Current Events > Wow, one of the stablecoins crashed. Is Crypto dying?

(+) Yeah! (+)

https://www.cnn.com/2022/05/12/investing/luna-terra-stablecoin-explained/index.html

The coin, called TerraUSD, is designed to maintain its value at $1, forever and ever, amen. Instead, it fell as low as 23 cents Wednesday before recovering some ground. It was hovering around 60 cents early Thursday.

Hopefully, it is bad for the environment.

Ngl, this is pretty scary.

Dakimakura posted...

Hopefully, it is bad for the environment.

Most modern coins are proof of stake and don't require mining.

https://gamefaqs.gamespot.com/a/user_image/2/6/4/AAeEwGAADOXQ.jpg

"It's a hedge against volatility"

https://gamefaqs.gamespot.com/a/user_image/9/8/9/AAb05zAADOS9.jpg

Crypto dying? Heavens no. We're on track for the next big evolution later this year; cross chain interoperability development. Currently, if a developer creates a dapp (decentralized application) and wants to deploy them on 2 blockchains, they need to deploy the dapp twice, one on each blockchain and manage each of the dapps independently on each chain. This is the norm, a multi-chain world. When layer zero protocols take off to bring us to a cross chain world, a developer will only need to deploy one app but use the Layer 0 protocol to connect the dapp to different blockchains where you can send not only tokens, but commands and instructions so the dapp basically runs on different blockchains simultaneously.

The DeFi industry that flourished on Ethereum and other EVM (Ethereum Virtual Machines) will soon be available to the prehistoric Bitcoin as well as all other non smartcontract blockchains. Other blockchains will be able to connect to privacy blockchains to take advantage of their utility. And who knows what new innovations will be conceived by the "merging" of all blockchains.

I don't expect the price to skyrocket this year, it'll probably take a year or so for developers to take full advantage of the new environment, but to say crypto is dying, that's just ignorant of the development space.

Yep that's a big wall of bullshit right there

DarkRoast posted...

Yep that's a big wall of bullshit right there

Could you please elaborate on how it is, "a big wall of bullshit"??

SergeantGander posted...

Could you please elaborate on how it is, "a big wall of bullshit"??

Why? I'd just be wasting my time.

Trying to change a crypto bro's mind it's like trying to make an alligator a vegetarian.

If it walks, talks, and quacks like a duck, then it's a ...

SergeantGander posted...

Could you please elaborate on how it is, "a big wall of bullshit"??

because it breaks down to this excites me, and I think it should excite other people.

which is speculative bullshit.

DarkRoast posted...

Why? I'd just be wasting my time.

Trying to change a crypto bro's mind it's like trying to make an alligator a vegetarian.

You could be protecting other people from investing with a well-thought out and logical argument! Or uh just sit back and keep shouting "CRYPTO BAD STONKS GOOD!"

SergeantGander posted...

You could be protecting other people from investing with a well-thought out and logical argument! Or uh just sit back and keep shouting "CRYPTO BAD STONKS GOOD!"

She already has. *points two fat thumbs to self* Turns out the sensible among us don't need her to repeat herself over and over just because you're determined to drive the argument into the ground.

SergeantGander posted...

You could be protecting other people from investing with a well-thought out and logical argument! Or uh just sit back and keep shouting "CRYPTO BAD STONKS GOOD!"

I've yet to see anyone explain what crypto is good for and to break down how blockchains work and what they do for the every day world or how they will help.

and by break down I mean laymens terms and pretty much tldr that anyone with half a brain can digest.

every article Ive ever read keeps saying but the block chain as if people know what that is and what it does.

chrono625 posted...

I've yet to see anyone explain what crypto is good for and to break down how blockchains work and what they do for the every day world or how they will help.

and by break down I mean laymens terms and pretty much tldr that anyone with half a brain can digest.

every article Ive ever read keeps saying but the block chain as if people know what that is and what it does.

Not everyone understood the internet in the 1990s! Those that did research and sought to educate themselves got excited about it though. It'll progress and be integrated into daily life in ways we might not even see.

A few CEusers crying BS really isn't going to change anything lmfao

Crypto cultists are hilarious.

https://gamefaqs.gamespot.com/a/user_image/2/9/0/AAeEwGAADOXq.jpg

Presented without comment

So...you're saying that I should buy now?

radical rhino posted...

Crypto cultists are hilarious.

Just sad.

