/biz/ - Business & Finance

>>49531422
>but its illiquid anon, ILLIQUID, it will FALL HARD no one wants to buy it

if no-ones buying it then why has it been trading at 0.98+ for like a year

this weird ass celcius fud is a HUGE nothingberg by 50iq twittards, it is a VERY temporary issue where free money for anyone who buys stETH once the panic selling is (swiftly) over.

>>49531422
I can't believe I am trading with more survivable margin of error than celsius

>>49531422
wtf is stETH?

>He who panics first, panics best

>>49531541
https://www.youtube.com/watch?v=higu3k9fLZw

>>49531564
I've heard it as "if you're going to panic, panic early"

>>49531567
very interesting, thanks

>>49531422
>becomes a crisis of solvency
no, because 1 StEth is BY NATURE OF SMART CONTRACT redeemable for 1 ETH.
what a brainlet take, he keeps trying to sell the panic. Even if there is a run on Celsius, they will be good for the money once the merge happens. By definition.

>>49531833
and I'm not even in Celsius btw.
the only real fud is the StETH they lost to stakehound but that was only 70m, not even a dent in the asset base

>>49531833
>>49531848
You're going to $0, chud. Say "thanks Money Skelly".

Eth collapse will drag everything with it.
Cheapies are back on the menu boys.
What are we buying?

>>49531422

>>49531882
I want BNB cheapies but the fucker refuses to dump hard

>>49531833
A lot of whales and institutions got into leveraged position to take advantage of stETH yields. stETH being worth less than ETH can cause a short term liquidity crisis where these whales and institutions are forced to sell which further fucks up the peg, creating a downward spiral.

Even if the peg is regained in the future, there would still be enormous sell pressure on ETH in the short term

>>49531917
Sorry but you type like a cuck

>>49531947
And you type like a bagholder in emotional distress

>>49531917
>Even if the peg is regained in the future,
there is no "IF"
it is guaranteed by smart contracts, every stETH is redeemable 1:1 by ETH that is currently locked.
what a dumb show, if I was interested in buying ETH longterm I would be buying stEth right now, but anyway I'm only buying LINK and plan to keep it that way

>>49531962
I hold exactly zero ETH. Keep typing like a cuck tho

>>49531422
Holy fuck this guy is retarded OP

He thinks everything is going to collapse because a locked token stETH is trading at a different price lmaoo

It's down temporarily because people don't trust stETH as much as ETH. But the peg will come back once PoS launches and people can withdraw.

>>49531984
You're an idiot, message is crystal clear: Big boys have lost faith in The Merge/Ethereum future and they're derisking themselves.

>>49531833
1 stETH for 1 ETH is irrelevant if you lost all your money because ETH/USD crashed
Use your brain for half a second, its not so hard anon

>>49531984
By your logic interest rates wouldn't exist.

REMINDER: Celsius literally put that their business model was to short crypto in the whitepaper.

That means all the ETH killers are pumping! :O
My FTM is pumping guys!

>>49532175
holding ETH or not holding ETH is another issue entirely and has nothing to do with the st peg

>steth is illiquid
>celsius can't cash out
>SBF is buying steth OTC from celsius at much lower rate, then selling their spot eth
this is what's happening, that's all that's happening. sam is twapping out of his spot eth. stop with your fucking doomer retard shit you poor morons, it's an arb trade that you're too dumb to take advantage of.

>>49532285
lol no. you will never get it fren, im sorry to say

https://www.youtube.com/watch?v=Sb9oxa8_ysk
george just released a celsius video 45min ago

>>49532295
like I said it doesn't matter, I hold LINK

you have zero idea how the market works
whales are STILL buying ETH for cheap. they just made people panic so they can scoop from weak hands

go to Etherscan and see what I mean. why do you think BitDAO alone is buying more than 380 ETH on average daily?

>>49532295
i suppose the difference is stETH forces you to hold long term and the peg doesn't work if people prefer to hold short term
I don't trade short term and think it's dumb so I guess that explains why I don't see the issue

>>49531422
Explain me how that ponzi shitcoin is related to eth by any chance

>>49531882
>What are we buying?
Beans and rice

I was kicking myself a few weeks ago for selling at 1.9, but now I'm glad I'm done with ETH.

>>49531422
Words like this make me ask how you wagies come into the space. ETH can never fucking go to zero y'all are dumbass. I'm holding a good number with my SYLO for liquidity mining purposes.

