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05-12-2022, 10:29 AM
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#4226 | | RS has made me the bitter person i am today!
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The whole idea of pegging is stupid, to begin with.
It basically tells whoever having more money than the reserve: "attack me please!"
Pegging would only work with a central bank behind it as it can have a much larger reserve plus exporting portion of the GDP to counter such an attack to be financially viable. And even so, it's not impossible. Soros actually made his name doing this very thing, many times as a matter of fact.
For a stable coin to be "pegging" to something it's just asking for trouble unless it's a true tangible assets like USD cash or gold because their market cap is too big for any fund to tamper with.
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05-12-2022, 10:35 AM
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#4227 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 18,171
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You go get an education, in a high demand field, get paid, then you spend years obtaining wealth, then, you can buy a condo, and that sportcar
Don't wish for it, work for it
| You sound like the American Dream... it don't work so well anymore.
You gotta hit a stream of some sort to even buy a condo here now... whether it's a parents money, inheritence, stock win, BTC win, whatever it may be... you can't just put your nose down and jump through the life hoops anymore. You need a big break.
Look at the pics of your whip thread, badhobz went into detail about his life experience... went to school for something tra-la-la but when it comes down to it, he only was able to buy a place because he made a huge gamble on the stock market and also had good timing on the RE market too. Probably couldn't even replicate the second part now.
He's done well to keep it up since then, but to get established he had to make a very risky move and it paid off for him. Lots of other people it didn't.
We're all invested in something one way or another, I wouldn't laugh if your investment cratered and I'd be happy if it paid off.
FTR: I don't have any money in the crypto market currently... well... I think I have some old dogecoin sitting around... so I am saying this with a free mind about it. I feel really bad for all the consumer based people losing their money/dreams/whatever.
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05-12-2022, 10:40 AM
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#4228 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
Posts: 5,185
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Originally Posted by donk.  The only people that really know what happened, are the ones that profited. Everyone else can only guess, as the real story will probably be taken to the grave
I want to know why Luna supply went from 300mil, to 3bil in the span of hours | Luna need to continous print more luna in order to try and repeg UST. basically as long as UST is unpeg luna will keep falling from increase sell pressure and inflating supply
In order for luna to surive they must save UST. In order for UST to survive they must sacrfice luna. Poetic isn't it
As to why people are STILL buying a dead coin.
This happen to several "stablecoins" before, the most recent big one being Titan/Iron. The coin mark cuban got rekt in.
Basically it went to zero. But after while, when the dust settling. It went 100x several time before it finally died and never came back.
Whoever attack LUNA it was 100% an organize entity outside of crypto world. LUNA was so big, noticeable crypto whale, all of the crypto market maker had significnat capital stuck in LUNA and have zero chance of escaping and went down with all the retail players as well. The gamble here is that these big players will want to recover at least SOME of their capital with strategic pump and dumps once the market has settle down.
Yes crazy moon shot again, BUT it has worked before in other dead coins.
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05-12-2022, 11:08 AM
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#4229 | | Rs has made me the man i am today!
Join Date: Oct 2005 Location: Langley
Posts: 3,493
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Originally Posted by 68style Only a small man takes delight in the downfall of others.
How can you fault people for wanting to make money? Especially given affordability issues here… what other chance do you have here to get anything besides taking huge chances on moon shots? And then having giant faceless and crooked corporations or entities change the rules behind their backs?
At least they tried to do something instead of just accepting things how they are. |
I'm not faulting them for wanting to make money. I'm faulting them for thinking they've found a goldmine that will pave their future with glory and solve all life's problems. Then those same people go on bragging to people who don't invest in whatever it is they're in on only to find their whole world crash and burn. Quote:
Originally Posted by 68style You sound like the American Dream... it don't work so well anymore.
You gotta hit a stream of some sort to even buy a condo here now... whether it's a parents money, inheritence, stock win, BTC win, whatever it may be... you can't just put your nose down and jump through the life hoops anymore. You need a big break. | I do believe hundreds of pages ago in the real estate thread myself and others made complaints how it's sad that we can't even live in the cities we're born and raised in. The general replies that were given were saying if you can't afford to live here.... move away. That's one of the replies I do believe was said to me. You know what I did? I moved further away. Went from a 5min commute to work to 30+ minute commute on the highway before 6am when traffic is minimal so I could live within my means. Do I like it? No. Do I accept it? Yes.
