh Raven will be arrested all right... ...by her Uncle, the townie PD Lieutenants arm, as he grabs just a little too high and too tight on her shoulder, when they meet at the 3rd Ave 'only-joint-in-town-still-standing' greasy burger bar and he accosts her in his usual "Hey sweetie! That Gab me-me about the libruls was something! We're gonna get all those pedo democrats here soon, you see!" Later that same day he'll arrest any development into some domestic terrorism Might arrest some Krispy Kreme later idk He might even pull over a whole rear end DA if he's in Florida
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May 12, 2022 00:05
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That Works posted:Yeah fun poo poo like this 
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May 12, 2022 00:21
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Said she wants detergent but really all she wants is bleach
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May 12, 2022 00:57
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I bet whatever she ends up with is made by the same company....
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May 12, 2022 01:01
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couple adopts black kids “This is genocide against whites, somehow.”
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May 12, 2022 01:02
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It makes me wonder if I've Never taken your meaning wrong And I'm glad I haven't yet Oh well it's too late now I guess That's the impression that I get
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May 12, 2022 01:34
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Tether is every libertarian conspiracy about the federal reserve, but implemented, and on ~tHe bLoCkChAiN~
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May 12, 2022 02:15
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Blind Rasputin posted:I went to the r/cryptocurrency subreddit to see what the vibe is, I’ve never visited any of these subreddits before. https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops quote:The technical term for this is a “death spiral.” Fun fact, that term is also used for something called “death spiral financing” or a “death spiral convertible” in traditional finance, which works exactly the same way. A “death spiral convertible” is a bond of a company that converts into stock of that company at a floating exchange rate, so that each $100 bond converts into $100 worth of stock at whatever the market price is. Let's speedrun all the worst part of traditional finance, just like we've been doing all along.
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May 12, 2022 02:44
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PookBear posted:regulating crypto gives it legitimacy, unless the regulation is banks aren't allowed to touch it Crypto is going to be very regulated soon, and it will continue to trend down until that date most likely at which point it will crater. As a part of the budget last year or some other spending bill, I can't recall, language was amended on the statute that requires recording of any cash transaction about $10k. It has a new section on digital tokens (or somesuch language) that has a broad definition that covers all cryptocurrency including NFTs. Anyone who exchanges any crypto asset for a business purpose must report to the IRS just as if someone had given them $10k in cash. As a nontrivial number of crypto users are doing so specifically to evade taxes or government detection, poo poo is going to get really nuts in January 2024 when this goes into effect.
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May 12, 2022 03:17
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https://twitter.com/stablekwon/status/1464897977793728514 They saw what happened.
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May 12, 2022 03:22
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The verb 'to deterge' is obviously right there in the word, but I hadn't ever considered it. You can take lessons from all sorts I suppose.
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May 12, 2022 03:53
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Pine Cone Jones posted:https://twitter.com/jackcalifano/status/1523892127742283776?t=kd12wLU3MTDRhawM8hygiQ&s=19 https://twitter.com/BadWeaponTakes/status/1515361631953473538
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May 12, 2022 11:33
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He's training to get shot
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May 12, 2022 11:45
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I don’t know if he’s religious but he probably wouldn’t get within ten steps of that car without being holy.
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May 12, 2022 13:10
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boop the snoot posted:I don’t know if he’s religious but he probably wouldn’t get within ten steps of that car without being holy. Pine Cone Jones posted:https://twitter.com/jackcalifano/status/1523892127742283776?t=kd12wLU3MTDRhawM8hygiQ&s=19
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May 12, 2022 13:28
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