They were leveraged to the tits and paid the price.
Three Arrows Capital has defaulted on a loan worth more than $670M
61–70 of 295 posts
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#62This has been a slow motion trainwreck across crypto twitter (echoed sometimes in financial publications) and this is the first mainstream source out there. Finally. I definitely would like to see more things about specific organizations. Indictments about crypto as a whole just allows poorly run organizations to avoid scrutiny. Now if only there were mainstream news articles about all the things that go right in cry…
> Now if only there were mainstream news articles about all the things that go right in crypto. Legitimate question. What things have gone right in Crypto? I'm excluding individuals getting rich as that can happen due to gambling, etc.
One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be.
When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources:
https://time.com/6155209/ukraine-crypto/
https://apnews.com/article/russia-ukraine-cryptocurrency-tec...
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#63For anyone else enjoying the crypto meltdown, might I suggest the subreddit /r/buttcoin? It's quite enjoyable. https://old.reddit.com/r/Buttcoin/
After looking at it for a moment, it's equally delusional as /r/cryptocurrency. I'm enjoying the meltdown because it flushed out those who believed in nonsense like 'This isn't even close to what will be the all time high' [0] 'Doge to $1 by September 2021' [1], etc. Where are they now? I won't be surprised to see Bitcoin go lower than $10K. This is before regulations and the Tether scam collapsing. [0] https://news.…
> After looking at it for a moment, it's equally delusional as /r/cryptocurrency.
There can be some serious discussion there but it's first and foremost a joke subreddit. Without knowing what you're labeling delusional, there's a good chance it's meant to be taken with a sense of irony.
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#64Without crypto what will be the next delusional get rich quick scheme people will cling to?
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#65Earlier quoted context omitted.
Hot take: It’s fine when it happens to extreme hubris with paper wealth. It is not fine when it was someone unsophisticated chasing the herd who lost a meager sum that was meaningful to them. Comedy vs tragedy. Same thing with Archegos (Bill Hwang) and their rapid failure. It’s the hubris that makes it fun to poke fun, the sun blastin’ Icarus’ wings clean off. (no crypto exposure)
That take is far from hot. Tragedy has two inputs: What happened, and who it happened to.
And comedy has two inputs: pain, and distance
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#66Earlier quoted context omitted.
Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?
People with crypto coins needs other people to be willing to buy them at higher price just slightly later. They keep exploiting fomo for their own gain. I don't think this is moral and a bit of karma is always welcomed.
This isn't necessarily true. A lot of people have held crypto since you could purchase it for single digit American dollars because they believe in the fundamental tenants of crypto - permissionless world financial exchange where the levers and dials of the economic systems are not controlled by world governments.
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#67Earlier quoted context omitted.
Maybe because crypto is burning enormous amounts of fossil fuels at a time when humans are literally destroying the biosphere and for 90% of people involved their motivation is speculation and greed (get rich) not technology or real world applications.
So you finally got to the root of human nature, you're clearly disappointed, and this is your response?
Being happy at the prospect of reduced energy consumption is a reasonable and appropriate response.
That greedy people took a high risk investment in something purely speculative and lost money is inconsequential..
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#68Earlier quoted context omitted.
Because you’d have to be a real dumbass to actually put your life savings in crypto. When I first bought crypto, I put in just enough that if I were to lose it all, it would mean one vacation less and a fewer more meals at home for a few months. The returns are absurd enough that a $10k investment can be life changing. Anything beyond that is just greed and stupidity.
For a lot of people, losing $10K is life-changing
$1.50 can also be life changing when someone does something stupid over it.
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#69I always have mixed feelings when someone is warned about the riskiness / foolishness / stupidity of a course of action, and then suffers for it. On the one hand, there's a certain satisfaction or Schadenfreude in the sense of vindication. And it's pleasant to feel like my own wisdom or self-control has been validated. OTOH, I know that everyone has limited wisdom / self-control / intelligence, including me. So it se…
Hot take: It’s fine when it happens to extreme hubris with paper wealth. It is not fine when it was someone unsophisticated chasing the herd who lost a meager sum that was meaningful to them. Comedy vs tragedy. Same thing with Archegos (Bill Hwang) and their rapid failure. It’s the hubris that makes it fun to poke fun, the sun blastin’ Icarus’ wings clean off. (no crypto exposure)
One of the things I noticed in the whole Terra/Luna drama is that there were lots of people on Twitter who seemed downright confused. People who didn't know where their money went or why. People who had complicated arrangements where their holdings were in the wrong kind of thing to get the 2.0 airdrop who hardly seemed to understand what they were talking about well enough to ask coherent questions.
Those people make me sad. They got fleeced. Maybe they got lured in by the promise of easy money and should have known better, but that doesn't make it pleasant to watch lambs driven to the slaughter.
The other kind, the ringleaders and the ones gloating "HFSP" during more bullish times. That's comedic gold.
Re: Three Arrows Capital has defaulted on a loan worth more than $670M
#70Earlier quoted context omitted.
USDD isn't like Terra. It's not actually an algorithmic stablecoin, it's just 'His Excellency' Justin Sun messing with people. There's no redemption mechanism (which is what lead to the UST collapse) and the creation is limited to a few authorized participants - notably Alameda. Sun can restore the peg pretty much at will for a few million bucks. [edit] To be clear I maintain you should stay as far away as humanly po…
Yeah, don’t short USDD (at least not yet). If Justin using His Excellencies personal wealth to bail out His Excellencies stablecoin sideproject, wait at least until the market cap goes beyond what he can bail out. It’s currently 3x over collateralized, you will lose.
Sort of, I believe they count anything they put in their burn address towards the 'overcollateralization' - but my point is also that redemptions are turned off. No matter how much collateral they have there's no mechanism to turn 1USDD into 1USD worth of any collateral at all. Conducting open market operations (buying up USDD in the market) is significantly cheaper than redeeming them. Last I checked it would cost about $30M to restore the peg in open market operations.