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re: For a good laugh about Crypto, click here
Posted on 5/20/22 at 9:56 am to MusclesofBrussels
Posted on 5/20/22 at 9:56 am to MusclesofBrussels
quote:
Crypto bros are very stupid
I wonder what they said about internet bros
Posted on 5/20/22 at 10:08 am to DeathValley85
quote:
I wonder what they said about internet bros
The internet is not akin to crypto currency.
The blockchain is more comparable and yes, I would invest in that technology and actually do invest in it through ETF’s despite the volatile nature.
Posted on 5/20/22 at 10:40 am to SlidellCajun
The crypto mega thread is pretty level headed. I am big into "Crypto", but those of us that actual research before we buy tend to come out ahead on these things.
As such, its comical and sad how in this thread people are comparing Luna UST to USDC. USDC is a 1:1. Luna UST was an algorithmic stable coin. It doesn't take much thought around that to see the potential pitfalls.
Crypto is risky and harsh and those that do not do the time and research always get burned.
As such, I never owned any UST.
The space is unique and innovative, but that does not mean these projects always get it right or that if they fail, it was an inherent scam. Yes, many are, but again, those of us that actively participate and learn have usually stayed away from the major pitfalls like Tera/Luna.
As such, its comical and sad how in this thread people are comparing Luna UST to USDC. USDC is a 1:1. Luna UST was an algorithmic stable coin. It doesn't take much thought around that to see the potential pitfalls.
Crypto is risky and harsh and those that do not do the time and research always get burned.
As such, I never owned any UST.
The space is unique and innovative, but that does not mean these projects always get it right or that if they fail, it was an inherent scam. Yes, many are, but again, those of us that actively participate and learn have usually stayed away from the major pitfalls like Tera/Luna.
Posted on 5/20/22 at 10:55 am to JayDeerTay84
I really think the non-crypto people on this board wake up with a hard on to make another thread about crypto. Let it go guys
Posted on 5/20/22 at 10:57 am to Chuckiee
All good. Stacking Sat's as always!
Posted on 5/20/22 at 11:10 am to TigerTatorTots
quote:
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
I am not comparing the two I know the difference between UST and USDC.
Just like Luna/UST was never safe at 20%.
USDC at 8% is not safe either.
Bunch of cyrpto shills show up to every post revolving around saving money pitching these products even for people talking about short term savings.
And it was definitely way more than one person.
Also there is not guarantee that USDC is backed either. They only provide attestation not a true audit. It basically amounts to trust us, as they change the terms along the way.
Coin Desk on Circle's USDC Attestation Changes
This post was edited on 5/20/22 at 11:16 am
Posted on 5/20/22 at 11:28 am to UltimaParadox
quote:
I am not comparing the two I know the difference between UST and USDC.
Do you? Because UST you cant audit because it algo-based.
USDC is on a public ledger. Meaning, you can you check yourself right now.....
You, anyone, can to to etherscan and just like, check.....
This post was edited on 5/20/22 at 11:29 am
Posted on 5/20/22 at 11:39 am to JayDeerTay84
quote:
USDC is on a public ledger. Meaning, you can you check yourself right now.....
You, anyone, can to to etherscan and just like, check.....
Um no... no you can't. The only way to confirm that USDC is actually backed by real money is for Circle to show us the proof that they hold it somewhere. Normally cash at a bank account. In Circle's case they do not allow anyone to do a true audit for some reason, however they do provide an attestation from Grant Thornton LLP to say that they do have the money and that is it.
Circle's March 2022 Attestation
OF course UST would never be audited because they never claimed to be backed by anything. Ole Do Kwon actually took excess funds and bought a bunch of bitcoin they held in "reserve" whether they actually sold all of it to keep UST pegged is actually up for debate. I bet Do is keeping some for himself.
Location of Terra's Bitcoin Reserves
This post was edited on 5/20/22 at 11:44 am
Posted on 5/20/22 at 11:44 am to UltimaParadox
quote:
Um no... no you can't. The only way to confirm that USDC is actually backed by real money is for Circle to show us the proof that they hold it somewhere. Normally cash at a bank account. In Circle's case they do not allow anyone to do a true audit for some reason, however they do provide an attestation from Grant Thornton LLP to say that they do have the money and that is it.
Circle's March 2022 Attestation
They have that proof. They also have SEC filings for 2020, and 2021. You can just google their August 2021.
This post was edited on 5/20/22 at 11:50 am
Posted on 5/20/22 at 11:51 am to JayDeerTay84
quote:
They have that proof.
Yeah I gave you the link to the proof that they provide. An attestation they have have cash and cash equivalents. USDC used to also claim it was backed 1:1 by USD, which they have already removed from the website. Now it is backed by "fully reserved assests".
Hey they may truly have the money, but dont want to open themselves to the audit. It cost money and they have no requirement to do so. But I am sure holders of USDC would sure like to see it.
Posted on 5/20/22 at 11:59 am to UltimaParadox
quote:
Now it is backed by "fully reserved assests".
Yea, US treasury notes. They explain all this in the documents referenced.
In anycase, there is a VAST difference in USDC and algo-stablecoins.
Also, USDC Circle is tied at the hip with Coinbase another US company. Like everything there are risks, but its completely disingenuous to compare USDC to UST.
Lastly, the biggest Risk to USDC isn't even the PEG. Its the chain its ran on, ETH. They could break it any day. That is why I never owned any "stable-coins". Number 1 risk, IMO, is always the strength of the chain.
This post was edited on 5/20/22 at 12:00 pm
Posted on 5/20/22 at 12:44 pm to KillTheGophers
I’m sort of alarmed at how much pleasure this situation has given me.
Posted on 5/20/22 at 1:10 pm to TheWalrus
quote:
TheWalrus
What situation?
Posted on 5/20/22 at 1:18 pm to Diseasefreeforall
quote:But I just saw economist post something about TARP the other day, and the government actually made money on it. There were banks that didn’t need or even want it, but they were basically forced to take it.
Peanuts compared with the covid stimulus but still.
Posted on 5/20/22 at 2:57 pm to UltimaParadox
quote:Well you said plenty of people were pitching the 20% UST yield. Now you are moving the goalposts saying plenty of people were pitching “these products”. Glad we got to the bottom of your initial false claim.
Bunch of cyrpto shills show up to every post revolving around saving money pitching these products even for people talking about short term savings. And it was definitely way more than one person.
Posted on 5/20/22 at 3:23 pm to KillTheGophers
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