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44 minutes ago, Alias Detective said:

Is now a good time to start mining bitcoin?

Depends on your electric rate and the machine you're using.

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1 minute ago, Cdub100 said:

Depends on your electric rate and the machine you're using.

electricity prices are rising 30% in my area in 1 month.  I guessthats not a good thing.

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Just now, Alias Detective said:

electricity prices are rising 30% in my area in 1 month.  I guessthats not a good thing.

It's a fine line between buying and running a machine and just buying the asset outright and staking it. 

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5 hours ago, GutterBoy said:

.  Anyone seen frozenbeernuts?

He hasn’t posted in this thread since a day or two before 90sbaby showed back up 

FBN is super emotional so I wouldn’t expect him to be posting when Bitcoin is down like 15k since his recent rants. 

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7 minutes ago, Alias Detective said:

electricity prices are rising 30% in my area in 1 month.  I guessthats not a good thing.

I locked in my energy supplier for a 24 month fixed rate over the winter seeing the energy inflation coming.

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1 minute ago, GutterBoy said:

I locked in my energy supplier for a 24 month fixed rate over the winter seeing the energy inflation coming.

I could only lock in for 12 month at a time....

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19 minutes ago, WhiteWonder said:

He hasn’t posted in this thread since a day or two before 90sbaby showed back up 

FBN is super emotional so I wouldn’t expect him to be posting when Bitcoin is down like 15k since his recent rants. 

He'll be back around when the price goes back up. Kinda similar to how you guys only come around when the market is down to spread FUD.

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22 minutes ago, Cdub100 said:

It's a fine line between buying and running a machine and just buying the asset outright and staking it. 

I second this.

Just stake BTC and get 2-5 percent apy.

Plus another halving is coming up and mining rewards will go down.

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47 minutes ago, iam90sbaby said:

He'll be back around when the price goes back up. Kinda similar to how you guys only come around when the market is down to spread FUD.

maybe some people currently posting are like that. As i've explained to FBN and many times before, i've bought and sold eth and btc multiple times and like it as an investment. My reasons for liking it may be completely different but that's okay.... but i'm a person who enjoys healthy discussion and debate so I do tend to get fed up with people who only trumpet something and when others question it or have a differing opinion, they react similar to a toddler sticking their fingers in their ears yelling "i can't hear you".  And yes, I feel the same about people on both ends of the spectrum.

lately, I tend to check into this thread more often when crypto is going down because it presents more interesting convo to me. Much more interesting than FBN posting regurgitated pro crypto podcasts and the like.... and ALSO because I'm always looking for a new buy point. That tends to be when crypto is on the way down, hence me checking in here more often when it's down. 

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interesting that ethereum co-founder is citing FDIC insurance as precedent for terra making small investors whole when crypto is all about decentralization and lack of regulation....

fdic is for cash savings not risky investments. :dunno:

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8 minutes ago, WhiteWonder said:

interesting that ethereum co-founder is citing FDIC insurance as precedent for terra making small investors whole when crypto is all about decentralization and lack of regulation....

fdic is for cash savings not risky investments. :dunno:

You just knew this was coming, and probably part of the plan when the ponzi was created, get too big to fail.

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20 minutes ago, GutterBoy said:

You just knew this was coming, and probably part of the plan when the ponzi was created, get too big to fail.

Do you even understand fully what happened with Terra/LUNA or are you grouping all cryptos together as a ponzi scheme?

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8 minutes ago, iam90sbaby said:

Do you even understand fully what happened with Terra/LUNA or are you grouping all cryptos together as a ponzi scheme?

Grouping them all together as one ponzi scheme.

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1 hour ago, GutterBoy said:

Grouping them all together as one ponzi scheme.

Yep, you don't understand at all what happened 

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They promised a significant portion of investors 20% return on their investment.  Then they threatened to not provide 20% interest and everyone fled in mass causing the price to plummet.  

Not sure why someone would confuse that with a Ponzi scheme.

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If gutter can get some racism in here that would be great. I’m sure he has tried. 

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1 hour ago, nobody said:

They promised a significant portion of investors 20% return on their investment.  Then they threatened to not provide 20% interest and everyone fled in mass causing the price to plummet.  

Not sure why someone would confuse that with a Ponzi scheme.

Another person that doesn't understand what happened 

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11 minutes ago, Hardcore troubadour said:

If gutter can get some racism in here that would be great. I’m sure he has tried. 

Anglo Coin

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1 hour ago, iam90sbaby said:

Another person that doesn't understand what happened 

So what happened?

1 hour ago, iam90sbaby said:

Another person that doesn't understand what happened 

 

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20 minutes ago, nobody said:

So what happened?

 

Stablecoin UST was back by Luna which was back by BTC.

UST lost it's peg so LUNA started minting more LUNA so UST could peg back to $1 and dropped the value from $50+ to a fraction of a penny almost overnight. LUNA then dumped their BTC to bring UST back up and it de-pegged again. Now normies think every crypto is a ponzi scheme.

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6 minutes ago, iam90sbaby said:

Stablecoin UST was back by Luna which was back by BTC.

