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Magic Internet Money

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Is Daniele Sestagalli’s ‘MIM’ the next stablecoin in trouble?

MIM (aka Magic Internet Money) is the latest stablecoin to blow up. Peg has dropped to as low as 92c and treasury is insolvent. It has a mcap of $220M. The team are buying CRV - a volatile ponzi play. Daniele Sesta says its FUD, while other dev Tetranode has posted a goodbye...

Another stablecoin bites the dust - Magic Internet Money (MIM) drops to $0.94 - If you put your money into something named that, you deserve to lose it.

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Here's how Do Kwon cashed out $2.7 billion using Degenbox to drain liquidity out of the LUNA & UST system and into hard money like USDT.

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New Stablecoin LP Launched! Boost APY for BUSD-USDT-DAI-MIM

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Stablecoin MIM loses 80% marketcap less than 24 hours ago

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Spell token price prediction for 2022-2030

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A wild 7 months to say the least

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Something new can always be born after the death of the Terra-Luna

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WARNING: The MIM (Magic Internet Money) Stablecoin Is Insolvent and The Liquidity Pools on Uniswap are being emptied

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Don’t listen to anyone

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Reflections on the rise of DEFI

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Battle between decentralised stablecoins just got real! Earlier, Founder of DAI called UST (Terra) a 'solid ponzi". In return, UST has come up with a plan to crush DAI and has teamed up with Frax

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FirecampDAO [Avalanche] - [Launched Today] - Unique Staking and Minting system

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How sustainable is UST? What black swan event will cause it to depeg?

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Devil Finance | Yield Optimizer On Fantom Blockchain | Stake And Earn | Nfts Coming Soon | Lowest Fees In Defi |

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$MOR: Launching on Fantom on Feb 23: MOR by Growth De-Fi will be the only protocol on Fantom that offers both borrowing/leveraged yield farming with 0% interest loans and no penalties to open or close vaults. GRO holders also get MOR revenue. MOR is currently on AVAX and BSC.

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The paradox of hype vs. use case - why AMP and XLM are grossly undervalued.

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Where do you keep stablecoins?

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Help tracking down my hacker?

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🔥 FATFIRE Zero deposit fee yield farm and token on Fantom 🔥 #freemoney

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Why MIM's Lack of Liquidity Could Possibly Destabilize UST

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❄️Avalps DAO ❄️ $BLANC ❄️$SKI ❄️Biggest APY ever 2.142e125% 🚀 Bonding discount 150-180% ❄️

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The co-founder of billion dollar Defi protocol Wonderland is a serial scammer, fraudster and co-founder of notorious QuadrigaCX exchange!

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Wonderland controversy and why Terra's LUNA is down

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What did I do wrong? It took away half of my money and why is it buying MIM?

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Time Bomb: Wonderland, Magic Internet Money, and UST

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MIM is depegging. Terralabs are cashing out LUNA through UST-MIM curve pool. Exit Abracadabra, Exit SPELL, Exit LUNA, Exit UST. Short MIM

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1bsc1bsc1bscMIM help

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New to crypto - overwhelmed by what are the real life use of all the altcoins

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🦴 Boneyard | Presale Launch 2022-02-01 | Auto Earn magic internet money (MIM) just by holding! | build on Fantom | BoneyardDAO coming soon 🌚

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Time Wonderland, an ohm fork that promised 80,000%+ APY returns, has fallen 95% in value from 10,000+ to 500 and is collapsing as I type this.

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Grape Finance - Algorithmic stable coin pegged to MIM on AVAX Chain | A+ Community | Active Devs | Contract ownership renounced | ✅Stayed green while the market Bled!!! | Current yields around 8% per day | Early project, only 2M TVL | Launchpad and NFTs with utility are coming

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A Complete Explanation of TIME, MEMO, wMEMO and the economics of Wonderland

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If the Internet of information shrunk the world then the Internet of Value (defi) has shrunk money.

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$GHOST Capital has successfully launched | The evolution of meme coin utility starts with Ghost Capital 👻

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Maker Co-Founder Calls UST and MIM 'Solid Ponzis' That Will Go to Zero

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Maker Co-Founder Calls UST and MIM 'Solid Ponzis' That Will Go to Zero

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Terra, Abracadabra Stablecoins "Are Going to Zero": Maker Founder

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Hector DAO - Ohm Spoon, not Fork - AMA about 2022 Master Plan Live on Youtube at 20.00 UTC - Combining Utility with Rebasing + a $100,000,000 Treasury - Bullish 🚀

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Safest way to park your gains long term: how safe are stablecoins?

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Experienced team launched first meme DAO on Avax network - welcome PepeDAO. Can it be first successful Pepe token?

