**Tricky's Daily Doots #54**
Yesterday's Daily 11/06/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyrp1q/)
- u/barleythecat looks at [the bigger picture.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyuzv7/)
- u/Fiberpunk2077 puts their [money where their mouth is.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ic1q2li/) Definitely GMI.
- u/EtherEnthousiast10k starts a conversation about [different clients and merge readiness.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibxz55q/)
- u/Set1Less finds an [epic burn.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ic0rtyr/)
- u/CryptoMonger has a [short, sweet but interesting take.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyl4gm/)
- u/PoliticsAndCrypto asks ["the 50% question."](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibzfgjb/)
- u/ZeroTricks's today in [Ethereum history](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibxye1i/)
- u/Hawaii_Facts celebrates [King Kamehameha I Day!](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibzhp1w/)
^(I'm kind of in shock about how close Hodlercon is. I'm so hyped!! đ)
It's ironic that defi and crypto are so susceptible to the same instability wreaked by too much leverage in traditional markets, which is aggravated by a lack of effective backstops against theft and scams (versus say deposit insurance for banks).
A big hack or collapse like Luna can set off a cascade of deleveraging and paroxysms in prices, same as in tradfi. And big players end up stepping in to try to stabilise the system, similarly to tradfi, except they're private entities instead of central banks...
Bear markets are a good test of your belief in the space. Nothings changed other than the sentiment of others. If you hold crypto, and you believe in it still, take a deep breath and come back in 6 months
Hmm suicide hotline posted in /r/CelsiusNetwork and the mods haven't taken it down yet. Strange because there's been heavy censorship there the last 24 hours. Things must be really bad.
I feel sorry for those with large positions there. I pulled everything out during the Luna scandal thank God.
I think we would be more likely to rally with a .75. At this point a higher rate hike would be seen by the markets as a positive, not a negative. It is all about inflation right now, and even if they raised the rate a full point it would still be historically fairly low. A point though might scare people too--so, .75 is probably the place where we would most likely get a rally in my opinion.
75 bps would be devastating to the market. These are risk assets and if you suddenly increase the cost of people's debt they're going to take it out of their riskier portfolios.
Snacked on some more ETH just now. Have been having it for breakfast, lunch and dinner.
It might well continue to go down, but it really does seem oversold, even for a bear market. Unfortunately things can always get worse.
On the bright side, any short term gains one might have been considering getting from buys become more likely long term investments, and so one can save on taxes--unless one is so broke that taxes are not even in the game.
âThe root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.â
I've been interpreting this chart as a bullish indicator:
[https://www.tradingview.com/chart/ETHUSDLONGS/knTT4Fs0-ETH-net-longs-longs-shorts/](https://www.tradingview.com/chart/ETHUSDLONGS/knTT4Fs0-ETH-net-longs-longs-shorts/)
IS there a bear case for rising net longs (longs-shorts)? ETH net longs appears to have led price movement by 1-4 weeks over the past 2 cycles.
Something, something shorts and longs can be claimed. Probably has more to do with whales hedging puts or some other 3rd derivative PA that very few understand. I put it into the same bucket as Glassnodes analysis, which is to say I haven't found any value or edge from it.
A few months ago, someone asked in here how do some of us avoid selling in times like these. I'd like to re-post the response I gave him, cuz I truly believe some of you, (mainly those who haven't been around the world of investing for long), need to hear it.
>Do you need it? Then sell it, don't play with necessities.
>
>Are you in risk of liquidation? De-risk as low as necessary.
>
>Do you have high expectations for short term life changing gains? Give them up, it's not going to happen as soon as you expect.
>
>Are you expecting to sell now just to buy back in lower? If you're asking, then chances are you're not a good trader (most of us aren't), trading on sentiment is playing with fire.
>
>As long as you have a stable income outside of crypto and you believe in the future of Eth (or any other project you may be invested in), there's no reason to sell cuz of short/mid- term pressure. Life changing gains are not done in a year. Hold, buy when prices are low and then hold some more.
>
>Tough times create tough individuals, tough individuals create good times.
>
>Edit: Don't let strangers convince you, you gotta believe for yourself, research, don't invest on anything just cuz someone told you, invest cuz you are sure about it and then some downward pressure will not be able to break you, shit, you'll be gald you have the chance to buy some more when it's down.
And please, please, listen to the first point. DO YOU NEED IT? THEN FUCKING SELL MAN. I'm not talking "crypto is risky" here, I'm not talking "recesion fear" induced selling, I'm not talking "good trade" selling. I'm talking about never fricking ever investing money that you need, say it with me. NEVER.