If living here and being able to buy a condo/house is dependent on a breakthrough in crypto/stocks then you probably shouldn't be living here. It may work for people, it may not. When it doesn't, don't go crying.
If the housing market crashes and all the people who've been saving up to reach a down payment realize that those who overpaid and have an insane interest rate are now forced to sell at a severe loss, a loss that wouldn't even cover their mortgage, would you feel bad for them or take advantage of the situation and buy their property?
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05-12-2022, 11:24 AM
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#4230 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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This isn’t bob down the street losing his company through no fault of his own. This is people gambling with money they already had so they can get money for having money on a game they don’t even know how to play. Bad days at the casino boys, but winning streaks aren’t forever.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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05-12-2022, 11:56 AM
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#4231 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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Originally Posted by blkgsr | Ironically twitter is often the best source of information on what is going on in crypto on the ground level. Crypto army monitor lp pool, on chain dat regularly and will have a clearner picture than random blog that copy and paste their information from the first tweet they found
This is a great break down. This was a highly cooridinate attack that happen right as Do Kwan pull some liquidity out of 3pool in prepration for launch of 4pool. 4Pool never went live in time and Do kwan was caught with his pants down with limited liquidity in 3pool and the cascade of coordinate selling causing a death spiral as everyone run for the bank to withdraw from the limited liquidity available in the on chain pool.
Supposedly it all started with the OTC deal. Being OTC we might never find out who it is. 1 bill worth of btc were borrow to start the attack. Its really not that crazy to think an insitutional short saler such as citadel being behind this. The amount of coordination and market making skill to pull this off has institution written all over it.
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05-12-2022, 12:21 PM
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#4232 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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can someone explain to me why LUNA is approx $.037 USD but $.025 CDN to buy?
seems backwards??
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05-12-2022, 12:30 PM
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#4233 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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Originally Posted by blkgsr can someone explain to me why LUNA is approx $.037 USD but $.025 CDN to buy?
seems backwards?? | Liquidity issue across exchange. You are going to see wild price flucation across different exchange and future contract that is still tradable.
Deposit and withdraw is being throttle right now by all major market maker. Welcome to the wild west
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05-12-2022, 01:48 PM
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#4234 | | I contribute to threads in the offtopic forum
Join Date: Apr 2001 Location: VAN/RMD/BBY
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Originally Posted by stewie I'm not faulting them for wanting to make money. I'm faulting them for thinking they've found a goldmine that will pave their future with glory and solve all life's problems. Then those same people go on bragging to people who don't invest in whatever it is they're in on only to find their whole world crash and burn. | Loudest one is the weakest one. I'm just glad these recent corrections will bring some peace and quiet. 
Unless they've managed their way through a bear market or two, it's typically just noise. It's sad that people only learn about humility after they've loss their shirt.
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05-12-2022, 02:10 PM
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#4235 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
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Originally Posted by SkinnyPupp Bankers will ruin bitcoin just like they ruin everything else in the world  | Me 5 years ago (and several times since then)
Bankers ruin everything. Including the planet. We're just fucked.
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05-12-2022, 02:29 PM
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#4236 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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bitcoin has been ruining bitcoin before bank ever had a chance to step in. This is 1 of how many cycle now in cryto? All the while the rest of the world has been a single cycle prop up by the gise of "free market"
Crypto is more of a free market and efficient capitalism than any other existing market.
Inject of capital ->create a narrative to prop up valuation (ICO boom, defi summer, NFT boom etc) -> restribution of capital -> prop up more valuation -> everything balloons to a massive bubble -> all possible liquidity to inject into market as been tapped -> new narrative on market collaspe (macro economic, banning of crypto, stablecoin bank run etc etc) -> bubble burst -> valuation cascades down, liquidation everywhere -> cycle ends at rock bottom -> capitalist re-pick up their chips for pennies on the dollar -> cycle restarts, now its much easier to inject liquidity to push up valuation again with everything back at square one
Everything happens without the government to soften the landing, mess with the market thru monetary policies. Without social/moral constrain. Everything in crypto is base on $, relation of everything and every player in crypto is base on mutual monetary benefit because unlike tradition finance You can't just send a physical army after your opponent or fancy trick between nation to adopt x currency as standard
Its Pure and unadulterated capitalism, that is the wild west people refer to. For people that are fasicinated by money and economic. It hard to pull away.
Last edited by threezero; 05-12-2022 at 02:39 PM.
