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https://twitter.com/jon_bois/status/1524104658029092865
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May 12, 2022 14:28
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buy the dip or ur ngmi
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May 12, 2022 14:29
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repiv posted:one of the big stablecoins had a "suicide hotline pinned in the subreddit" moment Anyone interested in investing in my startup? We’re going to be making Haloperidol auto-injectors and selling them to cryptobros
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May 12, 2022 14:30
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https://twitter.com/lukeisamazing/status/1524739579198201859
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May 12, 2022 14:31
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May 12, 2022 14:39
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May 12, 2022 14:40
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May 12, 2022 14:43
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It is extremely worth quoting his reply as well: this was him making fun of crypto people, and at least one nationally famous crypto moron still believed it. https://twitter.com/jon_bois/status/1524588619603886080
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May 12, 2022 14:45
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The best part is that LUNA isn't even innovative by finance standards. The normal finance world of Wall Street knows all about it, and it's called "Death Spiral Financing" for obvious reasons. It's a well known arrangement for desperate companies to get YOLO funding knowing full well that any drop in confidence will end with bankruptcy and total collapse. https://en.wikipedia.org/wiki/Death_spiral_financing https://investmentbank.com/death-spiral/
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May 12, 2022 14:46
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Shaman Tank Spec posted:It is extremely worth quoting his reply as well: this was him making fun of crypto people, and at least one nationally famous crypto moron still believed it. Yeah that's the one I meant to post 
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May 12, 2022 14:48
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the replies to this are funny to me https://twitter.com/CryptoBigsky/status/1524741457730441217  
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May 12, 2022 14:49
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ELTON JOHN posted:the replies to this are funny to me Scam upon scam upon scam upon scam upon scam 
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May 12, 2022 14:51
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https://twitter.com/nntaleb/status/1524729006754611202 Interesting paper, the commentary on the community seems spot on as well!
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May 12, 2022 14:55
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abigserve posted:Incredible that someone could just say "all these ones and zeros are backed by real us dollars" and not only does nobody check, nobody cares lmao I am an Old, and had never heard of Tether till I idly wandered into this thread to see what the hell was happening with crypto. This quote:While, according to its 2021 settlement with the New York Attorney General Letitia James, "Tether represents to users that any holder of tethers can redeem them from Tether the company at the rate of one tether for one U.S. dollar",[5] Tether Limited as of 2017 stated that owners of tethers have no contractual right, other legal claims, or guarantee that tethers will or can be redeemed or exchanged for dollars.[6] On 30 April 2019, Tether Limited's lawyer claimed that each tether was backed by $0.74 in cash and cash equivalents.[7][8] In May 2021, Tether published a report showing that only 2.9% of Tether was backed by cash, with over 49.6% backed by commercial paper.[9][10][11] is literally in the second paragraph of Tether's wiki article. Literally WTF people?!?
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May 12, 2022 14:56
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Deptfordx posted:I am an Old, and had never heard of Tether till I idly wandered into this thread to see what the hell was happening with crypto. Money breaks brains People want lots of money and they don't want to think about the risks that entail getting large amounts of money quickly honestly, you'd do better if you were in some criminal enterprise. At least there the cash flow is pretty solid and there's not a huge risk of losing it all (aside from an odd fed raid here and there)
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May 12, 2022 14:59
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I seriously hope russia gets hit hard from this cryptocrash and stops this bullshit war. It's a long shot, but stranger things have happened.
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May 12, 2022 15:03
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Deptfordx posted:I am an Old, and had never heard of Tether till I idly wandered into this thread to see what the hell was happening with crypto. Reading is for FUDs enjoy your poor man's hobby!
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May 12, 2022 15:03
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priznat posted:https://twitter.com/nntaleb/status/1524729006754611202 I really hate agreeing with Taleb on anything but when he's right, he's right.
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May 12, 2022 15:04
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Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever?
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May 12, 2022 15:05
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nachos posted:Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever? God I hope
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May 12, 2022 15:10
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nachos posted:Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever? My guess is people desperate for actual cash due to their funny money evaporating. They're getting out and don't want to sit on tether since other stable coins went poof, so they want their money now. There's a bank run happening and most of the crypto-heads aren't smart enough to realize it. Now it's a question of if tether can stay afloat long enough to outlast the run. My gut says they can for this outing, but they won't be able to take too many more blows like it.
