• Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

How do you see Luna's market value from $10 billion to 0 within 3 days?

chrisevan

New Member
Joined
May 20, 2022
Messages
3 (0.03/day)
In April, Luna’s price rose to a peak of $116 from less than $1 in early 2021, minting a generation of crypto millionaires. A community of retail traders formed around the coin, hailing Mr. Kwon as a cult hero. Mike Novogratz, chief executive of Galaxy Digital, which invested in Terraform Labs, announced his support by getting a Luna-themed tattoo.
But last week, Luna and another currency that Mr. Kwon developed, TerraUSD, suffered a spectacular collapse. Their meltdowns had a domino effect on the rest of the cryptocurrency market, tanking the price of Bitcoin and accelerating the loss of $300 billion in value across the crypto economy. This week, the price of Luna remained close to zero, while TerraUSD continued to slide.

How do you see Luna's market value from $10 billion to 0 within 3 days?
 

Tigger

I'm the only one
Supporter
Joined
Mar 20, 2006
Messages
15,652 (2.61/day)
System Name Hot 'n' sweaty ADL crapster
Processor Intel I7 12700K 1.25vcore
Motherboard Asus Rog Strix Z690-A Gaming WiFi D4
Cooling EK 360 PE/EK 360 XE/AQ Ultitube 150 D5/Heatkiller IV/Byski full cover GPU block
Memory Teamgroup T-Force Dark Pro 2x16gb 4000 16-16-16-38 DR B 1.45v
Video Card(s) ASUS GTX1080TI Gaming 11GB Byski full cover water block +200 +575
Storage Silicon Power Gen3x4 256gb M.2, 2 x WD SN850 Gen4x4 1TB M.2, SanDisk PLUS 2TB sata ssd
Display(s) Dell S2721DGFA 27" 1440P 165hz LG Nano IPS 1ms G Sync
Case Lian Li o11 Dynamic XL Rog
Audio Device(s) Cambridge DacMagic 100/kenwood KA-3020SE/Cambridge Min12 speakers/yamaha Sub
Power Supply Corsair RM750x 80+ Gold
Mouse Razer Viper
Keyboard Ducky One 2 Mini Cherry MX brown
Software Win 11 Pro x64
Benchmark Scores do they matter https://i.postimg.cc/Z5qyDfJC/20220421-021955.jpg
Joined
Nov 15, 2005
Messages
992 (0.16/day)
Processor 2500K @ 4.5GHz 1.28V
Motherboard ASUS P8P67 Deluxe
Cooling Corsair A70
Memory 8GB (2x4GB) Corsair Vengeance 1600 9-9-9-24 1T
Video Card(s) eVGA GTX 470
Storage Crucial m4 128GB + Seagate RAID 1 (1TB x 2)
Display(s) Dell 22" 1680x1050 nothing special
Case Antec 300
Audio Device(s) Onboard
Power Supply PC Power & Cooling 750W
Software Windows 7 64bit Pro
I'm still waiting on tulips to rebound.
 

qubit

Overclocked quantum bit
Joined
Dec 6, 2007
Messages
17,414 (3.24/day)
Location
Quantum Well UK
System Name Quantumville™
Processor Intel Core i7-2700K @ 4GHz
Motherboard Asus P8Z68-V PRO/GEN3
Cooling Noctua NH-D14
Memory 16GB (2 x 8GB Corsair Vengeance Black DDR3 PC3-12800 C9 1600MHz)
Video Card(s) MSI RTX 2080 SUPER Gaming X Trio
Storage Samsung 850 Pro 256GB | WD Black 4TB | WD Blue 6TB
Display(s) BenQ XL2720Z (144Hz, 3D Vision 2, 1080p) | Asus MG28UQ (4K, 60Hz, FreeSync compatible)
Case Cooler Master HAF 922
Audio Device(s) Creative Sound Blaster X-Fi Fatal1ty PCIe
Power Supply Corsair HX 850W v1
Mouse Microsoft Intellimouse Pro - Black Shadow
Keyboard Yes
Software Windows 10 Pro 64-bit
Crypto is a scam. Crashes like these which keep happening are the proof.
 
