I mean, Tether issues UST, not the Fed. IT’S MONOPOLY MONEY. So the question is, would the supply of Tether increasing have propped up this scheme? Not really, and that realization might have lead to understanding, but nope, gotta externalize that failure.
Only way I can see that happening is if the companies behind pegged coins open their financials to the Fed to the same degree banks must and show that they actually have the reserves they say they do in real dollars and not phantom debt paper.
And a reminder that several of these countries went into exile rather than submit to a FAR lower level of regulatory scrutiny.
I mean, Tether issues UST, not the Fed. IT’S MONOPOLY MONEY. So the question is, would the supply of Tether increasing have propped up this scheme? Not really, and that realization might have lead to understanding, but nope, gotta externalize that failure.
Not close to anything. They're just dodging responsibility. They never wanted any regulation until the bottom fell out.
I feel like nobody is going to bail out cryptocurrency failures because nothing in that sphere threatens to destabilize any system that anybody with real money or political power actually gives a shit about, and there’s no legal obligation to do so (fingers crossed this remains true).
Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.
Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.
Mortgage backed securities are actually good and provide needed liquidity to the home financing market
The creepy security you’re looking for is the synthetic derivatives of credit default swaps
The systemic blending of mortgage backed securities created the unanticipated failure mode, the synthetic derivatives/CDOs made that failure mode many times more dangerous.
The comment up thread about Lehman Brothers only being 50% “larger” than Terra/Luna really does bring home how inflated this Monopoly money nonsense has become.
I came back in to look what the thread title was about... did not disappoint.
I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.
The sky was full of stars, every star an exploding ship. One of ours.
I came back in to look what the thread title was about... did not disappoint.
I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.
Those darn ethics, always getting in the way of a good time.
I came back in to look what the thread title was about... did not disappoint.
I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.
Those darn ethics, always getting in the way of a good time.
I know right!
That and the fear that I will be the Greater Fool in the bitcoin Ponzi scheme. Its not like I am anything special when it comes to such things.
The sky was full of stars, every star an exploding ship. One of ours.
I came back in to look what the thread title was about... did not disappoint.
I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.
Those darn ethics, always getting in the way of a good time.
I know right!
That and the fear that I will be the Greater Fool in the bitcoin Ponzi scheme. Its not like I am anything special when it comes to such things.
But there are so many other people! What are the odds that none of them are more foolish than you? Practically nonexistent I say! Why only a truly savvy investment mind like yours could truly appreciate the elegance, the sophistication, the sheer financial audacity of my latest defi* algorithm!
It’s called Ful++ and you are virtually guaranteed a minimum 12% quarterly return. I’m offering it to you early, because I know you are smarter than the 216 Kiplings that came before.
* - is it just me, or do all these algorithms do the same thing - find the greatest fool?
Wait so someone clarify: has something happened to Tether?
Tether blipped down to 95c yesterday, but seems to have stabilised back to near parity.
I think some of the confusion is the trading signs - Terra = UST, Tether = USDT.
Current conspiracy-mongering is that Citadel (of GameStop shorting fame) is in part responsible for Terra cratering. There's no real evidence for this, of course, but there's probably a reasonable overlap between the people who got into trading from the GameStop spike and those who lost in the current crypto crash, so it doesn't surprise me that there are rumors of "revenge".
A person called JuiceOne (link goes to their storefront for credit) animated Snyder's Mastershake reading.
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AbsalonLands of Always WinterRegistered Userregular
A whoooole lot of crypto people are contrarian, conspiratorial and sanctimonious dingbats of the "Society has rejected my fascist/paleoconservative/libertarian/misogynist recipes for utopia so now I hope it all collapses and all the normies suffer heh heh heh"-variety.
Not to mention that that nazi and far-right parties were aligning with the crypto crowd and hoping to depend on it for funding and scheming. There are some innocent shmucks caught in the blast but this collapse is almost entirely a boon to the world.
+4
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OrcaAlso known as EspressosaurusWrexRegistered Userregular
Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.
The issue with any crypto crash is that the crash means the buy-in for the next round of Ponzi drops.
