Here is the post for the Daily Leo Talk. In preparation for the upcoming Microblogging features, this is a good place to start conversations, posts charts, memes, trades, or anything else that comes to mind.
Let us boost our overall numbers by posting lots of comments throughout the day. Spread the word to get others involved.
It is a great way to stimulate engagement.
We can think of this as a Reddit type engagement thread. We are not dealing with long form content so topics of discussion can start off with a top line comment. We can fill in from there.
We are open 24/7/365.
Stay Informed About LEO!
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Hey Guys, I am writing a blog on the differences between UST and HBD. I want to understand how HBD maintains its peg? What are the different mechanisms that are put in place? Can anyone explain briefly or give me some pointers?
@taskmaster4450, @forexbrokr, @dalz, or anyone else who might help me out. :)) Would highly appreciate it.
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I go in details about HBD, while only rough overview about UST.
The basic mechanics for HBD are the conversions HIVE <-> HBD, where the blockchain gives you a price for HBD at 1, as long as the debt limit is not reached.
The debt limit is very important parameter, because unlike most of the other stablecoins, HBD by design is set to brake the peg of 1$ in case of emergency. While this might be seen as a bad thing it is actually a good thing because the protocol gives upfront information about the state of HBD and everyone can adjust their positions upfront, and this is a protective mechanics that allows HBD to be priced lower then 1$, but never goes to zero :).
Another very important parameter is the internal DEX and the hbdstabilizer. HBD conversions are not instant (3.5 days conversions), and because of this there is market risk in the process of conversions. Because of this the conversions by them self keep the peg loosely, but there is better security, because of a better price oracle of 3.5 days.
This is where the stabilizer comes in place. It basically provides instant conversions for HIVE to HBD and keeps the peg in a tight range. The stabilizer has around 130k HBD per day in liquidity to keep the balance. It is a type of incentivized internal market from where all the external markets for HBD can arbitrage and keep the peg on the external markets.
In short
While for UST I know they have instant conversions LUNA-UST and they have some type of tax system (fees) as incentives for conversions.
I have posted about the debt limit and the haircut rule, and will post again details soon :)
https://leofinance.io/@dalz/the-haircut-rule-the-biggest-risk-for-the-hbd-price-or-historical-data-on-hive-debt-and-hbd-price
Good god, thanks a ton @dalz. This is more than enough. You da man! 🙏
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Go Green!
It was a brutal day in the markets. This was an awful day for those who are looking at their portfolios.
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It is a very stressful day for those who constantly look at the markets. It's best to stay calm and wait.
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Yes, they shouldn’t watch it that closely…
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It is, but not everyone can do it, some are short-term investors. I experienced similar stress a long time ago, fortunately, I got rid of it.
Posted using LeoFinance Mobile
I understand they need to keep an eye on it when the time is right to sell.
But the stress involved… is it worth it. Yes, some times it is. But it is not fun anymore.
Without stress life is so. I have more beautiful 🤩
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It is very difficult to find the right time. It's best to stay calm and watch what's going on.
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Sorry, autocorrect hahaha sometimes I don’t know in which language / keyboard I’m typing hahaha I corrupted it and can use all 4 and write in 4 languages in one of them. Lol
Meant much more beautiful there.
Exactly… watch and stay calm!
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For all of us that didn't feel like we had enough of something when they were up, now is the time to add. Hive back to 60 cents, LEO at 10 cents, CUB at 5 cents. I actually bought some HBD at 91 cents today. I figure I'll get 10% on appreciation plus the 20% interest. Seems like a pretty sweet deal to me.
This, too, shall pass. We've seen it before and we'll see it again. No one knows where the bottom is so DCA your way in.
Posted Using LeoFinance Beta
SO true
LEO is criminally cheap right now, and so is CUB
great entry point
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Very good idea @dagger12 to just at right now when it is so low.
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I think Hive price is a steal so I converted some liquid HBD into Hive.
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Problem is, everything else is down, so what are you going to use to buy stuff at these fantastic prices. I didn't move enough funds into stables back in May of last year, so I am kind of screwed right now. Not that stables were immune this time either!
Looking at my portfolio with one eye closed. But seeing lots of coins going really dip, it’s time to accumulate
Posted using LeoFinance Mobile
Good luck with that. All of my funds I would use to buy the dip are also down!
😂 this is funny because yesterday was wild, places that were supposed to be a safe heaven for everyone became really unsafe, the UST holders can testify to that
Very true!
Good plan
WHat are you planning on getting?
Posted Using LeoFinance Beta
GMT and APE
I'm glad I didn't chase the Terra hype though. Yikes!
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Holy shit UST...
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Same! I was almost considering it but then the HBD thing started to become very attractive and I gave up
Hive saves the day once again
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It's a really bad day for Terra. Wonder how it would go from where it is today.
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Same here, it was cool, but I felt I already have Hive and HBD, no need to go chase them
Posted using LeoFinance Mobile
Me too…
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I made my big buy for CUB the other day, so I'm just going to forget about it for a while as the Kingdom at Cub Finance does its thing with it.