Joined
Aug 20, 2007
Messages
18,114 (3.31/day)
System Name Pioneer
Processor Ryzen R9 5950X
Motherboard EVGA X570 FTW Wifi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.Skill Ripjaws V 64GB (4 x 16GB DR Samsung C-Die) @ DDR4-3200
Video Card(s) EVGA GeForce RTX 3090 Ti FTW3
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply Corsair RM850x Gold 850W (2021 Version)
Mouse Razer Deathadder v2
Keyboard WASD CODE v3 Keyboard with MX Cherry Green Switches
Software Windows 11 Enterprise (yes, it's legit)
Crypto is a scam. Crashes like these which keep happening are the proof.
By that definition so is the stock market, because most companies eventually fail. Both crypto and the stock market are overall up over long time periods though.

How do I see it? Coins fail, particularly poorly managed ones. Not much to see. The only embarassing thing is how much major coins got tied up in a minor coins mess.

This is another place where more regulation would help, not hurt, crypto.
 
Joined
Apr 24, 2020
Messages
1,740 (2.06/day)
By that definition so is the stock market, because most companies eventually fail. Both crypto and the stock market are overall up over long time periods though.

Most companies offer dividends and distribute their real profits back to their shareholders. The ones that don't offer dividends are at least making a profit and are investing into CapEx (new factories and what-not, which likely will make more profits next year).

Coins will never make a profit. Coins will never produce a dividend. You're purely speculating upon the value without any reference point. BTC in particular has hard limitations on its transaction rates and requires an external chain ("Lightning Network") to speed things up.

How do you see Luna's market value from $10 billion to 0 within 3 days?

Slowly, then quickly. The trouble started weeks ago, and a lot of doomsayers were keeping an eye upon deposits of UST and noticing some strange behavior.

Once the world "agreed" upon the collapsed state, it only took 3 days for the market to consolidate and discover the new price. Some people were more interested in numbers, rather than the social understanding / global psychology behind the community. But remember, all of these "numbers" are just psychology / social events. When the community lost faith in UST and Luna, it was over, no one was buying and therefore the price dropped.

Those 3 days were the traders who refused to believe the change of opinion, and required a number to think for themselves. But Anchor's 20% APY rates on UST were well known and many people were instinctively worried about the stability of UST because of it.
 
Joined
Nov 12, 2014
Messages
372 (0.13/day)
Location
Ilirska Bistrica, Slovenia
System Name Thermaltake
Processor AMD Ryzen 5 5600X @ 4.7 GHz
Motherboard Gigabyte B550 Aorus Elite V2
Cooling AMD Wraith Prism
Memory 32 GB Crucial Ballistix @ 3400 MHz CL16
Video Card(s) STRIX Vega 64
Storage Kingston 120GB SSD | Kingston 240GB NVMe | Samsung 1TB NVMe | Samsung F3 1TB HDD | Barracuda 2TB HDD
Display(s) 34" ultrawide LG 34GL750B
Case Phanteks Eclipse P400
Audio Device(s) ALC 1220 120dB SNR HD Audio
Power Supply Thermaltake Hamburg 530 W - 80 Plus
Mouse Logitech G502 HERO
Keyboard Genius Scorpion K9 (RGB)
Software Windows 11 Pro x64
Stable coins can't work if there are whales, just like the case with Luna and probably many others. Cofezilla covered this topic nicely.

It was all a combination of this being a ponzi, the "master" being a total douchebag and the fact that the coin is completely useless.

This is going to happen with more and more coins as we move on and the bubble for each pops. In the end only the big ones will probably remain.

Can't buy anything with it? Pretty much valueless.

Crypto is a scam. Crashes like these which keep happening are the proof.
Just rich people playing games mostly ;)
 
Joined
Apr 24, 2020
Messages
1,740 (2.06/day)
This whole stablecoin thing just seems like a grossly inefficient and poorly-regulated bank-account.

If you were just going to require that USD be held in reserve, all you're doing is reinventing fractional reserve banking. Except with an incredibly inefficient "mining" operation requiring "gas fees" and "transaction fees" to perform even the most simple of tasks.