You hear "buy the dip" all the time. The ones left holding the bag from the last round cuts their losses by luring in new rubes, but the rubes who jump in during the bottom widow of the crash actually stand to make a fair amount of money selling to a future round of rubes once the latecomers start driving the price back up (and once it starts going up more rubes pile on).
Crypto crashes all the damn time, but also rebounds for no damn reason at all except the buy in gets low enough to restart the ponzi scheme at n=1.
The issue with any crypto crash is that the crash means the buy-in for the next round of Ponzi drops.
You hear "buy the dip" all the time. The ones left holding the bag from the last round cuts their losses by luring in new rubes, but the rubes who jump in during the bottom widow of the crash actually stand to make a fair amount of money selling to a future round of rubes once the latecomers start driving the price back up (and once it starts going up more rubes pile on).
Crypto crashes all the damn time, but also rebounds for no damn reason at all except the buy in gets low enough to restart the ponzi scheme at n=1.
That's what I figure too. Bitcoin has enough social penetration that it might retract but at some point - $25k, $10k, $5k, etc it'll reset. It may never get back to the $60k numbers but the cycle will keep going unless its regulated out of existence which is unlikely.
Ethereum I don't think is quite there yet and I could see it retracting / collapsing but even then there is going to be a floor which I have no idea what it is, but I think it's there for that too. And there is no reason for it to die in the eyes of the scammers because it has recognition so when it hits rock bottom it's as good as any other coin to start that next pump and dump cycle like you said.
+4
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ButtersA glass of some milksRegistered Userregular
I feel like nobody is going to bail out cryptocurrency failures because nothing in that sphere threatens to destabilize any system that anybody with real money or political power actually gives a shit about, and there’s no legal obligation to do so (fingers crossed this remains true).
Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.
Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.
A sacrifice I am willing to make if it means I can get a new GPU for less than $700
I’m not so sure Bitcoin will rebound very high (I’m not predicting it won’t, just offering an additional view):
There needs to be new buyers, the potential population of which would likely shrink due to risk avoidance of BTCs/crypto’s volatility
Crypto still doesn’t have practical uses beyond funding illegal activity and speculation; NFTs were the scam that made a wider group think there might be a use, but that market is crashing and I think going away
Timing- the real world economics are putting a hamper in people’s discretionary money to toss into the speculative pool…this retrenchment may go on longer than the hype can sustain to keep crypto widely relevant (this also goes into the first bullet)
Neither UST nor luna is really priced in dollars; they’re priced in other illiquid tokens, which are priced in other illiquid tokens, which are priced in ethers (the native currency of the ethereum blockchain), which are priced in dollars. There was never $18 billion in dollars, or even in ethers. There is only a long, multiply leveraged chain of alleged pricing for two made-up assets. Every time you see a headline claim of billions of dollars in cryptocurrency, those are not in any way actual realizable dollars—there’s no real market liquidity. But the market accepted this barely backed coin as being worth a dollar because the belief would let traders make money for a time.
Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse
……..
Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?
Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse
……..
Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?
Its clear that your only recourse is to devour your boss and take over, they are clearly too stupid to lead.
Posts
anhahaha no fuck off you greedy jackass. Wow. I knew crypto people were up their own ass but this is something else
I mean …
Steam: Elvenshae // PSN: Elvenshae // WotC: Elvenshae
Wilds of Aladrion: [https://forums.penny-arcade.com/discussion/comment/43159014/#Comment_43159014]Ellandryn[/url]
Sigh. So close and then derp
I mean, Tether issues UST, not the Fed. IT’S MONOPOLY MONEY. So the question is, would the supply of Tether increasing have propped up this scheme? Not really, and that realization might have lead to understanding, but nope, gotta externalize that failure.
And a reminder that several of these countries went into exile rather than submit to a FAR lower level of regulatory scrutiny.
At very best my return is 1:1 in exchange for buying pretend money
Not close to anything. They're just dodging responsibility. They never wanted any regulation until the bottom fell out.
Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.
Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.
look they invented yet another cryptocurrency.
you need to come up with something truely novel, like a mortgage backed securities, to get that kind of protection.
The creepy security you’re looking for is the synthetic derivatives of credit default swaps
The systemic blending of mortgage backed securities created the unanticipated failure mode, the synthetic derivatives/CDOs made that failure mode many times more dangerous.