But hey, we're all gonna make it! Right?

DarkRoast trying to get to my psychology up in this topic.

Turbam posted...

So...you're saying that I should buy now?

If you want to. I have never told a single person to buy crypto. Do research and if you want to buy go ahead, and if you don't it doesn't impact me.

Lots of people bought BTC after the first few 80+% crashes, and are still up significantly on their investments.

Right now, we're just hearing all the cries from the people who bought at or near the ATH last fall

Sad_Face posted...

Crypto dying? Heavens no. We're on track for the next big evolution later this year; cross chain interoperability development. Currently, if a developer creates a dapp (decentralized application) and wants to deploy them on 2 blockchains, they need to deploy the dapp twice, one on each blockchain and manage each of the dapps independently on each chain. This is the norm, a multi-chain world. When layer zero protocols take off to bring us to a cross chain world, a developer will only need to deploy one app but use the Layer 0 protocol to connect the dapp to different blockchains where you can send not only tokens, but commands and instructions so the dapp basically runs on different blockchains simultaneously.

The DeFi industry that flourished on Ethereum and other EVM (Ethereum Virtual Machines) will soon be available to the prehistoric Bitcoin as well as all other non smartcontract blockchains. Other blockchains will be able to connect to privacy blockchains to take advantage of their utility. And who knows what new innovations will be conceived by the "merging" of all blockchains.

I don't expect the price to skyrocket this year, it'll probably take a year or so for developers to take full advantage of the new environment, but to say crypto is dying, that's just ignorant of the development space.

Probably sells Herbalife as well

https://gamefaqs.gamespot.com/a/user_image/3/0/0/AAeEwGAADOX0.jpg

This is why you can't argue with crypto bros.

The original poster was 100% correct. But the entire thread was filled with people telling him he's an idiot.

cryptocucks in ruins xmfd

I'm not a fan of crypto but I can explain blockchains as this does have some uses outside of crypto.

A blockchain is first and foremost an electronic ledger: a collection of records. These records can be anything from records of transactions for a cyptocurrency or it could be records of design and processes of something (Boeing does this for its plane designs and manufacture) What makes it stand out is how those records are created.

Each record within that ledger has it's own hash that's generated from two combined sources of information:

1. The record information itself
2. The hash of the previous record in the ledger

That 2nd point is the main selling point of blockchains. It makes the ledger extremely secure as modifying a record changes its hash. This means that if you want to change the information in a record (e.g. have crypto payments go to you instead of some other guy), you have the painstaking task of modifying every record after that so that their hashes align with the new modified record. The more records that are after that transaction, the harder this task is.

This chain of hashes ('blockchain' as it has been named) makes the data stored within that ledger very secure.

I hate these crypto bros, but damn if they're not a source of entertainmenthttps://gamefaqs.gamespot.com/a/user_image/3/0/3/AAHS2BAADOX3.jpg

https://gamefaqs.gamespot.com/a/user_image/3/0/4/AAeEwGAADOX4.jpg

I don't know what it is with GameStop investors, but Citadel is apparently the literal Illuminati and responsible for every bad thing that ever happens in the world

Crescente posted...

Ngl, this is pretty scary.

Why?

Crescente posted...

Ngl, this is pretty scary.

For the people who didnt see through crypto and NFTs, perhaps.

When you're investing in cryptocurrencies, just remember that they're not like other securities. The market is incredibly decentralized, almost to the point where you have to be paying complete attention to them to even remotely understand it. I remember investing in crypto (though I can't remember what it was), where I thought the coin was absolute bollocks during the investment. Then, I closed my eyes for a second, and all of a sudden the coun had an entirely new meaning. It was insane the way crypto could just become something so different when you take a look into the blockchain.

Another thing you should note about crypto is that it's easy to get a headache holding them. Not because they're a bad investment, but because of how many ideas the blockchain is riddled with and how complex they are. Soon enough your head will fill to the brim and the rest will just look like noise to you. Just turn it off and give it a look the next day.

If you don't like the blockchain, you'll definitely at least enjoy reading through the nodes, and picking apart the coins themselves and all of the artistic values that go into making it the complexity that it is.

Holding down all my coins. Inshallah it all goes back up

JuanCarlos1 posted...

I hate these crypto bros, but damn if they're not a source of entertainment

https://gamefaqs.gamespot.com/a/user_image/3/0/3/AAHS2BAADOX3.jpg

lol literal fucking gibberish

I could probably go to one of these places and just use made-up words in an incoherent manner and they'd "understand" everything I said.

