Cardano Daily Discussion - May 07, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

See this post for more examples of what they look like

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

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https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all

Bitcoin has come all the way from being nearly dead due to one exchange, Mt. Gox, collapsing. To still doing fine in the wake of a financial crisis, recession and multiple big exchanges going down.

For me it is not the biggest joy to look on the daily Crypto charts and see how we are up 4% or so today, but instead I like to have a more long-term oriented view in Crypto. So basically I zoom out on the charts, a lot. Even more than that I also don‘t just look at the prices, but the history behind every price, every correction, every bear market and every bull market.

While doing so and not being stuck on the short-term and price-oriented perspectives, you can actually have a deeper understanding and conviction towards the markets - as you will see how far we have truly come, how many problems/crisis we had along the way but how we still stand here.

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Sorry for the bad quality, BTC price chart

Here we can see the BTC price chart and I marked how we had one of our biggest events in the past, which was the collapse of Mt. Gox, that was an exchange that had an even higher market share than Binance today. The collapse of it was a heavy hit and could be compared to even worse than Binance collapsing today.

People then actually thought that Bitcoin is dead and I do also think that this is probably the closest BTC ever was to just dying out. And today we still stand here, this year alone we have the pressure of a recession, banking crisis, top exchanges like FTX collapsing and many more like LUNA, Celsius, BlockFi and so on collapsing.

The fact that we can today withstand in an environment where we have way larger problems in the whole world that affect Crypto, but the prices still did hold relatively well in comparison to past bear markets, just shows ow much the markets have already matured.

I didn't understand it, provided counter argument, and got banned for it. Maybe you can explain how their argument has some if not all valid?

https://i.redd.it/24lgfdmhk8ya1.jpg

A year ago today Terra USD began it's depeg from $1. In seven days the price of the stablecoin dropped to $.16 and the price of Luna dropped to . 0001. With both dropping further over the following weeks. Remembering what happened.

A year ago today Terra USD began it's final depeg from $1 with the price sitting at $.9999 after two days of fighting to hold the peg, the price plunged down to $.80 and then $.16 by the end of the week. A year later the price of the unbacked stablecoin sits at $.018.

https://preview.redd.it/5czta9om28ya1.png?width=922&format=png&auto=webp&v=enabled&s=2db9cebd2970574e17dcb593874439e319447a9c

Luna was sitting at $77.47 a year ago today a week later the circulating supply increased from 342M to 6.5T in one week with the price dropping to $.0001. The current price today is $.00009

Terra Luna - 1 year chart

This post shows the one year increase in the circulating supply. Notice the huge spike at the beginning coincided with the last days of the depeg. 342M to 6.5T

https://messari.io/asset/terra-luna-classic/chart/sply-circ

This post detailed what was happening when Terra USD depegged and was a warning for people not to buy.

UST and Luna price are directly related - You can burn Luna and mint UST, or you can burn UST and mint Luna. On May 8th (not including any fees you could burn about 60 UST ($60) to get 1 Luna ($60) - when UST started depegging people became financially incentivized to burn UST and convert it to Luna - increasing the supply of Luna. Since demand isn't keeping up with the increased supply - the price of Luna is continuing to crash. Currently with 1 UST worth $.55 and 1 Luna worth $.0058 (not including fees you can mint 330.57 Luna for $1 (true dollar) of UST.

No post on the failure of Luna would be complete without the "FUD post" that aged like fine wine. On March 10th 2022, two months before the final depeg a Reddit User by the name of /u/cwm9 wrote a post challenging the CryptoCurrency Reddit community to explain why Terra Luna wasn't a scam. In that post he created a hypothetical of what would happen to Terra in the event of a depeg which was contrary to the narrative being spread about a depeg event, and to his credit it happened exactly as they suggested.

But go the other way: when people start selling their UST because they want to go back to bitcoin, they mint Luna and sell it. Now the price of Luna goes down. The fact that the price is going down and total coins minted is rising encourages the selling of Luna making the price drop farther. If the price drops too far, it can no longer support the burning of UST to get a dollar by selling Luna.

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Movies and TV series that make you appreciate crypto even more

I grew pretty tired of tv series and movies; every time I look at some streaming catalog I'm always unsure and I end up opting for some youtube video instead (usually about crypto or chess).

However, I recently watched a Sky Original series called Devils about traders in a London investment bank and I found it really interesting. It shows the atrocities behind the bank system: inside trading, market manipulation, collapsing rival banks and even countries (like Greece or Argentina). The specific events are fiction, but the general background is the financial crisis that occurred in Europe between 2008-2011. There's also a character that wants to expose these bad behaviours, make the dollar collapse to launch his own cryptocurrency in a new world order. He is described as the villain of the story because his motif is probably personal profit but this got me thinking about Bitcoin. Do you think it's possible for Bitcoin to become the world currency? Could that happen without a massive period of destruction and riots? In season 2, the main character also starts looking for the real Satoshi Nakamoto.

"The Great Short" is another content I really appreciated as I learned something new about how mortgages and bonds work and I reached the same conclusion that a decentralized financial system can probably solve many problems.

"Start Up" instead is a Netflix series showing how a tool like crypto is not good or bad per se, a tool such as cryptocurrencies is not good or bad in itself but its value varies based on the use people make of it.

What movies about crypto or finance did you appreciate? What do you think about the "Bitcoin as world currency" theme?