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  1. #1321
    Legendary! hellhamster's Avatar
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    Jesus Christ that Luna fiasco. This was the biggest Crypto clusterfuck since its inception, from what I can remember at least. This was a top 10 coin for chrissakes.

    Their only solution is to find several billion of liquidity and reverse that algorithm fail, but this is absolutely dead in the water. The fact that the algorithm didn't stop printing tokens to handle the un-pegging of the stable coin UST until the 6.5 trillion token mark is disconcerting, minting more and more tokens and causing an exponential supply inflation and a downwards cascade in price. That no one had any idea what was happening until it was too late is an even bigger cause for concern. From what I understand, the liquidity required to return to normal is $6 billion.

    In any case, not that it's any consolation, but this happens in the regular stock market as well when a company gets delisted due to bankruptcy, it's not an exclusive crypto thing. But the way this happened is too stupid for words.
    Last edited by hellhamster; 2022-05-13 at 11:40 AM.

  2. #1322
    Quote Originally Posted by hellhamster View Post
    Jesus Christ that Luna fiasco. This was the biggest Crypto clusterfuck since its inception, from what I can remember at least. This was a top 10 coin for chrissakes.

    Their only solution is to find several billion of liquidity and reverse that algorithm fail, but this is absolutely dead in the water. The fact that the algorithm didn't stop printing tokens to handle the un-pegging of the stable coin UST until the 6.5 trillion token mark is disconcerting, minting more and more tokens and causing an exponential supply inflation and a downwards cascade in price. That no one had any idea what was happening until it was too late is an even bigger cause for concern. From what I understand, the liquidity required to return to normal is $6 billion.

    In any case, not that it's any consolation, but this happens in the regular stock market as well when a company gets delisted due to bankruptcy, it's not an exclusive crypto thing. But the way this happened is too stupid for words.
    This is more comparable to a bank going down. Which is what stablecoins are they are bank notes. And we have insurance for that

    Its all so stupid
    Last edited by NED funded; 2022-05-13 at 02:20 PM.

  3. #1323
    Elemental Lord Milchshake's Avatar
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    Quote Originally Posted by NED funded View Post
    This is more comparable to a bank going down. Which is what stablecoins are they are bank notes. And we have insurance for that

    Its all so stupid
    "We" is doing all the work in that sentence. Who exactly insured what? Hope you kept receipts.


    I dread the eventual phase of ; When ivy podcasters start demanding that Biden repay their student loans crypto losses. Or they won't vote ....

  4. #1324
    https://markets.businessinsider.com/...o-crash-2022-5

    Some delicious schadenfreude, Do Kown, TerraUSD founder who mocked actual economists critical of the design for being "poor", now has a literally worthless currency lol.

    How're things going though? Oh you know, no shady fuckery going on and nothing like the dastardly Fed trying to meddle...

    Or they're choosing whether to literally rewrite history by restoring a snapshot prior to the "attack" (lol) and a bunch of other terrible nonoptions.

    https://station.terra.money/gov#PROP..._VOTING_PERIOD

    You can check out what they're voting on.

    Anything else going on?

    Well, according to this reddit post Luna printer go bbbbbbbbbbbbbbbbbbbbbbbbbbbbrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr printing 150 billion new coins while trying to function given that it's lost 99.99% of its value and people are buyin that dip.

    Man, sticking with that "outdate, old, legacy" fiat currency in my FDIC insured bank is feeling better and better. And even though I hate the stock market, sticking with stocks is sure seeming like an infinitely better bet so far. Are my stocks down this year? Absolutely. Have I lost upwards of 50%+ of their value, or like, 99.99%? No way, not even close.

    Wasn't the whole point of stablecoins to literally prevent this from happening?

    - - - Updated - - -

    https://kotaku.com/axie-infinity-cry...val-1848920116

    Not sure how related this is to the luna fiasco, but Axie Infinity's SLP currency is now worth $0.00 on markets due to rounding, as it's worth $0.004 currently. Now this isn't the crypto currency, it's the in-game exchange currency that was supposed to allow folks to "play to earn" but now seems like you just play to play since you can't earn anything on fractional pennies. The actually currency itself, Axie Infinity Shards retains some value at under $20 each after falling from $150 last year.

    This game was ever so briefly a test-case for "play to earn" being legit as some folks in the Phillipines were actually able to make a little bit of money off of it before the house of cards started tumbling down as they had to remove farming methods for SLP and their efforts to burn it out of the economy via in-game mechanisms wasn't very effective.

    Oh, this was before they lost $600M on a side-chain they'd built to try to make using the crypto remotely convenient.

    But it's not dead yet! They have a mobile version of a really shitty game with boring gameplay whose only compelling argument to play is, "You can play and earn a ton of money, we really promise! Just make sure you have a sponsor to cover the huge entry fee required to actually start being able to earn money. It'll go up in value, we sear. Line goes up!"

  5. #1325
    Legendary! hellhamster's Avatar
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    LUNA pumped over a 1000% the past day, after being 100% down the day before. That means that it went from the worst performing asset of all time (-100% in a day) to the best performing asset of all time (+1000% in a day). Crypto is fucking stupid and I love it.