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Experienced team launched first meme DAO on Avax network - welcome PepeDAO. Can it be first successful Pepe token?

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Avax network meme DAO. First Pepe token 👏 PepeDAO is live with insane staking APY!

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PepeDAO launched 🥳 Huge staking apy (200% ROI 5-day rate). Avalanche network meme DAO with celebrities onboard.

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First ever meme DAO is live 🐸 PepeDAO on Avax network. Insane staking and minting APY.

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It's time for first ever meme DAO. Introducing PepeDAO on Avalanche Network. Stake your Pepe tokens and get millions of APY.

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First meme DAO ever to exist. PepeDAO live on Avax network with enormous staking APY.

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PepeDAO launched on Avalanche network. Huge staking and minting APY. Can it be first good meme Pepe token?

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First meme DAO - PepeDAO token on AVAX. Insane staking APY, celebrities onboard, $200k mcap

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PepeDAO live now with enormous high APY. Maybe it's time for first good Pepe token?

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PepeDAO - OHM fork Avalanche network. Staking and minting huge APY, celebrities onboard.

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Are there other tokens similar to MIM and spell?

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How Olympus DAO and Wonderland TIME are bleeding their investors

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SierraDAO | Launching December 28th | Discord already at 16k members!

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Dionys DAO | Highest APYs | +$100K Giveaway 🎁 | Stake and Earn | Multi SIG 🔒

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❄️Avalps DAO ❄️ $BLANC ❄️$SKI ❄️Biggest APY ever 2.142e125% 🚀 Bonding discount 150-180% ❄️

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Spell Token

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ParrotDao - Most rewarding DAO on market | DeFi and GameFi | Avalanche

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ParrotDao - Most rewarding DAO on market

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Gemini Exchange just announced nine more coins to their list

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FLEX - AVAX is the new BSC. Get into the first legitimate memecoin before it pops. 15k Cap - 78 Holders - Launched Today

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👑 MidasDAO - New DeFI👑! Stealthily launched 📈 Insane high APY 🚀 Chart goin to MOON 🚀 Rebase every 8 hours - earn money by staking 🔥 Buy CROWN at a EXTRA discount thanks to MINTING 🔥 Trending on almost all sites! Top on CoinCost!

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⚔️TemplarDAO⚔️ ($TEM) | ✅ Listed On CG/CMC | ROI 23%🚀| APY 350m% 🔥 | $8m MCAP | OhmFork on BSC 💎 | Giveaway🎁 | Frog Nation Supporter🐸

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PinguInu - Just launched - 50k MC, 118 Holders, 100+ TG Members

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⚔️TemplarDAO⚔️ ($TEM) | ROI 24%🚀| APY 600m% 🔥 | $5m MCAP | Ohmfork on BSC 💎 | Treasury-Reverse Protocol 🐸 | Yields Goes to Holders!🏆

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Help a newbie understand defi loans

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Looking for a good project with low gas fees. Check PAPA DAO on the AVAX network

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🚀Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵

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🚀Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵

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Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵

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[$BBYoda] The force may be strong with this one!! BabyYoda stealth launching on TraderJoe “soon”. 6% MIM Rewards to token holders. 🔥STONKS 🔥

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$MINTY | Safe High Yield $MIM rewards | Insure staking rewards on #Avalanche

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PapaDao ($PAPA) | The reserve currency of the Metaverse and the Gaming universe on Avalance | AMA with Crypto Sensei on Saturday | Massive +2,000,000% staking APY | (4, 4) Bonds coming | Rapidly growing community and much more!

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How does bonding work with Crypto?

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Terra (LUNA) for beginners. Terra is an ecosystem of stablecoins and this is why it matters for all of crypto.

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Some sad new

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A Whole New World! - Come take a ride with us on a Magic Carpet $MGC - a reflection token of $RUG, the best reserve currency DAO on Avalanche. Discord and Twitter + More Information in the post!

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A Whole New World! - Come take a ride with us on a Magic Carpet $MGC - a reflection token of $RUG, the best reserve currency DAO on Avalanche. Discord and Twitter + More Information in the post!

Mentions

Found some comics on the Celsius and 3AC insolvency. MIM next? Celsius: [https://twitter.com/MeetWawa/status/1536987218463535104](https://twitter.com/MeetWawa/status/1536987218463535104) 3AC: [https://twitter.com/MeetWawa/status/1538440437299458048](https://twitter.com/MeetWawa/status/1538440437299458048)

Mentions:#AC#MIM

You're like the goldilocks of MIM.

Mentions:#MIM

> $MIM I'd backed by assets like Bitcoin and Ethereum So it is backed by assets that have lost a third of their value in the last two weeks?

