Cryptopunks, we exalt your mining, staking, hodling ( or getting wreckt) souls, each and every one! God bless ya, and bless the lovely mighty Publish0x making it a great time to be alive!!!
It has been a stunningly bad May for Proof of Stake. LUNA shit the bed in a horrible, destructive way that smashed lives, fortunes and will bring regulatory FUD down worldwide. The death of terraUSD & LUNA forced suicide hotlines to join Reddit, it revealed the insanity of algo pool stablecoins and stained the name of POS, stablecoins and defi forever. But we can't say it wasn't funny - Q: hey Mikey how do ya make a small fortune in crypto, say 2 billion?? A: start with a large one, like 9.5 billion ar ar ar AR AR AR it will be a long time to top this self inflicted wound
Right there in Brooklyn by Pig Beach & Frankies Sputino, from direct experience we are thinking bourbon was involved, a LOT of bourbon. But there is not enough bourbon in the world to keep the people from being scared of Proof of Stake now is there Mikey? Take out a giant flash loan, screw with the in transit liquidity pools and short whatever is behind them and SHAZAM - harsh, HARD proof that 1) a tiny bit of BTC has the exact same rights as a huge stack, thanks to proof of work POW, while 2) all POS systems ultimately bow ( & bend over & spread in this case) for the money, the STAKE. Pos is a pos lol!!!
Even funnier, & related, Luna has been looking shakey for a while, so consider - what did they do? THEY WENT OUT AND BOUGHT A metric f-ckton of BTC. Which not only failed to save Luna, but dragged BTC down for a while with terra. But zoom out and go meta - the sexy POS boys got feeling insecure, so THEY BOUGHT A BUNCH OF POW ( BTC ) rofl. Shitcoin bought bitcoin haha!!! Now LUNA can't reboot because they can’t face a 51% attack financed by a Bologna sandwich fer Chrissakes...
Dear readers remember we hear the call of the toxic bitcoin maximalists in our dreams - & the cry just got a whole lot louder and clearer, VIZ another stunning revelation that chitcoins ain't bitcoins - the amazing, dare we say fiat like pile of LUNA that somehow got printed in the last ten minutes. From 340MM to 6.5 TRILLION !!??!!? WT everlasting F??? And boy howdy does that spread fear amongst the crypto unwashed. We know how many BTC there ever will be, but wait - they can just freely print ETH and all the other POSs, can't they?
Of course the usual chitcoin problems reared up during the crash - can you get out ? is there liquidity? Is it secure, uncensorable, immutable, distributed, battle tested, and without a harebrained leader who could brain fart and kill the whole thing? Or NOT??? is it a scheme launched by a someone who got kicked out of his goldman sachs partnership for sex n drugs, plastered down at a trendy Brooklyn tat shop ( note tattoo shops were illegal in NYC until fairly recently. Maybe they had a point!!!) ok ok we know mikeys tat was a cold calculated sober play by a master influencer. Which makes the backfire that much sweeter. "you get what you deserve, it's funny and we're tired of pretending it's not...
We joined the mad scramble to scrape up coffee money for Monday. In doing so, we once again hit the extremely annoying non btc problem - ya wanna send some chitcoin from a wallet to an exchange or somewhere to stake - oh but wait, yer going 55 in a 54 now boy ah say bwah - hold on there- your chitcoin is based on ETH or maybe on TRON or perhaps on Binance -or wait you must have a memo (wtf?) !!! Anyway, the kind you have is the kind we don't take here, in fact we lose it forever, good thing you sent a test amount first - increased your fees but saved a lesson. Hell sometimes the chitcoin is just a representation of a chitcoin so it can be carried on another chitcoin, WTF really? Maybe we DO need some regulation--- self regulation always better than gummint work tho...
The LUNA jamboree, and our scraping coins for flat whites, taught us this is still / also true for stablecoins. Don't pick the wrong one, it might piff, or the wallet / exchange / hodl hole might piff it when you send it there. Jesus, just get your face ripped off to buy BTC to send - it WILL get through, it WON'T be lost, - and it won't go to zero.
The sad part is the ugly parts of the narrative now released - e.g. 1) see it CAN go to zero!! told ya so - 2) they CAN just print and print - 3) stablecoins ARE lies! 4) the network goes up n down on a whim! etc etc The enemies of crypto will quickly conflate these points with BTC, hell they already have.
Dear readers will recall our fascination with the Financial Times, the FT, which recently gave in and started writing lots of crypto articles as negatively as possible, starting with repeating chestnut lies like " satoshi could just print more bitcoin. "
This LUNAtic action lets them step up, which they did with a sharp knife - one girl saying things like the only difference between Tether and TerraUSD is a matter of nuance and conceit. TBF that was a deliberate troll, as she was calling for more full caps flame wars from foul crypto readers. And TBF Lex actually mentioned USDT claims one to one funding with hard capital less than 10% crypto. Tho Lex only said this to imply Luna would crash the bond markets, so eff him too. The FT intent was serious as a heart attack 100% click bait fud with a mean killer core -just lookit this evil headline
- Tether snapped the peg!!??! "Twang!!??!" Liars. Spinmasters. Bitter folks who think they know finance but can't get a job at a bank. Some exchanges offered Tether at a discount - fine, who cares? We think the exchanges themselves caught some of that arb. Tether never ever refused to redeem. Hell they were blowing a QUARTER BILLION DOLLARS a day CASH out the door in redemptions. Whaddya want? we double damn guarantee that's a lot better than any big bank could do under similar pressure. Think the Royal Bank of Canada had 300 MM per day to give out during the last whoopsie ? we all know they did NOT and some poor souls got slammed.
So the big question - this weekend loads of folks are running from POS chitcoins. How many of them are left in the fight to come back to BTC? We bet a lot. Only BTC solves the very real problems of fiat.
Ya ya ya we know, " energy efficient POS is the future, we love blockchain just not BTC" etc etc etc. OK ok the great ETH Merge is coming. The difficulty bomb is coming to sweep all the miners away! delayed five times, but ya ya ya just means the Beacon chain is gonna dump tens of billions of $$$ worth of ETH onto the market for sale. What if Vitalek converts to communism? Scr-w it, stay humble and stack sats. Some say ETH is wall street's answer - can't control BTC, so create a new one. Would Vitalek print trillions to save the world? let's just never ask him and stick with BTC instead.
