|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: syncro] 1
#27774041 - 05/12/22 01:21 PM (1 year, 8 months ago) |
|
|
Luna hit a penny what is that a 99.99% downturn?
-------------------- 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.
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#27774045 - 05/12/22 01:22 PM (1 year, 8 months ago) |
|
|
SO that must mean that it's going to die completely right?
Or is now the time to buy?
|
syncro
Registered: 01/14/15
Posts: 2,697
Last seen: 44 minutes, 33 seconds
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: syncro]
#27774051 - 05/12/22 01:26 PM (1 year, 8 months ago) |
|
|
Like right now biswap offers around 7.5% for usdt/usdc liquidity, 8.5% for busd/usdt. Average joe can get it with his bit. I don't know how else in the US we can earn that just saving dollars since the SEC pulled us from cefi.
Edited by syncro (05/12/22 01:47 PM)
|
geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
Loc: city of angels
Last seen: 6 hours, 24 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken] 1
#27774100 - 05/12/22 01:51 PM (1 year, 8 months ago) |
|
|
Quote:
ashfiken said: Aren't all coins bought with traditional assets? Ie dollars euro or whatever the native currency is to the buyer, making every coin "backed" by basically the same financial means, aside from the stable coins with this corporate debt backing?
With this being the case isn't it our goal of crypto to decentralize and a stable coin has no place in that?
Not all coins are bought with traditional financial assets. For example, coins are created and distributed in exchange for participation in the chain's consensus mechanism, which today is comprised primarily of Proof of Work (in which case you are committing energy in exchange for the block reward) or Proof of Stake (in which case you are committing and risking existing ecosystem capital alongside your own trust in exchange for the block reward). Coins can also be obtained through sale or barter, which is far from a traditional, let alone regulated, financial instrument.
It is also of import to note that "buying" a coin is very different from the mechanisms "backing" a coin. Stable coins maintain a relatively consistent peg because they represent an offer for a predetermined exchange of assets, in most cases, the US Dollar. In order to do this, the issuer of the coin must carry an an amount of the exchange asset (e.g. the US Dollar) equivalent to the number of coins issued. To understand why these coins are attractive, we must consider the exchange gatekeepers and their relative inefficiency in allowing for conversions between the crypto and fiat currency systems. Which is to say, converting to fiat directly requires you to have an exchange account setup, and in order to transact or withdraw in any appreciable capacity, you also need to jump through personal verification measures (e.g. KYC or "Know Your Client" regulations) that will delay your ability to transact. And unless and until we can pay for anything everywhere with bitcoin and its volatility contracts markedly, investors as well as ecosystem participants who are in it for the ethos of the novel system, still need a way to relate its value by more conventional measure.
Crypto based stable coins pegged to fiat exist because they can be directly integrated into Decentralized Finance (i.e. DeFi) applications, and do not require having to run through the considerable delay and custody/trust risk of using a conventional exchange. In essence, stable coins are why decentralized finance is flourishing, as free floating crypto (i.e. coins whose value is determined strictly through supply and demand dynamics) are exceptionally volatile, and in order for a financial system to function well over time, there needs to be some measure of expected stability in base value transfer. Perhaps bitcoin or some other crypto will eventually realize that role, but for now, speculation is rampant and stable coins are a way to facilitate the sorts of financial arrangements we are accustomed to as a society.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
#27774149 - 05/12/22 02:27 PM (1 year, 8 months ago) |
|
|
Quote:
Fiery said: SO that must mean that it's going to die completely right?
Or is now the time to buy?
That depends on what the mechanism is that is driving its price down.
-------------------- 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.
|
geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
Loc: city of angels
Last seen: 6 hours, 24 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 6
#27774150 - 05/12/22 02:28 PM (1 year, 8 months ago) |
|
|
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.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 1
#27774155 - 05/12/22 02:32 PM (1 year, 8 months ago) |
|
|
That's a lot of money to lose on a rug pull
-------------------- 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.
|
nooneman