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May 12, 2022 15:16
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nachos posted:Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever? It's sister coin, LUNA, is trading for ~$0.008 (yes, 3 zeros) on Binance at the moment, from around $2 the same time yesterday, and ~$100 less than a month ago. edit: Ah you said Tether, misread as Terra. The above reply covers it.
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May 12, 2022 15:21
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nachos posted:Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever? People that think it’s going to continue to go down in value which is pretty loving bad for a stable coin.
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May 12, 2022 15:25
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Lmao "stable coin"
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May 12, 2022 15:26
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I know what will save these! Apes but with mustaches!
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May 12, 2022 15:27
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I've learned that crypto is tanking because once again Turkish social media is rife with "guys, life is beautiful, don't harm yourself over this" posts
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May 12, 2022 15:27
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happyhippy posted:I know what will save these! Can they be slurped multiple times?
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May 12, 2022 15:30
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https://twitter.com/binance/status/1524754461956005891
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May 12, 2022 15:31
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Deptfordx posted:I am an Old, and had never heard of Tether till I idly wandered into this thread to see what the hell was happening with crypto. You skipped over one of the best questions during your bolding - what does "backed by _____" even mean if people don't have the right to exchange them for what they're nominally backed by? It's not like there's any kind of regulation for reimbursement, so it's certainly not in the sense of fdic/insurance
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May 12, 2022 15:32
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Nice unregulated money you got there bro lmao
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May 12, 2022 15:33
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ELTON JOHN posted:the replies to this are funny to me The Something Awful Forums > General Bullshit › Bitcoin: Sorry mate
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May 12, 2022 15:33
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Sentient Data posted:You skipped over one of the best questions during your bolding - what does "backed by _____" even mean if people don't have the right to exchange them for what they're nominally backed by? It's not like there's any kind of regulation for reimbursement, so it's certainly not in the sense of fdic/insurance it means it's a scam. the scammers used words that finance people use to make it seem official, but it was always a scam. LOL!
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May 12, 2022 15:39
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Galewolf posted:Lmao "stable coin" next time they should close the stable door!!! 
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May 12, 2022 15:40
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nachos posted:Who is selling tether at a loss right now while it's depegged? Is this all money exiting the ecosystem forever? Anyone who realizes that getting 95 cents on the dollar, from an exchange that has the highest chance of actually giving you those dollars, is still a pretty drat good price on a worthless asset. Also it's not a lot of money that's causing these depegs -- on the most reputable exchanges, selling tether for real dollars, it's only like $5 to $15 million bucks that clears out the book and drops the price on the most solid exchanges like coinbase or ftxus. So yeah that's probably some money exiting the ecosystem, but lol it's not a lot by the grand scheme of a supposedly $82 billion dollar stablecoin. Anyways crypto has been trending down for months, accompanied by ever more desperate shilling. This is a zero sum game. The real big money already exited. That's why it's crashing now -- the bagholders are looking around and there's nobody to sell to. Sentient Data posted:You skipped over one of the best questions during your bolding - what does "backed by _____" even mean if people don't have the right to exchange them for what they're nominally backed by? It's not like there's any kind of regulation for reimbursement, so it's certainly not in the sense of fdic/insurance What are these boring questions, just loving buy it! If you don't buy crypto Matt Damon is gonna call you a pussy!
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May 12, 2022 15:42
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Someone drank all my slurp juice
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May 12, 2022 15:43
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https://twitter.com/liz_franczak/status/1524753471853019137
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May 12, 2022 15:44
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Pastel Candy Snake posted:Someone drank all my slurp juice multiple times?
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May 12, 2022 15:44
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re:Tether from a CNBC article:quote:Nicholas Bonnet, a quant at crypto broker Aplo, said some traders were exploiting the drop in tether through arbitrage plays — essentially buying the token for less than $1 and then redeeming it for a dollar.
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May 12, 2022 15:44
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Gotta imagine everyone's trying their one weird trick before the end of the world
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May 12, 2022 15:48
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corn haver posted:re:Tether from a CNBC article: Who are the idiots buying for 1?
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May 12, 2022 15:52
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