vmception

Hmmm

Well money isn't leaving the crypto space, its just in other more resilient stablecoins, so its ready to pounce or “ape-in” to anything at a moment’s notice. USDC and Tether have still $130billion collectively issued. Not moving much up or down.

In which case, popular things that sold off are still worth watching. I usually miss the bottom hoping for a steeper sell off.

Look for things that extract value, and accrue it to the token.

A cross-chain flash loan bot that shares with its community of stakers (distinct from and a subset of the token holders) could be fun. I haven't really seen one that shared.

Yield optimizers are still unperfected. Opportunity to compete with a better one there, that also involves the community better.

A decade is too hard for me.

But Helium had some cheap prices and their wireless network is robust enough with all the pieces coming into places for a recurring demand model to kick in.

Node software needs much improvement. But this is slow because there isnt a compensation path at the moment, a couple gitcoin grants have gone out that have resulted in major improvements, more likely that FAANGs will start doing contributions to node software, which will be the compensation path for developers as employment.

Lots of stuff on the private equity side, if you really want longer cycles and possibility of cashing out into a more mature financial market with regulated registered shares. Bear markets are the best time to build because your investors will leave you alone. As an investor you can make more onerous conditions to companies raising.

First time? Any wealth drop has some people operating outside the bounds of their self preservation instincts, other people retain it even under the same cultural pressures and personal financial reality.

I don't really see it as that interesting or sad, I see it as unnecessary.

Some do, some dont. If it was really something more like “all people are susceptible to suicide when numba go down” I’m not sure what I would think, maybe I wouldnt be in this game at all, prioritizing my own self preservation instincts above this particular kind of chase for financial security. Hard for me to say.

My level of empathy comes from not being sure its worth prioritizing self preservation at all. Like, I notice we all are like “suicide, stop that thing” I mostly just see happenstance. Its happenstance I have self preservation instincts and its happenstance others do not.

And then when you add Terra, Luna, Anchor to the mix. Its like, so you were chasing passive income on TikTok and didnt factor in your self preservation instincts? Ok. Cope, or don’t.

What standard of proof are you willing to accept?

Both the primary and secondary market were very active with distinct identities. The primary market (buying collections directly from a new issuer) is still okay right now. The issuers are still making a lot of money.

The secondary market’s “floor price” concept is manipulated by the crowd, as with all collections outside of the NFT space as most individual pieces never got a bid to begin with. You hear one piece sold and you try to sell yours at the same price, so does everyone else.

Imagine the fraudulent upsells.

I’m really excited about it, I do take issue with people still not knowing what parts of crypto aren’t crashing and are working very well. To me that still seems intentional, but at the very least its annoying.

People dont know why “Magic Internet Money” - a stablecoin - is a meta-meme on re-appropriated skepticism of all crypto while being designed decently well, much better than TerraLuna (overcollateralized, compared to "partially collateralized as a last ditch effort that predictably failed"), MIM is holding its benchmark price through this stress test so far.

Same for DAI, which has a similar but older and more convoluted design than MIM, and less native collateral choices.

All while neither of these are perfect. None of these are a model decentralized stablecoin (for those that dont want a central company being able to freeze some funds, but I understand thats a feature for some market participants).

I like that the shakeouts and implosions will cause great discount prices. “Discounts” because many implosions force selling that pushes a price down beyond the rest of the market’s feelings, and when that selling stops (which can be transparently seen), the prices reach back to the level people were willing to pay. A chance I am sometimes willing to take.

ah okay, thats a perspective.

Just don't do it to the Eldians.

In all seriousness, I wonder if this can be synthesized. A transport layer for brain conductivity, just replace the fluid. Maybe create an even better fluid than what the young hosts have.

I really love that this is based on retail misunderstanding of how mandated disclosures work, with a slight mixture of misunderstanding how Coinbase's insurance worked.

People really think they were trying to hide a bankruptcy risk, and that the CEO is handling a PR issue poorly.

Very amusing. Would be fun to day trade those options, the volatility level is pretty perfect. Not touching though.

