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Tether starting to lose its peg too, after Terra did

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Re: Tether starting to lose its peg too, after Terra did

#401

Post by FabHK »

charcircuit wrote: post #202
prox wrote: post #173

Earlier quoted context omitted.

So why would one want to have Luna when you got Terra? I know Terra is backed, I know Luna is speculation, not any different from doing a roulette game.

>So why would one want to have Luna when you got Terra? There are 3 different things: Governance related, market module related, and staking related. You can spend 50 LUNA to submit a governance proposal. The second is to stake your LUNA. When your LUNA is staked the first benefit is that you can vote on governance proposals. Proposals can be onchain changes such as modifying a parameter or an offchain change which p…

> an offchain change which people should respect even if there is nothing technically forcing them to follow it

Ah, the good old trust-less blockchain. Proved by maths, not by trust and decency and conventions like traditional finance.

Re: Tether starting to lose its peg too, after Terra did

#402

Post by can16358p »

alexb_ wrote: post #386

The entire concept of a "stablecoin" reminds me a lot of something from SIGBOVIK 2014. Keep in mind, this was written in 2014, before any stablecoins actually existed, and that SIGBOVIK is supposed to be a joke conference where people present extremely silly ideas as if they were real breakthroughs. > DollarCoin: We propose skipping the middleman and providing direct proof-of-dollar with a blockchain that consists of…

The idea is actually good, and a great gateway between crypto world and fiat world.

The actors (looking at you, Tether), might not necessarily be.

Re: Tether starting to lose its peg too, after Terra did

#403

Post by aidos »

alexb_ wrote: post #386

The entire concept of a "stablecoin" reminds me a lot of something from SIGBOVIK 2014. Keep in mind, this was written in 2014, before any stablecoins actually existed, and that SIGBOVIK is supposed to be a joke conference where people present extremely silly ideas as if they were real breakthroughs. > DollarCoin: We propose skipping the middleman and providing direct proof-of-dollar with a blockchain that consists of…

Who would burn money, that would be madness... https://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Qu...

https://www.youtube.com/watch?v=L9SzDFGbsFI&t=390s

Re: Tether starting to lose its peg too, after Terra did

#404

Post by DebtDeflation »

iso1210 wrote: post #258
Cthulhu_ wrote: post #144

Earlier quoted context omitted.

> none of my smart peers had anything to say, either. It's because they know. I think everybody knows that crypto is a bubble. I think everybody believes everyone else that buys into it is dumb, financially illiterate, whatever. The crypto market has been propped up and boosted by an influx of people like that, each one knowing it's a bubble, believing everyone else is an idiot... but still wanting a slice of the pie…

It's the greater fool theory. I lauched at friends of my fatherinlaw back in 2018 when they were buying bitcoin at 15k. Obviously it popped. Today it's down 50% on ATH, but it's still more than double it's 2018 bubble level.

We will almost certainly see pre-2017 prices at some point.

Re: Tether starting to lose its peg too, after Terra did

#405

Post by fortran77 »

cm2187 wrote: post #167
shafyy wrote: post #55

Earlier quoted context omitted.

> If you've been honestly working on the assumption that it is, then you deserve to lose your (real) money to some crypto VCs on an island somewhere. The sad reality is that many poorer and financially illeterate people have been tricked by VCs and other grifters into this with billions of dollars spent in advertising. So, no, they don't deserve to lose their money to these assholes. These assholes need to be prosecu…

Every good con relies on greed. The fact that the con artist is a criminal doesn’t make the victim of a con any less greedy. I am thinking of the many crypto fanboys here who have been repeatedly told this is a large ponzi scheme. They had plenty of warnings. I don’t have a huge amount of sympathy for them loosing money. Doesn’t mean the con artists shouldn’t face criminal prosecution (if they broke the law, it’s not…

“You can’t cheat an honest man.”

Re: Tether starting to lose its peg too, after Terra did

#407

Post by ryan_lane »

ilammy wrote: post #359
danjac wrote: post #290

Earlier quoted context omitted.

Matt Damon at least should never get work again. Except maybe shilling jewellery on PVC.

Feels good to be on the ‘righteous’ end of canceling people, eh?

Yes, it does, when being on the 'righteous' end means being on the side that doesn't get paid to help scammers scam people.

Re: Tether starting to lose its peg too, after Terra did

#408

Post by DebtDeflation »

jkepler wrote: post #324
alangibson wrote: post #292

Earlier quoted context omitted.

This. Bitcoin is essentially the USD + US stock market in 1922. Hard money and unregulated securities markets already broke the world once. The crypto wizards somehow managed to forget a century of hard won lessons.

It was hardly "hard money" in 1922, as the Fed was created in 1913, and the dollar started plummeting. If you want to see what a hard money world looks like, look at the 40 years or so prior to 1913, when most civilized nations were on a gold standard.

>look at the 40 years or so prior to 1913

Constant booms, busts, and panics. The period of the most financial instability in history occurred under the gold standard.

Re: Tether starting to lose its peg too, after Terra did

#409

Post by can16358p »

ForHackernews wrote: post #354
Animats wrote: post #180

Tether is back up to around $0.98, but volume is high. Somebody is pouring cash into Tether to support the price. Similar over at UST. Price is back up to $0.60, but volume is far above normal. Remember, with a stablecoin, there is no upside to holding . Any indication of risk means it's time to get out. Even if Tether has enough reserves to get the price back to $1, there will be substantial cashing out. That's why…

> Somebody is pouring cash into Tether to support the price Is that true? Where is this price coming from? Unregulated exchanges can display whatever numbers they want on their ticker, right?

They can display (if they are not DEXes) though any arbitrage bot will be triggered literally in milliseconds to sell at that price, in which the exchange either has to authorize the trade (so it really is at that price then) or fail the transaction with some error which would instantly smell fishy.

Re: Tether starting to lose its peg too, after Terra did

#410

Post by rukshn »

ulzeraj wrote: post #382
pmyteh wrote: post #344

Earlier quoted context omitted.

If you live in a country with an unstable currency but without strong capital controls, the upside can be had by holding dollars . And that comes without the risk that your known-to-be-a-bit-dodgy nearly-dollar collapses.

That's a rare situation. The first thing a government does when their economy starts to colapse is to force the population to use and save in their dying currency while restricting access to foreign currency to prevent capital flight. Just look at Russia and Argentina.

This is literally what’s happening in Sri Lanka at the moment
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