OT crypto crash...

E

Ed Lee

Guest
On Saturday, May 14, 2022 at 8:21:58 AM UTC-7, Jeroen Belleman wrote:
On 2022-05-14 16:30, jla...@highlandsniptechnology.com wrote:
On Sat, 14 May 2022 06:55:49 -0700 (PDT), Ed Lee
edward....@gmail.com> wrote:

On Saturday, May 14, 2022 at 6:18:03 AM UTC-7, amdx wrote:
On 5/13/2022 7:04 PM, John Larkin wrote:
On Fri, 13 May 2022 18:57:46 -0500, amdx <am...@knology.net> wrote:

On 5/12/2022 3:05 PM, John Walliker wrote:
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall out of
fashion when people wise up to just how much they contribute to global
warming. You would be hard pressed to invent something more wasteful of
energy for the value of the transactions processed.
+1

John
The article mentions Terra Luna Crypto, 10 days ago the price was $86.17
today it is $0.0001965.
To clarify, that is 19/100 of one cent. 5 weeks ago it was $116.41.

https://coinmarketcap.com/currencies/terra-luna/
Oh, just looked at the chart in the link, it is down another 45% in
the last hour since I looked. $0.0001037!!
Mikek
Sell! Sell!

John, you should have bought, bought, bought! The price has quadrupled
from
the low yesterday! It is all the way up to $0.00039 per coin. :)

Even borrowed time is worth a little bit. UST (TerraUSD) is at $0.19. Terra Luna is designed to destroy UST tokens to push price up to $1, by printing more Luna. Currently, there are 6,530,000,000,000 Luna. They have to increase it several times. Only Lunatic would put new money into Luna.

Beanie Babies, Thomas Kinkade paintings, little glass figurines,
Bitcoins, all essentially worthless.
The same is true for dollars, strictly speaking. The whole economy is
based on trust. As long as you can exchange your basically worthless
tokens for something you need when you need it, the system works. It\'s
scary, really.

They will fix the broken promise with another promise. The original 30 billions (real dollars) or so pumped into UST/Luna are gone forever. They will restart the blockchain with another billion tokens. Just give them another 30 billions USD and everything will be fine. Trust them.
 
A

Anthony William Sloman

Guest
On Sunday, May 15, 2022 at 1:21:58 AM UTC+10, Jeroen Belleman wrote:
On 2022-05-14 16:30, jla...@highlandsniptechnology.com wrote:
On Sat, 14 May 2022 06:55:49 -0700 (PDT), Ed Lee <edward....@gmail.com> wrote:
On Saturday, May 14, 2022 at 6:18:03 AM UTC-7, amdx wrote:
On 5/13/2022 7:04 PM, John Larkin wrote:
On Fri, 13 May 2022 18:57:46 -0500, amdx <am...@knology.net> wrote:
On 5/12/2022 3:05 PM, John Walliker wrote:
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

<snip>

Beanie Babies, Thomas Kinkade paintings, little glass figurines,
Bitcoins, all essentially worthless.
The same is true for dollars, strictly speaking. The whole economy is
based on trust. As long as you can exchange your basically worthless
tokens for something you need when you need it, the system works. It\'s
scary, really.

In secondary school we got taught that money is a medium of exchange.

To make barter work you have to know the pairwise rate of exchange for a very large number of items, which is a very large data base (not that anybody talked about data bases when I was at school).

By hanging a price per unit on every item, you only needed one list prices and the pairwise exchange rate can be worked out from the prices of the two items you are swapping, and it gets around the need to swap only whole items. You can even swap stuff by weight, and weighing is a lot faster than counting.

The whole thing is a very useful fiction, and like all useful fictions somebody will always work out a way to screw it up to their own advantage.

Pyramid scams are one example, and stock market crashes are essentially pyramid scams. starting with the Dutch tulip mania.