CFTC, DOJ, and NY OAG

Yes, I was referring to the NY one, and I'm referring to how they were like "okay you went unbacked in 2018 and didn't disclose that to our standard, but at least disclose that its not USD". So now they paid a fine and disclose that. So at one point they were 1:1 USD, which is actually a major revelation because from 2014-2018 the same Tether FUD existed the same as now. In any case, now they aren't backed 100% USD, which is more relevant. Dollars and commercial paper isn't... horrible. Maybe they have a liquidity issue if 2/3rd of Tethers were attempted to be redeemed, maybe they don't.

Generally Western people do not believe in Tether. People believe in it regionally.

The counter argument is that Tether's growth is the exact same as USDC's growth and other stablecoin's growth, especially those that are structured in the exact same way, with 1:1 redeemability for fiat somewhere. Some of those, people like the level of validation they show, others have undermined trust and never show the level of validation that people want.

Tethers are primarily created upon deposit into Bitfinex. Any fiat deposit. And are only destroyed upon redemption, but people rarely do that because they often just trade out or sell the Tethers. This is akin/analogous to Robinhood creating a RobinBucks whenever a deposit hits. We would see the growth of RobinBucks redeemable 1:1 for dollars. We don't see that because Robinhood and other exchanges don't do it that way. But if a popular exchange did that, we would see what that really looks like and say "ah, this isn't strange actually, we just weren't used to this level of transparency". Redemptions would be low because people don't really leave their brokerage/investing accounts, they just sit in cash waiting to buy a dip... in their brokerage accounts.

Finally, multiple US authorities have looked into Tether multiple times. Typically their fines have been about a combination of A) not being 100% backed by dollars at some point in time and B) not disclosing that. Meaning that at one point and subsequently, Tether did match their level of review, and at one point was backed 100%. Tether has had skepticism from the day it was created nearly 10 years ago, and a US authority got all the information was like "well that one time in 2018 we didn't like that". Tether is not 100% backed by dollars, it mostly is though. The standard is better than other respected financial institutions.

Let there be a run, I don't like to use Tether. I don't like algorithmic stablecoins more. There are options now, those options are holding up. Regardless, Tether isn't as complicated as people think. There are other reasons to avoid Tether and all centralized stablecoins that can be frozen address by address, or by losing access to their bank account. Remember when that was the criticism? Probably not.

Its also easy to see how and why it does work so swimmingly, despite all the questions and criticism. And thats because someone can arb really well and reliably.

> If you can't reliably move bitcoin to and from USD then Bitcoin's utility starts to rapidly approach 0.

But you can whether Tether exists or implodes or goes rogue or not. Take 5 minutes to understand why and come back with a better understanding of the crypto ecosystem? You're one of the 99%+ that you're referring to, that's just not trading.

or you're just gullible enough to think crypto.com and Inter fan are "the crypto space".

pretty clutch on crypto.com's cringy part, to name themselves crypto dot com. its like they looked at all the people confusing any random bitcoin servicing company for "bitcoin" and was like "you know what would be better than arguing on hackernews about reality? just helping keep confusing them for fun and profit!"

one exchange, a highly lucrative one, bought a bunch of sports sponsorships, due to the fact that they already made a bunch of money, and then advertises itself, like every other company with vertically integrated ad space does.

and those metal dealers sell the metals at a super wide spread putting the buyer at an immediate steep loss

so sure they still have a shiny metal that they hope retains its value, but they dont recoup anything

I’m mostly avoiding the utility argument because the stranded energy reality is so much better

As its not taking away from another use of energy and it’s reducing pollution, and is more likely to be the majority kind of bitcoin mining

where can I read about that, could potentially change my view, in some circumstances I think the pollution reduction is greater and I also think dissipation is different than hydrocarbon presence

Sure, the flare gas sites that are (or arent) connected to the grid are exactly a case where bitcoin mining is taking from no other use, and actually reducing very quantifiable pollution

There are likely several gigawatts of this kind of energy in north america and the amount of energy used this way and for mining in total will continue to increase without causing more pollution

This is due completely to market forces as well, which is worth saying because more mining will migrate to this without it being some altruistic response to environmental outcry

Energy != pollute

Typically this desire for any other use of energy to occur relies on not understanding why that wasnt occurring beforehand

It uses more energies than entire countries, just like every industry that uses orders of magnitude more than bitcoin.

Energy =/= pollute

Focus on the bad actors that are polluting, occasionally you’ll find a miner

I used to care about the school and tier of school. But now none of that matters.

