The Cryptocurrency Thread
- Thread starter Inori
- Start date
Trilltx214
Layer cake
Finally the real bear market, time to double my positions
dasmooth1
Active Member
It still feels like it's just beginning to me. I think we'll hit the peak of it come autumn
strshtr
New Member
strshtr
New Member
I think so because a lot of people thought they were safe with UST because it was suppose to be a stable coin. De peg mechanisms were suppose to be in place to prevent it from losing it's value. It was considered safe not to mention all the borrowing from Anchor protocal.
Trilltx214
Layer cake
Yea overall market has crashed as hard yet. But those that lost with Luna/terra were probably hit harder than anything else before.
dasmooth1
Active Member
I think the fact the stock market is on the verge of crashing is making this one feel worse. In 2018 whn that crash happened i started my position in Apple because i thought "why am i spending bread on this fucking crypto which is now tanking when i could be spending on a quality company like Apple". This time though there is no alternative haven to grow your money. It feels like everything is on fire
AZTG
OG
Lmaooo. Reading up on Luna, and im sorry to folks who lost money but the shit seems stupid as fuck.
"UST and luna are linked. UST is dubbed an algorithmic stablecoin meaning its $1 peg is supposed to be governed by underlying code. That is fundamentally different to other stablecoins like tether and USDC which are backed by real-world assets such as bonds. UST has no real-world reserves."
Why put money in something that is supposed to be pegged to $1, that is supported by nothing but code?
Like the concept of crypto, at its base form, is that its worth what we all agree its worth.
Its a fake commodity which is valued off of what we all as a collective are willing to pay for it.
Its a gamble. Im deep in it hoping to make money.
But UST and Luna are supposed to be assets you invest in when you want to just have a place you put your money that will always = its value in USD, but your money is not in a bank.
How can anyone feel comfortable putting their money in something like that backed only by code? Its crazy
"UST and luna are linked. UST is dubbed an algorithmic stablecoin meaning its $1 peg is supposed to be governed by underlying code. That is fundamentally different to other stablecoins like tether and USDC which are backed by real-world assets such as bonds. UST has no real-world reserves."
Why put money in something that is supposed to be pegged to $1, that is supported by nothing but code?
Like the concept of crypto, at its base form, is that its worth what we all agree its worth.
Its a fake commodity which is valued off of what we all as a collective are willing to pay for it.
Its a gamble. Im deep in it hoping to make money.
But UST and Luna are supposed to be assets you invest in when you want to just have a place you put your money that will always = its value in USD, but your money is not in a bank.
How can anyone feel comfortable putting their money in something like that backed only by code? Its crazy
TheNightKing
J.A.P.A.N.
I don’t get any of this crypto stuff to be honest. I mean I get it for what it is, but not in relation to other currencies.
Currencies around the world are somewhat based on that country’s performance, whether economically, financially, politically, etc. Crypto has no such fundamentals other than the blockchain it’s written on. I guess you could assume another fundamental is the size of the black market where it’s exchanged for goods, but that’s all I can think of.
M4nh4tt4n
Active Member
Chill. You’re 99.9% correct, tho. But Tether is trash as well. And if it fails, BTC is $0.01-$1.00…
Inglewood_B
OG
Y’all been out here getting slaughtered. Lmfaoo. I been got out of crypto after that summer of fun a year or two back and damn near forgot about this shit
Trilltx214
Layer cake
Time to get back in, it's literally a cycle of up down then up again greater than the last time. Ain't get slaughtered if you ain't sell. Most of what i put in crypto i don't expect to touch for 5+ years. Took some profits tho
Inglewood_B
OG
Nah this shit a Ponzi scheme. Only way to make money is to get more people to “invest” so you can cash out. Tell them to “buy the dip” meanwhile you selling. And if you ain’t one of the people doing the pump and dump, you’re the mark left “hodl”-ing the bag praying for more people to get in so you can cash out later after you learnt your lesson lol
Keep buying the dip on them amway tokens tho
