It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.
Topic: Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 10. (Read 2444 times)
Does it mean that UST would be backed by USD and BTC goes in addition or a stablecoin is only backed by crypto?
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.
The Bitcoin reserve will have to be way bigger than the token emission,but such stablecoin projects would never resist the temptation of doing fractional reserve banking(issuing 100M USD worth of tokens,which are backed by 10M USD worth of Bitcoins). That's the main problem with stablecoins-fractional reserves.
What would be the main purpose of Terra,since we already have Tether?Does anyone think that the crypto exchange platforms will suddenly dump Tether and replace it with Terra?What's the point of this?
Tether could easily beat Terra,just by replacing a part of their USD fiat reserve with Bitcoins(if they really have a big USD reserve).
Terra doesn't offer anything new in terms of innovation and convenience.Maybe it will turn into another pump&dump shitcoin.
+1
Say you are launching something great
Get investors on board chipping in millions
Buy coins for $$$$$$$
Watch price go up-up-and-away
Say it’s not going to plan
Give investors money back plus interest
Keep the rest
Buy a yacht
Does it mean that UST would be backed by USD and BTC goes in addition or a stablecoin is only backed by crypto?
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.
The Bitcoin reserve will have to be way bigger than the token emission,but such stablecoin projects would never resist the temptation of doing fractional reserve banking(issuing 100M USD worth of tokens,which are backed by 10M USD worth of Bitcoins). That's the main problem with stablecoins-fractional reserves.
What would be the main purpose of Terra,since we already have Tether?Does anyone think that the crypto exchange platforms will suddenly dump Tether and replace it with Terra?What's the point of this?
Tether could easily beat Terra,just by replacing a part of their USD fiat reserve with Bitcoins(if they really have a big USD reserve).
Terra doesn't offer anything new in terms of innovation and convenience.Maybe it will turn into another pump&dump shitcoin.
That is a crazy amount of Bitcoin to publicly state you’re going to buy. Running the numbers, we should see a price over $55K when all is said and done. If he also sparks buying from other billionaires then we could have another fomo situation on our hands. Bitcoin is finding its way into more and more investment portfolios these days. It feels like the best case scenario has been playing out lately. Sometimes it’s hard to believe this is happening. I don’t think this will be the last multi-billion dollar buy we see this year, but it does seem to be the one that turned the sentiment.
Of course as this will attract more investors because of the incoming bullish market , if this will all be added to Bitcoin then there are chance of climbing to that level 55k . and also if there are more investors getting to buy bitcoin then we can expect at elast 60k to the line?I think the move is to dissuade those who are trying to create bad faith in Luna, but it is also one of the pieces of information that has given a big boost to the Luna ecosystem and the trust they place in BTC. Personally, I see this young talent gaining love from the crypto community, as we've seen the development of Luna all this time.
I don't care about Luna actually instead their choice to invest in bitcoin is what i really got interested.
That is a crazy amount of Bitcoin to publicly state you’re going to buy. Running the numbers, we should see a price over $55K when all is said and done. If he also sparks buying from other billionaires then we could have another fomo situation on our hands. Bitcoin is finding its way into more and more investment portfolios these days. It feels like the best case scenario has been playing out lately. Sometimes it’s hard to believe this is happening. I don’t think this will be the last multi-billion dollar buy we see this year, but it does seem to be the one that turned the sentiment.
I think the move is to dissuade those who are trying to create bad faith in Luna, but it is also one of the pieces of information that has given a big boost to the Luna ecosystem and the trust they place in BTC. Personally, I see this young talent gaining love from the crypto community, as we've seen the development of Luna all this time.
I don't think so this is the only reason for the recent pump, there are a lot of things to consider.
I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.
This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.
I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.
This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.
Luna is already what backs UST. Burning Luna is what creates UST, and vice versa. So those two things are already intricately linked. Their goal with Bitcoin is to provide greater value security by giving UST a store of value backing in addition to the algorithmic stability provided by the interplay between Luna and UST.
Just as Gold has backed currencies in the past, they are going to use Bitcoin to help back UST. It is only natural that Bitcoin, as the hard money of the digital age, should start backing other currencies. This is just the first instance of that happening.
It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.
I'm not sure how that 10 billion target would be big help for the market ? is terra really something that has an effect to the cryptocurrency?But of course any good investment will make the market hyping though from the 900 billion capitalization ? Am not sure if we really make this a bog changes to the increasing price or this is just a small part of many investors entering the market.
Whatever their strategy is, confusing as it may sound to me and others, I don't care. What is clear here is that Bitcoin is always the best way to go. They may create all kinds of altcoins and stablecoins, but the reality is that all these won't last and are built on sand. Having Bitcoin as a reserve asset for them give them a more solid foundation. People would be more comfortable knowing that they are backed by Bitcoin.
Just like any other altcoin, Luna will be facing its end sooner or later. Despite the pump, Luna is not going to last with Bitcoin. Luna's value will sooner or later fall down. It is always best to rely on Bitcoin and use it to back up your coins.
I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.
