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Invisiblebudmanman
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Posts: 18,116
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: nooneman]
    #27783769 - 05/19/22 02:39 AM (1 year, 10 months ago)

There is also billions of USDT being withdrawn from the market rapidly because people are losing faith in all stable coins weather they are claimed to be backed or not.


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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InvisibleLotKid
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Registered: 01/07/17
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: nooneman]
    #27783822 - 05/19/22 05:23 AM (1 year, 10 months ago)

Quote:

nooneman said:
I have a theory about why crypto tanked after luna tanked. When luna tanked, they dumped billions worth of bitcoin almost overnight. This near instant dumping of billions worth of bitcoin tanked the value of bitcoin with other cryptos following. It'd be like if a whale suddenly sold billions worth of stocks in one day, it would probably be enough to tank the company involved kicking off a wider market dip.

Granted, there's also the fact that crypto is following the wider stock market which is also falling, but the thought about luna dumping billions of bitcoin in short order affecting the market for bitcoin occurred to me.



They prolly made most the their sales OTC which doesnt effect the price. Cant just market dump billions on coin base or something. The amount of slippage would be crazy.


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:mushroom2: LotKid's PE Tips        :shpongle:    LotKid's Chocolates :mushroom2:
:dancingbear: :dancingbear:

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Invisiblebudmanman
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: LotKid]
    #27784313 - 05/19/22 01:34 PM (1 year, 10 months ago)

https://www.protocol.com/bulletins/tether-stablecoin-crypto-crash


“Since May 11, Tether successfully processed $7 billion of USDT redemptions for verified individuals,” the Tether company said in a blog post. “Every redemption request which was submitted was redeemed in full.” The company said it has sought to ensure that “it always has at hand a liquid portfolio of assets to manage redemptions, even in a bank-run scenario.”


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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OfflineTripsurfer
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: budmanman]
    #27784487 - 05/19/22 03:30 PM (1 year, 10 months ago)



--------------------
Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.


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InvisibleFiery
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: budmanman]
    #27784653 - 05/19/22 05:30 PM (1 year, 10 months ago)

SO what, they were able to cash out 7 billion tether?

How much tether is out there? 10 times that much? 20? I honestly don't know.


They are saying they can survive a "bank run"... how much money would that be?

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Offlineashfiken
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: LotKid]
    #27784753 - 05/19/22 06:42 PM (1 year, 10 months ago)

Kucoin.
Just sent all my small accrued crypto funds to this account to allocate at the dip we currently are witnessing.
I either forgot(little chance in a matter of days and it being numerical only 2 options I would make passkey)? or didn't even set up, one "trading password" and when trying to execute trades and retrieve password, even with email and 2fa verification verified(which once was enough for kucoin)

NOW it asks for kyc identity verification.
Fuck em this makes no sense.

As soon as I find a platform I feel safe at, it's pulled from under me.
All of a sudden when more.than a few bucks is deposited, KYC.


--------------------
hmm...

"I'm naked and fearless... And my fear is naked."

"life isn't worth living without the threat of death"

"I got my plans in a ziploc bag, let's see how unproductive we can be"

"nobody lives their lives fully except for bull fighters"

My Trade List

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Offlineashfiken
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: ashfiken]
    #27784756 - 05/19/22 06:44 PM (1 year, 10 months ago)

What is top defi platform.
IDC if it's onyon or I gotta VPN or what there's no way it's down to nobody keeping KYC out of it. There has to be some decent volume defi exchanges out there


--------------------
hmm...

"I'm naked and fearless... And my fear is naked."

"life isn't worth living without the threat of death"

"I got my plans in a ziploc bag, let's see how unproductive we can be"

"nobody lives their lives fully except for bull fighters"

My Trade List

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InvisiblePatrickKn
I'm a teapot

Registered: 07/10/11
Posts: 20,677
Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: ashfiken]
    #27785007 - 05/19/22 10:14 PM (1 year, 10 months ago)

Uniswap, Pancakeswap, Sushiswap are all fairly established. There's tons of others.

You don't generally need to hide your identity to avoid anything or to access any websites, DEFI exchanges typically do not follow the same rules as legal exchanges. In many cases they are run completely anonymously and through a series of smart contracts, so legal compliance is really hard for governments to establish.

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Invisiblebudmanman
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: ashfiken] * 1
    #27785076 - 05/19/22 11:24 PM (1 year, 10 months ago)

Quote:

ashfiken said:
Kucoin.
Just sent all my small accrued crypto funds to this account to allocate at the dip we currently are witnessing.
I either forgot(little chance in a matter of days and it being numerical only 2 options I would make passkey)? or didn't even set up, one "trading password" and when trying to execute trades and retrieve password, even with email and 2fa verification verified(which once was enough for kucoin)

NOW it asks for kyc identity verification.
Fuck em this makes no sense.

As soon as I find a platform I feel safe at, it's pulled from under me.
All of a sudden when more.than a few bucks is deposited, KYC.




This is why God made defi


--------------------
Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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OfflineTripsurfer
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: budmanman]
    #27785285 - 05/20/22 06:07 AM (1 year, 10 months ago)

Yall think it would a good idea to put some money in Luna now before this planned fork and airdrop.

Airdrop supposedly will be determined by current holdings and right now its cheap


--------------------
Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.


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Offlinesyncro
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: Fiery]
    #27785543 - 05/20/22 11:05 AM (1 year, 10 months ago)

Quote:

Fiery said:
SO what, they were able to cash out 7 billion tether?

How much tether is out there? 10 times that much? 20? I honestly don't know.


They are saying they can survive a "bank run"... how much money would that be?




