Here is the post for the Daily Leo Talk. In preparation for the upcoming Microblogging features, this is a good place to start conversations, posts charts, memes, trades, or anything else that comes to mind.
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We can think of this as a Reddit type engagement thread. We are not dealing with long form content so topics of discussion can start off with a top line comment. We can fill in from there.
We are open 24/7/365.
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Posted Using LeoFinance Beta
If the creators of Stablecoin are committed to building such a concept, they should think about how to build Stablecoin to realize this concept in all possible ways! $1 is $1 whether you put it in the bank or have it in your hand. Whether it lasts 1000 years or 1 day!
The easiest way to do so is to have a 1:1 backing for US dollars. So what is your view of algorithmic stable coins and do they count towards that?
Posted Using LeoFinance Beta
Things are getting interesting...
Some Binance Employees Suggested Trading Against Their Own Users During Luna and UST Drawdown
Posted Using LeoFinance Beta
It sounds like Goldman Sachs.
So we should not be surprised to see this happening within crypto.
All centralized financial firms are the same.
Posted Using LeoFinance Beta
Frankly, it doesn't surprise me. We more or less guess what happened. But there are many people who are not aware of this.
Posted using LeoFinance Mobile
Yeah. The money players always play the game the same way.
Do not think the mindset of the people at CEX is any different from those at the major trading houses on Wall Street.
It is identical.
Posted Using LeoFinance Beta
Yes, those who are experienced in the market are aware of this. There have been many similar situations in the crypto market so far, but this time, I think everyone saw clearly what happened.
Posted Using LeoFinance Beta
I wonder why he went public. Is it because people leaked the messages because I think they might just cover it up otherwise.
Posted Using LeoFinance Beta
I'm wondering this too.
Posted Using LeoFinance Beta
And most CEXs are pretty much the new type of banks.
Posted using LeoFinance Mobile
Worse.
More like Wall Street trading and investing firms.
Posted Using LeoFinance Beta
This is very interesting indeed although not surprising anymore for centralized entities.
Posted Using LeoFinance Beta
I have so many reasons to stay away from centralized entities. It is not surprising that things have come to this point. There is more and it will be revealed soon.
Posted Using LeoFinance Beta
It would be interesting to know what else will come out soon.
Posted Using LeoFinance Beta
More will emerge. Not just LUNA, but even those responsible for previous crashes may emerge.
Posted Using LeoFinance Beta
Aha, now that really piqued some interest :)
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More interesting things await us. We have to be careful!
Posted Using LeoFinance Beta
It sounds like there were a few people who wanted to do so and they will suffer some punishment. With a large organization, it's very well possible for a small number of people to do things unexpectedly. I just want to know how many employees or what percentage.
Posted Using LeoFinance Beta
I'm wondering if the high volume sales before and during the recent LUNA collapse have anything to do with it.
Not only in LUNA, but maybe they've done this many times before.
Posted Using LeoFinance Beta
It's fairly common for people to buy into an event then sell after it. The so-called "buy the rumor, sell the news" type of event.
Posted Using LeoFinance Beta
Yes, this is common, no one can say anything to the standard process. So why were those workers fired? I wonder if there is a different situation?
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Why am I not surprise, they know the problem and everything is all about self intereste
The crypto world needs more decentralization.
Posted Using LeoFinance Beta
It doesn't amaze me. I believe all the exchanges are into inside trading.
Posted using LeoFinance Mobile
stablecoins are in trouble because they are unstable & manipulative, so when you don't have the fundamental characteristics of stablecoin, then you are indeed not a stablecoin, you are something else, and this is so true and even more profound in whatever we see, a bit of panic across the stablecoins, of all types.
Source: Coinmarketcap
See the Stablecoin USDT, after the UST fiasco, the market cap of USDT has dropped from 83 Billion to 73 Billion USD. Is not that alarming? Is not that a sign that a few have switched to some other forms of stablecoins or fiat? But the question is, all the stable coins may not be manipulative, or fake like USDT, but they suffer from the fundamental problem of stability. A stablecoin ought to be a stablecoin in the first place.
So I think this is one area in which crypto still has a lot more room to improve.
While market cap is a big issue, I still think whether or not it can hold the peg is the biggest thing to pay attention to. As of right now, Tether is still cashing out dollars so they do have enough reserves to pay people. Of course, in the case, it can't pay or the peg breaks for an extended period of time, then the entire crypto market will be in trouble.
Posted Using LeoFinance Beta
I have personally switched to BUSD. I trust it more than USDT.