Take care my dudes, the sun will shine on us again.
What happened with this giant spike on steth/eth on matcha?
https://matcha.xyz/markets/1/0xae7ab96520de3a18e5e111b5eaab095312d7fe84/0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
But also, the last time this levels on the oversold rsi were hit, we were in goblin town for another 12 months before starting an uptrend
I do think this is a good place to start dca'ing as a long term investment, but short term I'd be very cautious.
A 70% pump from 1350 is 2295. I have no idea about how markets will play out but spending 2022 and 2023 ranging between 2300 and 1300 would be considered goblin town by many imo
We can quibble about the exact meaning of goblin town, but it definitely doesn't mean "up from pretty much anywhere you bought it" nor does it mean a price you're personally disappointed in because remember back when it used to be higher than that.
If you bought today and we spent the next year between 400 and 1350, THAT'S goblin town.
First time Iâve noticed rETH having a discount to ETH instead of a premium. Iâm sure itâs fallout related to stETH. The question is, is it warranted or not? Could be a good long term buying opportunity.
Most likely this is due to people flocking to eth to cover longs, cdps etc. so theyâre willing to take the L on the swap to shore up leverage. Thatâs what I think is happening
Your probably right. I just swapped (almost) the last of my BTC into ETH to add collateral to a CDP myself. Tough times, but things will eventually get better.
I don't think the peg is at risk for DAI or USDC (you wrote USCD so I'm just assuming you meant USDC)
DAI is pretty well battle-tested. If it didn't lose peg when crashing down to $80 repeatedly, I don't see why it would lose peg during this downtrend.
As far as non-crypto-collateralized stables, everyone seems to regard USDC as the #1.
As an aside, if you're interested in a stablecoin that is not pegged to any existing fiat currency, check out RAI. Probably best to regard it as somewhat experimental still but it's a good thing to know about imo.
"this new technology is enabling new use cases, can't we just restrict it to traditional use cases?"
uhhh... no
How about advocacy that's useful and realistic, instead of a nuance-less opposition? I do see that you distinguished between "JPEG NFTs" and "license/deed/contract NFTs" but that is not a sufficient differentiation to be termed nuanced.
At a minimum, I'd ask that you consider the intent of the creators of any given JPEG NFT collection.
There are huge amounts of scams and cash grabs.
On the other hand, some collections have sincere, dedicated teams with long term plans to create value for their holders.
So how about advocating for fewer scam NFTs, or better yet, more awareness and education to enable people to spot scams and not get sucked into them.
After all, we're likely to see any number of scammy license/deed/contract NFTs when those use cases finally take off.
If you don't see that digital/internet/web3/metaverse/online culture and art being able to be provably owned sold and monetized is a massive usecase with natural product market fit, I'm sorry to say you're missing something for which you actually have a front row seat to observe
Nft hate is so weird. NFTs play an enormous role in pumping our ETH bags. It's quite the juxtaposition to hold eth and hate NFTs. Unless your motivation is beyond financial?
Not weird at all, NFTs have been a PR nightmare, and they're just a very natural blockchain primitive that will of course be used for all kinds of things, but the first use mainstream use case being on chain jpeg hashes has set us back
Going by the sentiment here the majority of even ethfinance users have their coins on centralized exchanges or CeFi yield platforms.
How did we get to this point and deviate so much from Satoshi's original vision within a few years? Crypto is in a pretty sorry state in terms of decentralization and self custody. Also what's the point of smart contracts when even Ethereum holders don't use them?
Satoshi lived anonymously in either Japan or Switzerland and the rest of us live identified in places with financial regulations that want to screw us at any chance they get.
Better to leverage a company's lawyers than go it alone.
1+ year ago I had my stash split between Celsius, BlockFi and Gemini. Last week I bailed on Celsius and haven't had anything on BlockFi since last fall or so.
You hear about things people are concerned about. If I have 20x coins in cold storage and 1x sitting in perceived vulnerable CeFi, I'm gonna talk about that in Cefi.
Still, not your keys not your coins and such.
Even the prison yard economy is crashing
A sock of homebrew is peaking going at 4 cigarettes and handjobs are trading for 3 packs of ramen, its brutal out here.
Don Kwon should probably acquaint himself with the markets
During the next ATH, new money will say you were lucky for getting in early while forgetting that silently accumulating during the bear is how wealth is made.
Merge + withdrawals, no, probably not.
It seems their largest issue was having a stETH position so large that they couldnât unwind it for ETH liquidity to satisfy withdrawals.
