221–230 of 339 posts
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For every seller there is a buyer, and many are buying stocks and crypto right now at low prices. And why wouldn't they? The fed is manipulating the market with interest rates, just as they did during Corona. History proves in the long run holding dollars is good for short term stability, but it's a long term loser.
The market is like a theater with a small door.
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> not a single major DeFi protocol failed during a period of enormous stress Was Terra/Luna/Anchor/Whatever not a DeFi protocol?
I guess Anchor and Solend are (retroactively) not "major" DeFi.
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Like stocks, don't confuse short term volatility with long term performance. The fed is expert at manipulating short term valuations, but their manipulations only hold for so long before they have to lower or raise rates again.
Feels like all the crypto marketing has been saying you should get crypto to avoid government manipulation. And yet the government manipulation is just as effective.
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How on earth do you imagine a blockchain makes customer support go away?
There's nothing to support. The block chains immutability means no takebacks. The phone line can just have a message on repeat "Sorry, nothing can be done. The Blockchain is the source of truth." Customers can then just hang up knowing that it's the real world that is wrong and not a thing on chain. This is blockchain realism at its finest.
Yes, blockchain totally solves all these problems...
I worry if people are actually this delusional.
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Their tokens are down, but you don't have to buy them to use the platform, they're basically like shares in a company. I constantly use all those platforms without ever buying their tokens. AMZN being down 30% in the last 6 months has no impact on how useful Amazon or AWS are as products.
What does there platform provide then?
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I didn't buy into them, nor was I the slightest bit surprised. The point is that like most theories about cryptocurrency value that originate with cryptocurrency proponents, they have been shown to be wrong when exposed to the real world. To turn it back on you - I'm not sure why you're upset that a central bank currency is being manipulated, that's entirely the point of such a system, to allow manipulation by steeri…
I'm not upset either. The dollar is a stable because of manipulation though unfortunately over the long term it does lose value. The cost of stability. Crypto on the other hand I do expect to go up over the long term while being short term volatile. Let's check back in five years and see if that's the case.
But I'm also not sure what that has to do with my posts further up, which are saying that another claim about cryptocurrency, that it's a hedge against the stock market and the wider financial system, is wrong. If you're trying to say "Well it might work out, longer term!" then I'm not really sure it qualifies as hedge at that point, you're just talking about another investment which it turns out is quite strongly correlated to the general financial markets.
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Feels like all the crypto marketing has been saying you should get crypto to avoid government manipulation. And yet the government manipulation is just as effective.
The government can short term manipulate the dollar and as a result the dollar value of various assets. That's what causes the short term volatility. Long term though the value of assets resistant to manipulation will go up, while the value of the dollar will steadily go down as it always does.
In fact it seems to be very, very prone to manipulation by all sorts of parties.
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The government can short term manipulate the dollar and as a result the dollar value of various assets. That's what causes the short term volatility. Long term though the value of assets resistant to manipulation will go up, while the value of the dollar will steadily go down as it always does.
Cryptocurrency does not seem to fall into the category of "assets resistant to manipulation". In fact it seems to be very, very prone to manipulation by all sorts of parties.
The point is, Bitcoin will bounce back, the dollar will not.
One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…
Sure, I'll take it a step further. Any storage of your money that doesn't involve you fully controlling your own keys is stupid because it is literally antithetical to the entire purpose of crypto. If you want to let someone else hold on to your money for yield, great. Use something already established, ensured, and proven. But not crypto . Not your keys, not your crypto. How many times must it be said?
And LN doesn't solve this in any way, before anyone claims otherwise.
One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…
Celsius seems to have been either a ponzi scheme, or a group of morons doing dumb speculative investment on margin, or (most likely) both, but I'd like to point out that MakerDAO is down 70% YTD, Aave is down 60%, Uniswap is down 60%, etc, etc. You'd have been better off just buying bitcoin on margin (Since BTC is only down 53% YTD). The point of this post is that you can't make something out of nothing. None of thes…
It's also funny to note that you'd have been better off just buying Turkish Lyra, which is "only" down ~29%. Most fiats, at least in Europe, are down waaaaaay less than that, of course.
So much for crypto as a store of value.