UST lost it's peg so LUNA started minting more LUNA so UST could peg back to $1 and dropped the value from $50+ to a fraction of a penny almost overnight. LUNA then dumped their BTC to bring UST back up and it de-pegged again. Now normies think every crypto is a ponzi scheme.

I am new to these terms. Are you saying that being pegged is good? 

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39 minutes ago, iam90sbaby said:

Stablecoin UST was back by Luna which was back by BTC.

UST lost it's peg so LUNA started minting more LUNA so UST could peg back to $1 and dropped the value from $50+ to a fraction of a penny almost overnight. LUNA then dumped their BTC to bring UST back up and it de-pegged again. Now normies think every crypto is a ponzi scheme.

since you have lots of knowledge on this topic, I would be interested in more of an explanation of what happened rather than an event timeline, if you don't mind. 

 How was minting more LUNA "pegging" UST back to $1? Why did this drop LUNA value to almost nothing? Why did it de-peg again after all that?

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7 minutes ago, WhiteWonder said:

since you have lots of knowledge on this topic, I would be interested in more of an explanation of what happened rather than an event timeline, if you don't mind. 

 How was minting more LUNA "pegging" UST back to $1? Why did this drop LUNA value to almost nothing? Why did it de-peg again after all that?

Because UST was backed by LUNA it was built on an algorithm... More money pumped in they would burn and deflate LUNA and visa versa. What they didn't expect was a bunch of whales getting together and dumping their coin at the same time which caused it to hyperinflate.

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6 minutes ago, iam90sbaby said:

Because UST was backed by LUNA it was built on an algorithm... More money pumped in they would burn and deflate LUNA and visa versa. What they didn't expect was a bunch of whales getting together and dumping their coin at the same time which caused it to hyperinflate.

Bwahahahaha. Imagine bitcoin in the same scenario. 
 

meaning whales converge/conspire 

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16 minutes ago, iam90sbaby said:

Because UST was backed by LUNA it was built on an algorithm... More money pumped in they would burn and deflate LUNA and visa versa. What they didn't expect was a bunch of whales getting together and dumping their coin at the same time which caused it to hyperinflate.

 

did these whales pump LUNA and then dump it? 

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5 minutes ago, WhiteWonder said:

 

did these whales pump LUNA and then dump it? 

Yes they dumped LUNA from my understanding, which caused their stablecoin UST to de-peg off $1. Then LUNA started minting to bring UST's price back to $1

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17 minutes ago, Alias Detective said:

Bwahahahaha. Imagine bitcoin in the same scenario. 
 

meaning whales converge/conspire 

The great thing about Bitcoin is it's truly decentralized. It just exists, no one controls it. This crash has made me a bit of a Bitcoin Maxi.

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1 minute ago, iam90sbaby said:

Yes they dumped LUNA from my understanding, which caused their stablecoin UST to de-peg off $1

interesting. any real difference from a classic penny stock pump and dump?

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11 minutes ago, iam90sbaby said:

Yes they dumped LUNA from my understanding, which caused their stablecoin UST to de-peg off $1. Then LUNA started minting to bring UST's price back to $1

I read it the the other way. Someone sold 350M ust which cause caused ust to lose it's peg because they didn't have enough liquidity to meet that demand. So the algorithm printed more Luna which caused that to start crashing which amplified UST crashing. Add that the Luna foundation started selling their Bitcoin in a crashing market to meet the demand of UST seller's and you have a death spiral. As UST continued to fall Lunas algorithm created more and more Luna. Luna now has 18,000x as much supply as it did last week.

I believe Luna knew this would be a problem which is why they started buying Bitcoin. They also made it public they were buying on the open market hoping this would drive Bitcoin up and securing their liquidity issues.

When people started testing other stable coins teather did okay, binance coin was better and USDC did the best. Probably because they are backed by assets and are liquid enough to meet the stress test 

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18 minutes ago, iam90sbaby said:

The great thing about Bitcoin is it's truly decentralized. It just exists, no one controls it. This crash has made me a bit of a Bitcoin Maxi.

Whales control the price if they wish. 

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I wonder why the whales all sold?  Just dumb luck or was it spurred by Anchor not giving 20% interest?

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On 5/16/2022 at 3:59 PM, iam90sbaby said:

Stablecoin UST was back by Luna which was back by BTC.

UST lost it's peg so LUNA started minting more LUNA so UST could peg back to $1 and dropped the value from $50+ to a fraction of a penny almost overnight. LUNA then dumped their BTC to bring UST back up and it de-pegged again. Now normies think every crypto is a ponzi scheme.

Isn’t backing one currency with another which is backed by another….kinda a Ponzi scheme?

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2 hours ago, GutterBoy said:

 

 

Yeah, that's a very alarming take.  

I would've thought he would've said the valuation of a coin is based off the potential use case for the technology, but he seems to clearly not believe that.  I mean we invest in technology all the time without knowing the final use case of the technology, but he is blatantly saying people are just buying it for inflated yield.

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2 hours ago, TimHauck said:

Isn’t backing one currency with another which is backed by another….kinda a Ponzi scheme?

If that's true then our entire monetary policy is a Ponzi. Which is probably correct.

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