Its "Ivy League (+Stanford, +MIT)" or "anything that checks a box" or nothing. The last being the reality for programmers and a handful of other "professional" trades (a federal labor distinction, not me), unless you are not comfortable being ignored by 10x more recruiters than a degreed person is.

Community college firmly fits in the "anything that checks a box" middle just as much as a coveted state school would. Anytown USA Community College is the same as USC or whatever you happen to covet. One gets you cheap credits and some experience and maybe associates degree, the other gets you more expensive credits up to a bachelor's degree.

The associates degree can be a cheap way to get half of a bachelor's degree, since it will transfer as a prerequisite.

Just do the thing and move on. Or don't. Or go to Ivy League and schools on par with that, if its an option for you.

But yeah, I can't knock community colleges. Also, when I was in school (and dissing community colleges) I had no idea that community colleges are full of attractive visa holders, who are checking their own box. Many of them are nannies who were pre-selected by both the agency, and again by the husband/wife duo (and maybe not with equal weight in decision making process) before you ever get a chance to meet them, super not random in attractiveness. Now I know that. Don't overlook them, the community colleges that is. Given all the status chasers and min/max optimizers here, I feel like someone would need to know this.

They have an imperfect rate-limiting and shadowbanning system which has a decent average-case. It relies heavily on consensus, just a couple downvotes in succession will prevent you from responding or clarifying your position (which can easily flip consensus), and a couple posts like that will have your account shadowbanned forever.

This trips up new accounts pretty much instantly. And so new views don't last, extreme views don't last, and people that don't know the community nuances and rules don't last. There is also no way to recover from the bad states of an account. Once flagged, always flagged, it doesn't have a cooldown method to revert you to normal status or build up into higher status. The shadowbanning keeps people busy as they don't know that people don't see their post for a long time. Slows them down in trying to circumvent the shadowbans. The mods do know when a user tries to circumvent a ban in a variety of ways, but don't say anything until they act up again.

The average case and best case of this algorithm is that quality persists, because the community nuances and rules are quite good. The worst case is that its an echo chamber, but that's not different than everywhere else. But at least those places acknowledge it. This place kind of sort of believes in the idea that non-consensus ideas can be presented "substantially" and they'll survive, in practice that's not very true.

In conjunction with all of that there is active moderation.

Also its against the rules to talk about the rules/karma/upvotes/downvotes. So we'll see.

Only if there is too much leverage and an poor accounting of who owns what

The Federal Reserve bought the shitty mortgage backed securities because they werent that shitty, the banks just had too many of them relative to the size of their own assets.

Even of subprime mortgages and adjustible apr mortgages only ~7% went into default by 2008-2009

A portfolio of mortgages where 93% are going to pay vastly more interest to you than the home is worth and you still have the home if they really default? Thats a good portfolio

The banks issue at the time was that they were leveraged up 50x, and they didnt even realize they were levered up that much

so a single month of 7% defaulting could bankrupt them

While the fed has an infinite sized portfolio without leverage, and bought all the claims and let them just play out which they have continued to do. Theyre profitable, correctly performing investments.

More transparent accounting fixes the problem with re-collateralized re-securitized assets

It says Cessna even in this article, those are small planes. The one detail that it doesnt miss :)

This is success because the fund’s cost basis is so low specifically because of the financial engineering involved when they were private companies. The valuations of the public companies could fall 99% and still be highly profitable bets for the angel/seed investor.

Lucky you

So no email you have from an employer, school, sideproject, personal is gmail based? No shared document you are storing or access is google docs based? At least everyone making calendar invites will quickly move to something else

I’m just really surprised you’ve managed to do this and are content

bravo! any idea how hard or easy this is? did the passenger land on an airstrip or where? all details lacking

> It seems to have followed the conventional market down over the past week.

Bitcoin would be $3 per Bitcoin if it only correlated to the NASDAQ over the last 10 years

It does its thing

yeah lite/pruned/fast mode is a good way to get your feet wet, "using your own node" is just so far removed from "use an unhosted wallet outside of exchanges"

JPOW is going to nuke this market too.

My takeaway was that the community for fakes had wound up being stronger than the community for authentics, where the authentics are just an isolation from society while the fakes are comraderie and international currency

Geth lol. The worst full/fast synced node software out there? Thats what you choose to write?

Just let the people use metamask, more full nodes are nice but theyre not there yet