Yes. You can invent new "stablecoins" and trick large swaths of the population into thinking its equivalent to USD. But as far as I can tell, the "correctly done" stablecoins with "USD Reserves" are still shady as all heck (offering APY rates way above what is possible in today's financial market, suggesting somebody is making a significant risk here behind the scenes). You can't make 6% or 7% APY gains reliably in this market, not even for 3 months or 6 months.
 
Joined
Aug 20, 2007
Messages
18,114 (3.31/day)
System Name Pioneer
Processor Ryzen R9 5950X
Motherboard EVGA X570 FTW Wifi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.Skill Ripjaws V 64GB (4 x 16GB DR Samsung C-Die) @ DDR4-3200
Video Card(s) EVGA GeForce RTX 3090 Ti FTW3
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply Corsair RM850x Gold 850W (2021 Version)
Mouse Razer Deathadder v2
Keyboard WASD CODE v3 Keyboard with MX Cherry Green Switches
Software Windows 11 Enterprise (yes, it's legit)
Most companies offer dividends and distribute their real profits back to their shareholders. The ones that don't offer dividends are at least making a profit and are investing into CapEx (new factories and what-not, which likely will make more profits next year).
I never said they were directly comparable, only that the criteria he was using to declare "crypto is a scam" was quite flawed. There are far better metrics to use, as you correctly point out.

Except with an incredibly inefficient "mining" operation
Most if not all stablecoins operate without PoW mining. Transaction fees I am unsure about, but are likely a valid point.

offering APY rates way above what is possible in today's financial market, suggesting somebody is making a significant risk here behind the scenes
I think we went over this before.
 
Joined
Jun 21, 2021
Messages
869 (2.06/day)
Processor AMD Ryzen 9 5900X (PBO enabled, no other OC) + Alphacool waterblock
Motherboard ASUS ROG Strix X570-I Gaming
Cooling custom loop: 240mm Primochill & 360mm Alphacool radiators & Noctua NF-F12 fans; NF-S12 chassis fans
Memory 32GB T-Force Dark Zα DDR4-4000 CL18 (no aRGB)
Video Card(s) ASUS TUF Gaming GeForce RTX 3080 Ti OC 12GB + Alphacool waterblock
Storage two m.2 SSDs, 4GB SATA SSD, 8GB SATA SSD
Display(s) LG OLED55C1PUB 4K@120Hz TV
Case Lian-Li O11D Mini + vertical GPU bracket
Audio Device(s) onboard Realtek chip + Sony A/V receiver
Power Supply SilverStone SX800-LTI SFX-L
Mouse Glorious D Minus
Keyboard Keychron C1 tenkeyless (Gateron Reds)
VR HMD Menlo Park, CA dogchow (Oculus Rift S)
Software Redmond, WA dogchow (Windows 10 Pro, $7 from Keysoff)
Benchmark Scores My system matches standard results. I use benchmarks to set fan curves; I don't care about scores.
By that definition so is the stock market, because most companies eventually fail.
The stock market is not a casino. Those shares are equity in a company that does something. Makes PCs, dishwashers, baby food, toilet paper, music streaming services, et cetera.

Most small businesses fail. Large publicly traded companies fail far less frequently. As a long term investment, something like an S&P index fund is better than investing in a bunch of small local companies because large companies don't fail as much.

Remember that SEC regulations (many of them written in the 1930s to prevent what happened with the stock market crash of 1929) are there to provide disclosure to investors (current and potential).

Apple's large market capitalization isn't because it's a popular company. They make lots and lots of money. They also have lots of competition which they mention in their quarterly SEC filings.

Cryptocurrencies aren't even really currencies. A more accurate name would be cryptotokens.
 
Joined
Aug 20, 2007
Messages
18,114 (3.31/day)
System Name Pioneer
Processor Ryzen R9 5950X
Motherboard EVGA X570 FTW Wifi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.Skill Ripjaws V 64GB (4 x 16GB DR Samsung C-Die) @ DDR4-3200
Video Card(s) EVGA GeForce RTX 3090 Ti FTW3
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply Corsair RM850x Gold 850W (2021 Version)
Mouse Razer Deathadder v2
Keyboard WASD CODE v3 Keyboard with MX Cherry Green Switches
Software Windows 11 Enterprise (yes, it's legit)
The stock market is not a casino.
See above. Never claimed it was.