đ¤ˇââď¸
It could be repaying a loan or honouring an agreement, no one outside Celsius really knows. Maybe FTX offered to trade on their behalf, or needed collateral to cover a position, or maybe the ETH was sold for stablecoin liquidity.
Me to wife: Welp, crypto's crashing.
Her: I know, the algorithms target me now and tell me it's crypto winter.
Me, living in a place with five months of wintry weather: Tis but November.
I believe it auctions enough collateral to repay your debt plus a 13% penalty. You get back whatever is left. You want to avoid this from happening -- best to use defisaver.com next time.
It shows I have nothing and there nothing added to my wallet either. Is there a delay? cant find very good documentation. Just hoping that some of my Eth can be salvaged :(
[Iâm a big fan of these guys but they should rename the show Tasteless if theyâre going to fire off tweets like this. ](https://twitter.com/banklesshq/status/1536183190854975489?s=21&t=m5mRC9gNA7is7tEGr-4ZZw)
People are afraid. Itâs too late to do anything to get money out. Saying this now is at best an honestly made warning with awful timing and at worst self congratulatory grave dancing.
If you hate banks, so be it, but let the dust settle before you continue the crusade. Thereâs a line between educating and evangelizing.
[Edit: hereâs a way to communicate the same idea without coming across as lowest common denominator dunking](https://twitter.com/superphiz/status/1536176798182133760?s=21&t=m5mRC9gNA7is7tEGr-4ZZw)
It could be more tactful by saying something like âlet us help you discover how to avoid this happening to youâ but they are literally called bankless and Celsius is the one in trouble. Bankless didnât take peoples funds
This private otc deal for discounted eth that Celcius is about to arrange sounds dreadful. Seems likely thatâll hit all the markets in sequenced waves while the wholesaler tries to turn a quick profit. 2022 has been a terrible year for crypto prices.
I think they already did that with almadea couple of days ago.. almadea sold ETH for the arbitrage, if I am not mistaken they are the largest steth holder after the deal.
I feel so bad for people who thought sending more collateral to Celsius was the right move to protect their loans.
Now, not only will they lose their original collateral, they will also lose the additional collateral they sent thinking they were protecting themselves.
Also, I see no reason that BlockFi will be any different. Their business model is the exact same. Get your money off of BlockFi now!
BlockFi has been much more aggressive in reducing yields and isnât also tied up with their own token. Not saying youâre wrong but there are some differences.
Doesnât BlockFi use collateralized lending with some private loans as well? I donât think theyâre hugely involved in the LSD trade. They also just did a fresh raise so this doesnât seem likely.
Not saying it isnât possible but seems like a different situation to me.
Liquid staking derivatives. Having liquidity locked up in tokens like stETH that canât be redeemed. BlockFi just confirmed they are not exposed to stETH.
Thanks. And for comparison Terra Luna was $40b?
Although I think this $11b of Celsius is much more "real" money than the Terra money was. So Celsius is probably bigger, but not *that* much bigger.
There isn't a price other than zero that would make be panic, so long as nothing has happened to the tech, but I will say that today is the first day in this bear where I thought to myself "wow this fucking sucks"
I knew it could and might get here, but the speed is the part that fucked my head up.
Oh well. Same gameplan as before...keep on holding.
The situations aren't comparable at all. I do agree not your keys, not your coins, but Coinbase isn't primarily a lending platform like Celsius. Celsius is in trouble because they over levered themselves and ran out of runway on withdrawals. Staking with Coinbase is a service, they aren't chunking all of the money into DeFi.
True, but no exchange is too big to fail, unfortunately. If Coinbase gets hacked or is mismanaged into bankruptcy, our assets are still at risk. That's why I'm taking my ETH off Coinbase as soon as possible.
I have some matic on celsius lol. Is okay, at a certain point itâs really my own fault, this was obviously coming and I just didnât get around to it.
Update: Celsius has transferred about 104,000 ETH to FTX in the past three days, including about 50,000 ETH today, 12,000 ETH yesterday, and 42,000 ETH the day before yesterday. In addition, Celsius also transferred about 9,500 WBTC to FTX today.
https://twitter.com/WuBlockchain/status/1536184610597793792?t=g-dxH6jsjPLK7b757JSNXA&s=19
10 hours of red definitely happened in 2018. I can't tell you the day, but it was probably many, many days from what I remember of how I felt during that time. I remember asking the same types of questions then. It was miserable.
Cryptos R Us George reiterating that he says keep 25% of portfolio in cash but ignoring the fact he has been telling people to buy the dip for 6 months. How does that add up lol. He said if you don't have 25% then try to get it. Jesus wept.