--
Bill Sloman, Sydney
 
A

amdx

Guest
On 5/14/2022 8:55 AM, Ed Lee wrote:
On Saturday, May 14, 2022 at 6:18:03 AM UTC-7, amdx wrote:
On 5/13/2022 7:04 PM, John Larkin wrote:
On Fri, 13 May 2022 18:57:46 -0500, amdx <am...@knology.net> wrote:

On 5/12/2022 3:05 PM, John Walliker wrote:
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall out of
fashion when people wise up to just how much they contribute to global
warming. You would be hard pressed to invent something more wasteful of
energy for the value of the transactions processed.
+1

John
The article mentions Terra Luna Crypto, 10 days ago the price was $86.17
today it is $0.0001965.
To clarify, that is 19/100 of one cent. 5 weeks ago it was $116.41.

https://coinmarketcap.com/currencies/terra-luna/
Oh, just looked at the chart in the link, it is down another 45% in
the last hour since I looked. $0.0001037!!
Mikek
Sell! Sell!

John, you should have bought, bought, bought! The price has quadrupled
from
the low yesterday! It is all the way up to $0.00039 per coin. :)
Even borrowed time is worth a little bit. UST (TerraUSD) is at $0.19. Terra Luna is designed to destroy UST tokens to push price up to $1, by printing more Luna. Currently, there are 6,530,000,000,000 Luna. They have to increase it several times. Only Lunatic would put new money into Luna.
 Ed, you need to educate me. When you say \"UST (TerraUSD) is at
$0.19\",  Is that something different than the Terra Luna I see here,
https://coinmarketcap.com/currencies/terra-luna/ That is $0.0003652 as
I write.

And what is the Fork?
> https://agora.terra.money/t/fork-luna-time-to-pull-an-etc-vs-eth-stunt/7288

                                   Mikek


                              Mikek


--
This email has been checked for viruses by Avast antivirus software.
https://www.avast.com/antivirus
 
E

Ed Lee

Guest
On Saturday, May 14, 2022 at 10:19:16 AM UTC-7, amdx wrote:
On 5/14/2022 8:55 AM, Ed Lee wrote:
On Saturday, May 14, 2022 at 6:18:03 AM UTC-7, amdx wrote:
On 5/13/2022 7:04 PM, John Larkin wrote:
On Fri, 13 May 2022 18:57:46 -0500, amdx <am...@knology.net> wrote:

On 5/12/2022 3:05 PM, John Walliker wrote:
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall out of
fashion when people wise up to just how much they contribute to global
warming. You would be hard pressed to invent something more wasteful of
energy for the value of the transactions processed.
+1

John
The article mentions Terra Luna Crypto, 10 days ago the price was $86.17
today it is $0.0001965.
To clarify, that is 19/100 of one cent. 5 weeks ago it was $116.41.

https://coinmarketcap.com/currencies/terra-luna/
Oh, just looked at the chart in the link, it is down another 45% in
the last hour since I looked. $0.0001037!!
Mikek
Sell! Sell!

John, you should have bought, bought, bought! The price has quadrupled
from
the low yesterday! It is all the way up to $0.00039 per coin. :)
Even borrowed time is worth a little bit. UST (TerraUSD) is at $0.19. Terra Luna is designed to destroy UST tokens to push price up to $1, by printing more Luna. Currently, there are 6,530,000,000,000 Luna. They have to increase it several times. Only Lunatic would put new money into Luna.
Ed, you need to educate me. When you say \"UST (TerraUSD) is at
$0.19\", Is that something different than the Terra Luna I see here,
https://coinmarketcap.com/currencies/terra-luna/ That is $0.0003652 as
I write.

Yes, they are different but related.

UST is the main stable coin that is supposed to be fixed at $1, by manipulating the price and supply of Terra Luna. Not sure if I get the exact mechanism right, but it\'s not working anyway. I think UST was originally exchanged for 30 billions in dollars and bitcoins. With both UST and Luna worthless, the original investment vaporized.

And what is the Fork?
https://agora.terra.money/t/fork-luna-time-to-pull-an-etc-vs-eth-stunt/7288

Reprinting Luna, destroying the existing coins. The old Luna is like confederate money, new money takes over.
 
M

Mike Monett

Guest
Jeroen Belleman <jeroen@nospam.please> wrote:

> On 2022-05-14 16:30, jlarkin@highlandsniptechnology.com wrote:

[...]

On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall
out of fashion when people wise up to just how much they
contribute to global warming. You would be hard pressed to invent
something more wasteful of energy for the value of the
transactions processed.

People fly in airplanes with no regard for their effect on global warming.
People drive cars that waste energy when stuck in traffic.
People use the internet with no regard for how much energy it uses.
Why should anyone care about crypto?

