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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 3534. (Read 26609897 times)

hero member
Activity: 1190
Merit: 803
Who on earth has any idea how an algorithmic stable coin might/can work. This one is apparently not working anymore yet still dumping the treasury on the market.

Just lost another 15% in a couple of minutes, lol.
That's why I never trust so called decentralized shitcoins and so called stable coin
copper member
Activity: 1498
Merit: 1619
Bitcoin Bottom was at $15.4k
29800, 30800, 31800, 32800.
All my orders got filled in 1 single day.
legendary
Activity: 3374
Merit: 4738
diamond-handed zealot
legendary
Activity: 3780
Merit: 5429
Parts of the DeFi Eco system are a true joke.

All of the DeFi Eco system is a true joke.

It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real.

It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air.
legendary
Activity: 3556
Merit: 9709
#1 VIP Crypto Casino
legendary
Activity: 2226
Merit: 6947
Currently not much available - see my websitelink
It's Shitcoin implosion 💯

Terra Luna, where Terra USD is based on, loses 27% in one hour...



Bitcoin at 30k now...



Well, what did we expect from Shitcoins...
hero member
Activity: 938
Merit: 1891
bitcoin retard
Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

Did they already sell? ...If not, we probably will see 25k and lower very soon
legendary
Activity: 1473
Merit: 1086
Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.

That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob.
legendary
Activity: 3892
Merit: 4331
Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.
hero member
Activity: 938
Merit: 1891
bitcoin retard
Welcome to the 20s  Roll Eyes


Funny how the dips always occur almost exactly one year after every cycle peak
legendary
Activity: 1473
Merit: 1086
https://twitter.com/jonwu_/status/1523793482850050048

Just found a long thread that partly explains the UST de-pegging situation, still reading it. Parts of the DeFi Eco system are a true joke.
legendary
Activity: 3780
Merit: 5429
Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
legendary
Activity: 1844
Merit: 1338
XXXVII Fnord is toast without bread
Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all. 

Here is a deeper dive.
Say one wants to buy Tether.
Tether issues their token based on conversion of fiat/papergold/crypto/etc....  $100k in gold give $100k in Tether....Tether mints $100k out of thin air....
What happens when the value of the converted asset loses value, does Tether make the party that converted their assets to Tether cover the difference? I doubt it... Therefore Tether's reserves are currently only backed by ~5% actual USD deposits, the other 95% is other slightly volatile asset classes.
legendary
Activity: 3892
Merit: 4331
Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ?  

but this makes no logical sense at all.  

they rely on arbitrageurs
https://decrypt.co/resources/what-is-terra-algorithmic-stablecoin-protocol-explained

...but what if arbs pull out...then you have a crash like today.
they might be finished (or not), but we shall see.
if not, some deep pockets might make up to $ ten billions today.
legendary
Activity: 1473
Merit: 1086
Who on earth has any idea how an algorithmic stable coin might/can work. This one is apparently not working anymore yet still dumping the treasury on the market.



Just lost another 15% in a couple of minutes, lol.
legendary
Activity: 2294
Merit: 1182
Now the money is free, and so the people will be
Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all. 
legendary
Activity: 1473
Merit: 1086
Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/
legendary
Activity: 1844
Merit: 1338
XXXVII Fnord is toast without bread

The Tether printing machine buy orders go down to $28,600...This will be the local bottom. Until we see new bids placed below this.

My posts in this thread are for data compilation, I see patterns and understand this market is much more than speculative.

The Bitfinex orderbook history data is not available unless you purchase it from them. I have some screenshots of the books prior to them getting filled. Check my post history in this regards.
The premise I stated about scaffold bids was just an interpretation of the results. The buy walls promote selling liquidity, similar to the opposite in regards to sell orders. Bitfinex has been known to allow wash trading, even though they explicitly say that this is not allowed. Cryptsy used this tactic a lot.

Long term still bullish. Short-term not sure....
legendary
Activity: 1473
Merit: 1086

ahhhhh yeah lmao


Once you see it you cant unsee it....


Lmao, my brain obviously stuck in the gutter , even after you said it , it took me a bit lol


'xplains the ratio too lmao





less porn for you empowering Tongue
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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