Cryptocoin Value and Market Trend Discussion

[lexluthermiester]

So this is when you buy.

No, it's gonna drop more in the next month or two before it goes back up.

 

[KLiKzg]

& this is going to drive the Crypto in next year or two:

https://twitter.com/i/web/status/1522963011748745216

LHR unlocked!

 

[lexluthermiester]

& this is going to drive the Crypto in next year or two:

https://twitter.com/i/web/status/1522963011748745216

LHR unlocked!

What you missed is the crashes that are happening whenever some try running that "fix". It will work on some early cards, not the later versions of the GPUs. In later revisions, the LHR limiter is built into the hardware. It can not be unlocked.

Additionally, such a patch effort will be useless as soon as the POS changeover happens.

 

[uuee]

What you missed is the crashes that are happening whenever some try running that "fix". It will work on some early cards, not the later versions of the GPUs. In later revisions, the LHR limiter is built into the hardware. It can not be unlocked.

Works just fine for me (well, tested it for 30mins only) on a 3060 v2 (hw lhr limiter). I can reach 48Mh/s +

 

[trog100]

sunday morning here in the UK.. bitcoin now down to 34K.. it will be interesting to see how low it goes and the rest of the none crypto markets..

trog

 

[R-T-B]

bitcoin now down to 36K with eth at 2.7K.. its basically tied to the stock markets which are not looking all that healthy.. he he

trog

This is what crypto going mainstream looks like I'm afraid.

Additionally, such a patch effort will be useless as soon as the POS changeover happens.

This is the real end goal.

 

[trog100]

monday morning here in the UK.. bitcoin now down to 33K with the euro stock markets all opening in the red.. whoops..

gold is also down which is odd..

trog

ps.. thursday evening bitcoin now at 31K and looks to be still heading down.. i think we could be looking at a general market crash..

 

[dragontamer5788]

https://twitter.com/i/web/status/1523749536379793408

Looks like something's going down on UST right now.

UST is Terra's algorithmic "US Dollar Stablecoin". Its supposed to stay at (or at least, very very near) $1 at all times, backed by various algorithms.

It has clearly broken the US-dollar peg, and is currently at $0.91 USD right now, and was as low as $0.85 USD an hour ago. The above tweets were sent out in the first big drop at 3pm-ish (see 15:00 on the above Coinbase graph).

----------------

EDIT: (Posts merged when I tried to make a new post)

Ummm....

I decided to check on UST again to see if it got any better.

Spoiler alert: it got worse. $0.77 is really far off the peg.

EDIT: I hit "refresh" 5 minutes later and its $0.72. Holy shit.

EDIT: "Refresh" update: $0.65. I can't stop watching this trainwreck. I'm glued to my screen. I need to know where this ends...

EDIT: Okay, it has held at $0.65 for a few minutes now. I think I'll take my eyes off my computer screen now, while I can...

 

[kapone32]

There is a fight going on across the World and in various Channels to control Crypto. I feel sorry for people that Invested in those Crypto funds.

 

[dragontamer5788]

There is a fight going on across the World and in various Channels to control Crypto. I feel sorry for people that Invested in those Crypto funds.

It looks like just a normal bank-run scenario to me? The peg fell over, some people lost confidence, and now a bunch of people are selling UST, worried that it will never recover, or that this is a death-knell of some kind?

Volume is up, lots of selling is occurring. The people in charge are trying to restart the peg to the promised $1 value behind the scenes. WLUNA / LUNA keeps dropping. Etc. etc. I don't think I can accept a grand conspiracy here because this kind of behavior is kind of predictable and well studied?

People inside of UST were promised "risk free" 20% APY accounts pegged to $1 USD per UST. Well, guess what? A $0.65 UST is a broken promise. Now people are worried that it will never be fixed, let alone if they will get their "free" 20% APY this year. Since this pool of buyers aren't here to try to make tons of money, they aren't very keen on "buying the dip", every minute or hour this thing remains "unpegged" is damage to UST's reputation.