Cryptocurrencies aren't even really currencies. A more accurate name would be cryptotokens.
This is the sad reality due to high transaction fees.

There have been attempts to fix that. Sadly, they largely depend on centralized systems thus far, sort of defeating the entire point.
 
Last edited:
Joined
Apr 24, 2020
Messages
1,740 (2.06/day)
There have been attempts to fix that. Sadly, they largely depend on centealized systems thus far, sort of defeating the entire point.

Isn't lightning decentralized?

Like, I find it fishy, but its certainly not a "centralized system".
 
Joined
Aug 20, 2007
Messages
18,114 (3.31/day)
System Name Pioneer
Processor Ryzen R9 5950X
Motherboard EVGA X570 FTW Wifi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.Skill Ripjaws V 64GB (4 x 16GB DR Samsung C-Die) @ DDR4-3200
Video Card(s) EVGA GeForce RTX 3090 Ti FTW3
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply Corsair RM850x Gold 850W (2021 Version)
Mouse Razer Deathadder v2
Keyboard WASD CODE v3 Keyboard with MX Cherry Green Switches
Software Windows 11 Enterprise (yes, it's legit)
Isn't lightning decentralized?

Like, I find it fishy, but its certainly not a "centralized system".
I legit forgot about lightning. Shows how much I use bitcoin.

I was refering more to the "free" transaction fees between books of select exchanges.
 

chrisevan

New Member
Joined
May 20, 2022
Messages
3 (0.03/day)
With lots of joy and happiness
that means you are short short luna and make a lot of profit?:)

I'm still waiting on tulips to rebound.
em,I bought 100 million with 100 BUSD :),But it looks like they're about to fork

Crypto is a scam. Crashes like these which keep happening are the proof.
This is too narrow, and the continuous issuance of US dollars is not a scam?

By that definition so is the stock market, because most companies eventually fail. Both crypto and the stock market are overall up over long time periods though.

How do I see it? Coins fail, particularly poorly managed ones. Not much to see. The only embarassing thing is how much major coins got tied up in a minor coins mess.

This is another place where more regulation would help, not hurt, crypto.
yes,smart insights,Algorithmic stablecoins are definitely a good direction.The failure is just the failure of LUNA not the cryptodoge

I never said they were directly comparable, only that the criteria he was using to declare "crypto is a scam" was quite flawed. There are far better metrics to use, as you correctly point out.


Most if not all stablecoins operate without PoW mining. Transaction fees I am unsure about, but are likely a valid point.


I think we went over this before.
yes,luna offers rates above market , making looks closer to ponzi scheme,This is the root cause of this crash

I legit forgot about lightning. Shows how much I use bitcoin.

I was refering more to the "free" transaction fees between books of select exchanges.
The technical principle of lightning is the side chain, which is also decentralized
 
Last edited by a moderator:

Lenne

S.T.A.R.S.
Joined
Dec 16, 2012
Messages
8,599 (2.44/day)
Location
Finland
System Name Gaming / HTPC
Processor AMD Ryzen 5 3600 / Intel Xeon X5675
Motherboard Gigabyte B550M Aorus Elite / Asus P6X58D-E
Cooling Arctic Freezer 50 / Alphacool h2o
Memory 32GB HyperX DDR4 / 24GB mixed DDR3
Video Card(s) Gigabyte GTX 1080 Ti / Asus R9 290X Platinum
Storage ~2TB of SSDs + 2TB / 240GB of SSDs + 1.25TB
Display(s) 2x 24" 1080p / 40" 1080p HDTV
Case Define Mini C / Corsair 4000D Airflow White
Audio Device(s) DAC + Superlux HD668B / Corsair HS35 Carbon
Power Supply Fractal Ion 550W / Seasonic Focus+ Gold 750W
Mouse Logitech MX518 Legendary / Logitech G400s
Keyboard NOS C450 Mini Pro RGB / IBM Keyboard
VR HMD Oculus Rift CV1
Software Win 11 Pro ENG / Win 10 Pro ENG
No problem. I don't fool around with play money so haven't lost anything.