Posted using LeoFinance Mobile
Same here, I feel BUSD is more secured and transparent than USDT
Posted Using LeoFinance Beta
Certainly there is a lot of room for improvement. We need to build the store of value. This is something that many are overlooking.
There is no shortcut on this although I think everyone is looking for one.
Posted Using LeoFinance Beta
Yea I also expect a lot of cryptos to fail until we develop coins that learn from them. Without these failures, we won't really learn about the large issues that can happen.
Posted Using LeoFinance Beta
It is the nature of technological advancement. We really cant avoid it.
Failures are how we progress forward.
Posted Using LeoFinance Beta
I think this is why buffet said he won't own any coins ,even if if fall to less dollar,when stable coins as a use case ,it will always have value in the market, making hbd accepted in several places is a form of building value around it because the manipulation is too much this days ,and we don't know who is manipulating it , they may turn to hbd and remember because other stable coins did not have use case that is one of the reasons it easy to manipulate
Warren Buffet is so wrong on so many things. If he's that rich it doesn't mean he knows everything.
Posted using LeoFinance Mobile
Sure I know but for stablecoins to be stable we need to build value around it
The team at Splinterlands knows how important the game is for Hive blockchain.
This could be one reason for the game's sustained success and growth since Summer 2020.
For me, the money quote is this:
Posted Using LeoFinance Beta
Click the image for a full-size view
Posted Using LeoFinance Beta
Getting closer to 101 million. Does anyone want to guess how many days it will take to get there? My guess is 4 days from now.
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Let’s say 5 😎
Posted Using LeoFinance Beta
A slowdown of late it seems. Need more comments to push this forward.
Posted Using LeoFinance Beta
From $630M in 2020 to over $172B in 2022, that's a huge jump in combined TVL across all DeFi platforms.
Source
Is TVL a more reliable metric than market cap?
Posted Using LeoFinance Beta
Massive, massive volume! That only shows how much money is in crypto and that number is only on DeFi.
Posted Using LeoFinance Beta
If my math is correct, that's a 27,201% plus increase! Have you seen a two-year growth like that in traditional finance? 😂
Just wowing! And nope, haven't heard any rumor of it happening in traditional finance, never in a million years :D
!LADY
Posted Using LeoFinance Beta
View or trade
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Use !LADY command to share LOH! More details available in this post.
I !LUV what's going on in the crypto space, especially in DeFi! 😊
@rzc24-nftbbg(1/1) gave you LUV.
H-E tools | discord | community | <>< daily
Yes, good financial magic seems to happen more often in cryptoverse
Posted Using LeoFinance Beta
I don't really think so because TVL is only for liquidity in the swap pool and this means you are not even considering the amount of money in the exchanges. Both the TVL and market cap have their own advantages but I think market cap also includes the TVL in there because there will be arbitrage otherwise.
Posted Using LeoFinance Beta
Though not familiar with UST and LUNA, no question about the size of its market cap. How about its TVL?
!PIZZA
I don't know because I was never part of the pool but I think the TVL dried up because of everything that went on with UST.
Posted Using LeoFinance Beta
Different metrics.
Market cap is more akin to stock which is how most crypto is viewed.
TVL is DeFi and shows how much financial based activity is starting to take place.
So yes I would put more weight on TVL as a reflection of growth and resiliency than market cap. TVL tells what people are doing with their crypto.
Posted Using LeoFinance Beta
How is TVL related to staking or powering up? Or is it related to staking? When checking a particular crypto project, I am inclined to be more trusting when I see a huge amount of staked tokens compared to its liquid form.
There is a lot of discussion about Stablecoins and how they are heading towards an end.
This is going to be something that we hear for the next 12 months. I hope people learn from the experience with UST and grasp what it takes to build value.
Posted Using LeoFinance Beta
I hope so.
It's high time we push the focus from short term success to long term by not just holding stablecoins alone but making sure we build utilities around it.
It will be nice to see HBD have more than 10 use cases here on HIVE, in let's say 5 years from now. Ragnarok is on the list, let's see what comes next*.
Posted Using LeoFinance Beta
I don't think just Ragnarok is enough. We need more applications and platforms to use HBD. However, the first thing that needs to change is to increase both the liquidity and supply of HBD to make this feasible.
Posted Using LeoFinance Beta
Yes, Ragnarok isn't enough, we need more use case and that's why we have time on our side rn, being underrated is a blessing in disguise for now.
We'll see how much can be built around HBD with time.
PHbd pool is doing quite well and our liquidity issues is being solved slow and steady, we'll see how big the pool can go in a year from now.
Posted Using LeoFinance Beta
That is one of the first things that we need to do. Derivatives need to be created off HBD.