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Smart. CUB is very cheap right now
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I saw a lot of posts about it and there were warnings of it yesterday when LUNA price tanked. I guess those bots kept selling and the peg broke.
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I have a little but, but it was basically free money, so I am not feeling too disappointed about it. I have heard people saying the next day or two should tell us if it is going to recover or not.
Everything is so cheap it's hard to pick what I'm adding
Posted Using LeoFinance Beta
Someone told me some time ago, to go for the ones you have faith in :)
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haha sounds like a smart someone ;)
Yea, I'm adding some Hive and Leo. My top priorities for the moment
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He sure is, and is around here too :) Awesome for you. It's definitely good to keep adding on those two with the current price
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If we do dollar cost averaging, then it shouldn't matter what or when we buy provided we have faith in the asset or coin/token.
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That's right. Just like how we do with Hive :) Stacking up and staking them no matter the price :)
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That's true
When Hive and Leo are on the 10$ or more territory and BTC is over 100k it won't matter for me because I've been DCAing this whole time
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Very brutal indeed! And guilty about that too, got me looking everywhere, lol!
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I just don’t look at them… they will go up in the long run.
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That is why you avoid prices but seeing post after post of it doesn't help.
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I keep mine open, but I don't glance over there as much as I usually do. It's better just to focus on something else for a week/month/year!
REMINDER!!!
Grab some of those #CANDIES. We need to get them filling the jars. It is a great move on bloody crypto days.
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The only green thing in my portfolio again: candies. I can always count on them going up.
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Candy candy candy I can't let you go
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Thank you, just did that :) At least it gives a little fun on days like today.
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Please forgive me for the delayed welcome to LeoFinance and Daily Crypto Markets Live Blog! I hope it's been fun posting here as well as publishing content for LeoFinance.
Please accept this slice of !PIZZA as a show of appreciation for your interest, presence, and contributions to DCMLB :)
Posted Using LeoFinance Beta
Oh, no need to apologise but you're forgiven, lol! Thank you, it's a pleasure to be here and learn a bit of everything through the DCMLB. Cheers and many thanks for the pizza :)
!hivebits
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Success! You mined .9 HBIT & the user you replied to received .1 HBIT on your behalf. mine | wallet | market | tools | discord | community | <>< daily
Just collected 🥳🎉 40 today…
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Just added 10 candy to my bag.
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Thank you for the reminder. I got my daily candies and diamonds.
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Like the ones from Coingecko?
Never knew Ecency looked so beautiful:
https://hive.blog/hive-125125/@ecency/vision-introducing-decks
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As a TweetDeck user, this is awesome.
Tweetdeck is awesome for following the conversation around live events like sport or a tv show because you can have both your feed and hashtag feeds all side by side.
I'm not sure if that use case aligns with Hive's long form content, but it certainly will for Project Blank.
Exciting to see the development of front-ends :)
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Yeah they are stepping up their game
I still prefer Leofinance or PeakD but Ecency has some nice features
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Ecency is one of the many different frontends I use. Their point system is a clever way to encourage engagement.
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Does anyone know what's going on with TerraUSD?
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Do Kwon can't pump in enough money to hold it up against sells
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This is truly a terrible situation. There was almost 35% slippage. I think it's trying to recover now.
Posted using LeoFinance Mobile
It's definitely a wild thing to see happen real time
Posted Using LeoFinance Beta
Of course.
I won't be surprised if we have people trying to stay away from stables like that.
HBD is still early but we can see how it's holding the $0.9 position unlike how it was in the past.
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Benefits of not having much HBD in circulation. fixed interest yield works pretty well.
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More reason to leave everything in savings.
It's now of essence during this crypto dip.
Posted using LeoFinance Mobile
Yeah being paired with USDC is pretty awesome.
Posted Using LeoFinance Beta
Watching in real time is harmful to health. And it's not clear where it will go. The current fluctuations are not like the previous ones, there is something interesting.
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I just grab a beer and some popcorn.
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It's up to Wall Street Bets to do their thing and save LUNA.
It broke the peg. The algorithm obviously failed. Loss of confidence equals no bueno. It may recover but...it's never going to have the same level of market cap again. Scary. That's supposed to be "safe" money.
Posted Using LeoFinance Beta
It sure failed the trust test. And indeed such slippage in stablecoin is terrible.
It's hard to understand what's going on, we'll have to wait and see.
Posted using LeoFinance Mobile
Yeah. I think that if this thing recovers they are gonna need to revamp the algorithm to keep trust.
Of special interest should be setting automated parameters and amounts for using the backstop BTC. I am not sure how helpful using it in panic mode is helpful as it incites more fear. Better if it were programmatically deployed in an expected and verifiable fashion.
Posted Using LeoFinance Beta
Honestly, I would never trust again. Terra has failed and they are currently selling large amounts of BTC to fix the issues.
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Me neither. I am already slightly skeptical of algorithmic stablecoins and UST seemed to fail the test. Of course we have know way to know if it really failed since they cut the test short randomly. They should put intervention into the algorithm and stick with that if they want to rescue.