I don't know what the fuck is stETH or Celsius or whichever shitty ETF smartcontract diggledigillydooleydoo coin you are on. Hear me out:
I had a dream a year ago about BTC and ETH going to 0, then bouncing back as if nothing happened. I was in my father's house which happens only once or twice a year randomly.
I regarded the dream as just a random one but today I am going to my father's house and everything is collapsing.
Prepare, today in about 3 hours shit is hitting the fan HARD. Schizo thoughts never lie

>>49531917
THIS

I SOLD ALL MY ETH

literally people dont know how bad this can get. We're looking at Luna but at least 10x as bad. This is probably put us in a year long bear market. We are absolutely fucked

>>49531422
>A literal ERC20 token is going down, one in grazzilions of ERC20 scam tokens.
>I can't wait to see ETH hitting $0 right where it fucking belongs.

There s a solid reason why you guys orbit in the ADA, SOL, DOT, POL, TRX brackets. Think about it.

>>49531493
>>49531833
Redeemable... in the future. 10% backwardation for what is, in the best case scenario, like 6 months to maturity (possibly much longer or not at all as confidence declines) in a collapsing volatile market is completely reasonable market consensus. Add forced sell pressure and it becomes more like an inevitability, should that arise.

>>49532488
HH my brother i believe

>>49532488
had dreams of not $0, but 4 digit BTC back in january. you may be onto something anon. i use so much marijuana i usually do not dream - not many dreams at all this past decade - and when i do it is of a massive but short-lived crash. would be the perfect black swan crisis to occur right before bitcoin exchanges become more regulated by the governments

>>49531976
Selling one side of a redeemable 1:1 can lower the other side to catch up. So you can buy steth and it drag down eth as the price balances. If I buy steth at .95 I get 1 eth for .95 the cost. You can sort of mess up the contract and sink both together but not like a Luma event. That was straight up printing. But smart to buy link. I think we are near lows on link. It's been following its own chart since 2020.

>>49531422
lol when 1 wagie paycheck can afford 1 ETH, it's over

>>49531422
Celsius is one of the small gang of whales that broke UST/LUNA for fun and profit.
>https://thedefiant.io/ust-collapse-celsius/
There's every reason to believe that most of the Celsius-FUD derives from salty investors who became JUST'd by the UST/LUNA collapse. Moreover, the FUD is *all* speculation, because not one of the fudders have seen their actual balance sheet. Are they getting targeted via their stETH holdings? Maybe, but that only represents an opportunity for buyers. Lido-stETH is 1:1 backed (verifiable on-chain). It's liquid, and it has an APY, which unstaked ETH does not. There's no reason to hold ETH in preference to stETH, transient fuckery nothwithstanding.

>>49532488
>88 checked
Im finally going to buy all the bitcoins in less than an hour

>>49531422
>implying I'm going to read all that shit

>>49532239
good riddance then.

>>49531906
Ill just go with his retarded sister CAKE for now. Im tired of waiting as well

Oh no, another defi scam imploding. Who gives a fuck? CT fags BTFO once again. Hopefully it will allow me to buy cheapies

ETH collapsing is the best possible outcome since it will allow for tech to advance again with PoS and retailers to come with for cheap transactions fees. Maybe then crypto will stop being a shitty ponzi scheme and the blockchains will actually start being used.

>>49532336
they're buying it cheap to dump it even harder. once they buy up all the eth at 1500 bucks they will sell it all and the price will crash to 500 bucks

>>49532239
this isn't bad for crypto, but i'm glad you've enlightened me to celsius doing this
shorters gonna short—charging the ones that do and using the proceeds to guarantee value in your crypto investors is good
the short is a magical tool typically only wielded by the least inhibited of minds; defi has empowered anyone to use it, permissionlessly
it gives you the explicit incentive to seek out real problems within systems, and make them publicly known
the market is especially weak to nefarious parties' usage of shorting at the moment, because crypto culture is rife with "up only" mentality—and while i think we're not far off from practically-guaranteed value increases (see LINK), most crypto users think that their layer 1 protocol that doesn't scale with a valuation that would take over 60 years if average gas paid was 80 gwei for its revenue to match *regardless of its value* (the way gas fees work almost ensures this), or even worse, their memecoin without so much as the promise of a value-earning product only has reason to appreciate in value from here
i think we're in a bear trap, and i'm the bear—but one cannot deny how unfocused this market is

shorting gives the decentralized economy a reason to be self-auditing; what we will adapt into as a result of this will be better for everyone, guaranteed
it will lead to the kind of economy taking form where LINK is rightfully recognized as the most valuable crypto, and everyone understands that settlement layers are valuable only to the point where they scale
dApps will become what they always should have been, from the start—decentralized value-generation machines
the future is as bright as we are rational

(this post is not meant to suggest that you should short the current market—you should do that only if you find reason to)

>>49535826
Thanks for recognising im a hero. I fully agree this shit needs to die before the great rebirth. Anyway, eth to zero?