Just like any other altcoin, Luna will be facing its end sooner or later. Despite the pump, Luna is not going to last with Bitcoin. Luna's value will sooner or later fall down. It is always best to rely on Bitcoin and use it to back up your coins.
I don't think so this is the only reason for the recent pump, there are a lot of things to consider.
I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.
This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.
I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.
This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.
at x billion size purchase, they will have loans from back somwhere in the pipeline, so it great just inflates fiat more and pumps value of BTC.
Think about it, swapiing infintley printibale digital USD via fractional reserve and QE for hard money. Who would not?
Think about it, swapiing infintley printibale digital USD via fractional reserve and QE for hard money. Who would not?
I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.
I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".
and it could be on purpose, part of the marketing strategy etc. but to be honest 125m usd per day are indeed insane huge amount of money to not making any impact in bitcoin market and crypto market as a whole.
20% spike high in the last 2 days ... that's the effect hmmm
Well they aren't "pumping" Bitcoin. They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to a rise in Bitcoin's price, $125 million in daily buying is not much compared to the tens of billions of daily volume of the global Bitcoin trade. That's equivalent to a slight rise in bullish sentiment.
There's not gonna be much at all direct effect of that buying on the price of Bitcoin. Now there might be a decent indirect impact, in which the market views positively the fact that another major crypto ecosystem is using Bitcoin as a major store of value to secure their own ecosystem. Thus promoting the fact that Bitcoin is ready to act as a highly effective global store of value.
Bitcoin was already building back up lately, so sure this probably helped out a little bit, adding to the bullish sentiment of the market. But this is just one small factor in the current bullish landscape of Bitcoin.
There's not gonna be much at all direct effect of that buying on the price of Bitcoin. Now there might be a decent indirect impact, in which the market views positively the fact that another major crypto ecosystem is using Bitcoin as a major store of value to secure their own ecosystem. Thus promoting the fact that Bitcoin is ready to act as a highly effective global store of value.
Bitcoin was already building back up lately, so sure this probably helped out a little bit, adding to the bullish sentiment of the market. But this is just one small factor in the current bullish landscape of Bitcoin.
Which wallets are you looking at? The only one I can find is the wallet starting with “dac17” and this wallet only has $589M in it left in the form of USDT.
So that’s around 4.7 more daily buys. Most likely this entire week will be very bullish and we can easily break $50K.
I heard they got $10B max however those are for the future. This week I think the most they can buy is with the $600M worth.
So that’s around 4.7 more daily buys. Most likely this entire week will be very bullish and we can easily break $50K.
I heard they got $10B max however those are for the future. This week I think the most they can buy is with the $600M worth.
There is no tangible proof that they are indeed buying those amount of bitcoin.
Seems like it's real it has been already tagged by some people and it does match the movement from their USDT wallet and the sums.
The increment in which is adding coins each day also match the ~125m number.
Now, according to the sums left in their wallets with which they're buying this, there is almost another 1.8 billion left, so roughly another 40k
coins, even if we exclude their future fundraising it's still enough to quite a hefty chunk, already more than half of what MSTR holds.
Normally this would push us over 50k, but of course, with every increase in price, the number of coins they can buy while selling their own stash of altcoins goes down, not ATH material but still way better than what was happening a month ago.
Now, the 1 billion question, why are altcoins rising too?
I think that there are those who are trying to appear as Elon Musk or Justin Sun, thus inject this coin with news and a little investment to gain confidence and then print a lot of money to buy more Bitcoin.
I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.
If they create a new model then we may approve them.
I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.
If they create a new model then we may approve them.
Laughable. The Honey Badger don't care, Bitcoin is a Trojan Horse, absorbing financial systems old and new. Plus who are we to tell someone with billions that we disapprove of him of buying and HODLing an open, permissionless cryptocurrency? Will that stop him? We are mere plebs.
I think that there are those who are trying to appear as Elon Musk or Justin Sun, thus inject this coin with news and a little investment to gain confidence and then print a lot of money to buy more Bitcoin.
I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.
If they create a new model then we may approve them.
I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.
If they create a new model then we may approve them.
I have been reading theblockcrypto.com article and there is one thing I don't understand. It says on the one hand that they are buying it on the one hand because they are going to tokenize Bitcoin into Luna, their native token and on the other hand they are going to serve as a reserve for their UST stablecoin.
I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.
I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".
I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.
I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".
It's a very smart investment in my opinion, and it's a very big complement that they chose Bitcoin. It proves that their shitcoins will need Bitcoin for their protocols to continue to exist, and survive the Darwinian process. I believe it will be the same with legacy banks, governments, and their central banks. They will be next because they might have no choice, they need a hedge.
This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.
They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.
Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.
They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.
Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.
Yeah, just as what I thought, this is real as it gets.
I'm not sure if this is a good strategy though, to let the public know that they are buying in chunks and they are the one to "blame" for the massive spike that we are seeing and not because of the war. Perhaps it was a promotion on their end.
So bears are going to stay away for now until everything has settled down in the next 2 months, no shorting as they will be REKT.
This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.
They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.
Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.
They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.
Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.
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