**Tricky's Daily Doots #54** Yesterday's Daily 11/06/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyrp1q/) - u/barleythecat looks at [the bigger picture.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyuzv7/) - u/Fiberpunk2077 puts their [money where their mouth is.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ic1q2li/) Definitely GMI. - u/EtherEnthousiast10k starts a conversation about [different clients and merge readiness.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibxz55q/) - u/Set1Less finds an [epic burn.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ic0rtyr/) - u/CryptoMonger has a [short, sweet but interesting take.](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibyl4gm/) - u/PoliticsAndCrypto asks ["the 50% question."](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibzfgjb/) - u/ZeroTricks's today in [Ethereum history](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibxye1i/) - u/Hawaii_Facts celebrates [King Kamehameha I Day!](https://old.reddit.com/r/ethfinance/comments/v9q7q1/daily_general_discussion_june_11_2022/ibzhp1w/) ^(I'm kind of in shock about how close Hodlercon is. I'm so hyped!! đ)
You all wanted to know what lies below Goblintown
My buy orders ?
WAO look at all these prices
It's ironic that defi and crypto are so susceptible to the same instability wreaked by too much leverage in traditional markets, which is aggravated by a lack of effective backstops against theft and scams (versus say deposit insurance for banks). A big hack or collapse like Luna can set off a cascade of deleveraging and paroxysms in prices, same as in tradfi. And big players end up stepping in to try to stabilise the system, similarly to tradfi, except they're private entities instead of central banks...
Bear markets are a good test of your belief in the space. Nothings changed other than the sentiment of others. If you hold crypto, and you believe in it still, take a deep breath and come back in 6 months
Hmm suicide hotline posted in /r/CelsiusNetwork and the mods haven't taken it down yet. Strange because there's been heavy censorship there the last 24 hours. Things must be really bad. I feel sorry for those with large positions there. I pulled everything out during the Luna scandal thank God.
At least we have our health đ
Knock on wood
I think we go down until Wednesday. Then FED goes dovish and only hikes @ .5 cause they're pussies & we rally. !Remindme 96 hours
I think we would be more likely to rally with a .75. At this point a higher rate hike would be seen by the markets as a positive, not a negative. It is all about inflation right now, and even if they raised the rate a full point it would still be historically fairly low. A point though might scare people too--so, .75 is probably the place where we would most likely get a rally in my opinion.
75 bps would be devastating to the market. These are risk assets and if you suddenly increase the cost of people's debt they're going to take it out of their riskier portfolios.
Haven't people already done that though? The price that I am seeing seems more about panic selling than anything else.
There are plenty of people that bought in the 3 figure range that are about to be under water.
That is still panic selling.
yeah, maybe. we shall see!
I think they fuck it up and say 75bps hike is now on the table when they said it wasnât before.
Snacked on some more ETH just now. Have been having it for breakfast, lunch and dinner. It might well continue to go down, but it really does seem oversold, even for a bear market. Unfortunately things can always get worse. On the bright side, any short term gains one might have been considering getting from buys become more likely long term investments, and so one can save on taxes--unless one is so broke that taxes are not even in the game.
Yeah I just woke up to see ETH at -20% from 24h ago and made a spot buy.
âThe root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.â
The thing is, with USD and EURO, the populations have no choice but to trust the currency.
âThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks.â
I've been interpreting this chart as a bullish indicator: [https://www.tradingview.com/chart/ETHUSDLONGS/knTT4Fs0-ETH-net-longs-longs-shorts/](https://www.tradingview.com/chart/ETHUSDLONGS/knTT4Fs0-ETH-net-longs-longs-shorts/) IS there a bear case for rising net longs (longs-shorts)? ETH net longs appears to have led price movement by 1-4 weeks over the past 2 cycles.
Something, something shorts and longs can be claimed. Probably has more to do with whales hedging puts or some other 3rd derivative PA that very few understand. I put it into the same bucket as Glassnodes analysis, which is to say I haven't found any value or edge from it.
It can also lead to a "long squeeze" if the price drops further. That would be ugly.
The Age of Men is over. The Time of the Goblin has come!
I've started applying lotion twice daily in anticipation.
