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CharlestheHammer
Jun 26, 2011

YOU SAY MY POSTS ARE THE RAVINGS OF THE DUMBEST PERSON ON GOD'S GREEN EARTH BUT YOU YOURSELF ARE READING THEM. CURIOUS!

There Bias Two posted:

"Your funds are safe." is an incredibly ominous error message.

I am not convinced that the funds are, in fact, safe.

If it wasn’t safe they couldn’t post that messsge, it’s the law

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LifeSunDeath
Jan 4, 2007

still gay rights and smoke weed every day

Your team is playing against the rich kids team from across the lake. The rich kids own the field, the equipment, the buses, and are eyeing your girls. You got nothing, you're dead broke, but the rich kids say hey, you want to play a little better? You juice? You slurp?

Well pretty soon, the rich kids team shut your team out, and leaves with your girls, and your busses, and closes the field permanently, and you still have 2 more slurps on your juice but it's worthless, and tastes like poo poo.


That's crypto-football.

Zero One
Dec 30, 2004

HAIL TO THE VICTORS!

There Bias Two posted:

"Your funds are safe." is an incredibly ominous error message.

I am not convinced that the funds are, in fact, safe.

My "Your funds are safe" warning pop-up is raising questions already answered by the warning pop-up.

alnilam
Nov 10, 2009

A friend linked me to a really good article (imo) on what the ever living gently caress terra/luna actually is, good read for anyone who has no loving clue what is going on other than lmaos.

As usual with crypto stuff, it's stupider than you could have imagined.

https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops

quote:

An “algorithmic stablecoin” sounds complicated, and there are a lot of people with incentives to pretend that it is complicated, but it is not. Here is how an algorithmic stablecoin works 1 :

1. You wake up one morning and invent two crypto tokens.
2. One of them is the stablecoin, which I will call “Terra,” for reasons that will become apparent.
3. The other one is not the stablecoin. I will call it “Luna.”
4. To be clear, they are both just things you made up, just numbers on a ledger. (Probably the ledger is maintained on a decentralized blockchain, though in theory you could do this on your computer in Excel.)
5. You try to find people to buy them.
6. Luna will trade at some price determined by supply and demand. If you make it up on your computer and keep the list in Excel and smirk when you tell people about this, that price will be zero, and none of this will work.
7. But if you do a good job of marketing Luna, that price will not be zero. If the price is not zero then you’re in business.
8. You promise that people can always exchange one Terra for $1 worth of Luna. If Luna trades at $0.10, then one Terra will get you 10 Luna. If Luna trades at $20, then one Terra will get you 0.05 Luna. Doesn’t matter. The price of Luna is arbitrary, but one Terra always gets you $1 worth of Luna. (And vice versa: People can always exchange $1 worth of Luna for one Terra.)
9. You set up an automated smart contract — the “algorithm” in “algorithmic stablecoin” — to let people exchange their Terras for Lunas and Lunas for Terras.
10. Terra should trade at $1. If it trades above $1, people — arbitrageurs — can buy $1 worth of Luna for $1 and exchange them for one Terra worth more than a dollar, for an instant profit. If it trades below $1, people can buy one Terra for less than a dollar and exchange it for $1 worth of Luna, for an instant profit. These arbitrage trades push the price of Terra back to $1 if it ever goes higher or lower.
11. The price of Luna will fluctuate. Over time, as trust in this ecosystem grows, it will probably mostly go up. But that is not essential to the stablecoin concept. As long as Luna robustly has a non-zero value, you can exchange one Terra for some quantity of Luna that is worth $1, which means Terra should be worth $1, which means that its value should be stable.

All of this is, I think, quite straightforward and correct, except for Point 7, which is insane.
...
The danger here is that Point 7 never goes away. Any morning, people could wake up and say “wait a minute, you just made up this all up, it’s worthless,” and decide to dump their Lunas and Terras.

The author goes on to explain how arbitrage can quickly drive this system to 0, as seems to have happened, anyway I thought it was a good read if you want to take a break from your rapid fire lmaos for a more prolonged and thoughtful lmao.

Strong Sauce
Jul 2, 2003

You know I am not really your father.





repiv posted:

that guy decided to double down and buy even more luna at $0.50, which is now worth $0.01, or i guess $0.00 since the chain is offline and can't process any trades

https://twitter.com/itsloganshippy/status/1524696242420428800
https://twitter.com/itsloganshippy/status/1524692492817473537
https://twitter.com/itsloganshippy/status/1524695526981185536

Seth Pecksniff
May 27, 2004

can't believe shrek is fucking dead. rip to a real one.
"i make way more money outside crypto" I say as I feverishly tweet about how much money I'm losing in crypto

WorldIndustries
Dec 21, 2004

alnilam posted:

A friend linked me to a really good article (imo) on what the ever living gently caress terra/luna actually is, good read for anyone who has no loving clue what is going on other than lmaos.

