June 21: The Harpooned SOL Whale, GPUs Price Drop, CEL Squeeze - Transcripts
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from the print media. This is the decrypt daily and my name is
Matthew Diemer. Today. On the show. We have a harpoon soul whale. Well it kind of escaped G. P. U. S. Their prices are down
and we have a short
squeeze. Dad's coming up today
on the daily.
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more. Good morning everybody welcome to the show. Today is Tuesday
June 21st 2020
two. And that's another exciting Tuesday because we have more primary elections
around the country only to I think
D. C. And Virginia. Well I'm still looking forward to both of those because you know you know me in politics
No politics talk today. Let's
get into those crypto prices.
I'm recording this at
8 23 AM Eastern daylight savings time
and I really like waking up early in the morning and again
this done early. I've already went for a run hit the gym, had breakfast, had a shower prepped the show and I'm recording the show all
By 8 23.
Eastern daylight savings time.
We have bitcoins in that number one spot.
2% in 24.
Still down four and 7
ethereum is at
$1150 up 11500.7%. Number three U. S. D. C. Is number four
and finances number five at 2 21. Up 3.5% of the top 10. We have B. U. S. D. Card. Oh no ex RP Selena and does coin which is up six point
in 20% in 20
or 16.4% and seven. The whole market is up 1.3%. It's at nine
.7 million BTC dominance of 40
3.4 and an f dominance of
And now it's time for a coin of the day
are kind of, the
day is for sure. Going to miss me off in some
way. I feel it is S. U. S.
D. Ticker sus D. Right Number 1 77 on coin market cap. Its price is 99
.7 cents. It's a stable coin
with a market cap of 100 and
$1.7 million. a fully diluted market
Cap of 100 and
41 $.9 million 72% of this. So called stable coin
is in circulation. Its all time
high which did have an all time high which is absolutely ridiculous. Was set seven months ago at 2000 and 36 cents. As you can see this is going to miss me off in some way. Its all time low was. And of course stable
coin has an all time low
of 38.7 cents. Maybe there's something different about this. Maybe I'm gonna give it the benefit of doubt because we don't know the
economics, it looks like a
It doesn't act
like a stable coin but maybe let's just give the benefit of the doubt for now. Until I find out if it is a stable coin
you can buy it on you know, swap Q. Coin gate dot io and curve finance.
So that's pretty
much it. For the most part we
can get a
liquidity according to Quinn market cap.
So what is sus de sus d. Is a synthetic usd token enabled by the synthetics protocol. It tracks the price of U. S. Dollar through price feeds supplied by chain links to centralized network of oracles as U. S. D. Is integrated across the defi
ecosystem as one of the
most liquid decentralized stable coins. I called bullshit right there including at curve can be traded without slippage. I don't know how you do that because then we just saw the prices go up and down for other assets. Native to the synthetics protocol. At synthetics that
exchange in cuenta
cuenta cuenta cuenta anyway that is the so called stable coin. S. U. S. D. Ticker sus d right number 1 77. Queen market cap
moving into today's headlines.
I wasn't planning on saying anything about this article today but I was listening
to NPR this morning
up first when I was going on my run, I listened to a lot of different news channels when I go on
my run and I will do my workout every
And this one really
stood out to me as how you can mislead people and still sound like you're telling the truth.
Um and the title
is Cryptocurrency tech is vulnerable to tampering a DARPA analysis finds. And it goes through how everything is becoming centralized. And the whole thing
about Bitcoin and Cryptocurrency is decentralization and is saying oh well it's
centralized and therefore it can be manipulated. Here's a quote from the article,
let's say someone with great top down control of the internet in their country starts to interfere with that network. By slowing down or stopping legitimate Blockchain traffic. An attacker could become the majority voice in the consensus of what's written
to a Blockchain at that moment meaning
by controlling the internet traffic. And I'm talking to my for myself right now, not from
the article which
means controlling the internet traffic, they can
decide what blocks are passed through the internet basically the packets of information that's going through the internet, the I. S.