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As far as I can see, they are selling Bitcoin to save TerraUSD. I think this will cause bigger problems in the future. Terra's algorithm is worse than I expected.
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It is a shame. They just bought it :-0
Yes it is not good.
I wonder if there is some foul play there. People who don't like terra may be helping push it down. Still the algorithm should be better than that on a coin worth billions.
Posted Using LeoFinance Beta
We have to remember that LUNA itself is a victim, not the perpetrator. The problem was its associated stablecoin, TerraUSD (UST). Any cryptocurrency which has an associated stablecoin could suffer the same fate if protections and safeguards aren't included in their algorithms. We have more protections than most; our problem was just a lousy peg which seems to have been rectified.
Could what happened with LUNA/UST also happen with, oh, ETH/DAI or BNB/BUSD?
I don't think it is that simple. Why did the Luna foundation choose to sell when the markets were crashing? Did they reveal the truth?
Posted Using LeoFinance Beta
Time to move your stake to HBD and be "safe" not just on papers. But in reality. 😂
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Yea, I grabbed some this morning and I plan to get some more in the next few days
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It debates all that is attached to being a stablecoin.
We'll expect nothing less when the market recovers.
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When it comes to Terra (LUNA), @melbourneswest is the one to find. Here's a post he published a couple of days ago:
Posted Using LeoFinance Beta
Oh, my chart is a little off, lol! It looks like it is trying to weather the storm.
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I hope it gets over this or bigger storms will come.
Posted using LeoFinance Mobile
Bigger storms aren't good. But we can't totally avoid such if it's their season.
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I have to stay calm and wait for the storm to pass. Then everything will look clearer.
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It's the best thing to do to avoid getting all worked up.
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UST had instant conversions from UST into LUNA so the arbitrage bots kept pushing down LUNA until it broke the peg. I guess having LUNA fall in price so fast caused it's downfall.
Posted Using LeoFinance Beta
The algorithm failed pretty bad they'll have to change it.
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Markets can't get rid of the red.
Bitcoin saw below $30,000. Will Bitcoin lose its support at $30,000?
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I don't think so but then again was wrong when I said I believed it would hold at 32k so what do I know >:P
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30K is also a psychological support, if it loses it, the disaster scenario comes into play.
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Very true. People are panic selling left and right
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Not only are people selling, they are also selling to provide liquidity in crypto companies that make wrong investments and have wrong algorithms.
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That's very true. And it's interesting to see how it behaves from now.
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Really interesting days await us. We'll wait and see
Posted using LeoFinance Mobile
And that we shall wait and see.
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Crypto, securities, metals, and other commodities dropped. I would have expected the metals to rise as the securities dropped, but they fell too. Something shifty is happening with the metals, but I don't know what it is.
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Something really weird is going on and I still can't figure it out. A few days later, we'll have to wait and see what happened.
Posted using LeoFinance Mobile
Let's take gold and silver as examples (whether it's the physical metals, or their respective ForEx equivalents XAU and XAG). Traditionally, when USD falls XAU/XAG rises. When USD rises, they fall.
Is USD falling because it is becoming a less-demanded asset, or is it falling because there's just so much out there that the rest of the world is oversaturated with USD?
Usually XAU/XAG are good indicators, yet they've been tracking with USD for at least a decade or longer due to manipulation of "paper gold" and "paper silver" by the bullion banks. For a while starting in mid-March 2020 XAU/XAG broke through to regain more of their true market value. In 2021 both slipped back to their January-February 2020 prices.
During the early days of Russia's
Operation Zin Ukraine, XAU/XAG rebounded in price to reflect their natural behaviors as safe haven assets. In recent weeks, they dropped back despite the situation transforming into a transition fromOperation Zto World War 3, 21st Century style.I don't have all the info I need to analyze events properly. I don't know how gold and silver are flowing specifically throughout the world beyond the obvious trend of making an exodus from West to East. I only know what the spot prices tell me. Something fishy or shifty is happening with the metals.
Posted Using LeoFinance Beta
I think it will depend on how the stock market moves but I think we will see lower prices first.
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The current decline is very different from previous ones. It seems like very interesting things are going on, I wonder where Terra is in these fluctuations.
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I heard the dip below $30K was from the 150B that they moved to help bring UST back up. Not sure how accurate that is though.
How true this is is currently unclear. But if true, it could have dire consequences. We'll wait and see.
Posted Using LeoFinance Beta
The info in the AMA that it could have been a hack is interesting too.
This is more interesting indeed. They manage billions of dollars. Only an insider can hack such platforms.
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If it is true. I think it is only speculation at this point.
Click the image for a full-size view
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PIZZA Holders sent $PIZZA tips in this post's comments:
@magnacarta(1/5) tipped @ifarmgirl (x1)
Please vote for pizza.witness!
Bitcoin as "reserve currency"?
Posted Using LeoFinance Beta
Ugh, it's been a little hard to watch. I admit it, there was a sense of security in my holdings that feels just a little scary right now.
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Their number is growing. 9 out of 10 central banks globally are exploring CBDCs.
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