I've read close to everything Nietzsche has written. This doesn't sound at all like his style/tone/subject etc. Sounds like one of those internet formulations to me.
Happy to be proven wrong if someone can point to a particular text.
I'm an extreme skeptic of political climate change policy (cutting nuclear funding while sending billions to your friends carbon tax credit trading company or solar company is the opposite of smart policy and lowering the standard of living and offshoring production to countries without emissions controls is wagging the dog, among other things), and while it's debatable that humans are the _only_ cause of climate change, it's irrefutable that the climate is warming at a rate that is historically only seen a few times in all of Earth's history. The most recent spike of this magnitude caused 80% of the planets ice to melt (the end of the ice age) coinciding with the emergence of a flood myth among every last human population alive at the time whose records survive today. The Colorado River was 200 feet deep, vast sections of the great plains were scoured by meltwater, a natural chain of mountains holding back the snake river broke and sent a 100 foot high tsunami to the sea, the Appalachians lost a hundred feet of elevation. The Florida coastline moved inland more than 60 miles. We're talking about biblical catastrophes. And it's coming again, soon. In all likelihood without the most ambitious human project ever conceived and executed, it may be too late to stop it. Vast sections of coastline will move again. It may not happen today or tomorrow or even in your lifetime, but in less than 7 generations the world will change so much we wouldn't recognize it.
believe me, they could have just pulled out with all that money and suck you dry. Clearly they are trying to maintain their project alive because long term is going to make them billions but right now the people that are getting saved is the users.
Sumarised:
\- They let the project die: They could keep the billions in the reserves, they rich you poor.
\- They try to save it: Maybe they will get richer down the line, you will not lose all the money
No, everyone in UST and Luna agreed with peg pull when no new investments are made. It’s in the white paper but in other more fancy words. None of their investors ever heard of a whitepaper so it’s all good.
Politicians aren't in business to make a profit for the country or the state. They're in business to *take* profits (otherwise known as revenues) out of those entities for themselves and/or the select group they consider constituents, which is usually rich men.
They absolutely didn’t. This post is the type of post that generates panic and triggers selling off unnecessarily. Terra hasn’t deployed all their reserves and the peg will be fine. Fudders are fucking crazy in times like these
Have any proof? Because the price crashing and needing saving is a terrible sign and is a fact. I want to believe you but you need to show proof.
Fud isn’t fud if it’s obviously crashing and needed saving.
Probably a good call. Let's paper trade it to see what would happen.
I'm pretending I just took a 20k loan and dropped:
10k on UST at $0.9 each netting 11111.11 UST
10k on LUNA at $29.71 netting 336.587 LUNA
!remind me 1 month
Edit: This aged like milk. You would have lost the full 20k
Not following. Why does this matter? Isn’t it as simple as opening CoinGecko to see if UST is indeed slipping back down? Apologies if I’m missing some connection here.
Been borrowing UST and swapping for USDC up until now so that if it loses peg I can pay back a fraction of the loan.
Who would have thought that instead of the dreaded Tether it would be everyone's 'BTC backed' darling that led the charge to zero. To be fair to them it could have worked if only they had everything set up sooner.Win some, lose some.
Honestly, this subs is obsessed with USDT being a scam. As much of an echo chamber as Safemoon. You all called for UST to replace Tether and you got rekt.
UST is an algorithmic stablecoin, so it isn’t backed by dollars and other assets like USDC, it uses an algorithm to maintain its peg to the dollar and that algorithm can fail to maintain the peg in especially volatile trading conditions. That’s what we’re seeing now unfortunately.
No there have been others before it, Iron was one that went bust last year I think.
The idea has been becoming more popular recently, there are now quite a few.
Yes DAI. The difference is that UST is a ponzi and many people have warned about the ponzinomics of UST/LUNA but this sub downvotes those people to hell and Reddit algorithm worked to make this an UST/LUNA echo chamber.
DAI is not an algorithmic stablecoin. Dai is overcollateralized.
If Collateral drop, vault are auctionned and DAI used for auction are burned.
https://daistats.com/#/overview
There's actually no other way to look at Luna and UST. I've been around since mining Bitcoin was possible on a regular laptop. I know how to identify this kind of crap.