P. Or the country can control
though that information and that information could be information in the block. And so they're talking about the centralization
of not the black chain itself or Bitcoin network.
They're talking about the
of the internet service providers or the companies that control the internet in the United States. They mentioned in the article that three companies control the majority of the data that's being sent
on the internet.
so here's where the
misleading part is is they're not talking
about the Blockchain or Bitcoin network itself.
They're talking about our inherent problem with
centralization with our internet
And instead of saying hey only a couple of companies control the internet.
That seems like a problem
They're saying that is going to control Bitcoin and it seems as though we are manipulating the idea of West centralized control is and how that can affect like a bigger broader picture of data free speech, I don't know communications, you name it. But then applying
that to Bitcoin and
saying, hey this is why Bitcoin is bad and I just feel that there's so disingenuous and I think that we should be talking about the bigger issue that if data is really controlled by only a few companies and they're talking about it being more and more consolidated and centralized.
seems like the issue
but they might have a point here where certain data can be controlled by I. S. P. S. And that data can either pass through their network or not. And that data could contain blocks going into the Blockchain. Therefore they can manipulate what blocks are submitted to what blocks or not.
However remember it's the
miners that put the blocks in the Blockchain. Not the internet service providers interesting article link is in the show notes.
This should have been included in the price section but I just totally passed it up and I totally forgot about it. But metallic takes shots at stock to flow and we know that stock to flow is a model by Plan B at $100 trillion on twitter and he says metallic tweeted stock to flow is really not looking good now I know it's not polite to gloat
in all of that but I think financial
models that give people a false sense of certainty and that number will go up are
harmful and deserve
all the mockery. They get stock to flow isn't looking good. It is very much um Yeah it seems to be Bs and Lester is we call this a black swan because of the Fed and like everything that happened with Covid. Plan B
maybe shouldn't need a plan
C. By now. Now here's a story that I think is super interesting. It actually happened a couple of days ago but it's gonna resolve today. A whale. You know whale. Somebody with a lot of coin. Okay you guys get it. Never mind. So a whale deposited
5.7 million Selena
Accounting for more than 95
percent of soul lens deposits to borrow about $108 million worth of U. S. D. C. And U. S. D. T. According to Poland. If soul drops below $22.30, the wall ran at risk of getting liquidated of up to 20% of its borrowing or about $21 million. It would be difficult
for the market to absorb such an impact since liquidators generally market sell
on decks is
in the worst case, Soul lend could end up
with bad debt and that would be very very bad said the soul lend team. So what they said is they're giving users a mere six hours to vote on a proposal that will take over the wall. It now let me tell you what this means. They gave users six hours
to vote to say, hey,
have a problem.
We have a risk. They said that the platform also argued that it was unable to get the whale to reduce the risk or even contact with them with the way things are trending
with the whales under responsiveness. It
is clear action must be taken to mitigate the risk.
Again, they have given everybody six
hours to vote on a tao
Are we going to seize this person?
funds? Let me tell you how messed up that
is. Well Bill or thought it was messed up. And that's why he tweeted, I think
it's great that we can vote to
liquidate whales and take over their assets. This is what decentralization
is truly about how messed up is that. And I just want to point out that when the
votes came in
it was disproportionate meaning that somebody
had a weighted vote, meaning that they held more Selena, which gave
them more votes. So it could have just been made up in the decision
to in the
decision to take over this. Well, it
Was only made by one person with a lot of Selena. Well, there was outcry as
one would expect. And
you know, they finally figured out Soul
and finally figured out that they were
ship for trying to do this. And
they overturned the vote. They said this. So they conducted a new vote and said, hey, let's let's not do this. And Soul. And tweeted, we've been listening to your criticisms about Soul and one and the way in which it was conducted, hmm. The price of Soul has been steadily increasing, buying us some time to gather more feedback and consider alternatives. Very, very interesting. And I'm
gonna have a comment to wrap
all this up at the end of this news cycle because more things are getting kind of shady GPU prices dropped 15% in May and we've
seen similar 10-15% drops each month in the past several months, Gamers rejoice according to the
R. x. t. 30
80 GPU which ones sold
For $1,000 now sells for six
150 on ebay compare this to october of 2020 when the videos G. Force R. X. T. 38 E. T.
