What do people think about alt coins? V.1 [discussion]

Anyone fans of NEAR? There are rumors (from one source) that their stablecoin launching in 4/20 will return a 20% APY.

If I were them, I'd set the 20% even if they weren't planning to, then lower it in a month if they don't break through.

I'd feel more adventurous if it were 2 dollars cheaper.

Not sure of its longterm prospects after what happened to WAVES, so this is all degen talk.

 

Bought Luna. Anybody else buying any blood?

 

Bounce you turd.

 

If you buy are you a Lunatic?

 

Not until crypto gets obliterated!

 

I believe so. Getting nuked right through support area.

 

Sell in May and go away. That means there are bargains.

 

Algo stable coins are double edged. Up goes higher. Lows go lower.

Them buying btc as collateral doesn't sound like a great idea right now. Def a long term play...

Then again, I had this thought since early year when everything dropped and they still hit 100 cuz of degens flight to safety.

But if they start cutting their APRs even further, that'll start some moving from people who did the math didn't want to pay the fees.

In the end, this'll be a test on whether LUNA can emerge as the strongest stablecoin or snap before it can. If it does win it all, a pessimist would think a future snap to become even more violent.

In the short term, as a degen I personally would start dabbling on quarter end and hope for some election bounce (plus a bet on a fed rate cut rather than a rate hike).

 

Only if you sold.

 

General nuggets of wisdom in this Twitter thread. Hope some y'all have powder when the bleeding finally stops.

https://threadreaderapp.com/thread/1521606009495728129.html

 

Most of the guys who need to hear this have moved on to the stock market thread after 2017.

 

tl;dr: Luna's run is like a bank panic, but it might've been a hedge fund/crypto whale engineering a big short after figuring out Luna's meta. Stable coins are like wildcat banks at best, ponzis at worst.

This is making me rethink the whole algo stable coin thing and smart contracts in general. Too many people with both smarts and funds to pull exploits or engineer a panic.

https://coingape.com/heres-how-the-...r-800-million-in-a-coordinated-attack-on-ust/

Netflix should make a one-off show like with Billions as the template...

Ironic that Tether's shadiness lack of transparency makes it harder for individual actors/family offices do something like this. I read some thread that they have ~15 billion in liquid collateral, but attackers don't want to poke that bear. You ruin tether, you ruin crypto...you better have an exit plan off those blockchains.

Anyways, if anyone believes in Do Kwon/USTerra, it's 53 cents (was 64 before I read that post). You'd make at most a dollar if they try to save it. Shoot, I don't think the off chance doubling up is better than fighting panic driven frenzy to zero. Maybe burning road vacation money if it hits below a quarter. This isn't really the climate to make risky bets that free/lazy money will flow back into what media is openly calling a ponzi.

Luna itself? That's prob a safer bet if it hits sub 3 dollars. I'm not even sure how Near will run its stable coin (if they were stocks, it'd would've be punished due to USN's similarity to luna). WAVES/USDN still is still depegged.

Shoot, better off buying 10 yr old boxes of unopened baseball cards and saving them till retirement...

 

That was the most epic meltdown I've ever seen. It's going to be a long time before alt coins recover from this. Just have to remember to be around when they've all been forgotten about and start picking them up before the next BTC halving and alt season.

 

Took a closer look at luna to see if there's an opportunity, but the downside looks exponential - $luna supply has grown from 0.37bn tokens to 1.46bn tokens, while $UST has dropped from 18bn to 13bn in 24hrs. There are still 13bn more $UST tokens to potentially redeem, but now it requires the minting of many $luna to burn 1 $UST. Unless LFG finds alternate funding ($billions in loans), minting more $luna to maintain the peg while people liquidate $UST will result in a devaluation and supply inflation spiral... imo.

Beside opacity, another advantage tether has is that in theory it uses USD-like assets as collateral, so USD$1 = USDT1. If a "stable" coin uses other (volatile) cryptos as collateral, when the USD value of the collateral drops below the locked price, I don't see how the peg can be maintained. E.g., if 1 eth was locked for 500 funnycoin when eth was worth USD$500, the peg can be maintained, but once eth drops below USD$500, 1 funnycoin is no longer worth USD$1. - Just what i'm guessing intuitively, wonder if we'll see other "stable" coins collapse after this. I recall DAI uses eth as collateral?

 

UST’s Do Kwon Was Behind Earlier Failed Stablecoin, Ex-Terra Colleagues Say
https://www.coindesk.com/tech/2022/...er-failed-stablecoin-ex-terra-colleagues-say/

 

Hindsight being 20/20, it's still always a good idea to do your homework on any team behind any crypto.