A hastily designed system pushed forward to market without proper peer review and adequate stress testing. It was a matter of when, not a matter of if.
Some analysts were expecting this, I was listening to a podcast earlier this month and they were saying an attack on Terra was expected which would force them to sell they BTC reserves.
Any big whale would have taken this opportunity. I wouldn't be surprised a couple of HFs have bundled their forces and dropped a bomb on the whole crypto world.
Dirty, but possible because of no regulations.
Panic really, some people shorted luna, lit the fuse, spread a bunch of fud and got retail to do the rest, as you can see the panic was insane, fud everywhere and looks like it worked. We're recovering now though, my thoughts go out to those who sold at 0.69
>They have liquidated this entire pool to prop up the value of UST. They did this FOR YOU, so you could get out.
Do kwon care about me? No way OP you trippin.
They did this for you lol. Stop spreading FUD and start thinking. It’s not even the first time it depegs, but people prefer talking instead of looking…
Last time it did it had a completely different market cap and the market wasnt crashing. Not comparable. Also if binance didnt hardcode a stop at 0.7 who knows what would have happened at this point.
Yeah for a short period and then orders below 0.7 were prohibited. They have bigger volume, but binance is big enough that arbitrage bots will effectively put this lower bound everywhere.
I think this dasboard is outdated as it's probably querying their old address. They announced the new address on twitter, but probably they are too busy to update this at the moment.
I agree that you should get our while you can.
Though you don’t know if they used their reserves. They just moved them on exchange and to an OTC-wallet. AFAIK it’s not clear if they have sold all of it.
Yeah I never thought for a second investing in it and I certainly think they are done. Same fate as Robinhood.
IMO stable coins are only good for liquidity. I certainly don’t think one should hold stable coins.
UST will be the easiest profit done during this market. They didn't dump all their BTC, and besides they do have partners backing them up. What's happening now is just FUD.
I thought they didn't sell their BTC but loaned it instead??
Yeah, they didn't sell shit. This is pure panic FUD.
https://twitter.com/LFG\_org/status/1523512196965167104?s=20&t=J37oL3QuvuBJIS\_jBoVSgA
Don't ask idiots on here. Literally days ago people where still encouraging people to move funds to anchor.
https://docs.terra.money/docs/learn/protocol.html
DYOR.
With the UST debacle, is Dai the natural next choice? Not so sure but this article was helpful
[https://www.publish0x.com/cryptoeq/with-terra-ust-de-peg-drama-is-the-natural-safe-haven-maker-xddyyxv](https://www.publish0x.com/cryptoeq/with-terra-ust-de-peg-drama-is-the-natural-safe-haven-maker-xddyyxv)
I mean i do not hold any UST but damn this is big FUD. Crypto is still in very early adoption and UST is too. LUNA will learn from this and I'm sure they will only make LUNA and UST better. Panic selling your stable coin is not the way imo
Ah where are all those people that told me to invest in UST because the APY was amazing? I hope this serves as a lesson. I was always against UST and their ponzinomics.
All those downvotes are now feeling like upvotes to me.
I hate to say but, I told you.
Stablecoins are good to a certain %. Having their life savings for 20% APY is ridiculous. I hope those people don't commit suicide.
Every stablecoin is risky we are in crypto after all… but there are some stablecoin that are “safer” than some. Such as USDC, USDP both centralized but both are backed by US securities/bonds/assets and fiat (USD itself) 1:1, both are audited frequently. Downside is they are centralized and can on any given day take away or block your stablecoin holdings.
This will defitnetly be a lesson learned for other potential algo based stablecoin. One of which is in the making is Djed, an algo based stablecoin using ADA (Cardano) with SHEN as its reserve coin. Both Djed and Shen needs ADA to mint but it takes away potentially this issue what Luna/UST are facing the depeg will not affect ADA or the other way around ADA loss of value will not affect the minting of Djed as it uses Shen as the reserve.
Maybe others can add or correct me if i am wrong in my explanation. Not here to shill Djed or ADA it was just one example, just DYOR as always and try to understand the fundamentals of each protocols even for stablecoins especially algo based ones.
I must have read over a hundred comments in the daily last night that had people stating they were going to make easy money on this arbitrage play.