The comment up thread about Lehman Brothers only being 50% “larger” than Terra/Luna really does bring home how inflated this Monopoly money nonsense has become.
I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.
Those darn ethics, always getting in the way of a good time.
I know right!
That and the fear that I will be the Greater Fool in the bitcoin Ponzi scheme. Its not like I am anything special when it comes to such things.
But there are so many other people! What are the odds that none of them are more foolish than you? Practically nonexistent I say! Why only a truly savvy investment mind like yours could truly appreciate the elegance, the sophistication, the sheer financial audacity of my latest defi* algorithm!
It’s called Ful++ and you are virtually guaranteed a minimum 12% quarterly return. I’m offering it to you early, because I know you are smarter than the 216 Kiplings that came before.
I think some of the confusion is the trading signs - Terra = UST, Tether = USDT.
Current conspiracy-mongering is that Citadel (of GameStop shorting fame) is in part responsible for Terra cratering. There's no real evidence for this, of course, but there's probably a reasonable overlap between the people who got into trading from the GameStop spike and those who lost in the current crypto crash, so it doesn't surprise me that there are rumors of "revenge".
He has gone completely silent recently. What a coincidence!
Not to be crass, but maybe you could check in on him? A lot of people seem to be doing not so good after losing their life savings
Mutual friends have verified he’s fine and still as irritating as ever in person.
and then:
(I mean, ignoring everything else, the Y axis...)
I mean, it worked for the banks
Rock Band DLC | GW:OttW - arrcd | WLD - Thortar
The source in the lower right is also pretty good!
Brilliant.
This makes me want to create a video using the Turbo Encabulator script, and try to sell it to crypto die hards as a financial seminar.
A person called JuiceOne (link goes to their storefront for credit) animated Snyder's Mastershake reading.
Not to mention that that nazi and far-right parties were aligning with the crypto crowd and hoping to depend on it for funding and scheming. There are some innocent shmucks caught in the blast but this collapse is almost entirely a boon to the world.
You hear "buy the dip" all the time. The ones left holding the bag from the last round cuts their losses by luring in new rubes, but the rubes who jump in during the bottom widow of the crash actually stand to make a fair amount of money selling to a future round of rubes once the latecomers start driving the price back up (and once it starts going up more rubes pile on).
Crypto crashes all the damn time, but also rebounds for no damn reason at all except the buy in gets low enough to restart the ponzi scheme at n=1.
That's what I figure too. Bitcoin has enough social penetration that it might retract but at some point - $25k, $10k, $5k, etc it'll reset. It may never get back to the $60k numbers but the cycle will keep going unless its regulated out of existence which is unlikely.
Ethereum I don't think is quite there yet and I could see it retracting / collapsing but even then there is going to be a floor which I have no idea what it is, but I think it's there for that too. And there is no reason for it to die in the eyes of the scammers because it has recognition so when it hits rock bottom it's as good as any other coin to start that next pump and dump cycle like you said.
A sacrifice I am willing to make if it means I can get a new GPU for less than $700
There needs to be new buyers, the potential population of which would likely shrink due to risk avoidance of BTCs/crypto’s volatility
Crypto still doesn’t have practical uses beyond funding illegal activity and speculation; NFTs were the scam that made a wider group think there might be a use, but that market is crashing and I think going away
Timing- the real world economics are putting a hamper in people’s discretionary money to toss into the speculative pool…this retrenchment may go on longer than the hype can sustain to keep crypto widely relevant (this also goes into the first bullet)
……..
https://marketplace.secondlife.com/p/Px-Mesh-Bank-v1-Boxed/5819629
or for (for some reason) eight times as many L$:
https://marketplace.secondlife.com/p/Pp-Savings-Loan-Bank-Building/15309652
Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?
Its clear that your only recourse is to devour your boss and take over, they are clearly too stupid to lead.
Sounds like you need to hire a thread’s worth of metaconsultants to help you metarealize your core metacompetencies and get some metasynergy going.
Steam: Elvenshae // PSN: Elvenshae // WotC: Elvenshae
Wilds of Aladrion: [https://forums.penny-arcade.com/discussion/comment/43159014/#Comment_43159014]Ellandryn[/url]