    I have to reiterate that LUNA is done for, unless they magically find $6 billion to reverse the liquidity dump. IF one wants to enter a position for a quick pump and dump, be very wary and very quick to exit, the inherent value is zero.

    Edit: it's almost +2000% now, lmao.

    Edit 2: aaaaaand it's dumping.

    Over 3 billion dollars in volume in the past 12 hours, and that's just on one exchange that trades luna with its specific stable coin. That's 3 times the volume of Bitcoin.
    Last edited by hellhamster; 2022-05-14 at 03:55 PM.

  6. #1326
    Quote Originally Posted by hellhamster View Post
    LUNA pumped over a 1000% the past day, after being 100% down the day before. That means that it went from the worst performing asset of all time (-100% in a day) to the best performing asset of all time (+1000% in a day). Crypto is fucking stupid and I love it.

    I have to reiterate that LUNA is done for, unless they magically find $6 billion to reverse the liquidity dump. IF one wants to enter a position for a quick pump and dump, be very wary and very quick to exit, the inherent value is zero.

    Edit: it's almost +2000% now, lmao.

    Edit 2: aaaaaand it's dumping.

    Over 3 billion dollars in volume in the past 12 hours, and that's just on one exchange that trades luna with its specific stable coin. That's 3 times the volume of Bitcoin.
    Is it me or was this just something wonky that happened from 6:15-6:24 ish.
    Seems people are saying it appears to be a "fat finger" trade that pushed the stock up and it crashed back down just as fast.

    Based on volume not that many people got to profit off such a large spike?
    Buh Byeeeeeeeeeeee !!

  7. #1327
    Legendary! hellhamster's Avatar
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    Quote Originally Posted by Zan15 View Post
    Is it me or was this just something wonky that happened from 6:15-6:24 ish.
    Seems people are saying it appears to be a "fat finger" trade that pushed the stock up and it crashed back down just as fast.

    Based on volume not that many people got to profit off such a large spike?
    The volume is insane (almost $5 billion on Binance since 20 hours ago). It might have been some hedgies joining in the fun. With some quick math, it is traded at roughly fifty to a hundred million dollars per 15 minutes, with a spike of $200 million/15 minutes. If the price rose by 30% in those 15 minutes, which it did, that's a cool $60 million profit, or $4 million profit per minute.

    Not bad I'd say. Volume is dropping off though, the end is in sight.

    This has to be the most remarkable trading I've seen in my life. I know a guy IRL who made 900 euros from 50 lol. Too bad I didn't have BUSD at the time to throw a benjamin in for the lulz when it was approaching zero, I knew people were gonna pump and dump it anyway but I couldn't be arsed to go through the pain of selling my holds to get BUSD for a shitcoin.
    Last edited by hellhamster; 2022-05-14 at 06:45 PM.

  8. #1328
    Quote Originally Posted by hellhamster View Post
    The volume is insane (almost $5 billion on Binance since 20 hours ago). It might have been some hedgies joining in the fun. With some quick math, it is traded at roughly fifty to a hundred million dollars per 15 minutes, with a spike of $200 million/15 minutes. If the price rose by 30% in those 15 minutes, which it did, that's a cool $60 million profit, or $4 million profit per minute.

    Not bad I'd say. Volume is dropping off though, the end is in sight.

    This has to be the most remarkable trading I've seen in my life.
    yah but the volume came way after the spike from what i can see. the spike was just the initial flub and most of what was sold after that was sold substantially lower than the spike.

    also, how many of those sales were for people still stuck in at $$ way above the peak?

    I have this sinking suspicion not that many people actually made money on this insane spike.

    I don't have access to crypto charts that give that level of detail, only real currency/stocks/etc in my platform

    i would love to see it, just seems like it's akin to when you have Flash Crash/spike on the stock market and it gives the impression that you could have made a shit ton of money but in reality very few trades occurred at those extreme levels.

    But who knows anything is possible with crypto.
    Buh Byeeeeeeeeeeee !!

  9. #1329
    Quote Originally Posted by hellhamster View Post
    LUNA pumped over a 1000% the past day, after being 100% down the day before. That means that it went from the worst performing asset of all time (-100% in a day) to the best performing asset of all time (+1000% in a day). Crypto is fucking stupid and I love it.

    I have to reiterate that LUNA is done for, unless they magically find $6 billion to reverse the liquidity dump. IF one wants to enter a position for a quick pump and dump, be very wary and very quick to exit, the inherent value is zero.

    Edit: it's almost +2000% now, lmao.

    Edit 2: aaaaaand it's dumping.

    Over 3 billion dollars in volume in the past 12 hours, and that's just on one exchange that trades luna with its specific stable coin. That's 3 times the volume of Bitcoin.
    It was almost back up to a tenth of a cent!

    Crypto is wild. One day you're a millionaire ready to retire to live the good life, the next day you're stone-broke.

    Thinking that volatility being a feature of these coins might not be such a good thing, especially since this was supposed to be a "stablecoin".