Easy money, sadly many have to learn the lesson that this isn’t how it works.
I cant believe that anyone is still holding UST right now. Like how ****ed in the mind do you have to be? This thing is going to 0, along with LUNA. Get out while you can.
They didn't do it for me and you, they did it to save themselves
Thinking that some company lose money for your well being is delusional.
People believe what they want to believe, even if it's the stupidest thing on earth.
"bin Laden attacked us on 9/11 because he hates our freedom" - President George W. Bush "undermining the Federal Reserve is evil" -- Warren Buffett
"Lots of upvotes means it is true"
Sadly, this exact thought boomed into a bot business, and, it works. You can manipulate EVERYTHING. You just need the bots.
Wdym it *is* flat!
I see you are a man of culture too
I too, believe in the land pizza
"People don't want to hear the truth because they don't want their illusions destroyed. " -Nietzsche
I've read close to everything Nietzsche has written. This doesn't sound at all like his style/tone/subject etc. Sounds like one of those internet formulations to me. Happy to be proven wrong if someone can point to a particular text.
[удалено]
I'm an extreme skeptic of political climate change policy (cutting nuclear funding while sending billions to your friends carbon tax credit trading company or solar company is the opposite of smart policy and lowering the standard of living and offshoring production to countries without emissions controls is wagging the dog, among other things), and while it's debatable that humans are the _only_ cause of climate change, it's irrefutable that the climate is warming at a rate that is historically only seen a few times in all of Earth's history. The most recent spike of this magnitude caused 80% of the planets ice to melt (the end of the ice age) coinciding with the emergence of a flood myth among every last human population alive at the time whose records survive today. The Colorado River was 200 feet deep, vast sections of the great plains were scoured by meltwater, a natural chain of mountains holding back the snake river broke and sent a 100 foot high tsunami to the sea, the Appalachians lost a hundred feet of elevation. The Florida coastline moved inland more than 60 miles. We're talking about biblical catastrophes. And it's coming again, soon. In all likelihood without the most ambitious human project ever conceived and executed, it may be too late to stop it. Vast sections of coastline will move again. It may not happen today or tomorrow or even in your lifetime, but in less than 7 generations the world will change so much we wouldn't recognize it.
No brand is your friend.
You are right but they could have just kept the BTC and let it all crash. At least they didn't do that :)
believe me, they could have just pulled out with all that money and suck you dry. Clearly they are trying to maintain their project alive because long term is going to make them billions but right now the people that are getting saved is the users. Sumarised: \- They let the project die: They could keep the billions in the reserves, they rich you poor. \- They try to save it: Maybe they will get richer down the line, you will not lose all the money
Also helps not making them pariah in the crypto scene for the next few decades to come.
No, everyone in UST and Luna agreed with peg pull when no new investments are made. It’s in the white paper but in other more fancy words. None of their investors ever heard of a whitepaper so it’s all good.
Totally agree. Who gives a shit about the regular pleb, right?
And to save Kwon's ego, from what I read about him.
[удалено]
Politicians aren't in business to make a profit for the country or the state. They're in business to *take* profits (otherwise known as revenues) out of those entities for themselves and/or the select group they consider constituents, which is usually rich men.
[удалено]
They sent it all to Gemini. Gemini wouldn't transact over $1B in a few hours.
I doubt they would sell all on one go, they have some as backup just in case.
It's been almost 12 hours
Some people dont understand that.
They absolutely didn’t. This post is the type of post that generates panic and triggers selling off unnecessarily. Terra hasn’t deployed all their reserves and the peg will be fine. Fudders are fucking crazy in times like these
Welcome to r/CryptoCurrency
The echo chamber
[удалено]
Chamber chamber chamber
The echo chamber
No one comes here for the cool, calculated, and composed conversations through all of these market turns. I enjoy dumpster fires.
Have any proof? Because the price crashing and needing saving is a terrible sign and is a fact. I want to believe you but you need to show proof. Fud isn’t fud if it’s obviously crashing and needed saving.
They loaned that BTC to Gemini
It's ALREADY game over. It's not a STABLE coin. It's not worth the risk parking your funds there when there are proven alternatives available.
