CREW TECH OFFICIAL Crypto Thread - so...WHO'S HIRING???

[EdgeOfSanity]

I'm holding my Luna (single coin) until it hits $100 again at 47%APR along the way. You're only missing out on free money.

I kinda want to throw $20 at it and see what happens

 

[AndyP]

I kinda want to throw $20 at it and see what happens

I will if you do

 

[fuqxyu]

I kinda want to throw $20 at it and see what happens

with 43B supply in circulation, I don't think it's hitting $1

 

[AndyP]

Huge price discrepancy on Gemini vs Kraken for Luna. 0.10 on Gemini and 0.007 on Kraken.

 

[fuqxyu]

Huge price discrepancy on Gemini vs Kraken for Luna. 0.10 on Gemini and 0.007 on Kraken.

didn't gemini halt trading?

 

[Chuck Finley]

Huge price discrepancy on Gemini vs Kraken for Luna. 0.10 on Gemini and 0.007 on Kraken.

Didn't Gemini stop trading of LUNA?

 

[Chris87]

is this a trick question?

Where's E- All of the above?

with 43B supply in circulation, I don't think it's hitting $1

When I mentioned the circ supply earlier today, it was at like 34billion I think

 

[AndyP]

Didn't Gemini stop trading of LUNA?

It's moving again. Just let me place a limit order. The order book appears to be moving as well.

 

[fuqxyu]

Where's E- All of the above?


When I mentioned the circ supply earlier today, it was at like 34billion I think

nothing to see here
just printing 1B each hour

 

[AndyP]

Gemini


Kraken

 

[AndyP]

Good chance to arb. I cant get anything into kraken right now because everything is locked with deposit holds

 

[fuqxyu]

found this (TLDR)


- UST has a circulating supply of 12.12B
- It has a market cap of $7.4B
- To restore peg 12.12B - 7.4B = 4.72B of UST needs to be burned
- Terra validators have overwhelmingly agreed that this is what must be done, UST must be burned and peg must be restored
- To burn UST (and restore peg), you need to mint new LUNA
- To burn 1 UST you need to mint $1.00 worth of LUNA
- Let's do some simple math
- Say we can burn all the excess UST all at once right now, and restore peg
- To burn this 4.7B of UST we would need to mint $4.7B worth of LUNA
- At the current price of LUNA ($0.03), this means we would have to mint ~156B LUNA
- In this scenario, the circulating supply of LUNA would increase from 3.5B to ~160B (increase 45x)
- The price of LUNA will decrease to ~$0.0006
- Now you could in theory begin to slowly burn down that 160B circulating supply of LUNA (does this sound impossible and like a terrible investment? IT SHOULD SOUND IMPOSSIBLE AND LIKE A TERRIBLE INVESTMENT)
- The scenario described above is a made up fantasy and is not possible
- What's really going to happen is actually infinitely worse
- First problem: You can't burn all 4.7B UST at once because you can't mint 156B LUNA at once
- There is a limit on how much LUNA can be minted in one day
- Right now, they are voting to increase the limit
- This leads us to problem #2
- Second problem: As you mint LUNA, the price of LUNA goes down (LUNA is diluted), which means to burn more UST, you need to mint even more LUNA, until you descend into a vicious feedback loop of all out LUNA minting madness
- This is referred to by validators and people who understand the protocol as the "death spiral"
- Right now you can burn $1B UST by minting 33B LUNA
- The circulating supply of LUNA goes from 3.5B to 38.5B
- The price of LUNA is now 0.0027
- You then burn your next $1B UST by minting 1,000,000,000/0.0027 = 370B LUNA
- You burned your first $1B UST by minting 33B LUNA. The next $1B UST by minting 370B LUNA
- The next $1B UST would take trillions and trillions of LUNA
- I used $1B chunks just as an example
- Obviously the size of the burns would be much smaller as it depends on UST holders' bags
- The point is, LUNA can't recover unless they just decide to fundamentally change how the protocol works, which would result in Do Kwan and everybody else on the project being instantly indicted for fraud

 

[intro_vert13]

nothing to see here
just printing 1B each hour

kwontitative easing iirc

hey let's dilute all existing bagholders lmao

 

[Chuck Finley]

kwontitative easing iirc

hey let's dilute all existing bagholders lmao

 

[Chris87]

Do you have a ledger? Just follow the instructions in ledger live when you first connect it. That seed phrase at the beginning is important, do not store it digitally. Write it down.