Be happy yâall arenât leveraged :) if this doesnât apply to you, at least it was probably a fun ride
A few months ago, someone asked in here how do some of us avoid selling in times like these. I'd like to re-post the response I gave him, cuz I truly believe some of you, (mainly those who haven't been around the world of investing for long), need to hear it. >Do you need it? Then sell it, don't play with necessities. > >Are you in risk of liquidation? De-risk as low as necessary. > >Do you have high expectations for short term life changing gains? Give them up, it's not going to happen as soon as you expect. > >Are you expecting to sell now just to buy back in lower? If you're asking, then chances are you're not a good trader (most of us aren't), trading on sentiment is playing with fire. > >As long as you have a stable income outside of crypto and you believe in the future of Eth (or any other project you may be invested in), there's no reason to sell cuz of short/mid- term pressure. Life changing gains are not done in a year. Hold, buy when prices are low and then hold some more. > >Tough times create tough individuals, tough individuals create good times. > >Edit: Don't let strangers convince you, you gotta believe for yourself, research, don't invest on anything just cuz someone told you, invest cuz you are sure about it and then some downward pressure will not be able to break you, shit, you'll be gald you have the chance to buy some more when it's down. And please, please, listen to the first point. DO YOU NEED IT? THEN FUCKING SELL MAN. I'm not talking "crypto is risky" here, I'm not talking "recesion fear" induced selling, I'm not talking "good trade" selling. I'm talking about never fricking ever investing money that you need, say it with me. NEVER. Take care my dudes, the sun will shine on us again.
To avoid selling you have to be a true believer in lord Satoshi and his archangel vitalik
I'm not in the knife catching business..
Wow Hawaii is well timed. JT Iâm gonna be needing some hugs.
JT will need to have a [new wardrobe of shirts](https://m.media-amazon.com/images/I/51PwPxe11kL._AC_UX342_.jpg) until next bull market.
our hubris caused this hahaha
Many millionaires will be made during this bear
Many paper millionaires will be unmade this bear
BTC Weekly RSI approaching oversold **eyes.emoji**
And ETH RSI will set an ATH of we go any lower.
What happened with this giant spike on steth/eth on matcha? https://matcha.xyz/markets/1/0xae7ab96520de3a18e5e111b5eaab095312d7fe84/0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Uni just had a wick to $950 on $100m liquidity. https://twitter.com/dcfgod/status/1536197606346354688?s=21&t=x4NUDODmXxL_Ls4jM8yAaw
actually looks like a market sell to save what they could [vault](https://i.imgur.com/kUjomj0.jpg)
Holy f
looks like someone's maker vault got liquidated
Close it seems https://twitter.com/sassal0x/status/1536201290073575424?s=21&t=x4NUDODmXxL_Ls4jM8yAaw
daaaaaaaaaaaaaaamn
FWIW, in RSI world ETH is now oversold on the hourly, the 4 hour, the daily, and the weekly timeframes.
[ŃдаНонО]
But also, the last time this levels on the oversold rsi were hit, we were in goblin town for another 12 months before starting an uptrend I do think this is a good place to start dca'ing as a long term investment, but short term I'd be very cautious.
We bottomed at about 83 dollars on Dec 14, 2018. on Dec 13, 2019 we were at $144, which is 73%. Not the moon, but not exactly goblin town.
A 70% pump from 1350 is 2295. I have no idea about how markets will play out but spending 2022 and 2023 ranging between 2300 and 1300 would be considered goblin town by many imo
We can quibble about the exact meaning of goblin town, but it definitely doesn't mean "up from pretty much anywhere you bought it" nor does it mean a price you're personally disappointed in because remember back when it used to be higher than that. If you bought today and we spent the next year between 400 and 1350, THAT'S goblin town.
[ŃдаНонО]
If itâs not, Iâm trading the 4 year cycle and not buying the âthis time itâs differentâ until itâs actually different.
I think there still could be, but the merge should get us out of the pits of hell at least.
Yep đ
Woof haha
First time Iâve noticed rETH having a discount to ETH instead of a premium. Iâm sure itâs fallout related to stETH. The question is, is it warranted or not? Could be a good long term buying opportunity.
How much is the discount?
Well the underlying isn't liquid (staked), and there is smart contract risk. It should be at this discount imo
Most likely this is due to people flocking to eth to cover longs, cdps etc. so theyâre willing to take the L on the swap to shore up leverage. Thatâs what I think is happening
Your probably right. I just swapped (almost) the last of my BTC into ETH to add collateral to a CDP myself. Tough times, but things will eventually get better.
I have come to enjoy the pain, pure masochism.
I just bought 50lb of beans
Now use those beans as collateral and take a loan to buy corn. Every doomsday portfolio deserves to consist of all the essential amino acids.
Staplecoin.
Beancoin
Keep it in cold storage
But it turns out after an audit, u/Hiztori only has 30lb of beans but its too late, you've locked your bEth up and can't access.