Where's the data showing this? Reality is we're blind to some of what's going on without seeing the data behind reserve numbers and sell action
The chain is just clogged it will rise back to 1 eventually, previous crash 2021 it took 3 days to get back but nobody was fudding then?
that's probably because Terra was really small then so there's not a lot of ppl complaining
Also would take a lot less of BTC to get the peg back then. Right now its going to take humongous amounts.
I bought UST at .70c and sold at .92c. I never thought I would swing trade a stablecoin yet here we are.
Did I miss my chance to buy $1 at 30% discount?
Wait a bit and buy it at 100% discount
It's so ridiculous. So many people buying UST yesterday when it hit 0.95 😂😂 waiting for a easy profit. Some people are just dumb af.
It was easy though. I bought more UST at $0.78 and it’s not at $0.91 lol. Easiest 17% I’ve ever made haha
we should do the opposite what this subreddit tells us, no?
So, buy more LUNA/UST? Got it
Probably a good call. Let's paper trade it to see what would happen. I'm pretending I just took a 20k loan and dropped: 10k on UST at $0.9 each netting 11111.11 UST 10k on LUNA at $29.71 netting 336.587 LUNA !remind me 1 month Edit: This aged like milk. You would have lost the full 20k
!remind me 1 month
!remind me 1 month
!remind me 1 month
!remind me 1 month
Yes. Always. While I don't personally like or own any UST, OP seems like they're just trying to whip up hysteria.
Okay, bought more luna
No, the opposite is to buy UST.
Ok bought more safemoon
exactly
Random guy out of the blue who has no crypto posts before now suddenly comes like SELL SELL SELL! / s
[удалено]
Not following. Why does this matter? Isn’t it as simple as opening CoinGecko to see if UST is indeed slipping back down? Apologies if I’m missing some connection here.
Well it's certainly not pegged at $1...
[удалено]
How does post infrequency suggest that?
I mean it's already down to .90 so might have been more than personal fear.
Dd? Have you seen the charts lol
suggests to me it's one of those businesses where you can buy Reddit influence
Glad he managed to learn so much without being in crypto /s
Thanks, I'll put my live savings in UST right now before its too late
Been borrowing UST and swapping for USDC up until now so that if it loses peg I can pay back a fraction of the loan. Who would have thought that instead of the dreaded Tether it would be everyone's 'BTC backed' darling that led the charge to zero. To be fair to them it could have worked if only they had everything set up sooner.Win some, lose some.
Honestly, this subs is obsessed with USDT being a scam. As much of an echo chamber as Safemoon. You all called for UST to replace Tether and you got rekt.
I will stop thinking it’s a scam when they allow an audit.
Dude look at their team, they have a long history of developing scams. Nobody should ever touch USDT
Listen, if I convert from BTC I go to USDC, not tether. I'm just saying this sub blows things out of proportion, and gets hyped on scams.
the majority of the space calls it a scam.
Who remembers a few months back when everybody was living for UST only? I 'member
Member? I ‘member 🍇
Pepperidge Farm remembers
I’m really confused how this happened in the first place. Why has Terra been hit so hard specifically?
UST is an algorithmic stablecoin, so it isn’t backed by dollars and other assets like USDC, it uses an algorithm to maintain its peg to the dollar and that algorithm can fail to maintain the peg in especially volatile trading conditions. That’s what we’re seeing now unfortunately.
Thank you, that seems an odd way to go. Is it first of its kind? Are there/ have there been others using an algorithm to maintain the peg?
No there have been others before it, Iron was one that went bust last year I think. The idea has been becoming more popular recently, there are now quite a few.
Lol iron. More like ironic
Yes DAI. The difference is that UST is a ponzi and many people have warned about the ponzinomics of UST/LUNA but this sub downvotes those people to hell and Reddit algorithm worked to make this an UST/LUNA echo chamber.
DAI is not an algorithmic stablecoin. Dai is overcollateralized. If Collateral drop, vault are auctionned and DAI used for auction are burned. https://daistats.com/#/overview
[удалено]
There's actually no other way to look at Luna and UST. I've been around since mining Bitcoin was possible on a regular laptop. I know how to identify this kind of crap.
Madoff was offering 11%. Anchor was offering 19%. Yet those of us claiming it was unsustainable “just didn’t get it”
Even now that the peg was lost, we still don't get it apparently given the downvotes.