Thanks friend! Ledger live generated a new BTC address for me. Pretty easy peasy. It's already in my Ledger and only cost like $0.19 to transfer which is great.

As for seed phrase, I hope you're talking about the seed phrase when I originally set up my Ledger? If so, yeah, that baby is locked away in a safe. I've been using a ledger for 4 years now.

 

[intro_vert13]

just me or is this guy lying his balls off? specifically as it relates to terra/ust and the cel token?

 

[Firewall97]

So what I'm hearing is do kwon this do kwon that...my question is what about rex kwon do?

 

[Gort]

They're all fucking each other.

 

[Midgetized]

@Midgetized we need some astrology crypto shit in here

 

[Good Ol' Gil]

Amaze balls

 

[Faikius]

Picked up some wrapped LUNA on Coinbase at $0.08. Play money / total gamble.

 

[cbpage]

Picked up some wrapped LUNA on Coinbase at $0.08. Play money / total gamble.

Luna is now down to .0013 on CG with a circulating supply of 126b. NGMI my fren.

 

[cbpage]

found this (TLDR)


- UST has a circulating supply of 12.12B
- It has a market cap of $7.4B
- To restore peg 12.12B - 7.4B = 4.72B of UST needs to be burned
- Terra validators have overwhelmingly agreed that this is what must be done, UST must be burned and peg must be restored
- To burn UST (and restore peg), you need to mint new LUNA
- To burn 1 UST you need to mint $1.00 worth of LUNA
- Let's do some simple math
- Say we can burn all the excess UST all at once right now, and restore peg
- To burn this 4.7B of UST we would need to mint $4.7B worth of LUNA
- At the current price of LUNA ($0.03), this means we would have to mint ~156B LUNA
- In this scenario, the circulating supply of LUNA would increase from 3.5B to ~160B (increase 45x)
- The price of LUNA will decrease to ~$0.0006
- Now you could in theory begin to slowly burn down that 160B circulating supply of LUNA (does this sound impossible and like a terrible investment? IT SHOULD SOUND IMPOSSIBLE AND LIKE A TERRIBLE INVESTMENT)
- The scenario described above is a made up fantasy and is not possible
- What's really going to happen is actually infinitely worse
- First problem: You can't burn all 4.7B UST at once because you can't mint 156B LUNA at once
- There is a limit on how much LUNA can be minted in one day
- Right now, they are voting to increase the limit
- This leads us to problem #2
- Second problem: As you mint LUNA, the price of LUNA goes down (LUNA is diluted), which means to burn more UST, you need to mint even more LUNA, until you descend into a vicious feedback loop of all out LUNA minting madness
- This is referred to by validators and people who understand the protocol as the "death spiral"
- Right now you can burn $1B UST by minting 33B LUNA
- The circulating supply of LUNA goes from 3.5B to 38.5B
- The price of LUNA is now 0.0027
- You then burn your next $1B UST by minting 1,000,000,000/0.0027 = 370B LUNA
- You burned your first $1B UST by minting 33B LUNA. The next $1B UST by minting 370B LUNA
- The next $1B UST would take trillions and trillions of LUNA
- I used $1B chunks just as an example
- Obviously the size of the burns would be much smaller as it depends on UST holders' bags
- The point is, LUNA can't recover unless they just decide to fundamentally change how the protocol works, which would result in Do Kwan and everybody else on the project being instantly indicted for fraud

They should know that this is obviously not going to work. What is the point to keeping this up? Is there some way that they are able to personally profit from this?

 

[dorkultra]

i've got my orders in place, gimme more bitcoin

 

[fuqxyu]

They should know that this is obviously not going to work. What is the point to keeping this up? Is there some way that they are able to personally profit from this?

that hopium is strong