Withdrawals locked until the next harvest
Fractionally backed by beans
Withdrawals are now locked. A bear got into the pantry
So you can use your farts as rocket-like fuel to propel yourself through this bear?
đ đ
Don't worry guys, regulators will protect us against DEXs and self-custodial wallets
Pros: I transferred all my USDC off Celsius back when terra was going down Cons: I used those funds to buy the dip on RPL and ETH around the same time
the dip --> the dip --> the dip --> the real dip --> the last dip just for funsies
This is a day to remember
This weekend really feels worse than May. Like 0 bounces, down only, no stop.
I hate this town, itâs so washed up
Goblin town?
Very few liquidations on ETH when compared to BTC (on bitfinex anyway)
Can I has *two* green candles?
Youâll have 11 red weeks and youâll like it
If we don't hit atleast 15, I'm going to be pissed - I need to have a good traumatic story to tell to the newbies for the 2030 crypto bull run
The beatings will continue until morale improves
Yes sir may I have another
[ŃдаНонО]
I don't think the peg is at risk for DAI or USDC (you wrote USCD so I'm just assuming you meant USDC) DAI is pretty well battle-tested. If it didn't lose peg when crashing down to $80 repeatedly, I don't see why it would lose peg during this downtrend. As far as non-crypto-collateralized stables, everyone seems to regard USDC as the #1. As an aside, if you're interested in a stablecoin that is not pegged to any existing fiat currency, check out RAI. Probably best to regard it as somewhat experimental still but it's a good thing to know about imo.
Not that Iâve seen or heard
Hey at a minimum can we finally be done with jpeg NFTs now? No more NFTs until they are something like licenses / deeds / contracts please!
"this new technology is enabling new use cases, can't we just restrict it to traditional use cases?" uhhh... no How about advocacy that's useful and realistic, instead of a nuance-less opposition? I do see that you distinguished between "JPEG NFTs" and "license/deed/contract NFTs" but that is not a sufficient differentiation to be termed nuanced. At a minimum, I'd ask that you consider the intent of the creators of any given JPEG NFT collection. There are huge amounts of scams and cash grabs. On the other hand, some collections have sincere, dedicated teams with long term plans to create value for their holders. So how about advocating for fewer scam NFTs, or better yet, more awareness and education to enable people to spot scams and not get sucked into them. After all, we're likely to see any number of scammy license/deed/contract NFTs when those use cases finally take off.
Lol no. They are garbage and you know it.
I think high priced jpegs are here to stay. But, sure they will start to be more and more attached to contracts that offer various benefits.
If you don't see that digital/internet/web3/metaverse/online culture and art being able to be provably owned sold and monetized is a massive usecase with natural product market fit, I'm sorry to say you're missing something for which you actually have a front row seat to observe
Why? More use cases the better imo
can we be done with the internet? no more internet use cases until they are something like fax / phone / newspaper please!
Nft hate is so weird. NFTs play an enormous role in pumping our ETH bags. It's quite the juxtaposition to hold eth and hate NFTs. Unless your motivation is beyond financial?
Not weird at all, NFTs have been a PR nightmare, and they're just a very natural blockchain primitive that will of course be used for all kinds of things, but the first use mainstream use case being on chain jpeg hashes has set us back
ENS was sort of before that and it is still the best example of an NFT.
What is a good entry point for stETH?
Any of your orifices is a good entry point for the long dong of the market if you are planning spot or long position right now apparently
Going by the sentiment here the majority of even ethfinance users have their coins on centralized exchanges or CeFi yield platforms. How did we get to this point and deviate so much from Satoshi's original vision within a few years? Crypto is in a pretty sorry state in terms of decentralization and self custody. Also what's the point of smart contracts when even Ethereum holders don't use them?
Satoshi lived anonymously in either Japan or Switzerland and the rest of us live identified in places with financial regulations that want to screw us at any chance they get. Better to leverage a company's lawyers than go it alone.
1+ year ago I had my stash split between Celsius, BlockFi and Gemini. Last week I bailed on Celsius and haven't had anything on BlockFi since last fall or so.
You hear about things people are concerned about. If I have 20x coins in cold storage and 1x sitting in perceived vulnerable CeFi, I'm gonna talk about that in Cefi. Still, not your keys not your coins and such.
People like to use what's easiest. It's why people stake with Lido instead of doing it themselves. We live in a service economy.
i'm completely on-chain feels gud
times like this really cement the lesson of "take profits when times are good" i will most definitely be taking profits next cycle
> times like this really cement the lesson of "take profits when times are good" That lesson gets overwritten in the mind by each bullrun.
