Bitcoin / Bitcoins / Crypto Currency

Yeah.

Looks like you have to restake to retain the 2% and given my stake is already down a few percent I'm not really enthused about putting more money in after this debacle. Think I'll pull out after Spotify bills me this month

is already down a few percent I'm not really enthused about putting more money in

yeh, happy I didnt go jade card

Keep on dipping, anyone started buying again?

Always be buying. But bought more at 29,500 a couple hours ago. Couldn't resist.

Rough day to be a luna holder, jeepers

Seeing my wallet in Eth tank on Sorare 20% overnight is err, brutal

Bitcoin and all crypto currencies are going to zero. Not today, not tomorrow but at some point they go to zero. There's going to be some exceptions but which currencies/coins/tokens they are nobody knows.

That utopian view of Bitcoin being a digital currency for the unbanked masses, a global currency free of the control of central banks is just a fairytale. It's a total racket and has transferred billions from lots of people, to a few.

When do you think the wheels will begin to come off and what do you think the main trigger will be?

Can I borrow your crystal ball when you're done with it?

That utopian view of Bitcoin being a digital currency for the unbanked masses, a global currency free of the control of central banks is just a fairytale.

8 million people use crypto for international remittances. A survey of the non crypto remittance industry found that 13% of all consumers who use remittance services use crypto to pay friends and family in other countries. Its small beans but not small enough to ignore. It might even be the largest category of crypto users other than just for investment.

Tether's lost its peg!!

!!

?

Tether is supposed to be pegged to the usd at a 1:1

Something horrible has gone wrong and therefore its lost its pegging

They're supposed to have as many dollars behind their minted coins. It probably means they've got less.

Or so is my understanding... I'm most certainly wrong.

Something horrible has gone wrong

Institutional money exploiting flaws, thats what is happening. Whether they are doing it to make money or just break things that are easy to break I don't know.

Good read for the uninitiated

Doesn;t look to be a massive untethering. Here's the all time chart. Will cause mass panic though.

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Seems like a bit of a coincidence that this happened at roughly the same time

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Some ppl have lost all their savings with the collapse of Luna 😢

not really savings if it's in crypto.

Tether currently saying everything is fine. Lets see shall we?

Okay, I thought Tether had dropped to $0.80, but actually it's £0.80. That would have been a lot worse.

There's a lot of doubt about their assets and if it went down it would probably take a lot of other things with it.

There's a lot of doubt about their assets

It used to be pretty volatile for a stable coin due to these doubts. I think they even paid a $40m fine for operating a fractional reserve at some point. $40m isn't a lot of money to a project making £40m per day though.

to a project making £40m per day though

Woah how is that? Asset-liability spread on $80 bn or withdrawal fees?

Woah how is that?

In order of size....fees, lending and investments.

Nice summary here: https://productmint.com/tether-business-model-how-does-tether-make-money

https://www.bbc.co.uk/news/technology-61552030

"I felt like I was going to die," the cryptocurrency streamer known as Chancers says. "I lost a lot of money in a short period of time. Around $2.4m (£1.9m) of my cryptocurrency was wiped out."

Awwww. My heart bleeds.