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Shame Boy posted:dollar-denominated asses butt enough about urmom
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May 11, 2022 20:51
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Beeftweeter posted:so i just checked coinbase's site to see and this is UST, the one that just evaporated, run by Terra and backed by "algorithms" not USDC, the one run by Coinbase which is still trucking and backed by U.S Dollars "or other approved investments" specifically UST's design is that it has a sister shitcoin, Luna, which has 0 uses and 0 intrinsic value except that you can buy and sell it (so naturally it will go to the moon). the "algorithm" to keep UST pegged is that the smart contract allows you to convert 1 UST to $1 worth of LUNA (at current exchange rates) or $1 worth of LUNA to 1 UST at any time. so in theory, if the price of UST drops to $0.50, you can buy a billion dollars of it and turn it into 2 billion dollars worth of LUNA. this is supposed to create arbitrage demand and drive the price back up. the problem is nobody wants to actually buy LUNA because it is just yet another worthless shitcoin. so all the people trying to arbitrage over the depeg are converting their UST to freshly-generated LUNA tokens and trying to sell those to cash out, but sellers so outnumber buyers that the price has dropped from $80 to $0.80 RPATDO_LAMD fucked around with this message at 20:57 on May 11, 2022 |
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May 11, 2022 20:53
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RPATDO_LAMD posted:this is UST, the one that just evaporated, run by Terra and backed by "algorithms" read it again lol, it came from a thing on coinbase encouraging people to use USDC over UST there's literally one throwaway about "dollar-backed assets" that doesn't exactly inspire confidence
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May 11, 2022 20:56
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i will never read!!!
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May 11, 2022 20:58
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dollars schmollars
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May 11, 2022 21:03
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Beeftweeter posted:so i just checked coinbase's site to see and at best it's an unregistered security traded in violation of securities exchange laws, at worst it's an unregistered security traded in violation of securities exchange laws but backed with a pile of dogshit with a post-it note on top that reads "THIS DOGSHIT IS VALUED AT $1,000 PER GRAM OF DOGSHIT" e: "backed by dollar-denominated assets held in segregated accounts with U.S.-regulated financial institutions" is so weaselly that it could mean a money market deposit account at Chase Bank, or it could mean a pile of Tethers on a spreadsheet at Coinbase. don't worry though, I'm sure it's definitely the first option, and i'm sure there's very good reasons why they can't just clearly say it's the first option and then get an auditor to say "yep it's the first option" Blotto_Otter fucked around with this message at 21:08 on May 11, 2022 |
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May 11, 2022 21:04
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Blotto_Otter posted:at worst it's ... backed with a pile of dogshit with a post-it note on top that reads "THIS DOGSHIT IS VALUED AT $1,000 PER GRAM OF DOGSHIT" yeah but the note is in a financial institution, so it's obviously safe speaking of, it's probably literally that in a safety deposit box
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May 11, 2022 21:07
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Jose Valasquez posted:There are 5 different "stablecoins" in the top 20 by "market cap" As usual a inventive grift spawned dozens of copycats.
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May 11, 2022 21:15
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I'm watching fake bitcoin buywalls evaporate before my eyes, it's like old times.
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May 11, 2022 21:49
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https://twitter.com/molly0xFFF/status/1524480777370624001
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May 11, 2022 21:51
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SubG posted:has anyone said... I say gently caress all the time op edit: oops app brought me to page 1 lol
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May 11, 2022 21:53
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post hole digger posted:I say gently caress all the time op Well I never
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May 11, 2022 22:20
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https://www.youtube.com/watch?v=zLkXJeWFWr0&t=327s ah so here's the "insane" diligence people do when investing in alternative bitcoins: 1.understand the "tokenomics" 2.deversify 3.talk to people who loan bitcoins and yet after all that he still lost all his money 
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May 11, 2022 23:45
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https://twitter.com/ClarityToast/status/1524376536299757570
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May 12, 2022 00:35
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what dipshit rag is this?
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May 12, 2022 00:51
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please please please oh please
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May 12, 2022 00:52
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Shame Boy posted:hold up just one sec bag as in “secure that bag” while everyone else sees it as “holding the bag”
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May 12, 2022 00:57
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ghosted at the buttcoin baggage claimDeep Dish Fuckfest posted:please please please oh please still well above 0.990, so not really crashing ...yet
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May 12, 2022 01:05
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https://twitter.com/mdudas/status/1524537381575090179
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May 12, 2022 01:08
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yeah wake me up when it falls under .98
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May 12, 2022 01:15
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I imagine things will just muddle on as usual but at the moment things are pretty funny
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May 12, 2022 01:24
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May 12, 2022 01:31
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Boxturret posted:https://www.youtube.com/watch?v=zLkXJeWFWr0&t=327s quote:And for those saying, you know, "This is 20%. It's unsustainable. What do you expect?", you're absolutely right, but so are lending rates on every single crypto platform! Do you think he learned anything about cryptocurrency from this
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May 12, 2022 01:31
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oh boy
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May 12, 2022 01:31
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hodl! you don't lose anything if you never sell!
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May 12, 2022 01:31
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just keep buying more. it's called dollar cost averaging
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May 12, 2022 01:33
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god willing next year crypto.com arena will be lee's sandwiches arena like the steam cleaning guy who wound up with the cupholder ad space at pac bell park formally occupied by webvan
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May 12, 2022 01:58
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dippin' butts, the IOM of the future
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May 12, 2022 02:00
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lol lmao
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May 12, 2022 02:20
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post hole digger posted:I say gently caress all the time op oops appside your head
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May 12, 2022 02:23
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https://twitter.com/fart/status/1524553710634156032?s=20&t=ypH4VUZoEp22krRCzjp4XQ DO IT
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May 12, 2022 02:39
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i'm gonna go to bed before that; maybe i'll wake up to great news, or maybe i'll be disappointed, but for tonight at least i'll have sweet dreams
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May 12, 2022 02:51
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The_Franz posted:https://twitter.com/fart/status/1524553710634156032?s=20&t=ypH4VUZoEp22krRCzjp4XQ
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May 12, 2022 02:51
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https://twitter.com/marenaltman/status/1524464014574632966 This is a fun crypto twitter day.
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May 12, 2022 02:58
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f that when is the Lakers arena going back to Staples Center
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May 12, 2022 03:04
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KirbyKhan posted:https://twitter.com/marenaltman/status/1524464014574632966 watching a digital bank run is pretty cool
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May 12, 2022 03:04
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sure would be embarassing if a sports team was to sign a new crypto sponsorship deal right now https://twitter.com/SkyNews/status/1524449804444708864
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May 12, 2022 03:15
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May 12, 2022 03:21
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buy high sell low you still make money
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May 12, 2022 03:32
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oops, ran out of money and have to shut down: https://www.bitprime.co.nz/important-notice-for-all-customers/
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May 12, 2022 03:33
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