Mentions:#MIM

$MIM was down bad yesterday but recovered

Mentions:#MIM

might be MIM tho

Mentions:#MIM

>I don't know why people think govt backed fiat is so safe. Solana seizing user funds, or Luna, or Celsius, or MIM, or Wonderland, or Mt Gox, or..... Remind me when this happened in Tradfi. The reason why govt backed Fiat is safe is regulation. If anything, regulation is a good thing for the common man... and that's why crooked bankers hate regulation. That in itself should give you pause... if crooked bankers hate regulation, why does crypto also hate regulation? > Why Do People Call Crypto a Ponzi? Almost every big institutional crash turned out to be an overleveraged Ponzi. I'm saying almost while I actually don't know of one where this was not the case. And then we have the elephant in the room, Tether, which is a scam which is tolerated in the Crypto world as it is too big to fail. One of the biggest issues here in this community is that warnings are seen as FUD. > Someone like me, who belongs to a third world country, let me tell you, Bitcoin, Cardano, Ether etc these coins give hope for a better future for people in my region. Heartbreaking, but this is almost certainly not true. Let me explain; Crypto tends to accumulate into the hands of whales who have the ability to manipulate the market. That's quite normal, we see this in Tradfi as well, but governments install mitigating measures (taxing, welfare etc.), otherwise they will be voted out (yes there's a disconcerting amount of people voting against their interests, but still). So crypto is not for the masses, but it's concentrated in the hands of un-elected and thus unaccountable institutions who can manipulate the price to further their own goals. Simply put, a crypto society is the rawest unmitigated form of capitalism. That's not a good situation for the common man.

Mentions:#MIM#FUD

tldr; Magic Internet Money (MIM) is the latest stablecoin to de-peg amid the liquidity issues in the market. MIM's slip was due to excessive loans caused by Terra’s collapse, according to an investment firm. However, MIM founder Daniele S *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MIM#DYOR

MIM actually is a con, yes.?

Mentions:#MIM

I own crypto and the crypto space is often hard to take. People attacking each other based on their chosen crypto. All the scams. There's a cult like atmosphere for some as well. People telling others to go ALL in because fiat is going to die. People also seem ignorant as fuck. The whole rainbow chart crap. Telling people things like it's a sure thing based on previous cycles. Just because crypto did XYZ before doesn't mean it will do it again. We are all finding that out as I type this with BTC dropping below the last cycles ATH. Perfect example of crypto being hard to take care the people who buy into projects like MIM come on really? Lol. Or the Tron stable coin that is basically just like Luna. How the hell did people watch Luna meltdown and think "I want some more of that"

Mentions:#XYZ#BTC#MIM

I don't usually engage in this nonsense, but your statement is true. 5k when btc hit 5k in wtvr year was groundbreaking, this is catastrophic. There is a big difference. Not catastrophic because of money either, but because now it will take years for it to climb again. There is no stimulus money for people to blindly throw at MIM (magic internet money), but also there's no trust in the actual concept of it being a deflationary asset, which at this point if you still think it is a safe haven then you are delusional.

Mentions:#MIM

Hypothetically, how would one go about putting a short on MIM? How about CRV?

Mentions:#MIM#CRV

$MIM is not backed by CRV, the treasure holds CVX in order to increase the CRV rewards that are given to their specific $MIM pool. $MIM I'd backed by assets like Bitcoin and Ethereum. Go see for yourself,it seems you do not know how Abracadabra.money works.

Mentions:#MIM#CRV#CVX

The MIM tokenomics follow the dai model and it’s why it has recovered. The reason it dropped because there was rumours that their was insolvency in the protocol which was wrong and so the peg has come back to a healthier level of 0.9835 in a already dropping market which suggest having a overcollaterlised backing of crypto assets does work. It also didn’t need artificially repegging because of the liquidiation mechanism unlike ust so it’s definitely not like ust

Mentions:#MIM

Clearly you haven’t seen the tokenomics properly, the depeg was based on rumours the that the protocol was insolvent which it wasn’t and so the peg has now gone up. mIm is a overcollaterlised stablecoin backed by crypto assets, it’s not a scam because it’s backed with value so it won’t implode like ust because you can always redeem $1 of MIM with $1 of crypto

Mentions:#MIM

I mean if you really going to base an investment not by the tokenomics but by it’s name then that’s pretty bad. Now I’m Not comparing apple to MIM so relax, but both names if you don’t consider hein sight on how big apple is and just consider the name it’s just as ridiculous to call a computer company a name of a fruit. The name doesn’t matter it’s the tech behind it. The tokenomics for MIm isn’t a scam and it’s solvent so this sentiment doesn’t make sense

Mentions:#MIM

Is there a connection from Kwon to the next possible drama with MIM? Or was this only fud?