As usual with crypto stuff, it's stupider than you could have imagined.

https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops

The author goes on to explain how arbitrage can quickly drive this system to 0, as seems to have happened, anyway I thought it was a good read if you want to take a break from your rapid fire lmaos for a more prolonged and thoughtful lmao.

yeah Matt Levine writes really well, that's a good explainer

LifeSunDeath
Jan 4, 2007

still gay rights and smoke weed every day

Goddamn, he's like the poster boy for "can't learn, will never learn, aggressively refuses to learn."

WhyteRyce
Dec 30, 2001


working at Taco Bell can get you more money than he made in crypto

Dr. Fraiser Chain
May 18, 2004

Redlining my shit posting machine


Well he loving better, because he's just losing it in crypto

Cowcaster
Aug 7, 2002



he's so loving stupid

PhazonLink
Jul 17, 2010
coinerz bragging about their code monkey/computer janitor job money is pretty good reason we should tax them 99999999%

LifeSunDeath
Jan 4, 2007

still gay rights and smoke weed every day

alnilam posted:

These things reinforce each other: The more fees you collect and distribute to Luna holders, the more big and viable your ecosystem looks, so the more highly people value it, so the more Luna they buy, so the more activity you have, so the more fees you collect, etc.

I can't believe he won't just say it's a ponzi scam. Cause that's exactly what it is.

Proud Christian Mom
Dec 20, 2006
READING COMPREHENSION IS HARD

PhazonLink posted:

I like how mainstream news has not reported any butt news because its not real money.

like EVE online historians have more legitimacy going on TV than any butter.

we, the Faction Five, abused a FOREX mechanic so badly and created so much wealth in such a short time that even the economist that CCP hired to make sure the ingame economy didn't die was impressed. these morons are spinning up entire currencies on the fly with absolutely zero thought on how a bad actor might go after it and lol, lmao.

How are u
May 19, 2005

by Azathoth

not as much money as you would have had if you hadn't been a complete dipshit lol

Cyrano4747
Sep 25, 2006

Yes, I know I'm old, get off my fucking lawn so I can yell at these clouds.

Lol cnn is reporting that the Fed - the capital F one - is “concerned” by the Tether fiasco and is looking into risks and exposure. Yelled actually discussed Tether while testifying in front of a senate committee.

loving :laffo: if this poo poo is what finally makes regulators wake up and an even bigger :vince: if that finally fucks up bitcoin.

nachos
Jun 27, 2004

Wario Chalmers! WAAAAAAAAAAAAA!
I love how all crypto bros have a rich network of friends with 6 figures to invest and have an endless need for the bro’s advice

LifeSunDeath
Jan 4, 2007

still gay rights and smoke weed every day

Proud Christian Mom posted:

we, the Faction Five, abused a FOREX mechanic so badly and created so much wealth in such a short time that even the economist that CCP hired to make sure the ingame economy didn't die was impressed. these morons are spinning up entire currencies on the fly with absolutely zero thought on how a bad actor might go after it and lol, lmao.

this is the funny thing, most of these coins are spun up by a bad actor, who intends to cut and run from the very beginning. the hacks are usually perpetrated by them, sometimes through 3rd parties to offload some of the blame, but they're always the people that stand to gain by running away with all the funds.

the only thing that crypto does is help hide their identity long enough to pool the cash and get away. it's so ridiculous that any individual would put actual money into this.

drk
Jan 16, 2005
Winner of the rare and coveted -100.0% award

HappyHippo
Nov 19, 2003
Do you have an Air Miles Card?

This dude also said his wife was "good at making babies but bad at investing"

Edit:
https://twitter.com/itsloganshippy/status/1504983994575855619

HappyHippo fucked around with this message at 18:53 on May 12, 2022

LifeSunDeath
Jan 4, 2007

still gay rights and smoke weed every day
Don't worry guys, I'm selling Slurp Juices that are effectively a Bitcoin DOUBLER! I swear it will make you rich, with 1000% return. And no I will not be providing you with any documentation about this, because it's THE COMMUNITY'S responsibility to stay informed about my sca...products.

happyhippy
Feb 21, 2005

Playing games, watching movies, owning goons. 'sup
Pillbug
https://twitter.com/Meddle98/status/1524594168781279233

pro starcraft loser
Jan 23, 2006

Stand back, this could get messy.

This is a really dumb question but I assume in order to buy Luna someone needs to be selling it, right?

Im surprised so many are willing to let go of $0.016 instead of just holding it at this point.

PhazonLink
Jul 17, 2010

Proud Christian Mom posted:

we, the Faction Five, abused a FOREX mechanic so badly and created so much wealth in such a short time that even the economist that CCP hired to make sure the ingame economy didn't die was impressed. these morons are spinning up entire currencies on the fly with absolutely zero thought on how a bad actor might go after it and lol, lmao.

lol video games.

Squiggle
Sep 29, 2002

I don't think she likes the special sauce, Rick.