Its one thing if this was just LUNA or some other coin. But its the "stablecoin" that has collapsed. When promises are broken, many customers initiate a bank run and leave. Maybe its a mistake, and all will be fixed tomorrow morning. But what if it never gets fixed? I don't think its reasonable for stablecoins to ever collapse to $0.65, that's clearly not "stable".

------

EDIT: Woah, back to 80-cents. That jumped back up quickly. Maybe the ones in charge of LUNA / UST actually had enough reserves to start rescuing this stablecoin? I mean, its not "fixed" until the peg at $1 is returned. But it makes sense that the managers of the coin will start doing something to try and fix it.

 

[dragontamer5788]

Luna continues to decline, UST is fluctuating randomly from $0.70 to $0.90, but never seeming to return close to the $1 peg. They're fighting to save UST for sure

 

[trog100]

bitcoin now just below 32K having been as low as 30K.. the downwards trend seem to have halted.. the same applies to the stock markets..

temporary or not is yet to be seen..

trog

 

[Vya Domus]

The logic behind stablecoins is fundamentally broken and open to fraud implicitly because essentially all of these projects lie about their tokens being fully backed. Ironically and hilarious UST fell because they couldn't lie by design.

 

[dragontamer5788]

The logic behind stablecoins is fundamentally broken and open to fraud implicitly because essentially all of these projects lie about their tokens being fully backed. Ironically and hilarious UST fell because they couldn't lie by design.

I agree. UST is worse than you might think. Anchor was promising people 20% gains last year. All of those people thought they found a "perfectly safe" instrument last year, and were hooked by the lies.

Its the fundamental structure of the whole thing that's clearly messed up. There's no instrument making 20% right now. Its literally impossible for the managers of Anchor to promise 20% returns. So after a year, it all collapses.

EDIT: With LUNA below $5 and UST below $0.6 (testing $0.30 sometimes, but rapidly gaining back to $0.5), I think its safe to call this entire coin dead now. There are people out there holding on for hope, but that's incredibly far off the peg, and LUNA's marketcap is far below the UST marketcap now. No amount of LUNA printing would ever generate enough real-dollars to save UST's $10 billionish deposits. The rumor is that the fund has BTC in reserve, but BTC is far below the price they bought it at (bought in at $40k, and BTC is testing $30k right now), so there's not enough money in there either.

I think its safe to call it dead, unless BTC jumps to $50k or something incredible in the next few minutes.

-----

All attention to the other stablecoins: can USDC and USDT weather the storm? USDT is looking shaky right now...

 

[80-watt Hamster]

I agree. UST is worse than you might think. Anchor was promising people 20% gains last year. All of those people thought they found a "perfectly safe" instrument last year, and were hooked by the lies.

Its the fundamental structure of the whole thing that's clearly messed up. There's no instrument making 20% right now. Its literally impossible for the managers of Anchor to promise 20% returns. So after a year, it all collapses.

How can anyone promise 20% APY and not be a scam or, if being charitable, a house of cards? Those sorts of returns have never been reliable or sustainable in the history of anything.

 

[Vya Domus]

It's interesting because it looks like UST is holding the crypto market ransom in a twisted sort of way, since they own billions of dollars worth of BTC they've started to implicitly threaten that if users don't stop cashing out they're going to start selling some of that BTC in an attempt to keep the peg which will obviously crash the entire market even further since they're all corelated with each other.

 

[dragontamer5788]

It's interesting because it looks like UST is holding the crypto market ransom in a twisted sort of way, since they own billions of dollars worth of BTC they've started to implicitly threaten that if users don't stop cashing out they're going to start selling some of that BTC in an attempt to keep the peg which will obviously crash the entire market even further since they're all corelated with each other.

Yeah, that's the "hidden" aspect of all of this. We know there's BTC reserves that are trying to "prop up" Luna / UST. But the longer-and-longer this goes, the more BTC just falls and collapses.

That will keep happening at least until those BTC-reserves run out (or maybe for the people "propping up" Luna/UST will give up? and just save the BTC they have remaining? Why keep trying to save such a doomed coin?).