We need to get into many different financial products surrounding it. I wish the team would bring out bHBD quickly to have another derivative out there. Could open up the door for more arbitrage.
That is what we need, then can build more advanced derivatives on top.
Posted Using LeoFinance Beta
It would be nice to see that(bHBD) roll out sooner than later.
Posted Using LeoFinance Beta
We have to first make it stable.
Posted using LeoFinance Mobile
We actually have to get into the bonding first. This opens up a host of other possibilities.
Of course, since few who are dealing with these things understand the existing banking system, they are looking at things the wrong way.
Posted Using LeoFinance Beta
How's Ragnarok gonna use HBD?
Posted using LeoFinance Mobile
I believe it is the payment coin for purchases relating to the game. So whatever anyone wants to buy, it will use HBD.
Posted Using LeoFinance Beta
Need to hit up on the 4 different factors I discussed in my posts last week:
Most, at most, focus upon payment. Certainly required but the others give it resiliency.
If we can build these out, it is going to make HBD a lot more stable along with deterring attack.
Posted Using LeoFinance Beta
The problem with the stablecoin is that, we don't have the coherent doctrine of a true algorithm to preserve the fundamental value of a stablecoin, it is still in the experimental stage, there are alternatives to USDT, but for a variety of reasons they dont gain that kind of widespread adoption.
The problem is that people are trying to get the value out of an algorithm instead of building value into the stablecoin.
This is a point that I am trying to spell out to people. There are many ways to build it and we need to focus upon the four different areas with HBD.
Posted Using LeoFinance Beta
Exactly, that's the point. With a sound capital, and taking advantage of the algorithm, there are people who are making their fortune safely. And that's the problem.
I would be curious if USDT is fully backed. I'm using BUSD lately.
Posted using LeoFinance Mobile
USDT keeps on changing its stance on whether it is fully backed or not. So apparently it's not transparent and if you look into the on-chain stat of how they print USDT every single time BTC dips, it raises suspicion.
Unfortunately, in a decentralized ecosystem, we have a single large concentration of USDT which is a manipulative stablecoin IMHO, most of the users are gullible, so they prefer to keep USDT as a hedge on the premise of its market cap. So I think the people should do a favor to themselves, and make a why-why analysis on USDT as the stablecoin. An informed choice is always better.
Unfortunately, hard days are waiting for stablecoins. The problems do not appear to be fixable.
That's the key point
Posted Using LeoFinance Beta
But do they really learn?...
Posted using LeoFinance Mobile
I don't think most of them care. But they will have to learn one way or another.
Posted Using LeoFinance Beta
Which problems?
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Most people don't make an effort to learn. And they fail to learn from events. I think very few people know what cryptos and blockchain mean.
Not being aware of this is also an important problem.
Posted Using LeoFinance Beta
People will learn from it but I still think it highlighted a larger issue in the crypto ecosystem. We still rely on fiat to cash in or out of the system and it can cause some massive damage if these were to collapse. I think the other coin people are looking at is Tether and they still have a large amount of the stable coins out there. So a collapse there might be another hit that will definitely hurt
Posted Using LeoFinance Beta
Yep… agree with you. We still rely on fiat.
Posted Using LeoFinance Beta
That is because people are looking to the backing instead of the value building.
Posted Using LeoFinance Beta
Better now than later. Somehow this luna crash has been handy because it's cleaning the space of potential future wrecks hurting investors.
Posted using LeoFinance Mobile
REMINDER!!!
It is that time again. We are at the #CANDIE collection part of our day. Get over there and fill the jars completely.
Posted Using LeoFinance Beta
Thank you once again. 30 in the bottomless jar!
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Just added 30 to my bag.
It's not much, but its something. Waiting on the big bag soon 😊
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Congrats! Keep stacking up😊
Posted Using LeoFinance Beta
Thank you for the reminder. I collected 20 candies today.
Posted Using LeoFinance Beta
Just got 30 🥳🎉💃🏻
Was a busy weekend but still didn’t forget 😎
Posted Using LeoFinance Beta
Happy to know you didn't let the candies escape :)
Posted Using LeoFinance Beta
Nope… can’t miss them, and have to start over again lol 🤣😂
Posted Using LeoFinance Beta
Haha yes. Hard to start all over when you're already in the middle of the climb, worst when you're almost at the peak and you forget, lol!
Posted Using LeoFinance Beta
Hahaha Indeedy 😉🤣😂
We so don’t want that to happen hahaha
Posted Using LeoFinance Beta
I love that cute word❤
Yes, we want to always remember to remember, lol!