All play money should be illegal IMO.
 
Joined
Mar 26, 2010
Messages
9,630 (2.13/day)
Location
Jakarta, Indonesia
System Name micropage7
Processor Intel Xeon X3470
Motherboard Gigabyte Technology Co. Ltd. P55A-UD3R (Socket 1156)
Cooling Enermax ETS-T40F
Memory Samsung 8.00GB Dual-Channel DDR3
Video Card(s) NVIDIA Quadro FX 1800
Storage V-GEN03AS18EU120GB, Seagate 2 x 1TB and Seagate 4TB
Display(s) Samsung 21 inch LCD Wide Screen
Case Icute Super 18
Audio Device(s) Auzentech X-Fi Forte
Power Supply Silverstone 600 Watt
Mouse Logitech G502
Keyboard Sades Excalibur + Taihao keycaps
Software Win 7 64-bit
Benchmark Scores Classified
crypto now is more dangerous than forex trading but many just go all in coz they say some make $$$$ profit in one night
 
Joined
Aug 3, 2011
Messages
1,372 (0.34/day)
Location
Walkabout Creek
System Name Tacoma Power
Processor 12900K
Motherboard Strix-E
Cooling Noctua
Memory 2x16 DDR5 Hynix
Video Card(s) 6800 XT Merc
Storage M.2 980 Pro 1TB
Display(s) LG 65" OLED 4K 120Hz
Case Silverstone HTPC
Audio Device(s) Sound Blaster Z
Power Supply Corsair RM650i
Mouse Wireless on the Couch
Keyboard Wireless on the Couch
Software Win 10 x64 atm
Benchmark Scores Nice and Comfy
I feel sorry for Do Kwon and all the investors. Its a sad tragedy. He had a shot at making money (which we all do) and now he's facing legal prosecution in South Korea.

It seems the reason why this happened is because his Algorithms were out of whack. There's probably a lot more to it than that.

Looks like you really need to know what your doing (in crypto) before you start playing with Billions of peoples dollars.
 
Joined
Dec 14, 2013
Messages
2,234 (0.71/day)
Location
Alabama
Processor Ryzen 2700X
Motherboard X470 Tachi Ultimate
Cooling Scythe Big Shuriken 3
Memory C.R.S.
Video Card(s) Radeon VII
Software Win 7
Benchmark Scores Never high enough
Crypto is a scam. Crashes like these which keep happening are the proof.
Must agree - In fact crypto (To me) is one of the biggest scams/fools games/money laundring tools/ect.... That's ever been created to date.
I see nothing good at all about it.

Stable coins can't work if there are whales, just like the case with Luna and probably many others. Cofezilla covered this topic nicely.

It was all a combination of this being a ponzi, the "master" being a total douchebag and the fact that the coin is completely useless.

This is going to happen with more and more coins as we move on and the bubble for each pops. In the end only the big ones will probably remain.

Can't buy anything with it? Pretty much valueless.


Just rich people playing games mostly ;)
You can bet ONLY those well established in it will win.
This is setup so you cannot "Win" going it alone, instead you're just another sheep to be sheared... And you will be.

And if you decide to get into a mining group, that's been proven to be full of backstabbing too for profit - A literal pyramid scheme in many cases which collapses leaving you holding the bag with those further up the pyramid making off with anything perceived of value.
 
Last edited:
Joined
Feb 18, 2005
Messages
3,621 (0.57/day)
Location
Ikenai borderline!

Crypto is a scam and will continue to be a scam until it is properly regulated. Of course, the people who love crypto are by and large the criminals and grifters who are getting rich by scamming others, so more regulation is the opposite of what they want. And of course, once crypto is properly regulated it will demonstrate itself to be no more or less useful as a value store than fiat currency, so it will have no reason to exist. Essentially, regulation will end crypto and I cannot wait.

As for those who lost money, and will continue to lose money, on these so-called "stablecoins", I will continue to enjoy your stupidity and anguish. My salute goes out to the grifters, for figuring out how to make money off people who are too stupid to deserve it. Much like warning labels on cans, there are some problems that should be left to solve themselves.

