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TerraUSD crash led to vanished savings, shattered dreams

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Re: TerraUSD crash led to vanished savings, shattered dreams

#351

Post by HWR_14 »

SilasX wrote: post #335
HWR_14 wrote: post #329

Earlier quoted context omitted.

> it would mean that others could say “I told you so” about Dai/Compound etc not crashing. No, they really cant. Like, I have no idea what DAI/Compound are, and trivial googling didn't answer. A random counterexample doesn't disprove every famous and/or high market cap coin crashing. To use your market example, if you kept saying tech stocks are overpriced we would judge it based on the performance of the NASDAQ. You…

>No, they really cant. Like, I have no idea what DAI/Compound are, and trivial googling didn't answer. Well ... yeah, that kinda highlights the problem. If you don't know what something is, and are unwilling to learn, and have a hard time with google[1], then no, you don't get to claim vindication as having wisely made an appropriate inference based on valid evidence. Hence my point. To fill you in: articbull's comme…

> you have no idea, but you knew to switch Dai to all caps

I wasn't unable to find anything about DAI/Compound. Google turned up results. I couldn't find succinct enough information to see why it would be uniquely different.

> If you don't know what something is, and are unwilling to learn

I don't have to read 1,000 pages on crystal focusing power with amethyst to dismiss it. At some point the burden is on you to explain simply enough why everything else sucks but this is different for me to continue.

Re: TerraUSD crash led to vanished savings, shattered dreams

#352

Post by SilasX »

HWR_14 wrote: post #351
SilasX wrote: post #335

Earlier quoted context omitted.

>No, they really cant. Like, I have no idea what DAI/Compound are, and trivial googling didn't answer. Well ... yeah, that kinda highlights the problem. If you don't know what something is, and are unwilling to learn, and have a hard time with google[1], then no, you don't get to claim vindication as having wisely made an appropriate inference based on valid evidence. Hence my point. To fill you in: articbull's comme…

> you have no idea, but you knew to switch Dai to all caps I wasn't unable to find anything about DAI/Compound. Google turned up results. I couldn't find succinct enough information to see why it would be uniquely different. > If you don't know what something is, and are unwilling to learn I don't have to read 1,000 pages on crystal focusing power with amethyst to dismiss it. At some point the burden is on you to exp…

All you needed from that reference was that it was another stablecoin and platform that was on solid grounding and didn’t collapse, which was implicit from the original context. It wasn’t a huge leap or research burden.

Re: TerraUSD crash led to vanished savings, shattered dreams

#353

Post by jjav »

RC_ITR wrote: post #206
jmyeet wrote: post #31

I occasionally get asked by relatives and friends of what to invest in. Now I'm no expert but I guess in the valley of the blind the one-eyed man is king. Thing is what I tell them seems to bore them because, well, it's boring. My advice is basically this: Put your money in a broad index fund and don't look at it for 10 years. In giving this advice you start to realize it's not what people want to hear. It's not that…

The problem is: Ask most people today and they’ll tell you Internet stocks were overvalued in 1998. But then you take their IRR since then and you realize you could open a hedge fund and be a billionaire just by buying the ones that were big enough to get time magazine covers, even if you bought at the absolute peak (there are literal billionaires who did basically just this!) So now you have this thing that feels a…

> even if you bought at the absolute peak

If you bought CSCO at its peak in 2000, you're still underwater today 22 years later.

Re: TerraUSD crash led to vanished savings, shattered dreams

#354

Post by jjav »

charlie0 wrote: post #121

Coming from relative poverty, I can say that, counterintuitively, a lot of people way down on the socioeconomic ladder would rather gamble on a moonshot to riches rather than invest in an index fund. One large part of this is simply lack of education. The other part is the realization that if making close to minimum wage, investing in an index fund would still take quite a very long time to go up significantly. Give…

> Give the choice of waiting 40 years for not a huge payoff or gambling your 5K-10K of savings for a potential 10x return in a year or two, it's easy to rationalize the latter.

Indeed. For someone who can save $25/month, if they invest it on an index fund for 40 years, assuming 8% average/year, by the end they have about 87K. Adjusted for inflation 40 years from today, that's won't be much money.

So if you all have left is $25/mo, it's almost more rational to buy lottery tickets with it. Sure you'll almost certainly never win but the investing won't get you much either.

Re: TerraUSD crash led to vanished savings, shattered dreams

#355

Post by HWR_14 »

SilasX wrote: post #352
HWR_14 wrote: post #351

Earlier quoted context omitted.