Registered: 04/24/09
Posts: 14,555
Loc: Utah
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27774156 - 05/12/22 02:32 PM (1 year, 8 months ago) |
|
|
Ouch geokills, I'm so sorry.
|
LotKid
Never.Trust.A.Prankster



Registered: 01/07/17
Posts: 8,169
Loc: Shakedown St.
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: nooneman]
#27774174 - 05/12/22 02:44 PM (1 year, 8 months ago) |
|
|
|
dyel



Registered: 10/15/21
Posts: 920
Last seen: 14 hours, 23 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: nooneman]
#27774179 - 05/12/22 02:49 PM (1 year, 8 months ago) |
|
|
is it truly backed by physical gold? or just some fake peg like usdt?
|
ashfiken
TotalCrazyasshole


Registered: 09/06/06
Posts: 3,072
Loc: SCranton
Last seen: 6 hours, 54 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27774199 - 05/12/22 03:05 PM (1 year, 8 months ago) |
|
|
Quote:
geokills said:
Quote:
ashfiken said: Aren't all coins bought with traditional assets? Ie dollars euro or whatever the native currency is to the buyer, making every coin "backed" by basically the same financial means, aside from the stable coins with this corporate debt backing?
With this being the case isn't it our goal of crypto to decentralize and a stable coin has no place in that?
Not all coins are bought with traditional financial assets. For example, coins are created and distributed in exchange for participation in the chain's consensus mechanism, which today is comprised primarily of Proof of Work (in which case you are committing energy in exchange for the block reward) or Proof of Stake (in which case you are committing and risking existing ecosystem capital alongside your own trust in exchange for the block reward). Coins can also be obtained through sale or barter, which is far from a traditional, let alone regulated, financial instrument.
It is also of import to note that "buying" a coin is very different from the mechanisms "backing" a coin. Stable coins maintain a relatively consistent peg because they represent an offer for a predetermined exchange of assets, in most cases, the US Dollar. In order to do this, the issuer of the coin must carry an an amount of the exchange asset (e.g. the US Dollar) equivalent to the number of coins issued. To understand why these coins are attractive, we must consider the exchange gatekeepers and their relative inefficiency in allowing for conversions between the crypto and fiat currency systems. Which is to say, converting to fiat directly requires you to have an exchange account setup, and in order to transact or withdraw in any appreciable capacity, you also need to jump through personal verification measures (e.g. KYC or "Know Your Client" regulations) that will delay your ability to transact. And unless and until we can pay for anything everywhere with bitcoin and its volatility contracts markedly, investors as well as ecosystem participants who are in it for the ethos of the novel system, still need a way to relate its value by more conventional measure.
Crypto based stable coins pegged to fiat exist because they can be directly integrated into Decentralized Finance (i.e. DeFi) applications, and do not require having to run through the considerable delay and custody/trust risk of using a conventional exchange. In essence, stable coins are why decentralized finance is flourishing, as free floating crypto (i.e. coins whose value is determined strictly through supply and demand dynamics) are exceptionally volatile, and in order for a financial system to function well over time, there needs to be some measure of expected stability in base value transfer. Perhaps bitcoin or some other crypto will eventually realize that role, but for now, speculation is rampant and stable coins are a way to facilitate the sorts of financial arrangements we are accustomed to as a society.
Ah it provides liquidity and basically IS defi, is what it sounds like and that makes a lot more sense to understand it's use as a gateway amongst non-kyc exchanges. And the initial kind of distribution you described is basically ICO issues right? Also I get mining is obtaining thru proof of work but I guess I relate that to traditional financing bc in the end you are still are paying dollars(maybe BTC for the latter) for electricity and equip. And proof of stake (like what eth2) is supposed to have? I guess where I begin to beg the question is how to obtain a proof of stake coin(the coins being staked) without in some form or fashion still in the end buying it? I understand the staked coins would provide your contribution and therefore rewards to the ecosystem. I guess just how you would have eth 2 without buying eth 2 unless you did the eth1 holdover or whatever (like on kraken), which still results in a traditional purchase? At least for me, say, I had a little bit of eth and I put it in the eth 2 lockup, so I will have some when 2.0 comes but once proof of stake how would I grow my stake? Barter or selling goods or services for eth2.0? Will it be purchasable. I dunno Itd hard for me to understand the depths of some of this stuff bc it's hard to find time to learn it all!!!
Seeing it in the way you described tells me it is an important on ramp for many.
-------------------- 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
|
CHeifM4sterDiezL
Chief Globerts