Zeeak4444 posted...

because it breaks down to this excites me, and I think it should excite other people.

which is speculative bulls***.

I just highlighted a technical issue developers in the space currently deal with where we've had hacks that total up to over a billion dollars worth of losses due to faulty bridges (bridging blockchains to blockchains). Layer zero protocols is going to be a critical player in the space.

Tell me why you consider this speculative bullshit.

chrono625 posted...

I've yet to see anyone explain what crypto is good for and to break down how blockchains work and what they do for the every day world or how they will help.

and by break down I mean laymens terms and pretty much tldr that anyone with half a brain can digest.

every article Ive ever read keeps saying but the block chain as if people know what that is and what it does.

@chrono625 alright. Sincerely answer this question, whether in your mind or in a post; have you ever been in a situation where you made a deal with a person and one of you did not fulfill your obligations?

Everyone has had a story like this. For me, I put in overtime hours in my last few weeks working as a line cook and my manager procrastinate and procrastinated and procrastinated on processing my last paycheque. When she finally made the time to do so, she gave me my usual paycheque amount, stiffing me by $100.

In my story, there are tools presently available to prevent this from happening. The problem is they're not ubiquitous. The whole purpose of blockchain tech is to create a new environment where people commit to their obligations. ALL BUSINESS INTERACTIONS would be conducted in this environment and reduce or damn near eliminate the need to trust the counterparty to commit to their obligations.

This is the ultimate goal of blockchain tech, to render the "gentlemen's agreement" obsolete. This doesn't seem like a big deal, but it only really hits you when you get burned in real life and see how this would have protected you. This is similar to how a lot of people don't understand the value in the bitcoin as they use the US dollar, the most powerful currency in the world but have no clue how the US dollar has caused so much destruction across the world and aren't even aware of how the US central bank has stripped the dollar of its value and ultimately stole people's savings without them even noticing.

This video will basically rephrase what I'm saying but with other examples of deals made that were devastating across a larger scope.

https://www.youtube.com/watch?v=_JeRq7Gwj5Y

Mind you, this is a very, very, very difficult concept to grasp, to understand the need for this before someone creates a product for you to use in your hands. But once you get this, then you see the value in the field and can see the value in individual projects working to achieve this goal and ignore projects like Terra that are detriments to the field.

Life Sympathy posted...

I'm not a fan of crypto but I can explain blockchains as this does have some uses outside of crypto.

A blockchain is first and foremost an electronic ledger: a collection of records. These records can be anything from records of transactions for a cyptocurrency or it could be records of design and processes of something (Boeing does this for its plane designs and manufacture) What makes it stand out is how those records are created.

Each record within that ledger has it's own hash that's generated from two combined sources of information:
1. The record information itself
2. The hash of the previous record in the ledger

That 2nd point is the main selling point of blockchains. It makes the ledger extremely secure as modifying a record changes its hash. This means that if you want to change the information in a record (e.g. have crypto payments go to you instead of some other guy), you have the painstaking task of modifying every record after that so that their hashes align with the new modified record. The more records that are after that transaction, the harder this task is.

This chain of hashes ('blockchain' as it has been named) makes the data stored within that ledger very secure.

This was a nice explanation. I'm curious about commercial applications like the Boeing example you brought up.

Sad_Face posted...

I just highlighted a technical issue developers in the space currently deal with where we've had hacks that total up to over a billion dollars worth of losses due to faulty bridges (bridging blockchains to blockchains). Layer zero protocols is going to be a critical player in the space.

Tell me why you consider this speculative bullshit.

@chrono625 alright. Sincerely answer this question, whether in your mind or in a post; have you ever been in a situation where you made a deal with a person and one of you did not fulfill your obligations?

Everyone has had a story like this. For me, I put in overtime hours in my last few weeks working as a line cook and my manager procrastinate and procrastinated and procrastinated on processing my last paycheque. When she finally made the time to do so, she gave me my usual paycheque amount, stiffing me by $100.

In my story, there are tools presently available to prevent this from happening. The problem is they're not ubiquitous. The whole purpose of blockchain tech is to create a new environment where people commit to their obligations. ALL BUSINESS INTERACTIONS would be conducted in this environment and reduce or damn near eliminate the need to trust the counterparty to commit to their obligations.

