Earlier quoted context omitted.
You can stake crypto to make more crypto too!
Fair point - but you can't stake NFTs, can you?
If not, somebody is feverishly writing an ERP now
Tether starting to lose its peg too, after Terra did
511–520 of 976 posts
Re: Tether starting to lose its peg too, after Terra did
#512Earlier quoted context omitted.
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.
You mean a half century of closing the wealth gap (while healing from the labor disruption of freeing the slaves), and somehow still managing to go from being a war torn country to world superpower?
The USA was not a superpower in 1913.
Re: Tether starting to lose its peg too, after Terra did
#513Earlier quoted context omitted.
The American dream is to make it through hard work, what you are referring to is simple greed and laziness and it’s been around since humanity attained consciousness.
> The American dream is to make it through hard work Now that's the actual con, or at least a pipe dream. Hard work is never enough. Luck plays a huge factor but few who get lucky, and then rich, will ever admit to that part.
It's a minor detail: "through the hard work of OTHERS".
Re: Tether starting to lose its peg too, after Terra did
#514Earlier quoted context omitted.
That is a possibility, but I think the point is that if BTC was $2k tomorrow, then whether or not it survives in the long term, it seems highly unlikely to at least some of us that it wouldn't bounce back to substantially above $2k again whatever it's long term fate is. It's a gamble, and I certainly wouldn't put money I can't afford to lose on it, but at some threshold the potential upside becomes significant enough…
Regardless of the value of Bitcoin, anyone should ALWAYS only invest (or gamble, in one sense) amounts that they can afford to lose. I don't know why anyone does otherwise.
That's true, but there's a significant difference between a gamble on something like Bitcoin, and, say, putting your money in an index fund. My point was that even with that substantially elevated risk, there is a level where some will find it a worthwhile bet even in the middle of a massive drop.
Re: Tether starting to lose its peg too, after Terra did
#515Earlier quoted context omitted.
The big fear with stable coins is for them to go into a death spiral and become worthless. Stablecoin are only worth $1 if people believe they are worth $1. When fear sets in and people no longer believe they are worth $1 it can cause the price to tank. Having a stablecoin be backed means that you can trust your stablecoins to not become worthless because they can be redeemed at anytime at a $1 price point even if th…
Ah so in theory I should be able to ask the USDT foundation for a dollar and they should be able to give it to me?
No. See my comment here https://news.ycombinator.com/item?id=31352602
Re: Tether starting to lose its peg too, after Terra did
#516Earlier 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 This is victim blaming. Nobody deserves to be exploited, robbed or otherwise for any reason.
Financial speculation is a zero sum game. These "victims" were hoping to gain from the loss of others just like the supposed crypto VCs that have made out well. They're not victims just the losers.
the eame is true for bernie madoffs scam but nonetheless his customerd were victims.
Re: Tether starting to lose its peg too, after Terra did
#517Earlier 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…
They deserve to lose and those who have 'tricked' them should be prosecuted. We can have both. Culpability of one side doesn't make the other side innocent victims. It's not bad people against good people, it's bad people everywhere in this situation.
There is also an amount of blame on our government and the shameful treatment of educating society. In a Capitalist driven country, as the USA is, the education system's complete lack of common sense financial literacy is a classic recipe for creating scams.
I have a graduate economics degree. I seriously investigated bitcoin and crypto back in '07-'08. There is no "there" there. Cryptocurrencies use an artful abuse of financial terms with their own separate definitions in the cryptoworld. The confusion is intended and part of the scam.
Re: Tether starting to lose its peg too, after Terra did
#518Earlier 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 This is victim blaming. Nobody deserves to be exploited, robbed or otherwise for any reason.
it's much easier to con a greedy person. And you had to be very greedy indeed to convince yourself that 20% interest is a safe investment
> And you had to be very greedy indeed to convince yourself that 20% interest is a safe investment
I think there is more nuance that this. People have been burned by many 'safe' investments over the years (housing, stocks) that they incorrectly view the risk profile as similar so look for higher returns. Much has been written on how we under appreciate actual risk, especially in 'safe' investments.
There's also some YOLO here, but in a calculated way. A safe investment making 1% still means the wealth gap is widening and that person is still eating ramen. Why not swing for the fences, otherwise it doesn't matter anyway.
Re: Tether starting to lose its peg too, after Terra did
#519Earlier quoted context omitted.
Matt Levine did a great write up of algorithmic stablecoins here: https://www.bloomberg.com/opinion/articles/2022-05-11/terra-... "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 o…
One thing I don’t understand here: where does the smart contract get the information of the current luna/usd exchange rate? It can’t be an api call surely, it must be on-chain somehow.
Miners put the price (in dollars) in the blocks, and the medium price is taken as the price. You get penalized if the price you put in is 1 standard dev. or more off. You get 1% less of the block award you would get normally.
Re: Tether starting to lose its peg too, after Terra did
#520Earlier 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…
Assholes need to be jailed and we can feel for the greedy people losing their money. On the other hand they wouldn't have shared their gains with us if it went well so they can't expect us to bail them out when it goes bad
This. Exactly this. In some ways, this mirrors the current student debt crisis.
Only 13% of the US population holds student debt, and 80% of student debt is held by earners in the upper 20% of income. But suddenly, we are supposed to cancel all that debt. ?????
Same thing with the market crash in 2008. Oh, we have to bail out all those banks because otherwise pension funds will lose value. Not close completely, but lose value. So a bunch of people with no hope of ever having a pension have to be taxed to bail out existing pensions (in effect). And then AIG having the gall, after effectively failing, and only being propped up by Federal dollars, complaining ten years after that the government unfairly held back some of their profits because the government backing came with stock holdings to back the loan, and AIG had to buy the stock back.
So yeah, Crypto is an issue, but the major banks are also an issue, and people that are stupid (or greedy) about money are an issue.