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$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

#41

Post by id »

datalopers wrote: post #24
ChrisClark wrote: post #9

Earlier quoted context omitted.

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%.

> The current bubble is definitely over though Why do you say “over”? I see BTC reaching $20k this summer and then falling to <$10k as miners fold.

Even if it goes below $10k, that would be normal price action for Bitcoin. It would start to get interesting if it goes below $1k.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#42

Post by lvass »

vmception wrote: post #17

I mean that was the expected outcome and now people are like “proof of the expected outcome!?!” Following months of outcry about the unsustainable nature of Terra Luna, Do Kwon through his foundation tried to partially collateralize the stablecoin with bitcoin, with a goal of buying up to $10bn of bitcoin. He got $3-5bn (at the time, price changed a lot), and this prolonged the confidence system for one additional mo…

>So it doesnt matter whether we get records from exchanges

It matters a lot. The rumor mill has it LFG directly rescued a few whales in the first sign of crisis. This is a very serious accusation I'd urge no one proclaim without definite proof.

If they concentrated their usage of the reserves to keep the peg earlier, possibly anyone selling below $1 would take an immediate loss and no noticeable depeg would even happen. The way it was handled is extremely useful information to markets and particularly to market makers.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#44

Post by lizknope »

gjvc wrote: post #19
joosters wrote: post #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, “I…

>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! Good observation. I may not be Warren Buffet, but it angers me greatly to see this kind of moronic chatter masquerading as informed opinion on finance or market dynamics.

I just assumed that 99% of the people saying "this is good for bitcoin" are using the phrase as a meme mocking bitcoin and cryptocurrency in general.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#45

Post by px43 »

djantje wrote: post #14

I don't understand, if $3B in bitcoin is sold to save UST we should also be able to see a equivalent of that $3B in Terra/Luna/UST buys? I don't understand crypto, and or how the Luna/UST works, but if you supported/buy something this should be visible, not only in vanished bitcoins, or am I mistaken?

It was supposed to be quicker, and automatic, to prevent the collapse, but it's a relatively new system and still under manual control. In theory some set of humans have been tasked with slowly buying more and more UST to build up confidence, and restore the peg. This can't really happen because LUNA is worth basically zero now, but who knows.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#46

Post by ordinaryradical »

vmception wrote: post #21
joosters wrote: post #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, “I…

> 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! Yes all weekend I had been wondering and cautious based on how much bitcoin was left to sell! Its just a commodity, supply can be faster than demand, specifically when one whale is expected to flood the market Terra Luna rallied 500x (50,000%) off the lows…

Where is this rally you reference? All the charts I can find sink to zero with no significant movement after that point.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#47

Post by seattle_spring »

nathanvanfleet wrote: post #30
georgeecollins wrote: post #8

This is a dry run of the Tether (USDT) collapse.

"Dry" in what way exactly? It seemed rather wet with the enormous amount of loss?

I think you're getting Terra and Tether mixed up. Parent was saying the Terra explosion was a dry run for the forthcoming Tether implosion.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#48

Post by [deleted] »

ChrisClark wrote: post #28
fsckboy wrote: post #25

Earlier quoted context omitted.

> The current bubble is definitely over though with bitcoin hovering ~$30K, still seems like there's air in the bubble. a 50% drop (from $60K) is pretty normal for bitcoin. It could drop a lot more without shaking the confidence of the hodlers

Yeah, I mean the bubble is over, it's not going to $60k. It still can drop a lot further. Am I using the word bubble wrong? Another responded in the same way. I mean it's now definitely a bear market, and going down, not up.

[deleted]

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#49

Post by jandrese »

vmception wrote: post #21
joosters wrote: post #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, “I…

> 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! Yes all weekend I had been wondering and cautious based on how much bitcoin was left to sell! Its just a commodity, supply can be faster than demand, specifically when one whale is expected to flood the market Terra Luna rallied 500x (50,000%) off the lows…

Huh?

https://coinmarketcap.com/currencies/terra-luna/

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#50

Post by zeven7 »

lizknope wrote: post #44
gjvc wrote: post #19

Earlier quoted context omitted.

>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! Good observation. I may not be Warren Buffet, but it angers me greatly to see this kind of moronic chatter masquerading as informed opinion on finance or market dynamics.

I just assumed that 99% of the people saying "this is good for bitcoin" are using the phrase as a meme mocking bitcoin and cryptocurrency in general.

That's true, but then the price does go up on cue anyway. I see it as a way to express frustration that you know it will go up anyway
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