[...]

Beanie Babies, Thomas Kinkade paintings, little glass figurines,
Bitcoins, all essentially worthless.

The stock market is a form of gambling. Your value can drop to zero in
hours.

Crypto price is determined by supply and demand. Supply is essentialy
fixed, so price is determined by demand. Demand is determined by sentiment,
the same as the stock market.

Many other things are determined by sentiment. Non-fungible tokens, art,
stamps, real estate, gold, anything you can buy. The price is determined by
what you can get for it, same as everything else.

Jeroen Belleman




--
MRM
 
L

Lasse Langwadt Christensen

Guest
lørdag den 14. maj 2022 kl. 23.32.20 UTC+2 skrev Mike Monett:
Jeroen Belleman <jer...@nospam.please> wrote:

On 2022-05-14 16:30, jla...@highlandsniptechnology.com wrote:
[...]
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall
out of fashion when people wise up to just how much they
contribute to global warming. You would be hard pressed to invent
something more wasteful of energy for the value of the
transactions processed.
People fly in airplanes with no regard for their effect on global warming..
People drive cars that waste energy when stuck in traffic.
People use the internet with no regard for how much energy it uses.
Why should anyone care about crypto?

[...]
Beanie Babies, Thomas Kinkade paintings, little glass figurines,
Bitcoins, all essentially worthless.
The stock market is a form of gambling. Your value can drop to zero in
hours.

Crypto price is determined by supply and demand. Supply is essentialy
fixed, so price is determined by demand. Demand is determined by sentiment,
the same as the stock market.

Many other things are determined by sentiment. Non-fungible tokens, art,
stamps, real estate, gold, anything you can buy. The price is determined by
what you can get for it, same as everything else.

NFTs and crypto stands out as being entirely virtual


 
S

server

Guest
On Sat, 14 May 2022 17:21:50 +0200, Jeroen Belleman
<jeroen@nospam.please> wrote:

On 2022-05-14 16:30, jlarkin@highlandsniptechnology.com wrote:
On Sat, 14 May 2022 06:55:49 -0700 (PDT), Ed Lee
edward.ming.lee@gmail.com> wrote:

On Saturday, May 14, 2022 at 6:18:03 AM UTC-7, amdx wrote:
On 5/13/2022 7:04 PM, John Larkin wrote:
On Fri, 13 May 2022 18:57:46 -0500, amdx <am...@knology.net> wrote:

On 5/12/2022 3:05 PM, John Walliker wrote:
On Thursday, 12 May 2022 at 17:13:41 UTC+1, Martin Brown wrote:

I\'m fairly convinced that crypto currencies will eventually fall out of
fashion when people wise up to just how much they contribute to global
warming. You would be hard pressed to invent something more wasteful of
energy for the value of the transactions processed.
+1

John
The article mentions Terra Luna Crypto, 10 days ago the price was $86.17
today it is $0.0001965.
To clarify, that is 19/100 of one cent. 5 weeks ago it was $116.41.

https://coinmarketcap.com/currencies/terra-luna/
Oh, just looked at the chart in the link, it is down another 45% in
the last hour since I looked. $0.0001037!!
Mikek
Sell! Sell!

John, you should have bought, bought, bought! The price has quadrupled
from
the low yesterday! It is all the way up to $0.00039 per coin. :)

Even borrowed time is worth a little bit. UST (TerraUSD) is at $0.19. Terra Luna is designed to destroy UST tokens to push price up to $1, by printing more Luna. Currently, there are 6,530,000,000,000 Luna. They have to increase it several times. Only Lunatic would put new money into Luna.

Beanie Babies, Thomas Kinkade paintings, little glass figurines,
Bitcoins, all essentially worthless.

The same is true for dollars, strictly speaking. The whole economy is
based on trust. As long as you can exchange your basically worthless
tokens for something you need when you need it, the system works. It\'s
scary, really.

Jeroen Belleman

Dollars are used because they are expected to be a stable, mutually
respected token of the value of real things. That\'s why banks will
issue 30-year mortgages for 5%.

Bitcoins are used because they are expected to increase (or decrease)
hugely in value, purchased (or sold) by Greater Fools.



--

Anybody can count to one.

- Robert Widlar
 

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