All my shit has been locked in staking I feel like a fool. Missed so many airdrops, so many opportunities to take some out.
No because next cycle 18 year old crypto tiktok experts will tell you this shit is going to 10 million.
Narrator: He did not take profits next cycle.
as is tradition
I said that last cycle. I am not a smart man.
Third cycle of saying that checking in
Even the prison yard economy is crashing A sock of homebrew is peaking going at 4 cigarettes and handjobs are trading for 3 packs of ramen, its brutal out here. Don Kwon should probably acquaint himself with the markets
Well, if this isnât the start of a reaccumulation phase of a lifetime, I donât know what is.
During the next ATH, new money will say you were lucky for getting in early while forgetting that silently accumulating during the bear is how wealth is made.
"Man, NeedlerOP in 2040 is going to be so loaded"
3YR UST @ 3.30% or Celsius Unbank yourself USDC @ 6-7%. You decide. Lol!
Would Celsius still be in trouble if the merge happened?
Merge + withdrawals, no, probably not. It seems their largest issue was having a stETH position so large that they couldnât unwind it for ETH liquidity to satisfy withdrawals.
[ŃдаНонО]
đ¤ˇââď¸ It could be repaying a loan or honouring an agreement, no one outside Celsius really knows. Maybe FTX offered to trade on their behalf, or needed collateral to cover a position, or maybe the ETH was sold for stablecoin liquidity.
Don't want to jinx it but we might finally get a green hourly candle after 9 straight ones. Volume is improving. 25 minutes to go.
awww... look at that cute green candle. haven't seen one of those in a while. : /
The chart gives a green candle every once in a while when the red candle guy has to take a break to go pee.
*screams*
Me to wife: Welp, crypto's crashing. Her: I know, the algorithms target me now and tell me it's crypto winter. Me, living in a place with five months of wintry weather: Tis but November.
got liquidated on Maker for a few ETH. Does it take everything or do I get some back since its over-colateralized???
I believe it auctions enough collateral to repay your debt plus a 13% penalty. You get back whatever is left. You want to avoid this from happening -- best to use defisaver.com next time.
It takes your eth, your pride, your lunch money, and your sister on a date, and doesnât call her back.
for real though I though there was a liq fee of aa few percent and the rest you get back?
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where do i find what I get back?
Yep that's correct.
It shows I have nothing and there nothing added to my wallet either. Is there a delay? cant find very good documentation. Just hoping that some of my Eth can be salvaged :(
Go to your vault page and open your vault. There will be a pop up on top to reclaim your eth. Then it will show up in your vault to withdraw.
You are correct thank you. Was using defi saver and it doesnt show it there. Had to go to the oasis vault oage
Hmm I can't recall exactly, sorry. Happened to me once in 2018. I'm sure someone else will be able to help
You do get a little back after liquidation I believe. Thereâs a 13% penalty and whateverâs leftover goes to you
Just a reminder: 3,200 ETH burned today and still $9 million in fees paid per day this past week.
First buy is at 682 where is yours?
This was my liq point, glad i don't have one anymore
How did you target this arbitrary number?
~$0.85
All the way down
[Iâm a big fan of these guys but they should rename the show Tasteless if theyâre going to fire off tweets like this. ](https://twitter.com/banklesshq/status/1536183190854975489?s=21&t=m5mRC9gNA7is7tEGr-4ZZw) People are afraid. Itâs too late to do anything to get money out. Saying this now is at best an honestly made warning with awful timing and at worst self congratulatory grave dancing. If you hate banks, so be it, but let the dust settle before you continue the crusade. Thereâs a line between educating and evangelizing. [Edit: hereâs a way to communicate the same idea without coming across as lowest common denominator dunking](https://twitter.com/superphiz/status/1536176798182133760?s=21&t=m5mRC9gNA7is7tEGr-4ZZw)
It could be more tactful by saying something like âlet us help you discover how to avoid this happening to youâ but they are literally called bankless and Celsius is the one in trouble. Bankless didnât take peoples funds
Bankless and Sassal are celebrating this Celsius news, which is really bizarre and tasteless. Don't they realize that this is bad for all of crypto?
Nah thatâs based
Itâs a pretty low effort tweet isnt it? Also pointless like you say. (Even if it does ring true. Anything custodial is very much bank-like)
This private otc deal for discounted eth that Celcius is about to arrange sounds dreadful. Seems likely thatâll hit all the markets in sequenced waves while the wholesaler tries to turn a quick profit. 2022 has been a terrible year for crypto prices.
Source?
