$3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
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Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#2I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#3As of writing, CoinMarketCap values TerraUST (the stablecoin) at $0.09. Needless to say, that 3B didn't do a damn thing. No amount of cash infusions are going to save Terra, because the problem is trust.
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#4"Sold"
It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them?
If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on.
Also, “In a sense, the market is going to take that as kind of bullish.” - a.k.a. the standard 'this is good for bitcoin' quote, applicable whatever the news is!
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#5"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…
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Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#6I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.
A lot of speculation that not all of this btc was actually sold. Sure it was transferred to an exchange but know one really knows what happened after that.
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#7I am extremely out of the loop on the latest crypto developments / schemes, but
* Where did this foundation get $3B to buy Bitcoin?
* Is there any proof at all that they traded it to a counterparty who actually attempted to prop up UST and didn't just run off with them?
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#8This is a dry run of the Tether (USDT) collapse.
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#9I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.
Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again.
Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.
Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse
#10I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.
Unweathered protocols on eth failing shouldn't affect bitcoin. They're only related insofar as they are both crypto. The $3B in bitcoin sold could have been anything.