>>49531422
Crypto is fucken so gonna shock you. In 2018 anons thought ETH was dead but see where we are. If you can't take risk then crypto is not for you. Right now I'm diversifying into nftgames while hodling. Honeyland is top of my list now especially because of the insurance they provide for purchasing their NFTs

>>49535939
it would be best for everyone

if economic conditions outside of crypto get bad enough, and if everyone became knowledgeable on *why* ETH managed to get so unjustifiably valuable (to understand that is to understand why it sustaining these prices is extremely unlikely), hysteria-selling down to single-digits isn't out of the question
personally, i think it would serve ETH whales right; they had the world wrapping itself around their whale dicks and they couldn't even be bothered to move liquidity to the L2s that might, with interest that they could have guaranteed, have saved them or at least slowed their descent into self-absorbed helplessness against extremely steep short attacks
instead, it seems that consensus was reached on attempting to preserve ETH's value through popularizing NFTs on L1, which are essentially ETH derivatives (regardless of their purpose, the defense this lends ETH against monetary attacks is weak; it's worth noting that colorful eth derivatives on eth's high-user-cost L1 environment is *the best* that eth's most valuable could come up with, and while it was clever in that it bypasses the problem that dApp tokens face (the problem being "they're not ETH"), it's not going to hold up against a forced economic collapse)

if one doesn't act to demonstrate an understanding of where their value begins and ends, value in crypto will be controlled mostly by predatory forces, instead of generally unbiased anons
anon needs to lose his inhibitions and not fear the consequences of calling out major systemic problems, especially when fixes that serve his unbiased interests already exist

>>49531422
>people are getting fucked on a sidechain ponzi
eth is truly over

Someone TLDR me on this. If I am reading this right, ETH will dump hard in the short term, and it's because of the stETH """peg""", not because of the failed PoS migration they had? Is it okay if I keep my USDC on the ETH chain?

Scared money don’t make no money faggot.

>>49531422
9th june i sold my 10X ETH short (19,9ETH) because my accountant was being annoying

>>49531422
>crypto twitter

>>49538323
>If I am reading this right
If you are reading crypto twitter and taking it at face value then you are doing this wrong.

>>49535584
Cool. Don't care. buying ETH is the safest bet you can make in crypto.

>>49538572
>>49538613
I am not, I usually do the opposite of what I read there. This seems way overblown.

>>49538572
>>49538613
>>49538634
Are you samefagging with IP hoppers?

>>49538647
No? I've made one post in this thread >>49538634

>>49531422
>lets deztroy eth and put link in the centre of crypto
>lets deztroy eth and giff money to the american who owns web 3 domains
Get t f outta here pawn

>>49531422
Why is it always Celsius that is involved in these things.

>>49538635
>This seems way overblown
That's my impression also. There's a Bitfinex'ed-y feel to these ramblings.

>>49538323
The chain itself won't fail so the coins on it will be safe. It's the price people are concerned about.

>>49538323
There is not enough eth in the pool for them to redeem. Also Celcius already has a 1 billion loan of steth on aave for stables.

>>49538634
Exactly, ETH is a safe buy. The economy sucks right now, so we have another chance to buy it for cheap for everyone who missed these prices the first time

Steth is not fucking "pegged" to eth. If anyone says anything about a "peg" they are fucking retarded. If you stake eth yourself you get nothing before eth 2. $0. Zero. With steth you get some tokens you can at least dump, and yes at a loss if there isn't demand. That is literally the point. Working as designed. Who the fuck cares if some centralized retards like celcious didn't understand this? Don't use centralized shit! That is the entire fucking point of defi. So tired of people pointing out centralized shit or scams or stupid dumb bullshit like luna as example of crypto or defi. Defi market makers like aave don't can liquidate people who borrowed on eth, happens all the time. WORKING AS DESIGNED. There is literally nothing wrong about anything that is happening, other than a bear market and prices going lower.

>>49531422
>holdkryptonite
You people cant be this fucking retarded can you

I know some facts about $ada, you can still be in it but please sell it before tuesday. Just please. Normies will be screwed but who cares about them.

If you little bitches can’t handle 75% loss, how are you going to handle 99.98% loss? Niggas dgaf nigga!

>>49531422
For me, it's Nexo

>>49538198
thanks Ari

>>49532516
>This is probably put us in a year long bear market. We are absolutely fucked
kys fear ridden faggot