Registered: 07/28/10
Posts: 22,534
Loc: United States
Last seen: 1 hour, 19 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27774232 - 05/12/22 03:26 PM (1 year, 8 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.
Don't feel too bad bud I know a few people who were millionaires on paper in you regular Ole securities one day only to have it all vaporize seemingly the next
|
TheFakeSunRa
Bitch Splitter



Registered: 03/01/05
Posts: 16,449
Loc: Dirdy SOUF
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: CHeifM4sterDiezL]
#27774434 - 05/12/22 06:02 PM (1 year, 8 months ago) |
|
|
Anytime your investment is up like 25% or more in less than a year at least start skimming the profits. If you’re too hodl to do that at least sell half at 200% and if it keeps going to the moon you can do it again. I know ultimately it’s less profit on a moonshot if it happens but I don’t need a phd in finance to know you ain’t made a goddamn cent until you sell.
I don’t care how little experience I have. If learning more makes me forget to take my goddamn profits I don’t want to fucking know.
-------------------- [quote]Asante said: You constantly make posts thatr fling middle school insults at people you don't like mixed in with maladjusted psychopathic comments about wanting to beat up the other poster with a crowbar. You know how shit you are, you just don't give a fuck for precisely that reason. I disendorse you.[/quote]
|
geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
Loc: city of angels
Last seen: 6 hours, 24 minutes
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken]
#27774461 - 05/12/22 06:25 PM (1 year, 8 months ago) |
|
|
Quote:
ashfiken said: Ah it provides liquidity and basically IS defi, is what it sounds like and that makes a lot more sense to understand it's use as a gateway amongst non-kyc exchanges.
Not non-KYC exchanges specifically, but as a necessary utility for decentralized/smart-contract blockchain based exchanges and other blockchain based financial services (some of which may still require KYC). While die hard crypto enthusiasts may choose to use BTC as their base currency, a lot of folks prefer something more analogous to traditional currency which is a relatively stable store of value, and one that they can easily relate to with regard to their financial goals.
Quote:
I get mining is obtaining thru proof of work but I guess I relate that to traditional financing bc in the end you are still are paying dollars (maybe BTC for the latter) for electricity and equip.
Well, maybe. A lot of people mine with the equipment they already use for their regular gaming or graphics-intensive-work related computer. In which case the cost is already sunk. In my case, I'm also using excess power produced by my solar panels which I would have to sell wholesale to my local utility provider if I don't use it. So I don't necessarily see mining as equivalent to "buying" an asset, anymore than I see a ceramic artist who uses their wheel to make beautiful pottery as "buying" their creations. Stable coins, functioning properly, maintain a value equivalent to their reserves. And you can demand that reserve directly from the issuer. Both Tether and USDC will pay you out in an equivalent amount of fiat if you wish to submit your stable coins directly to them. Thus, the stable coins are "as good as fiat", but even better with regard to integration in decentralized finance applications.
Quote:
And proof of stake (like what eth2) is supposed to have? I guess where I begin to beg the question is how to obtain a proof of stake coin(the coins being staked) without in some form or fashion still in the end buying it? I understand the staked coins would provide your contribution and therefore rewards to the ecosystem. I guess just how you would have eth 2 without buying eth 2 unless you did the eth1 holdover or whatever (like on kraken), which still results in a traditional purchase? At least for me, say, I had a little bit of eth and I put it in the eth 2 lockup, so I will have some when 2.0 comes but once proof of stake how would I grow my stake? Barter or selling goods or services for eth2.0?
Of course, you need to initially acquire cryptocurrency, whether that be through barter/trade for other goods or services, through a fiat based exchange transaction, or through mining. Once you have a major cryptocurrency, you can typically convert it to other major cryptocurrencies through the various DeFi platforms that are up and running. From there, if you stake or delegate your holdings for staking in a Proof of Stake network, you can re-stake your rewards as they come in, thus compounding the yield and growing your total stake without contributing any new capital.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27774499 - 05/12/22 07:03 PM (1 year, 8 months ago) |
|
|
Quote:
geokills said:
I always knew crypto was a wild ride, but I honestly did not expect to get smacked with this level of losses almost overnight.
lessons I've had to re-learn a few times over, always the hard way.
It's crazy that this actually happened, and might even go without consequences.
I don't like regulations myself, but when something like this happens, you know a very select few probably made a fortune off of this, where as everyone else saw their gains melt away sooooooo fast to almost nothing
Is that true what I am saying that LUNA going bust made SOMEONE a whole lotta money?
If so , who is that person/group of people, AND if so, is there any way to hold them accountable ?
Because not everyone is smart as you Geokills and some people didn't diversify as much as you have... so
Who is responsible beyond just the investor for making poor decisions?..
I feel like there's going to be a pretty big witch hunt over who is responsible for this. And we know how to find them: follow the money.
|
Grimsweeper
don't fear the sweeper