I feel sorry for Do Kwon and all the investors. Its a sad tragedy. He had a shot at making money (which we all do) and now he's facing legal prosecution in South Korea.

It seems the reason why this happened is because his Algorithms were out of whack. There's probably a lot more to it than that.

Looks like you really need to know what your doing (in crypto) before you start playing with Billions of peoples dollars.
Why would you feel sorry for someone who is in it for no other reason than getting rich, and quite obviously has very little understanding of how basic market forces work?
 
Joined
Nov 21, 2010
Messages
2,009 (0.47/day)
Location
Right where I want to be
System Name Miami
Processor Ryzen 3800X
Motherboard Asus Crosshair VII Formula
Cooling Ek Velocity/ 2x 280mm Radiators/ Alphacool fullcover
Memory F4-3600C16Q-32GTZNC
Video Card(s) XFX 6900 XT Speedster 0
Storage 1TB WD M.2 SSD/ 2TB WD SN750/ 4TB WD Black HDD
Display(s) DELL AW3420DW / HP ZR24w
Case Lian Li O11 Dynamic XL
Audio Device(s) EVGA Nu Audio
Power Supply Seasonic Prime Gold 1000W+750W
Mouse Corsair Scimitar/Glorious Model O-
Keyboard Corsair K95 Platinum
Software Windows 10 Pro
Crypto is a scam. Crashes like these which keep happening are the proof.

I've been saying this for months but have been just have been dismissed by those who are pro-crypto. Jordan Belfort (you know that random guy they made a movie about for no particular reason) is one of the leading people behind the scenes ffs. Can't get a bigger red flag that about something being sus, I hope all those people who have money tied into cryro lose their money.
 
Joined
Feb 20, 2020
Messages
5,290 (5.82/day)
Location
Texas
System Name Ghetto Rigs x299 & z490 & x99
Processor 9940x w/Optimus SigV2 & 10900k w/Optimus Foundation & 5930k w/Noctua D15
Motherboard X299 Rampage VI Apex & z490 Maximus XII Apex & x99 Sabertooth
Cooling D5 combo/280 GTX/ VRM water block copper/280 GTX/ D5 Top/Optimus sigV2/TitanXp/Mora 360x2
Memory Trident-Z 3600C16 4x8gb & Trident-Z Royal 4000c16 2x16gb & Trident-Z 3200c14 4x8gb
Video Card(s) 1080ti FTW3 & Titan Xp & evga 980ti gaming
Storage 970 evo plus 500gb & 970 evo 500gb many sammy 2.5" ssd's and WD BLK hdd's
Display(s) 1-AOC G2460PG 24"G-Sync 144Hz/ 2nd 1-ASUS VG248QE 24"/ 3rd LG 43" series
Case D450 second floor for 2nd rad x2/ Cherry Entertainment center on Test bench
Audio Device(s) Built in Realtek x2 with 2-Insignia 2.0 sound bars & 1-LG sound bar
Power Supply EVGA 1200P2 & 1000P2 with APC AX1500 & 850P2 with CyberPower-GX1325U & 750P2
Mouse Redragon Perdition x3
Keyboard G710+x3
Software Win-7 pro x3 and Linux Cinnamon 20.2x2 & win-10 & 11pro x3
Benchmark Scores Are in the benchmark section
Hi,
Yep suckers were defunded :laugh:
Looks like a nice scam just more complex than phoning elderly from somewhere for credit/ debit card info for support of a made up issue.

It will take a lot of seizure of accounts and property with long jail time before fakecoins are stopped
Even with people like dogecoin creators admitted it was a joke.
 
Joined
Mar 4, 2016
Messages
291 (0.12/day)
Location
Zagreb, Croatia
System Name T5500 with 2x X5670; 2x intel P35 mbo with X3360; 2x intel Q33 mbo with Q9550S/Q9400S & laptops
This whole stablecoin thing just seems like a grossly inefficient and poorly-regulated bank-account.

If you were just going to require that USD be held in reserve, all you're doing is reinventing fractional reserve banking. Except with an incredibly inefficient "mining" operation requiring "gas fees" and "transaction fees" to perform even the most simple of tasks.