Posted Using LeoFinance Beta
Bitcoin and Ethereum are commodities according to the CFTC chair.
This is more of the ongoing battle between the USG alphabet agancies.
Posted Using LeoFinance Beta
If they are considered commodities, doesn't this mean that it might have some changes to how taxes are appled? I think it's going to be a huge mess as laws and court cases are applied to crypto.
Posted Using LeoFinance Beta
It could although when trading, capital gain taxes are the same on commodities. If you gain on the sale of a barrel of oil (or more likely a futures contract) you have capital gains.
What it does is it hits the SEC (if they are in agreement). Cant be hit as a security if it is a commodity.
Posted Using LeoFinance Beta
Interesting… 🧐
Posted Using LeoFinance Beta
SWIFT partnered with Capgemini to achieve its goal of coexistence between fiat and CBDC. As for cryptocurrency, SWIFT will only accept those who are regulated. What puzzles me is how can the experimentation with decentralized technologies help SWIFT achieve such a goal?
Source
Posted Using LeoFinance Beta
SWIFT is already part of the fiat financial system so I think it would help Gemini make the payments in and out. So I think in a way, they are trying to connect the stable coins to the CBDC. So anyone converting stablecoins into dollars would get CBDC instead.
Posted Using LeoFinance Beta
What puzzles me really is the role of decentralized technologies in achieving their centralized goal? 😆
!CTP
To begin with, it was never decentralized, and I think that most decentralized things start off centralized in the start. It's about how they move forward from that point and I don't a company like Gemini will want to fully decentralize as they want the profits and control.
Posted Using LeoFinance Beta
So basically if you don't obey to the system you can't play Swift's game... I'm not amazed of these things at all.
Posted using LeoFinance Mobile
Yes, that's how I see it also.
SWIFT is no longer the only game in town, so to speak. Alternatives have been in the works in recent decades. These alternatives don't depend on USD.
Even though dollar hegemony remains staggering, it's not what it used to be even 5 years ago. It will be a long time before dollar hegemony is broken, but that day draws close and closer.
Posted Using LeoFinance Beta
Now it's Sony riding the Metaverse fad.
Posted Using LeoFinance Beta
That's great! Sony seems to always embrace innovation.
Posted Using LeoFinance Beta
Last time, Samsung was in the NFT market. Now, Sony. Who's next? 😄
!LOLZ
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An Orcastra
Credit: reddit
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What has Samsung actually did in that regard. They keep on talking of crypto wallets on their smartphones and nothing. I have a Samsung phone and no wallet here.
Posted using LeoFinance Mobile
Let's see who's closer to the door, lol!
Posted Using LeoFinance Beta
😆
!PIZZA
!CTP
I don't trust Sony to implement the Metaverse and it looks like they just want to be part of the gateway in using their VR set.
Posted Using LeoFinance Beta
My question is, can the Metaverse be really within their reach in such a short period of time?
!PIZZA
The metaverse is just a concept right now and I expect it will take at least a decade before we even know what it will be.
Posted Using LeoFinance Beta
Exactly. It will take time to build a lot of digital infrastructures to reach that goal. How come companies like Sony talk as if it is within their reach? Perhaps, their idea of the Metaverse is different from the real one.
I think their idea of a metaverse is like a digital friends list area with VR. It's probably not the metaverse we envision.
Posted Using LeoFinance Beta
We don't even know yet what the metaverse is a about.
Posted using LeoFinance Mobile
PIZZA Holders sent $PIZZA tips in this post's comments:
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Many of us have been wondering what's up at Proof of Brain. I still have no idea what's happening over there. This morning I discovered some good news: 2 new diesel pools at Tribaldex just waiting for POB tokens!
More details here:
Posted Using LeoFinance Beta
I just saw this on ListNerds.. After Gucci, Balenciaga, the French fashion house made the decision to accept cryptos starting in June. Who's next?
Posted Using LeoFinance Beta
Grayscale is going to keep pushing the SEC for approval of its Bitcoin Spot ETF.
Now it wants help in the campaign.
It is rather ridiculous that they have future ETFs yet no spot. Gensler thinks the spot can be manipulated more then the future which I think is absurd.
We have seen what Wall Street can to markets, especially smaller ones.
Posted Using LeoFinance Beta
The Canadian House of Commons became the first parliament in the world to officially recognise the Tamil genocide unanimously
https://leofinance.io/@successforall/the-canadian-house-of-commons-became-the-first-parliament-in-the-world-to-officially-recognise-the-tamil-genocide-unanimously
Posted Using LeoFinance Beta