This is the ultimate goal of blockchain tech, to render the "gentlemen's agreement" obsolete. This doesn't seem like a big deal, but it only really hits you when you get burned in real life and see how this would have protected you. This is similar to how a lot of people don't understand the value in the bitcoin as they use the US dollar, the most powerful currency in the world but have no clue how the US dollar has caused so much destruction across the world and aren't even aware of how the US central bank has stripped the dollar of its value and ultimately stole people's savings without them even noticing.

This video will basically rephrase what I'm saying but with other examples of deals made that were devastating across a larger scope.

https://www.youtube.com/watch?v=_JeRq7Gwj5Y

Mind you, this is a very, very, very difficult concept to grasp, to understand the need for this before someone creates a product for you to use in your hands. But once you get this, then you see the value in the field and can see the value in individual projects working to achieve this goal and ignore projects like Terra that are detriments to the field.

Pro tip - just because a blockchain is valuable doesn't mean cryptocurrency is valuable.

Fake money is speculation no matter how you try to spin it.

DarkRoast posted...

Pro tip - just because a blockchain is valuable doesn't mean cryptocurrency is valuable.

Fake money is speculation no matter how you try to spin it.

But but but crypto will prevent greedy bosses from exploiting workers

Lol

TheGoldenEel posted...

When you're investing in cryptocurrencies, just remember that they're not like other securities. The market is incredibly decentralized, almost to the point where you have to be paying complete attention to them to even remotely understand it. I remember investing in crypto (though I can't remember what it was), where I thought the coin was absolute bollocks during the investment. Then, I closed my eyes for a second, and all of a sudden the coun had an entirely new meaning. It was insane the way crypto could just become something so different when you take a look into the blockchain.

Another thing you should note about crypto is that it's easy to get a headache holding them. Not because they're a bad investment, but because of how many ideas the blockchain is riddled with and how complex they are. Soon enough your head will fill to the brim and the rest will just look like noise to you. Just turn it off and give it a look the next day.

If you don't like the blockchain, you'll definitely at least enjoy reading through the nodes, and picking apart the coins themselves and all of the artistic values that go into making it the complexity that it is.

haha yes!

"look how wonderful and miraculous blockchain technology is" = "I'm going to ignore the fact that cryptocurrency itself is inherently worthless"

Somehow being able to put contacts on the Blockchain will force everyone to be nice to each other

TheGoldenEel posted...

When you're investing in cryptocurrencies, just remember that they're not like other securities. The market is incredibly decentralized, almost to the point where you have to be paying complete attention to them to even remotely understand it. I remember investing in crypto (though I can't remember what it was), where I thought the coin was absolute bollocks during the investment. Then, I closed my eyes for a second, and all of a sudden the coun had an entirely new meaning. It was insane the way crypto could just become something so different when you take a look into the blockchain.

Another thing you should note about crypto is that it's easy to get a headache holding them. Not because they're a bad investment, but because of how many ideas the blockchain is riddled with and how complex they are. Soon enough your head will fill to the brim and the rest will just look like noise to you. Just turn it off and give it a look the next day.

If you don't like the blockchain, you'll definitely at least enjoy reading through the nodes, and picking apart the coins themselves and all of the artistic values that go into making it the complexity that it is.

Lol, nice. Just needs a dash of "I DO have a Bitcoin tattoo. And no, you cannot see it."

I feel bad for the people who gambled and lost everything but their asses and are suicidal. On the bright side they at least learned the important life lessons that capitalist greed is incredibly dangerous and to not put all of their eggs in one basket.

DarkRoast posted...

Pro tip - just because a blockchain is valuable doesn't mean cryptocurrency is valuable.

Fake money is speculation no matter how you try to spin it.

This is an improvement, at least you're now acknowledging blockchains can have value. But yes, the need for cryptocurrency is always a hot bed of discussion. Not all crypto projects need its own cryptocurrency. It all depends on what the projects' goal is and how the cryptocurrency comes into play. Some projects issue a currency for crowdfunding, others use it for governance, then there are others that use it to secure the projects protocol.

Terra is an example of a project with absolutely unstable tokenomics that a lot of people within the field pointed out as a ticking timebomb. I don't pay attention to stablecoins since it's a field that I personally consider not necessary to advance to the ultimate vision with what stablecoins are available now, but the whole story is tragic.

https://www.youtube.com/watch?v=FqW4-FGA9j4