Registered: 01/29/18
Posts: 4,843
Loc: broom closet
Last seen: 6 days, 9 hours
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
#27774522 - 05/12/22 07:28 PM (1 year, 8 months ago) |
|
|
Sorry for your loss geo. Fortunately I only had a few hundred bucks in LUNA.
Also had to pay out 20k in taxes for 2021 for what was a profitable year but got hit hard in 2022. Won't put me out too much but there'll be some lifestyle adjustments until it's appropriate to sell some investments.
-------------------- When you clean a vacuum cleaner you are a vacuum cleaner Build yourself a Flow Hood in these 99 simple steps
 
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
#27774552 - 05/12/22 07:45 PM (1 year, 8 months ago) |
|
|
Quote:
Fiery said:
Quote:
geokills said:
I always knew crypto was a wild ride, but I honestly did not expect to get smacked with this level of losses almost overnight.
lessons I've had to re-learn a few times over, always the hard way.
It's crazy that this actually happened, and might even go without consequences.
I don't like regulations myself, but when something like this happens, you know a very select few probably made a fortune off of this, where as everyone else saw their gains melt away sooooooo fast to almost nothing
Is that true what I am saying that LUNA going bust made SOMEONE a whole lotta money?
If so , who is that person/group of people, AND if so, is there any way to hold them accountable ?
Because not everyone is smart as you Geokills and some people didn't diversify as much as you have... so
Who is responsible beyond just the investor for making poor decisions?..
I feel like there's going to be a pretty big witch hunt over who is responsible for this. And we know how to find them: follow the money.
This is investing. 99% of investment traders lose money.
-------------------- 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.
|
TheFakeSunRa
Bitch Splitter



Registered: 03/01/05
Posts: 16,449
Loc: Dirdy SOUF
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#27774563 - 05/12/22 07:51 PM (1 year, 8 months ago) |
|
|
Source?
-------------------- [quote]Asante said: You constantly make posts thatr fling middle school insults at people you don't like mixed in with maladjusted psychopathic comments about wanting to beat up the other poster with a crowbar. You know how shit you are, you just don't give a fuck for precisely that reason. I disendorse you.[/quote]
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#27774578 - 05/12/22 07:56 PM (1 year, 8 months ago) |
|
|
Quote:
budmanman said:
This is investing. 99% of investment traders lose money.
I disagree...
I guarantee you if some major stock did this , THIS FAST, there would be some type of criminal investigation going on with all the government trading regulations and some sort of scheme would be uncovered.
Someone got filthy rich off this.
Something really fishy happened here I just don't know what.
If anyone can explain what they think, that'd be great.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: TheFakeSunRa]
#27774590 - 05/12/22 07:59 PM (1 year, 8 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.
Edited by budmanman (05/12/22 08:00 PM)
|
|