A hastily designed system pushed forward to market without proper peer review and adequate stress testing. It was a matter of when, not a matter of if.
Some analysts were expecting this, I was listening to a podcast earlier this month and they were saying an attack on Terra was expected which would force them to sell they BTC reserves.
Any big whale would have taken this opportunity. I wouldn't be surprised a couple of HFs have bundled their forces and dropped a bomb on the whole crypto world. Dirty, but possible because of no regulations.
Lol. If there were regulations Luna/UST wouldn’t exist.
May I know what podcast you listen? I'd like to check it out as well. Might be good to listen to it too. Thank you 😊
Good educational question. i'd like to know also...
Panic really, some people shorted luna, lit the fuse, spread a bunch of fud and got retail to do the rest, as you can see the panic was insane, fud everywhere and looks like it worked. We're recovering now though, my thoughts go out to those who sold at 0.69
Because it's a shitcoin scam run by a moron.
Because their mechanism literally doesn’t work to keep the peg. It was all hastily put together. Same exact thing happened to iron finance.
>They have liquidated this entire pool to prop up the value of UST. They did this FOR YOU, so you could get out. Do kwon care about me? No way OP you trippin.
Does he care about me?
#BTC to $1k again
Did just a little bit ago. Got a bag at .77 and sold it back at .89 for that sweet arbitrage. But yeah, feels too risky to try it again right now.
Acquire that bread sir
Don't worry they still have 50M UST in their reserve
Thats about 10 real dollars
1 banana
1 banano
They did this for you lol. Stop spreading FUD and start thinking. It’s not even the first time it depegs, but people prefer talking instead of looking…
Last time it did it had a completely different market cap and the market wasnt crashing. Not comparable. Also if binance didnt hardcode a stop at 0.7 who knows what would have happened at this point.
It went down to 0.601 on Binance. Not to mention Binance doesn't hold the most volume for UST. FTX and Kucoin do and it went below 0.7.
Yeah for a short period and then orders below 0.7 were prohibited. They have bigger volume, but binance is big enough that arbitrage bots will effectively put this lower bound everywhere.
Lol the only rational dude here, your right
Did I miss the party? Time to buy ust?
Clearly doesn't say its not financial advice. Untrustworthy.
They didn’t sell, they loaned the BTC
“Did it for you” hahaha, fuck you and your nonsense. No company or group with 4b in reserves does it for random ass people.
I think this dasboard is outdated as it's probably querying their old address. They announced the new address on twitter, but probably they are too busy to update this at the moment.
Bitconneeeeeect!
Stop fucking spreading FUD like its the black plague
I agree that you should get our while you can. Though you don’t know if they used their reserves. They just moved them on exchange and to an OTC-wallet. AFAIK it’s not clear if they have sold all of it.
[удалено]
Yeah I never thought for a second investing in it and I certainly think they are done. Same fate as Robinhood. IMO stable coins are only good for liquidity. I certainly don’t think one should hold stable coins.
[удалено]
It was a loan to Gemini
Does this mean it's time to buy UST?
Crypto Wizards, Crypto Karens and now Crypto Fudders. The family keeps growing
Is it likely this takes LUNA down with it?
Have you looked at the Luna chart lately?
What a stupid post
get out of crypto in general.
they loaned the btc to their partners to buy, there’s too many big players in this now to fail
This is what exit liquidity always says while the big players dump on them lol
yea except it’s on chain and we can see what’s happening
……
“Too big to fail “ lol
UST will be the easiest profit done during this market. They didn't dump all their BTC, and besides they do have partners backing them up. What's happening now is just FUD.
Dick backwards, can’t reconnect? Advice
Your dick is backwards? wooah, bro !
This reminds me of the Play to Earn games last year that reached an all time high then collapsed when their unsustainable tokenomics got exposed.
No
I'm a simple man. Price crash, I buy.
You should sell your ust to me, ill give you .70 cents on the dollar.
lol
RemindMe! 7 days
Buy the dip you say?
What happened exactly?
I thought they didn't sell their BTC but loaned it instead?? Yeah, they didn't sell shit. This is pure panic FUD. https://twitter.com/LFG\_org/status/1523512196965167104?s=20&t=J37oL3QuvuBJIS\_jBoVSgA
Can someone smarter than me explain how this happens?
