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 ...
Anyone wana buy a JPG image of a cartoon Ape for $250K?
It will only go up
It’s more family safe (and maybe more fun) to call them “Feces Specie”.
“No, it’s borrowed, it doesn’t simply appear. Period.”
Borrowed from whom? And where do those we borrow from obtain trillions on demand?
Punting the act of money conjuration a step or two up the line doesn’t remove the act of conjuration, nor does it remove the effects.
“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.”
Collectibles ARE assets. Certainly the IRS rules can confirm that to you, so you don’t need to accept my opinion on the matter.
And if you want to say crypto isn’t an asset, then what section of the balance sheet do you think they should be listed in?
—”Anyone CLAIMING to understand it is trying to get actual money from you in exchange for monopoly money.”
In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets — items with a purchase price drastically exceeding the intrinsic value — if those assets can later be resold at an even higher price. https://en.wikipedia.org/wiki/Greater_fool_theory
“Two things are infinite: the universe and human stupidity.”
Einstein predicts there are more fools available?
I don’t understand anything in the title, so it’s just Tuesday for me.
err.. Wednesday, lol.
Are you sure she’s a girl?😬
During the height of Tulip Mania, one tulip bulb could've bought you a house.
Borrowed from people and other entities who buy the bonds of course, don't be absurd.
Crypto is a scam, it's not a collectible, and it's not an asset. Collectibles *can* be assets, but most don't stay there. More like a multilevel marketing.
“Borrowed from people and other entities who buy the bonds of course, don’t be absurd.”
And where do the bonds come from then? We can play this game all day long. If anyone is being “absurd” here, I’d say it is the person who thinks that trillions of dollars can just appear on demand without money being created and added to the money supply.
“Crypto is a scam, it’s not a collectible, and it’s not an asset.”
I don’t disagree that it’s a scam, but it’s a scam that, until the fantasy pops, is a fungible asset. You go ahead and try to tell the IRS that crypto is “not an asset”. See how far that gets you with them...
“Collectibles *can* be assets, but most don’t stay there.”
And when *can* they be an asset? Of course, it’s when they HAVE VALUE. Likewise, while crypto HAS VALUE, it is obviously an asset. I notice you didn’t suggest any other place on the balance sheet to put them, so I will take that as a tacit admission that the asset section is in fact where they belong, unless you decide to argue the point further.
Apropos of nothing, I’ve got this tulip bulb for sale...
A Tulip? I thought it was an onion...
Venus protocol...Mars stock market closes in early trading.
I don’t disagree that it’s a scam, but it’s a scam that, until the fantasy pops, is a fungible asset.
So then, it’s more of a bubble...
Tea Pot Dome, South Sea Bubble etc.
In this case, the little bits of data that are cryptocurrency have no inherent value, or perhaps only have inherent value because people are willing to believe that they have value, much like fiat currency.
I got some bad news for ya buddy...
She been calling me on WhatsApp with the same wind song...
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