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05-12-2022, 04:12 PM
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#4237 | | in the butt
Join Date: Aug 2016
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Originally Posted by Hehe The whole idea of pegging is stupid, to begin with.
. | And yet for some reason, there's a good chunk of men that like it 
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
God, women in their early 30s are so baadd lmfao
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05-12-2022, 07:00 PM
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#4238 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Luna is now $0.007651 and Terra is $0.194. I hope no one kills themselves over this.
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | 
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05-12-2022, 07:14 PM
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#4239 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
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Originally Posted by Manic! Luna is now $0.007651 and Terra is $0.194. I hope no one kills themselves over this. | $0.00005 USD now daaayum
Anyone buying?
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05-12-2022, 07:16 PM
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#4240 | | Say! Say! Say!
Join Date: Aug 2005 Location: Japan
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I was joking with my cousin we should throw $5 into some LUNA instead of scratch cards, lol.
__________________ Quote: | Owner of Vansterdam's 420th thanks. OH YEAUHHH. | Quote:
Originally Posted by 89blkcivic Did I tell you guys black is my favourite colour? My Ridgeline is black. My Honda Fit is black. Wish my dick was black........ LOL. | | |
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05-12-2022, 07:47 PM
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#4241 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
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Originally Posted by donk. And yet for some reason, there's a good chunk of men that like it | The idea of pegging means that it's inferior to begin with, only by linking itself to something that's better and more stable can it create value.
Which brings the question, why not just buy that something it's pegging with?
UST was mainly backed by 10B worth of BTC. And since there's no limit how little BTC you can trade, why not just buy BTC?
"Pegging" gives a false illusion that it's secure, that many felt for it because they wanted to get into crypto but think it's too volatile. That's the original intention of "pegging", to create the illusion of security for new crypto investors. Nothing more, nothing less.
The USD doesn't peg to anything. The Gold doesn't peg to anything. But they have no problem retaining their relative value. I've lived through a country where they tried to "peg" to USD, and I will never again trust that idea. Because as I said... why not just buy that thing it's pegged to?
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Nothing for now
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05-12-2022, 08:02 PM
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#4242 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Originally Posted by StylinRed $0.00005 USD now daaayum
Anyone buying? | It's not listed anymore on crypto.com I thing some other exchanges have delisted it also.
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Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Last edited by Manic!; 05-12-2022 at 08:57 PM.
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05-12-2022, 08:17 PM
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#4243 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
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Originally Posted by Razor Ramon HG I was joking with my cousin we should throw $5 into some LUNA instead of scratch cards, lol. | I converted some dust in my okx acct over to luna wooo made 0.30 | |
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05-12-2022, 09:32 PM
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#4244 | | in the butt
Join Date: Aug 2016
Posts: 3,130
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| Quote:
Originally Posted by Hehe The idea of pegging means that it's inferior to begin with, only by linking itself to something that's better and more stable can it create value.
| Is hehe the only one that missed my joke? 
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
God, women in their early 30s are so baadd lmfao
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05-12-2022, 11:24 PM
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#4245 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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I expect a similar dissertation to the one given above on the pegging you were alluding to when I wake up tomorrow.
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05-13-2022, 08:08 AM
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#4246 | | I contribute to threads in the offtopic forum
Join Date: Jun 2013 Location: Burnaby
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So is Luna dead dead? like there's no coming back?
I'm thinking, is this like if I bought $1 a BTC back in the day, i'd be a millionaire type of scenario??? lol
edit; NM, I think Luna is dead dead. there's no coming back from it.
Last edited by PeanutButter; 05-13-2022 at 09:18 AM.
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05-13-2022, 01:40 PM
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#4247 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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$0.00009324
coinmarketcap.com price
hell even it it came up a couple zeros!! lol
almost put $100 in it last night..glad i didn't
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05-13-2022, 02:54 PM
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#4248 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
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It's trading at $0.027 on OKX hasn't seemed to break the 0.03 barrier since last night
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05-13-2022, 03:19 PM
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#4249 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Originally Posted by StylinRed It's trading at $0.027 on OKX hasn't seemed to break the 0.03 barrier since last night | It's dead on centralized exchanges. The only action I hear is on decentralized exchanges like trader joe's
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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05-14-2022, 06:35 AM
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#4250 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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LUNA is still available on FTX.
about 15000% from its very bottom if anyone was brave enough to buy some.
0.1 is a distant dream now but knocking out 1-2 zero is possible
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