BTC down to $29k right now. Dunno if that's selling-pressure related to Luna/UST, or some other pressure going on. USDT (Tether) is down to $0.997 on coinbase, kinda-sorta a depeg. That stablecoin stuck to $1 for a very long time, so $0.999 and $0.998 and now $0.997 seem like news to me. USDT is feeling some heat for sure.

 

[Bomby569]

i have no idea about this backstage moves, but i fell this is the time crypto may miss it's change, if it goes down like everything else in this crisis. I really had my hopes up but i guess i was wrong.

 

[dragontamer5788]

I can't stop watching cryptocurrencies right now. LUNA / UST is dead at this point. I keep F5ing to see how low it can go, but Luna is well below $1 and is like 30-cents. Luna is somehow lower than UST.

Whatever repercussions happened here are now spreading to every other cryptocoin in existence, stablecoin or otherwise. BTC falling below $28k. ETH below $1850. USDT / Tether now at 98.9-cents, quite a bit "off of its peg".

This is a rout of historic proportions. Given how incredibly correlated these coins are to some "tech" stocks (at least COIN / coinbase, but also plenty of other stocks dabbled in the crypto-stuffs), I fully expect to see severe repercussions in the stock market tomorrow morning.

 

[trog100]

I can't stop watching cryptocurrencies right now. LUNA / UST is dead at this point. I keep F5ing to see how low it can go, but Luna is well below $1 and is like 30-cents. Luna is somehow lower than UST.

Whatever repercussions happened here are now spreading to every other cryptocoin in existence, stablecoin or otherwise. BTC falling below $28k. ETH below $1850. USDT / Tether now at 98.9-cents, quite a bit "off of its peg".

This is a rout of historic proportions. Given how incredibly correlated these coins are to some "tech" stocks (at least COIN / coinbase, but also plenty of other stocks dabbled in the crypto-stuffs), I fully expect to see severe repercussions in the stock market tomorrow morning.

i watch it every day.. in essence the whole lot is going down.. how far is the bit we dont know..

trog

 

[ppn]

the higher the hash rate, the lower price people are willing to ask. nice one nice hash. made my day

 

[caroline!]

It was all planned guys. I've been saying it for years and here we are.

http://imgur.com/cB1fAuz

Exchanges are the same as regular banks. The normie crypto scene is the same as the standard financial system just... worse.

 

[Dr. Dro]

Yeah, that's the "hidden" aspect of all of this. We know there's BTC reserves that are trying to "prop up" Luna / UST. But the longer-and-longer this goes, the more BTC just falls and collapses.

That will keep happening at least until those BTC-reserves run out (or maybe for the people "propping up" Luna/UST will give up? and just save the BTC they have remaining? Why keep trying to save such a doomed coin?).

BTC down to $29k right now. Dunno if that's selling-pressure related to Luna/UST, or some other pressure going on. USDT (Tether) is down to $0.997 on coinbase, kinda-sorta a depeg. That stablecoin stuck to $1 for a very long time, so $0.999 and $0.998 and now $0.997 seem like news to me. USDT is feeling some heat for sure.

I have an extremely negative view of cryptocurrencies (as well as the sheer dishonesty of crypto influencers, especially those who have rebranded their entire identity around crypto, NFTs and act like they're best buddies with each other), and thus I refrain from participating in these threads, but no matter how large, you can only keep the ponzi going for so long.

The cryptocurrency "market" as a whole is a house of cards, a complex web of ponzis hedged against other ponzis, which is why once any remotely successful "currency" network utterly collapses like this, it sends a shockwave throughout the entire structure. While the so-called "stablecoins" are clearly designed as a safety net, the numbers you see prove they aren't immune to the pressure, simply because of their nature - and it's not the algorithms that make these "stable", it's the consensus between users that they are. Which is quickly routed by a market panic situation.

 

[trog100]

early friday morning here in the UK.. bitcoin back up to 30K and looking to be heading higher....

trog

 

[lexluthermiester]

I think it's doing a roller-coaster again.