  10. #1330
    Quote Originally Posted by Edge- View Post
    It was almost back up to a tenth of a cent!

    Crypto is wild. One day you're a millionaire ready to retire to live the good life, the next day you're stone-broke.

    Thinking that volatility being a feature of these coins might not be such a good thing, especially since this was supposed to be a "stablecoin".
    You know, there is a scene in a movie that states this very thing, except with futures contracts. Movie is Trading Places.

    "One minute you are up half a million in soybeans and the next, boom, your kids don't go to college and repossessed your Bentley."


  11. #1331
    lol hopefully there is a bank run on tether

  12. #1332

  13. #1333
    I'm generally opposed to running nowadays (I used to, but no longer), but faced with the prospect of someone actually trying to "explain" NFT's to me in meatspace sounds like one of the few things that would actually get me back to my old highschool sprinting days.

  14. #1334
    Quote Originally Posted by Edge- View Post
    https://markets.businessinsider.com/...o-crash-2022-5

    Some delicious schadenfreude, Do Kown, TerraUSD founder who mocked actual economists critical of the design for being "poor", now has a literally worthless currency lol.

    How're things going though? Oh you know, no shady fuckery going on and nothing like the dastardly Fed trying to meddle...

    Or they're choosing whether to literally rewrite history by restoring a snapshot prior to the "attack" (lol) and a bunch of other terrible nonoptions.

    https://station.terra.money/gov#PROP..._VOTING_PERIOD

    You can check out what they're voting on.

    Anything else going on?

    Well, according to this reddit post Luna printer go bbbbbbbbbbbbbbbbbbbbbbbbbbbbrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr printing 150 billion new coins while trying to function given that it's lost 99.99% of its value and people are buyin that dip.

    Man, sticking with that "outdate, old, legacy" fiat currency in my FDIC insured bank is feeling better and better. And even though I hate the stock market, sticking with stocks is sure seeming like an infinitely better bet so far. Are my stocks down this year? Absolutely. Have I lost upwards of 50%+ of their value, or like, 99.99%? No way, not even close.

    Wasn't the whole point of stablecoins to literally prevent this from happening?

    - - - Updated - - -

    https://kotaku.com/axie-infinity-cry...val-1848920116

    Not sure how related this is to the luna fiasco, but Axie Infinity's SLP currency is now worth $0.00 on markets due to rounding, as it's worth $0.004 currently. Now this isn't the crypto currency, it's the in-game exchange currency that was supposed to allow folks to "play to earn" but now seems like you just play to play since you can't earn anything on fractional pennies. The actually currency itself, Axie Infinity Shards retains some value at under $20 each after falling from $150 last year.

    This game was ever so briefly a test-case for "play to earn" being legit as some folks in the Phillipines were actually able to make a little bit of money off of it before the house of cards started tumbling down as they had to remove farming methods for SLP and their efforts to burn it out of the economy via in-game mechanisms wasn't very effective.

    Oh, this was before they lost $600M on a side-chain they'd built to try to make using the crypto remotely convenient.

    But it's not dead yet! They have a mobile version of a really shitty game with boring gameplay whose only compelling argument to play is, "You can play and earn a ton of money, we really promise! Just make sure you have a sponsor to cover the huge entry fee required to actually start being able to earn money. It'll go up in value, we sear. Line goes up!"
    Lmao did slp crash?

    I remember axir when a highschool friend told me he was making good money off it and apparently the way he did it was lending his creatures to poor ppl to play for him and get a cut off it.

    The entire thing was so weirdly exploitative

  15. #1335
    Banned Strawberry's Avatar
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    Quote Originally Posted by Edge- View Post
    I'm generally opposed to running nowadays (I used to, but no longer), but faced with the prospect of someone actually trying to "explain" NFT's to me in meatspace sounds like one of the few things that would actually get me back to my old highschool sprinting days.
    Got fat on pizza?

  16. #1336
    Quote Originally Posted by Strawberry View Post
    Got fat on pizza?
    Alas, I may have some small love handles now but I regret to inform you that I'm not obese by any stretch. Sorry : (

  17. #1337
    I am Murloc! Poopymonster's Avatar
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    Crypto crashed because it turned 13 and Libtertarians lost interest.
    Quote Originally Posted by Crissi View Post
    Quit using other posters as levels of crazy. That is not ok

  18. #1338
    .01% of bitcoin holders hold 27% of all bitcoin

    lol worse than the actual economy.

  19. #1339
    Quote Originally Posted by jonnysensible View Post
    .01% of bitcoin holders hold 27% of all bitcoin

    lol worse than the actual economy.
    Naw man, decentralized currency is how we take back the power from the rich folks and institutions.

  20. #1340
    I am Murloc!
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    Quote Originally Posted by Edge- View Post
    Naw man, decentralized currency is how we take back the power from the rich folks and institutions.
    BTC is not given away like candies. in first place nobody wanted them or sold theirs on bargain prices just because they managed to get 5 bucks per coin out of it.
    the current major holders may be people who sit on them since BTC was 1$ and some, sold and repurchased on dip. it tends to accumulate over time IMHO

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