I graphics card
were out of stock everywhere and we're selling on Ebay for 1200 bucks. Our boy over there at Tesla SpaceX, Ceo Elon musk said hey
gonna reiterate my support for those
He did this at
Qatar's economic forum in Doha. He said this and
intend to personally support those coin because I know a lot
of people who are not that wealthy who have encouraged me to buy and
support those coin. I am responding to those people in his words he said and we've heard this before in the past just when I walk around the factory
at SpaceX or Tesla people, they asked me to support
those coin. So
I'm doing so. So this next story is
where the shadiness
starts to just evolve a little more today sell the native token for in battle crypto
Lender C Finance is up 50% of the day as member of the project community attempt to orchestrate a short
squeeze. You guys know a short squeeze
right when instead of number go down,
number goes up and it forces people to close their positions if number goes up it can go up a lot and people
can be in debt for
lots and lots of money when they bet number go down. So members of the cell community, the
cellular network on twitter
tweeted the big hashtag sell short squeeze, explained by selling F. T. X. To move tokens
to meta mask three, connect to one inch and sell limit order at
read tweets crypto punk 53 64 was donated to the Ukraine Crypto fund in March yesterday. The fund sold the N. F. T. To an anonymous buyer for 90 f raising $100,000. In stark contrast
to the EU. The UK said
it will not require centers of crypto
assets to collect information
about recipients who use
hosted wallet addresses
instead of requiring the collection of beneficiary and original information for fallen
asset businesses will only be expected to collect this information for transactions identified
as posing an elevated
risk of illicit
finance. I won't call this one shady but it's just a financial product that I
guess we knew was gonna
exist sooner or later.
The pro shares
strategy E. T. F. Is slated to begin trading under B. I. T. I on the new york Stock exchange on Tuesday provides an opportunity to profit
off the price of the world's
biggest, biggest digital asset as it declines. Basically this financial product will allow you to short
during a bear Iran's newly launched US D. D. Stable coin
has traded under a dollar for almost a
Week now after slipping below its dollar peg on June 13 U. S. D. D. Hit an all time low of 92.5
cents on June 19 before recovering to around
96 cents. So what is U. S. D. D. Well it's a clone of luna and U. S. T. The ago stable coin that collapsed and wiped out probably about $40 billion of people's money. And so Justin's son of Tron said you know what, let's try the same exact thing
if first you don't succeed, try try and try again to get people
to lose their money. And finally sam make me freeze
Ceo of F. T. X.
Went on NPR and
said that he feels like he has a responsibility to consider stepping in and help bail out crypto companies that
are well gonna
go tips up. He said that the core
driver of this has been the Fed and raising the interest rates by
.75% or 75 basis points. The largest hike since 19
94. This isn't the first time that Sandbank Manfred stepped in.
Liquid group with a $120 million dollar loan
To recuperate losses from a $90 million dollar attack.
And he made sure
that we wanted to step in to make sure that everybody was made whole and that people didn't lose their
money which was a good thing I
guess. But I wanna know what you think, Matthew Aaron Ceo do you think that because companies have money and they can do whatever they want with the money of course. But what are we building here?
Are we building something
that I guess is able to weather the the
that's a better financial system than we currently have
or that's something that's maybe more stable and more open and transparent and trustworthy or something that just needs bail out
all the time because of irresponsibility and bad fundamentals,
business plans, just bad operations.
I'm not too sure
maybe sometimes there's black swan events that come in where
you might need to pump it in a little liquidity to make sure that everything stays
standing because we didn't expect that to happen.
isn't that what good strong businesses do is they
weather storms and the last ones standing. Isn't that a free market?
don't know you tell me Matthew Aaron
at Crypto Ceo,
thank you for listening to this
episode of the Daily. My name is Matthew Diemer. Don't forget to go to apple podcasts like
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and until tomorrow good luck huddling everyone