Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 3368. (Read 26714886 times)

Does anyone know if Solend developers have accounts on this forum?  Asking for a friend.

TL;DR:  “Governance” is a sham.  And this has an obvious motive:  Transparent excuses for trying to protect the SOL price.


Thanks for posting that.  (And thanks for the old.reddit link.)  It is interesting to me, because I have hands-on experience using Solend—and I have read the source code to their on-chain program (customized fork of SPL lending).  They have an active developer grant program, to which I have sometimes considered applying with various ideas to enhance their protocol, or to build things based on their protocol.  I so note, just in case anyone from Solend ever reads this:  This is how you lose people.

“Governance” is a euphemism for letting shitcoin whales control a system by a hidden hand, while evading personal responsibility by ascribing centralized executive decrees to a “governance vote”.  What does the word “fiat” mean?

In some cases, I think this may be ethically justifiable—to avoid the hassle of baseless regulatory attacks, at least in theory.  At least, the theory is that if any government tries to target no-KYC, permissionless, unlicensed, totally unregulated financial systems, the answer to “whodunit?” is, “DAO did it”.  (Needless to say, my description of what some people are doing is not legal advice.)

But the general result is awful shitcoinery with financial manipulation of “governance tokens”, plus the detriments of artfully concealed centralization.

Terra did the same thing last month, when a value-stealing hardfork was executed within ten days.  The vote was blatantly rigged:  Recent LUNA buyers (i.e., everyone who bought in the crash) were prevented from staking so they could vote.  Pre-crash LUNA whales then voted to rip off new investors, and to violate peg obligations to UST holders while tossing them a handful of volatile shitcoins as a booby prize.  Against massive protest, the whole thing was pulled off by Do Kwon and a few large DPOS companies.  (One large, well-known DPOS company dissented, voted “no with veto”, and shut down their Terra operations after the hardfork.)

Not too long before that, the Juno shitcoin shamelessly stole a whale’s money with a “governance vote”.

And a few years ago, we saw what happened with STEEM:  Hostile takeover of the network using borrowed stake!

Now, if Solend seizes user funds under the rubric of “governance”—wow, just wow!  How is this different from a bank?  I mean, besides being totally unregulated so the Solend principals can do even worse abuses than a bank—whilst hiding behind the mask of “governance”.

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Edited to add:  Even their rationalization is nonsense.  Transparent excuses for trying to protect the SOL price.

Yes, the DEX ecosystem on Solana may have a little struggle absorbing so much SOL in a liquidation.  So what?  This is how markets work.  And arbitrageurs would make a killing on this, trading between Solana DEXes and CExes.

Whoops!  That means the price of SOL would just... crash.  Everywhere.


Every round of cascading liquidations on Solana causes “load issues” for the reason that they state!  Fsck, don’t even get me started here...

Why don’t any of these people intervene when the little people are being liquidated?  For the matter, why do they design financial systems that are ridiculously unsafe—practically guaranteed to get people unexpectedly liquidated by design?

I think they want to protect SOL.  Because they are SOL holders.

I also wonder who this whale is—and if any of the planned OTC trades could have better results for the whale than onchain liquidations.  Seizure of user funds is not necessarily adverse to the user—it could be collusive, to give one user special treatment.  Liquidations are extremely destructive to the assets of the little people.  This is my speculation—just suddenly wondering...

It's fine. CB isn't a pussy like Google's AI.

Great timing. It's actually overdue for a change. I have one that only got used for about 30 minutes and I got an idea for another about a week ago watching a children's movie.

This weekend has to be quite simply the dumbest, clunkiest bear raid attempt I've seen on Bitcoin's market in a long time.    

Although it is my suspicion that they were really targeting ETH below the psychological $1000 mark, not so much bitcoin.

Despair is often filled with false hopes.  Denial.  Self-delusion.  “Hopium”.

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Not to pick on you, Homer—no offense to you personally—but I am as disappointed in some of the WO regulars as I am shocked that I violated my own advice to newbies never to mess with margin.

Despair?

When I finally got out of debt, I showed this thread with all my pathetic trainwreck-posts to the market pro who advised me to cover in February at $35k.  Heater wasn’t the first to advise me to save much more than I eventually did.  He saw all the recent posts that look worried, and told me not to waste any more of my time with the weak hands here.  Ouch.

Now, I have Jay talking to me as if I am unworried because I lack sufficient “stake” in Bitcoin.  WTF?  It’s called diamond hands.  I have diamond hands when I keep my life savings in Bitcoin.  I have diamond hands when I have money I cannot afford to lose in Bitcoin.  The only time when I crumple like tissue paper is when I get into debt, and suffer repeated liquidations.  Easy solution:  Don’t do that!

Now, we may have regained $20k—or this may be like when we so recently bounced around between $28k and $32k for awhile.  (Or before that, between $38k and $42k.)  I DGAF.  This is all short-term thinking.  And by the way, the only reason why we need to suffer these dips-for-ants is the fickleness of short-term thinkers.

When Bitcoin is up, WO is full of memes about rockets and trains.  When Bitcoin is—sad, weeping softly to itself like now, WO despairs.

If you despair, then please mindrust your coins right now so that the market can get started slowly absorbing them.

I wear no hat.  I have no “laser eyes” pic (my natural, inborn laser-eyes are good enough, thank you very much).  And as long as I am not at risk of liquidation, I honestly do not care if Bitcoin takes its time crashing for awhile before recovery.  I don’t plan to sell, so why should I be upset?

(Observing $20,041 as I write this.)

And glue.

Explanation

https://old.reddit.com/r/CryptoCurrency/comments/vfszpt/solend_the_largest_lending_market_on_solana_is/


Sounds Centralized to me.

 Nice!  It looks as though you also picked up a Sat in the image.  Thin straight line going off the top left of the image.

 Yet by definition, despair is the absence of hope!  Despair can't exist without hope and at the same time it can only exist without hope.  Thank god there's alcohol.

While picking up Sats on these dips, here's a little impression of the recent night skies.
(180 seconds exposure at 14mm)



good night  

After this bear market, I cannot see bitcoin repeating 80+% drops ad nauseaum.
As I posted before, most likely this one could be one of the most brutal bear, followed by a 20 year positive super-cycle.

The good news about the death of the 200 WMA line as a Bitcoin Bottom:

Someday, when 200 WMA is around $223k, there may be a crash from the ATH of $690k down to $176k.  At that point, there will be numerous declarations that “Bitcoin is dead.”  All the nocoiners who declared that they would buy at $200k will not buy, because they will be awaiting $100k.  Some will declare that it’s going to zero.

But no Bitcoiner will be shocked.

Belief in a reliable bottom for a volatile asset is a double-edged sword.  That Schelling point has been good for us, up to a point.  But if it fails the wrong way, the effects could be fatal:  LTH panic!

In the above hypothetical of the future, Bitcoiners who lived through this crash will just sit back and await $1 million.

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Remind me of this post in x years.  I want to see how it ages.

Meanwhile, just in case the bottom is not yet in:  Please remember that the same principle applies if we go down to $15k, or $13k, or whatever.

Explanation

I wish all shitcoins would go to zero.





Ok, enough meme/shitposting. I'm signing off.

I did not despair.  1 BTC = 1 BTC.

As for hope:  How much of this new pump is from new leverage?  How much is from billionaires stepping in to bail out failures and scams?  #justwondering.

There's no despair without hope.

LOL.

Explanation