> you have no idea, but you knew to switch Dai to all caps I wasn't unable to find anything about DAI/Compound. Google turned up results. I couldn't find succinct enough information to see why it would be uniquely different. > If you don't know what something is, and are unwilling to learn I don't have to read 1,000 pages on crystal focusing power with amethyst to dismiss it. At some point the burden is on you to exp…

All you needed from that reference was that it was another stablecoin and platform that was on solid grounding and didn’t collapse, which was implicit from the original context. It wasn’t a huge leap or research burden.

It was claimed that it obviously didn't have the same structural issues as Terra/Luna. That is in no way

> All you needed from that reference was that it was another stablecoin and platform that was on solid grounding and didn’t collapse,

Re: TerraUSD crash led to vanished savings, shattered dreams

#357

Post by hackerfromthefu »

scotty79 wrote: post #324
jmyeet wrote: post #31

I occasionally get asked by relatives and friends of what to invest in. Now I'm no expert but I guess in the valley of the blind the one-eyed man is king. Thing is what I tell them seems to bore them because, well, it's boring. My advice is basically this: Put your money in a broad index fund and don't look at it for 10 years. In giving this advice you start to realize it's not what people want to hear. It's not that…

My current advice would be put, all money in bitcoin and don't look at it till the beginning on 2025. Then put a sale offer for 6x the price for what you bought for to get a conservative return on your investment. Than wait few years for the next crypto crash and when you read heading "Bitcoin is dead" it's time to buy again. https://mobile.twitter.com/cz_binance/status/153864715281303... Unless you believe, that thi…

As the cost of energy rises, the energy to mine crypto rises, while the value of crypto keeps decreasing, I wonder if there's an inflection point where e.g. bitcoin just implodes and vanished because mining is losing money?

Re: TerraUSD crash led to vanished savings, shattered dreams

#358

Post by hackerfromthefu »

randomran01234 wrote: post #337
acdha wrote: post #334

Earlier quoted context omitted.

> 20% returns as you see in Terra is probably ponzi-like, but ETH protocol is not promising free yield for doing nothing, or doubling or tripling your investments. The protocol isn't promising anything. The people promoting it are, however. > > You do in fact have to deal with legal requirements - it’s a requirement for converting into useful money and tax evasion has serious consequences in most of the world. > I ne…

> The protocol isn't promising anything. The people promoting it are, however. Anchor's whitepaper and protocol promises ridiculous yield on USD pegged assets, and it is the basis for the entire Terra/Luna crash.[1] Nobody designing the ETH protocol is claiming that it provides USD pegged yield or will double or triple your investment. The closest thing written into the protocol is a return on the native ETH token fo…

You keep missing important points of ops argument. maybe on purpose?

e.g. You claimed receivers would not need to 'disclose private data to a third party' but as op pointed out the receiver cannot get the DAI into the normal financial system without KYC.

Re: TerraUSD crash led to vanished savings, shattered dreams

#359

Post by hackerfromthefu »

SilasX wrote: post #303
Sprite_tm wrote: post #264

Earlier quoted context omitted.

Until liquidity runs out.

Great, then you should cite evidence of declining liquidity if you want to support the thesis of Tether being about to blow up. FWIW, I agree Tether is flaky and worth avoiding (to the point of having a short), I just cringe at attempts to cite market cap as a meaningful figure on its own.

Can I ask how you short Tether?

Re: TerraUSD crash led to vanished savings, shattered dreams

#360

Post by scotty79 »

hackerfromthefu wrote: post #357
scotty79 wrote: post #324

Earlier quoted context omitted.

My current advice would be put, all money in bitcoin and don't look at it till the beginning on 2025. Then put a sale offer for 6x the price for what you bought for to get a conservative return on your investment. Than wait few years for the next crypto crash and when you read heading "Bitcoin is dead" it's time to buy again. https://mobile.twitter.com/cz_binance/status/153864715281303... Unless you believe, that thi…

As the cost of energy rises, the energy to mine crypto rises, while the value of crypto keeps decreasing, I wonder if there's an inflection point where e.g. bitcoin just implodes and vanished because mining is losing money?

Bitcoin mining difficulty adjusts to the available mining power.

When price of Bitcoin drops. Some miners quit because it's no longer profitable for them. The ones that remain get more of mined Bitcoin for themselves so profitability of their operation increases. Difficulty of mining increases so that blocks are still mined roughly at constant rate.

Network can operate regardless of how many or how few Bitcoin miners operate.

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