I've heard recently tether is over-collateralized. In an attempt to confirm, I found their latest independent accountant report, dated March '22, stating,

• The Group’s consolidated assets exceed its consolidated liabilities.
• The Group’s consolidated reserves held for its digital assets issued exceeds the amount required to redeem the digital
asset tokens issued.
https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf

Also reports from last year said they issue tether loans for main crypto collateral like bitcoin. Though they were said to be over-collateralized by 30%, and maintain it through margin calls, it was given as a warning sign.

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Invisibletrees
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: syncro] * 3
    #27785671 - 05/20/22 12:35 PM (1 year, 10 months ago)



--------------------
Trees is dead, this is his mum posting



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Offlinesyncro
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: syncro]
    #27785776 - 05/20/22 01:34 PM (1 year, 10 months ago)

^ Also from that report

Our findings as of 31 March 2022, at 11:59 PM UTC are:
• The Group’s consolidated total assets amount to at least USD 82,424,821,101 and the asset breakdown set out in the CRR is materially accurate.
• The Group’s consolidated total liabilities amount to USD 82,262,430,079 of which USD 82,188,190,813 relates to digital tokens issued.

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OnlineManianFH
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #27786147 - 05/20/22 07:41 PM (1 year, 10 months ago)

Quote:

geokills said:
I don't typically like to flaunt numbers, but in the interests of transparency (and just to do a little venting), I need to share this personal account...

My locked LUNA-UST liquidity provider position on Astroport now has 33,000 LUNA's in it (and 1,500 UST), and is worth around $1000.  This position was approaching $200K a month ago.  I was able to salvage about $6K out of my unlocked Astroport governance token airdrop, even as a couple of weeks ago it was worth almost $50K.  My staked LUNA, formerly worth upwards of $100K is still amidst its 21 day "unbonding" process, initiated when the asset was trading north of $80.

I always knew crypto was a wild ride, but I honestly did not expect to get smacked with this level of losses almost overnight.  In conjunction with ancillary losses from the drawdown on the entire market, I'm seeing about $650K wiped off the books inside of a month.  By far the fastest/worst loss I've ever experienced over 20 years of trading.  The market sure can get real, real quick!

As an aside, I'm sure some of you recall me reporting on how pleased I was with my participation in LUNA and the associated Astroport lockdrop over the past months.  In fact, I was internally annoyed by not having participated more heavily, as it seemed like such easy money.  Well therein lay the lesson folks.  Easy come, easy go.  Sometimes things are clearly just a little too good to be true.  This also serves as a humbling reminder of why it is so important to maintain diversified allocations and to rebalance incrementally.  Some concentration is admittedly important for outperformance, but too much concentration and you risk completely blowing yourself up.

Fortunately, I will live to trade another day and this loss doesn't pose any threat to my lifestyle, but this was nevertheless an expensive reminder of the lessons I've had to re-learn a few times over, always the hard way.




Not to resurrect any old pain, but just wanted to comment on this now that I am catching up on the threads. On one hand, dude sorry for that loss - we are all recipients of a recent beating by just about every market, unless one is shorting all fronts. But this I hope can be a reminder to people who are feeling especially down on losses, it happens to everyone, and even the best of the best (and Geo is certainly the most experienced trader I know - more importantly a very honest and transparent trader, for the greater good).

FWIW I am down maybe about 70% in my crypto accounts, and 30% in my Roth, and somehow LOL 40% in my 401k with all fund allocations. Honestly the only thing on my mind is a desire to find more money to invest. Through years of training pain I more or less have become an investment vampire, and red charts just make me lust for MORE!!!!

Just dropeed 2k into my crypto account, and will be distributing accordingly:

BTC 50% (buying incrementally)
ADA 20%
SOL 20%
XLM 10%


In a separate account might pick up some more KOIN - trading at .30


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."

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OfflineEnkidu
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH]
    #27786219 - 05/20/22 09:16 PM (1 year, 10 months ago)

I would not risk Luna personally but that seems like too much of a gamble in a difficult market atmosphere to me

Going to be equal risk reward likely

Personally I'll be sticking with high profile coins that haven't gone from $100 to a decimal

Long term who in their right mind will invest

It just doesn't make sense

They'd be better off jumping ship to an existing coin, if do kwon or whatever wasn't the one who ran the bank himself, that is


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:

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InvisibleFiery
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
    #27786262 - 05/20/22 10:18 PM (1 year, 10 months ago)

Quote:

Enkidu said:
I would not risk Luna personally

Long term who in their right mind will invest

It just doesn't make sense







Yeah, that makes good sense. Except that I created a Kucoin account just to buy some and wasted like 3 hours just to only be able to transfer $25 lol. and then to see that go to much much lower.


It was worth every penny IMO I have access now to these avenues, thanks to you guys gals and Others.


You all rock! SOrry you all lost so much money, just stay strong and stay on top of it, and diversify. Do not risk your emergency cash to invest..

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Invisiblebudmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
    #27786263 - 05/20/22 10:20 PM (1 year, 10 months ago)

Lunas dead cat bounce was disappointing, I am surprised how weak it was considering how many billions of dollars was being traded on it.


--------------------
Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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InvisibleFiery
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
    #27786264 - 05/20/22 10:20 PM (1 year, 10 months ago)

I'm betting the 70% of my $500 portfolio on Stellar Lumens... I got in at like 13 cents.


I know I could probably lose it all but I'm just watching

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Invisiblebudmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman] * 5
    #27786268 - 05/20/22 10:24 PM (1 year, 10 months ago)



--------------------
Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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Invisiblebudmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
    #27786269 - 05/20/22 10:25 PM (1 year, 10 months ago)

Quote:

Fiery said:
I'm betting the 70% of my $500 portfolio on Stellar Lumens... I got in at like 13 cents.


I know I could probably lose it all but I'm just watching





It might go down but in the long run you are not going to lose shit.


--------------------
Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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