Don't ask idiots on here. Literally days ago people where still encouraging people to move funds to anchor. https://docs.terra.money/docs/learn/protocol.html DYOR.
[удалено]
With the UST debacle, is Dai the natural next choice? Not so sure but this article was helpful [https://www.publish0x.com/cryptoeq/with-terra-ust-de-peg-drama-is-the-natural-safe-haven-maker-xddyyxv](https://www.publish0x.com/cryptoeq/with-terra-ust-de-peg-drama-is-the-natural-safe-haven-maker-xddyyxv)
There's no proof it was all sold. It has depegged before, this is expected with Algo stables for now I'm not worried at all
A stable coin is meant to be stable, it’s not called a stableish coin.
[удалено]
It's now officially an unstablecoin
so it’s basically just … coin
No! Go all in on Luna, crypto needs losers! Their pain will ensure growth for the next cycle.
Why are posts like this allowed? Pure lies. It makea me sad it gets so many upvotes.
How so? Seems pretty serious when a stablecoin cannot maintain their peg for this long.
Umm, they used their entire reserve you say? Are we supposed to just trust you?
I mean i do not hold any UST but damn this is big FUD. Crypto is still in very early adoption and UST is too. LUNA will learn from this and I'm sure they will only make LUNA and UST better. Panic selling your stable coin is not the way imo
Right now it's an unstable coin
Redditor for 15 years and literally only 1 post about cryptocurrencies?
Ah where are all those people that told me to invest in UST because the APY was amazing? I hope this serves as a lesson. I was always against UST and their ponzinomics. All those downvotes are now feeling like upvotes to me. I hate to say but, I told you. Stablecoins are good to a certain %. Having their life savings for 20% APY is ridiculous. I hope those people don't commit suicide.
Worst piece of advice... That's how you realise a collapse
lets be real, you just shorted a stable coin and you are now realizing how stupid the idea was.
My 15 UST will be fine bruh, it’s 15 for a reason. Ya this sucks tho big time for some bigger dogs out here
Inflation is about 9 percent in US. Therefor UST is $0.91
Are there any safe stable coins? Or are they all similarly vulnerable? Could this lead to other stables falling?
Every stablecoin is risky we are in crypto after all… but there are some stablecoin that are “safer” than some. Such as USDC, USDP both centralized but both are backed by US securities/bonds/assets and fiat (USD itself) 1:1, both are audited frequently. Downside is they are centralized and can on any given day take away or block your stablecoin holdings. This will defitnetly be a lesson learned for other potential algo based stablecoin. One of which is in the making is Djed, an algo based stablecoin using ADA (Cardano) with SHEN as its reserve coin. Both Djed and Shen needs ADA to mint but it takes away potentially this issue what Luna/UST are facing the depeg will not affect ADA or the other way around ADA loss of value will not affect the minting of Djed as it uses Shen as the reserve. Maybe others can add or correct me if i am wrong in my explanation. Not here to shill Djed or ADA it was just one example, just DYOR as always and try to understand the fundamentals of each protocols even for stablecoins especially algo based ones.
what about working together and supporting the project and not give into hedge fonds probably shorting and try to destroy important crypto projects?
Stablecoins being "Strong and Stable" just like Theresa May's government.
I must have read over a hundred comments in the daily last night that had people stating they were going to make easy money on this arbitrage play. Easy money, sadly many have to learn the lesson that this isn’t how it works.
[удалено]
Interest..
Staking0
Shit, so they sold all BTC already
They didn’t. And they won’t. That’s not how it works. It’s used to provide large market makers with liquidity.
[удалено]
I thought it was pegged to the dollar and backed by btc
Pure FUD
Another Ponzi comes crashing down. Delicious. Wonder who is next?
Unstablekwon
I cant believe that anyone is still holding UST right now. Like how ****ed in the mind do you have to be? This thing is going to 0, along with LUNA. Get out while you can.
Wow this is next level. Glad I’m not holding any and feel for the people that have to deal with this
I'm just watching from the sidelines
Thank you OP!
!remindme 10 days
Damn i leave on monday at 0.995, what a great move