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For a good laugh about Crypto, click here
Posted on 5/20/22 at 2:26 am
Posted on 5/20/22 at 2:26 am
I laughed so hard when I saw this:
Ethereum co-founder says every average smallholder impacted by Terra’s stablecoin crash should be made whole, cites FDIC’s $250,000 insurance as precedent.
Ethereum co-founder says every average smallholder impacted by Terra’s stablecoin crash should be made whole, cites FDIC’s $250,000 insurance as precedent.
Posted on 5/20/22 at 6:39 am to KillTheGophers
We laughing at crypto as a whole or the one individual who said this ridiculous statement?
Posted on 5/20/22 at 6:50 am to TigerTatorTots
Both. They are all shitcoins.
Posted on 5/20/22 at 6:58 am to KillTheGophers
What's so funny? Imagine if you could have an asset, that's pegged to the US dollar, and the government would insure it up to 250,000??? How cool would that be.
Oh shite, imagine if you could put that asset somewhere and get interest on it.
Oh shite, imagine if you could put that asset somewhere and get interest on it.
Posted on 5/20/22 at 8:06 am to j1897
Like a bank? What about if it was a currency that was accepted everywhere, and you could use it to pay for things and services?
Posted on 5/20/22 at 8:08 am to KillTheGophers
"Decentralized" "No-Regulations" "Trust-less"
Hard to feel bad for people who invested in an obvious ponzi scheme. Plenty of people on this board where championing the "SAFE" 20% returns.
Hard to feel bad for people who invested in an obvious ponzi scheme. Plenty of people on this board where championing the "SAFE" 20% returns.
Posted on 5/20/22 at 8:10 am to UltimaParadox
quote:
Plenty of people on this board where championing the "SAFE" 20% returns.
I bet most of them are under age 30
Posted on 5/20/22 at 8:14 am to KillTheGophers
So give you money for a risky investment loss?? 
Sign me up.
Sign me up.
Posted on 5/20/22 at 8:31 am to boogiewoogie1978
This post was edited on 8/26/22 at 3:08 pm
Posted on 5/20/22 at 8:34 am to TigerIron
The banks are regulated and have policies in place.
The very thing crypto claims to be removing.
A lot of contradictions going on here
The very thing crypto claims to be removing.
A lot of contradictions going on here
This post was edited on 5/20/22 at 8:36 am
Posted on 5/20/22 at 8:48 am to TigerIron
quote:
I don't think these people should be bailed out, but it's worth remembering that this is basically exactly what the banks got in 2008. Crypto may be a scam (or at least some projects are scams), but there's pretty good reason to think the "real" financial system is systematically rigged in favor of large interests and against small/ retail interests.
It's true. There was a study published a few years ago that found:
quote:
the total direct cost of the 2008 crisis-related bailouts in the United States was on the order of $500 billion, or 3.5% of GDP in 2009. The largest direct beneficiaries of the bailouts were the unsecured creditors of financial institutions.
Peanuts compared with the covid stimulus but still.
Posted on 5/20/22 at 8:55 am to UltimaParadox
quote:Im balls deep in the crypto threads on this board, abs can only remember 1 person talking about UST yield. Seems not plausible that I have missed these “plenty of people” talking about the “safe UST 20% yield”
Plenty of people on this board where championing the "SAFE" 20% returns.
Posted on 5/20/22 at 8:56 am to BadatBourre
quote:
What about if it was a currency that was accepted everywhere, and you could use it to pay for things and services?
What a revolutionary idea, sign me up :)
Posted on 5/20/22 at 8:56 am to TigerTatorTots
quote:
Im balls deep in the crypto threads on this board, abs can only remember 1 person talking about UST yield. Seems not plausible that I have missed these “plenty of people” talking about the “safe UST 20% yield”
I do not read the crypto thread, but these people showed up in every thread talking about where to park money for saving for down payments etc...
Along with other guys talking about making a safe 8% on USDC
This post was edited on 5/20/22 at 8:58 am
Posted on 5/20/22 at 9:02 am to The_Duke
Anyone agreeing with this idiot about bailing out deserves to have their head re-examined. People invested in a shitcoin and lost. Play stupid games with stupid prizes. 99.9% of the crypto space is shitcoins. Theres bitcoin and then there’s a handful of others that actually have a purpose. It would do the space a great service if the rest of the 17,000+ coins all went to zero
Posted on 5/20/22 at 9:07 am to The_Duke
This post was edited on 8/26/22 at 3:08 pm
Posted on 5/20/22 at 9:13 am to KillTheGophers
Bad take by VB, but not out of character for him (anyone familiar with the Ethereum DAO hack knows this). Many smart people raised concerns about Terra, and anyone would have seen it if they did 10 minutes worth of research before YOLOing their entire savings into it.
This post was edited on 5/20/22 at 9:15 am
Posted on 5/20/22 at 9:19 am to KillTheGophers
This reeks of desperation.
The reason ethereum and other coins crash is because they lack instrinsic value or usage that makes them valuable.
While I have my concerns about the USD, it is relatively safe.
The dollar is used all over the world. Oil prices are settled with USD by treaty. The US has the largest economy in the world. The US has a lot of nuclear weapons…. These things back the value of the dollar. I still think it’s shameful how many they print up without accountability.
Crypto currencies, until they are accepted more widely as currency will not have real value and this be subject to wild fluctuations.
Who would accept a crypto currency in exchange for their house?
The reason ethereum and other coins crash is because they lack instrinsic value or usage that makes them valuable.
While I have my concerns about the USD, it is relatively safe.
The dollar is used all over the world. Oil prices are settled with USD by treaty. The US has the largest economy in the world. The US has a lot of nuclear weapons…. These things back the value of the dollar. I still think it’s shameful how many they print up without accountability.
Crypto currencies, until they are accepted more widely as currency will not have real value and this be subject to wild fluctuations.
Who would accept a crypto currency in exchange for their house?
Posted on 5/20/22 at 9:23 am to UltimaParadox
Yea no one was talking about parking money in UST. If they did, it was maybe 1 random person.
USDC is a completely different animal. That has a backing. UST had no backing, it was an algorithmic stable coin that was susceptible to the dread death spiral that we saw. USDC is not
USDC is a completely different animal. That has a backing. UST had no backing, it was an algorithmic stable coin that was susceptible to the dread death spiral that we saw. USDC is not
Posted on 5/20/22 at 9:36 am to KillTheGophers
Crypto bros are very stupid
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