Posted on 05/25/2022 9:00:54 AM PDT by SunkenCiv
Venus Protocol, a decentralized money market, announced on Thursday evening that about $11 million had been lost due to people exploiting the historic collapse of the Luna cryptocurrency and its sister stablecoin UST.
The team behind the Venus Protocol released a statement confirming suspicions that had been floating around for hours about the potential mishandling of the fiasco around Luna.
“Today, we became aware of errant price behavior for LUNA on Venus Protocol. Upon investigation, it was learned that the price feed had been paused by Chainlink due to extreme market conditions,” Venus Protocol explained...
Venus Protocol and several other platforms use Chainlink to provide its users with real-time price estimations of the tokens on its platform that are available for lending and borrowing.
But the tool began having issues with Luna on Thursday as the price continued to fall precipitously.
(Excerpt) Read more at therecord.media ...
Apropos of nothing, I've got this tulip bulb for sale...
Bloomberg can’t be posted, but this article has plenty more.
“Upon investigation, it was learned that the price feed had been paused by Chainlink due to extreme market conditions,” Venus Protocol explained...”
Wait a sec...
The people running this “currency” have NO CLUE how it works?
Like... They just arrived to an office one day with running equipment, servers, racks and software and had to learn how it worked ?
Am I the only one seeing this?
Welcome to the blockchain and crypto world FRiend...
Anyone CLAIMING to understand it is trying to get actual money from you in exchange for monopoly money.
“Apropos of nothing, I’ve got this tulip bulb for sale”
sorry ... i’m in the market to buy only CryptoTulips right now ...
Whenever the stock market crashes, Ponzi schemes are exposed.
Yeah but the really cute Asian girl half my age on the dating site, showed me statements where she was getting rich. We were going to share crypto trading and then get married.
So many people blinded by get-rich-quick dreams are falling for these scams.
>At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled artisan.
Plus, ya got chocolate...
Well put.
Lunatic cryptocurrency is more like it.
It’s all an outgrowth of the mentality that everything can be made available free of charge. Actual money grows in quantity/availability due to economic activity, while crypto just appears out of nowhere.
Another fake currency is failing 🤪
Never saw that coming 🙄
Don’t leave them lying in a sun!
They don’t call these things “shit coins” for nothing.
“The people running this “currency” have NO CLUE how it works?”
I think it’s more like one exchange that was trading the currency, not the people running the currency itself. Imagine if you could trade stocks that are based on the NYSE in some subsidiary exchange in Chicago, but the link updating the prices from the NYSE was frozen. You could pull out a phone, call someone in New York to get the actual spot price and then trade based on that “insider information” to make great profits until everyone else caught on.
“Actual money grows in quantity/availability due to economic activity, while crypto just appears out of nowhere.”
I think you should amend that to say that “money SHOULD grow in quantity/availability due to economic activity”. That’s not how it actually happens in the real world much of the time. If we need $10 trillion more to fund some foolish whim of Congress, then the money simply appears, and no additional economic activity is necessary.
Also, comparing crypto to currency is foolish. Crypto is not a currency, it’s an asset. It may be an asset at the level of, say, a Beanie Baby, but it’s an asset nonetheless.
If we need $10 trillion more to fund some foolish whim of Congress, then the money simply appears, and no additional economic activity is necessary.
No, it's borrowed, it doesn't simply appear. Period. And it's foolish to call crypto an asset, it's no more an asset than an expired lotto ticket that didn't have the right numbers. A Beanie Baby isn't an asset, it's a collectible.
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