UST to 0

So, user. Why haven’t you shorted Luna?

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Other urls found in this thread:

mirrortracker.info/anchor
etherscan.io/token/0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3?a=0x0000000000000000000000000000000000000000
dune.xyz/queries/283869
dune.xyz/known22/Curve.fi-Pool-Proportions
twitter.com/SFWRedditImages

And this doesn’t even include the whole quadriga cofounder mess

what are the implications for cobie

i don't hold any ust or luna but have like every fucking cosmo coin on teh ibc chain, what am i in for bros? not feeling super comfy, granted i make a lot staking and in LPs

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You'll have better luck on twitter, no1 cared when it was shilled here at sub $1 and no1 cares about it crashing now

Wasn’t that bridge only deactivated for 10 hours? And didn’t Do Kwon say he was going to drop 300m into the reserves, along with saying Anchor is going to be available to use natively on whatever chain your on so you won’t have to bridge assets? UST just had it’s largest volume event and it’s still $1. Even MIM is at $1, why is this fud still happening?

Let it go user, nothing happened, you were wrong

There are actually human beings that thought 20% APY on a stablecoin wasn't just a ponzi scheme. Think about that.

Why are you so obsessed with this? You keep making these threads, maybe youre just a huge newfag, but only like 10 people on this site know about ust and maybe 3 of them know what an anchor is, if you're lucky maybe one of the 5 luna holders on here will dump their entire stack of 100

Yes, trust do kwon to spend 300 million of his own money on that. And don’t worry about anchor offering 20% unsustainably and what the implications are when it stops

>Wasn’t that bridge only deactivated for 10 hours?
Haven't seen any movement across it since

>didn’t Do Kwon say he was going to drop 300m into the reserves
Not yet, but even then, it burned 40mil in a month: mirrortracker.info/anchor
Guess how long 300mil is gonna last for during a bear market?

>UST just had it’s largest volume event and it’s still $1. Even MIM is at $1, why is this fud still happening?
Because their Curve pools have to be imbalanced to 3:97 ratio before the peg starts to fail, and enough retards think they can still keep their positions unscathed right now. There are people still on hopium that Wonderland will survive holding onto their TIME for fuck's sake. It won't.

MIM's collateral is 25% UST, 25% mix of wMEMO (wonderland token), ETH & FTM (safe as assets, but way too volatile to support a stablecoin as backing as we enter a bear market), and some CVX shit which is going to crater when the CVX narrative fades.

It doesn't have to be a ponzi to be extremely risky you retard. Learn what words mean

(Cont.)

On top of that check this out: etherscan.io/token/0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3?a=0x0000000000000000000000000000000000000000

You'd think that a stablecoin backed by collateral would be minted bit by bit every time someone deposited collateral right?
Instead Daniele just mints himself 100mil at a time. There's 4B MIM in existence if you query the token onchain, and yet as per MIM's own analytics there's just under 2B collateral backing it: (I had a link to the site here but Any Forums says it's spam)

Based on underlying value this stablecoin should be worth $0.50, and that's a naive interpretation that ignores the fact it's interwoven with UST in a leveraged way that means that its collateral isn't all real in the first place.

You can view the main MIM curve pool here:
dune.xyz/queries/283869
dune.xyz/known22/Curve.fi-Pool-Proportions

It's teetering on the brink

Why would it be risky? Is the risk perhaps that the system relies on new buyers and a constantly expanding system in order to maintain stability?

(Cont.)

The reason MIM still has liquidity at all is because it gets massive CRV rewards right now and the big players are gambling on being able to monitor and pull out in time. Alameda doesn't fuck around and just pulled out entirely days ago at a 90mil loss, but they were an entire third of the liquidity at the time so they had to if they wanted liquidity to exit through.

At some point the last big players in that pull with withdraw their liquidity and the dumb retails users will be stranded there. When this happens MIM will cause a shock to UST and it's immediate future is determined by how many people buy a LUNA dip without realising it's destined to fail long term anyway.

you get that when the fed says some shit in the next meeting every market will go green again to where none of this matter. They just need to buy time for that.

>he thinks the rate hike will be called off

>he thinks the 0.01% hike wont push the market higher

It’s hitting the bollinger bands……

Do I understand correctly that UST is essentially backed almost entirely by LUNA? I'd actually rather hold MIM than UST, if I had to hold one over DAI which is still the best algo stablecoin it seems.

>Do I understand correctly that UST is essentially backed almost entirely by LUNA?
Sort of, it's an algostable setup like Iron Finance. When UST trades below peg people can arb it by burning UST to create an equivalent value at that time amount of LUNA.

(eg. oracles report UST at $0.5, LUNA at $50, then you burn 100 UST for 1 LUNA give or take. The math's a lot messier since it uses product curves and introduces spread fees and shit, but that's the rough gist)

This means LUNA holders are bagholders when there's a run on the bank here. People liquidate UST en masse, burning it for a hyperinflating LUNA that they dump on the market which drives down its price which means people get even more LUNA when they burn UST. 40% of the LUNA supply is currently staked in the terra network's validators, and it takes 21 days to unstake, meaning those LUNA holders can't exit in a rush when this all implodes. The smart staked LUNA holders can do some tricks with their bLUNA (eg. deposit it into Anchor, borrow UST against it, burn that UST for LUNA, dump that on the market)

It's a model that was never going to survive a bear market in the first place even before the system got tangled up with conman Danielle. In fact it already failed once before, but TFL threw money at it to prop it up (which paid off based on the runaway mcap growth since then)

>DAI which is still the best algo stablecoin it seems.
DAI failed its original design and became wrapped USDC. It's reasonably safe as a result, but also completely fails its original purpose of being a true DeFi stablecoin.

At this point in time I'd say MIM was the riskier hold unless you actually have collateral in its system to recover with that MIM. MIM is going to fail before UST does in my opinion, and it has more illiquid markets and fewer cult like retards to provide exit liquidity.

Ok, so "backed by LUNA," is really only backed by the liquidity of LUNA. If there is 11 billion UST outstanding, and only 1 billion in LUNA pools / exchanges (made up number) then UST is really only backed by 1 billion. I'm just making this up as an example, there may be a lot more. My point is you can't just print more LUNA forever to get however much money you need to back all of UST.

>DAI failed its original design and became wrapped USDC

Yeah, they should have prevented centralized / freezable assets from being used. But DAI is better because it is backed by a lot more diverse assets. But circle or w/e runs USDC could just freeze the assets and kill DAI if they wanted which is fucked up.

In the end I guess if you hold stablecoins, you are accepting holding something pegged to a centralized asset, the dollar, so you should be OK with centralized shit and just hold USDC or DAI.