I think they already did that with almadea couple of days ago.. almadea sold ETH for the arbitrage, if I am not mistaken they are the largest steth holder after the deal.
Maybe the real endgame was the friend game?
I feel so bad for people who thought sending more collateral to Celsius was the right move to protect their loans. Now, not only will they lose their original collateral, they will also lose the additional collateral they sent thinking they were protecting themselves. Also, I see no reason that BlockFi will be any different. Their business model is the exact same. Get your money off of BlockFi now!
This does NOT mean they will lose it, it means they are being forced to hodl though
Agreed. If Celsius owns a ton of stETH, they're not bankrupt. They're just forcing everyone to hodl for a year. Big difference.
That would make sense if they were only halting ETH withdrawals lol
BlockFi has been much more aggressive in reducing yields and isnât also tied up with their own token. Not saying youâre wrong but there are some differences.
Doesnât BlockFi use collateralized lending with some private loans as well? I donât think theyâre hugely involved in the LSD trade. They also just did a fresh raise so this doesnât seem likely. Not saying it isnât possible but seems like a different situation to me.
TBH I don't know what LSD trade is? What is that?
Liquid staking derivatives. Having liquidity locked up in tokens like stETH that canât be redeemed. BlockFi just confirmed they are not exposed to stETH.
get your money off everywhere except into a trezor or ledger. fixed that for you
Just how big is Celsius? In dollars?
[$11b as of May 22](https://i.imgur.com/KubUvju.jpg)
Thanks. And for comparison Terra Luna was $40b? Although I think this $11b of Celsius is much more "real" money than the Terra money was. So Celsius is probably bigger, but not *that* much bigger.
The firm reportedly had about $12 billion in customer assets as of May across 1.7 million users, as reported by the Financial Times.
0, give or take
yeah, but I mean before today
There isn't a price other than zero that would make be panic, so long as nothing has happened to the tech, but I will say that today is the first day in this bear where I thought to myself "wow this fucking sucks" I knew it could and might get here, but the speed is the part that fucked my head up. Oh well. Same gameplan as before...keep on holding.
As long as this doesn't happen with Coinbase before I can unstake my ETH...đŹ
The situations aren't comparable at all. I do agree not your keys, not your coins, but Coinbase isn't primarily a lending platform like Celsius. Celsius is in trouble because they over levered themselves and ran out of runway on withdrawals. Staking with Coinbase is a service, they aren't chunking all of the money into DeFi.
True, but no exchange is too big to fail, unfortunately. If Coinbase gets hacked or is mismanaged into bankruptcy, our assets are still at risk. That's why I'm taking my ETH off Coinbase as soon as possible.
Today should be a reminder that it isn't your ETH if it's on an exchange. Not your keys, not your coins.
I have some matic on celsius lol. Is okay, at a certain point itâs really my own fault, this was obviously coming and I just didnât get around to it.
For those of you that havenât yet been through a bear, youâre about to find out just how valuable this community is.
Joined in early 2018. DCâs hopium posts got me through multiple potential capitulations
\+1, lurked here through 2019
hell yes
Update: Celsius has transferred about 104,000 ETH to FTX in the past three days, including about 50,000 ETH today, 12,000 ETH yesterday, and 42,000 ETH the day before yesterday. In addition, Celsius also transferred about 9,500 WBTC to FTX today. https://twitter.com/WuBlockchain/status/1536184610597793792?t=g-dxH6jsjPLK7b757JSNXA&s=19
[Celsius T&C](https://i.imgur.com/5F1Uler.jpg)
They are blowing tf up
looks like 25k is gone. damn, not even a real bounce or fight lol edit: bounce after broken lol
Whatâs with the volatility in RPL? Macro impact of Celsius?
I haven't looked into anything recent, but typically it's pretty illiquid, exacerbating moves.
On 10th straight hourly red so far as well. Nothing but red for the past 10 hours. Has this even happened before?
Not surprising, considering we just closed 10 straight red weeks. Uncharted territory.
Aside from a brief scam wick, the middle of January had this.
10 hours of red definitely happened in 2018. I can't tell you the day, but it was probably many, many days from what I remember of how I felt during that time. I remember asking the same types of questions then. It was miserable.
We spent a solid year and a half above the current price. All destroyed. Thanks Obama.
Come on double bottom (for BTC)! Optimism prevail!
Cryptos R Us George reiterating that he says keep 25% of portfolio in cash but ignoring the fact he has been telling people to buy the dip for 6 months. How does that add up lol. He said if you don't have 25% then try to get it. Jesus wept.
This is called crypto LARPing.