Yes. You can invent new "stablecoins" and trick large swaths of the population into thinking its equivalent to USD. But as far as I can tell, the "correctly done" stablecoins with "USD Reserves" are still shady as all heck (offering APY rates way above what is possible in today's financial market, suggesting somebody is making a significant risk here behind the scenes). You can't make 6% or 7% APY gains reliably in this market, not even for 3 months or 6 months.
Are you all talking about USDT or USDC? :confused:
 
Joined
Aug 20, 2007
Messages
18,114 (3.31/day)
System Name Pioneer
Processor Ryzen R9 5950X
Motherboard EVGA X570 FTW Wifi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.Skill Ripjaws V 64GB (4 x 16GB DR Samsung C-Die) @ DDR4-3200
Video Card(s) EVGA GeForce RTX 3090 Ti FTW3
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply Corsair RM850x Gold 850W (2021 Version)
Mouse Razer Deathadder v2
Keyboard WASD CODE v3 Keyboard with MX Cherry Green Switches
Software Windows 11 Enterprise (yes, it's legit)
All play money should be illegal IMO.
*sad monopoly noises*

You would end up having to define what is/isn't "play money" which if you go to "only what the government says is money" pretty much makes coupons illegal.

Crypto is a little more complex than a blatant ponzi scam, and calling it that serves no one because it's easily disprovable via money trails and just shows you are no authority on the subject. It has however, devolved largely into a wild west of market gambling and is in sorry, sad need of regulation, like yesterday. Heck, most of it is not even usable as currency anymore. :(
 
Last edited:
Joined
Dec 16, 2010
Messages
1,528 (0.36/day)
Location
State College, PA, US
System Name My Surround PC
Processor Intel Core i9 9900KS
Motherboard Gigabyte Z390 Designare
Cooling Swiftech MCP35X / XSPC Rasa CPU / Phanteks GPU block / XSPC 480mm w/ Corsair Fans
Memory 64GB (2 x 32 GB) Corsair DDR4-3600 CL18
Video Card(s) Gigabyte AORUS GeForce RTX 2080 Ti Xtreme Edition
Storage WD SN850 2TB, 4 x 4TB HGST NAS HDD for Windows Storage Spaces
Display(s) 2 x Viotek GFI27QXA 27" 4K 120Hz + LG UH850 4K 60Hz + HMD
Case NZXT Source 530
Audio Device(s) Sony MDR-7506 / Logitech Z-5500 5.1
Power Supply Corsair RM1000x 1 kW
Mouse Patriot Viper V560
Keyboard Corsair K100
VR HMD HP Reverb G2
Software Windows 10 Pro x64
Benchmark Scores Mellanox ConnectX-3 10 Gb/s Fiber Network Card
If you were just going to require that USD be held in reserve, all you're doing is reinventing fractional reserve banking. Except with an incredibly inefficient "mining" operation requiring "gas fees" and "transaction fees" to perform even the most simple of tasks.

Yes. You can invent new "stablecoins" and trick large swaths of the population into thinking its equivalent to USD. But as far as I can tell, the "correctly done" stablecoins with "USD Reserves" are still shady as all heck (offering APY rates way above what is possible in today's financial market, suggesting somebody is making a significant risk here behind the scenes). You can't make 6% or 7% APY gains reliably in this market, not even for 3 months or 6 months.

You're right in that Terra was fractional reserve banking. These bank runs are what happens when you have a fractional reserve. But don't generalize that to mean all stablecoins are problematic. A number of them, namely USDC (but not USDT) are fully backed by verifiable reserves. To people like me who scrutinize coins before buying anything, Terra was always risky having a fractional reserve and I could not see how some magical algorithm could overcome that like they claimed.

To your other point, the 6-7% interest rate on coins occurs because other people are placing much larger bets in the market and are willing to pay that price to borrow your money. In fact, these investments are better than other common assets like stocks because they are collateralized. If you use a reputable lender, the worst that can happen in a market downturn is that you get your money back and no longer earn any interest. Sure, the borrower loses all his/her collateral because he/she made a poor bet, but that's not your problem.
 
Top