That’s a lot of Mountain Dew
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Are you familiar at all with Looksrare? It’s a platform to buy/sell NFTs (main competitor to OpenSea). Looks is their governance token and all the eth generated from trading fees are split between Looks holders. They also give Looks as rewards for buying/selling on the site. Right now, the amount of Looks given out daily as rewards is higher than the real trading level, so people are doing wash trading to make money as you get more $ in Looks than the trading fee. This means that the trading fee going to holders of Looks is artificially high.
The halving refers to the fact that the daily trading rewards are on a schedule that drops at certain points. Less trading rewards = less wash trading = less eth for holding Looks. Since this schedule is public, the drop in Looks rewards should be priced in, but as Surf noted, after each reduction, the price of Looks has dropped (only to rebound somewhat).
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Do I have this right? Basically everyone knows the stablecoins will fail if there’s an emergency, but as long as everyone pretends it’s all okay Bitcoin stays afloat? Seems wild.
Every heard of money before?
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Yeah but we have long since disposed of the idea that there’s anything backing the dollar. Now we have Bitcoins backed by stablecoins backed by US dollars that we politely pretend exist even thought they don’t. It’s all too much for a simpleton like me.
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Unrelated to the halvening discussion, I think it’s worth highlighting this because of all the “it’s all wash trading” comments. I thought they were just things that people in this thread were saying, but then I heard Ben McKenzie say it on TrueAnon and/or Chapo. If wash trading on the LooksRare platform is actually what people are pointing to when they say “it’s all wash trading” then they’ve really missed the important context that is the trading rewards ^. It’s also why most people use volume on OpenSea as the true indicator of the general health of the NFT market, since there is no rewards program on OpenSea that might incentivize wash trading.
Human beings do seem to have an incredible capacity to will things into being through the sheer power of belief.
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Not really. Tether is largely backed by stable assets. You can look at their balance sheet and something like 90% of their assets are not in crypto. So even if crypto goes to zero, it would take a huge bankrun to break Tether (not saying that couldn’t happened or that I’d put money in Tether, but it is largely backed by safe assets).
This is different than UST which was backed by a shit coin plus some BTC.
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Certified banger. She edited it all together with a new intro:
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So, I’m not the only one that enjoyed these, right?
Right?!?!
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I enjoy the songs, but her pointing her mic at the computer when the other person is singing really tilts me.
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Yeah, you aren’t kidding
fantastic
I mean, to the extent that you consider obvious lies from known crooks safe assets, yeah, sure.
At what point are you getting paid to take Crypto cause I would be game.
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This article is like a warm blanket and a mug of hot cocoa for me.
I thunk we need to shutdown the Nobel Prize in Economics until we can figure out what’s going on.
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Are you going to return yours?
Looks like she’s Norwegian! That water bottle she’s holding is only sold in Norway I believe.
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