HappyHippo posted:

This dude also said his wife was "good at making babies but bad at investing"

I'd say he's better at making babies than investing too considering it's not like you can make negative babies

Klyith
Aug 3, 2007

GBS Pledge Week

Proud Christian Mom posted:

we, the Faction Five, abused a FOREX mechanic so badly and created so much wealth in such a short time that even the economist that CCP hired to make sure the ingame economy didn't die was impressed. these morons are spinning up entire currencies on the fly with absolutely zero thought on how a bad actor might go after it and lol, lmao.

Everything about having played Eve makes crypto about 10x more hilarious. It's like, you see everything from the Faction Forex to officer loot / margin trading scams right down to "double your isk" spam and it all works irl.


pro starcraft loser posted:

This is a really dumb question but I assume in order to buy Luna someone needs to be selling it, right?

Im surprised so many are willing to let go of $0.016 instead of just holding it at this point.

Look at it the other way around: in order to sell Luna someone has to be buying.

Even if it's just a couple people selling, they're getting no takers until they get to fractions of a cent.

Deptfordx
Dec 23, 2013

alnilam posted:

A friend linked me to a really good article (imo) on what the ever living gently caress terra/luna actually is, good read for anyone who has no loving clue what is going on other than lmaos.

As usual with crypto stuff, it's stupider than you could have imagined.

https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops


That's a really good read, adding my thanks.

repiv
Aug 13, 2009

Klyith posted:

Look at it the other way around: in order to sell Luna someone has to be buying.

Even if it's just a couple people selling, they're getting no takers until they get to fractions of a cent.

bold to assume there aren't crypto people "buying the dip" on luna

just up thread the baby factory guy admitted to buying LUNA at $0.50 (down from $80) expecting it to bounce back up rather than further collapse to a penny

repiv fucked around with this message at 19:08 on May 12, 2022

Paladinus
Jan 11, 2014

heyHEYYYY!!!

Seth Pecksniff posted:

"i make way more money outside crypto" I say as I feverishly tweet about how much money I'm losing in crypto

I mean, considering he's actively losing money, if he's at net zero outside of crypto it's still mathematically way more than the negative amount he makes in crypto.

happyhippy
Feb 21, 2005

Playing games, watching movies, owning goons. 'sup
Pillbug
Has Elon's feed been filled by bros asking to be bailed out yet?

mik
Oct 16, 2003
oh

nachos posted:

I love how all crypto bros have a rich network of friends with 6 figures to invest and have an endless need for the bro’s advice

It must be a rule that all these morons add 3 extra zeros to any $ amounts in their tweets

Extra Large Marge
Jan 21, 2004

Fun Shoe
Buy low, sell lower

CommieGIR
Aug 22, 2006

The blue glow is a feature, not a bug


Pillbug

Extra Large Marge posted:

Buy low, sell lower

Why go to the moon when you can go straight to hell.

pippy
May 29, 2013

CRIMES

pro starcraft loser posted:

This is a really dumb question but I assume in order to buy Luna someone needs to be selling it, right?

Im surprised so many are willing to let go of $0.016 instead of just holding it at this point.

Doesn't Terra have/had some reserves of Bitcoin they could use to prop up the crypto? Maybe people are pricing in that?

Party Ape
Mar 5, 2007
Don't pay $10 bucks to change my avatar! Send me a $10 donation to Doctors with Borders and I'll stop posting for 24 hours!

alnilam posted:

A friend linked me to a really good article (imo) on what the ever living gently caress terra/luna actually is, good read for anyone who has no loving clue what is going on other than lmaos.

As usual with crypto stuff, it's stupider than you could have imagined.

https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops

The author goes on to explain how arbitrage can quickly drive this system to 0, as seems to have happened, anyway I thought it was a good read if you want to take a break from your rapid fire lmaos for a more prolonged and thoughtful lmao.

The cool thing about this system is that it generates nothing of value and costs energy to run.

Hopefully this implosion will be large enough that my bro in the next cubical who has been told to write a 'blockchain strategy' won't have to do it anymore.

A Wizard of Goatse
Dec 14, 2014

CommieGIR posted:

Why go to the moon when you can go straight to hell.

PhazonLink
Jul 17, 2010

CommieGIR posted:

Why go to the moon when you can go straight to hell.

maybe reality is poorly coded and the negative overflow will dump them on the positive side of inf/nan.

Lumbermouth
Mar 6, 2008

GREG IS BIG NOW


You gotta know when to hold 'em
And keep on holdin' em
Fours will be worth millions some day
These idiots will regret trading their cards in
Why don't I have any more chips

Guze
Oct 10, 2007

Regular Human Bartender

Did they call that coin terra because its crashing to the center of the earth?

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ultrafilter
Aug 23, 2007

It's okay if you have any questions.


https://twitter.com/MikeDulaimi/status/1522306898397118465

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