Mentions:#MIM

I've been calling out MIM and SPELL for months. The dev's are associated with failed projects and one of the primary dev's was literally behind the Quadriga rugpull. After the team found out that Sifu was behind that they swept it under the rug and tried to hide that they knew about it.

Mentions:#MIM#SPELL

You mean Daniele sesta, the guy who scammed a lot of people with wonderland? MIM is obviously a scam, but it sound ridicolous citing that guy when you talk about Ponzi scheme

Mentions:#MIM

The guy behind the horrible and sketch rebase token TIME is also involved with MIM. The main reason I knew not to touch it.

Mentions:#TIME#MIM

Why would anyone use MIM when you could use USDC????

Mentions:#MIM#USDC

I had Luna puts all the way down to $0, got extremely lucky, drained the liquidity in premia.finance (defi options). Currently shorting $MIM because it’s extremely low risk if done correctly. Deposit DAI in yearn vault, use the staking coins as collateral on Abracadabra, borrow MIM, sell MIM, and wait. Overall, I love crypto options more because you don’t have to mess with collateral and risk liquidation.

Mentions:#MIM#DAI

You can open a CDP with Abracadabra.money, borrow MIM, deposit into curve pool, and withdraw USDC/USDT/DAI and then just wait for it to fall.

$MIM is not going to crash crash like LUNA. It is backed by over collateralized CDPs, many of which generate revenue while they sit there. When the price of $MIM < $1, people are incentived to buy it and pay back their loans for less in terms of USD. Similar to Maker though the fees are much lower and you are able to borrow more with your collageral. Curve is one of the best and most used protocols for stable swaps and more. With the announce of a EUR stablecoin from Circle and many other Forex stablecoins, curve will still generate revenue in a bear market. Most DAOs are buying $CVX instead of $CRV in order to to direct emissions to their liquidity pools and incentive more users to deposit into the LP.

What happens to abracadabra money if MIM depegs? I have loans out with them… do I need to hurry and pay it back? What do is do?

Mentions:#MIM

I actually didn't even realise MIM was still a thing. I thought it imploded with Abracadabra.

Mentions:#MIM

Don't know much about MIM, but CRV is definitely not a Ponzi by definition. You could argue that it is a bad investment though

Mentions:#MIM#CRV

There is no "they" who control the backing of MIM, its a defi protocol like DAI, individual users deposit collateral to mint MIM.

Mentions:#MIM#DAI

I bet you 1 MIM that is does! If I’m right I get $1. If you’re right you get…close to $0. Sound good?

Mentions:#MIM

At least he isn't planning to create MIM v2

Mentions:#MIM

MIM (Magic Internet Money), algorithmic “stablecoin” with $200,000,000 marketcap, hit ATL ($0.914) and still not pegged back to $1 👀

Mentions:#MIM#ATL

This is really interesting. There is a flush going on. Everybody is calling bullshit on every bullshit apparatus attached to crypto and Bitcoin in particular. Luna, Celsius, 3AC, Voyager, BlockFi (probably soon), Nexo (also soon,) Genesis, MIM. Every single leveraged circular bullshit scheme. Stuff I was in and lost in. The veil has been lifted. There is only either owning the coins or there isn't. Liquidity is evaporating for leverage.

Mentions:#AC#MIM

Hey, where can I short MIM with leverage?

Mentions:#MIM

It reached 100k in UST already, 100k in MIM coming up

Mentions:#MIM

In other news, MIM is being depegged

Mentions:#MIM

The wording of that tweet by @danielesesta alone is a massive red flag for me. Glad I'm not involved in MIM. Hell, I only found out about it from the earlier post then promptly forgot about it.

Mentions:#MIM

It survived only because it was so utterly insignificant compared to UST. Couple hundred million doesn't put you in top positions on the list of things to burn down. But sure enough we are now down to MIM on that list, and down it will go.

Mentions:#MIM

Dashboard shows that the protocol is solvent and I would be surprised if MIM implodes tbh. It's not an algo stablecoin and it can't inflate. When liquidations happen MIM will be burned (if the code executes as intended). Not saying that anyone should invest in shitty projects right now but just giving credit where credit is due. Daniele fucked up with Wonderland big time but MIM is actually a good idea and I hope it survives.

Mentions:#MIM

MIM is making a run.

Mentions:#MIM

Anyone else shorting $MIM?

Mentions:#MIM

I wouldn't write it off just yet. MIM as survived worse than this.

Mentions:#MIM

MIM disappearing like magic

Mentions:#MIM

MIM is a defi degenerate stablecoin. I am surprised it stayed peg after the UST fiasco.

Mentions:#MIM

Alright, MIM depeg looks like this weekends stable to murder. We need a stable coin bookmaker.

Mentions:#MIM

MIM is depegging, brace yourselves

Mentions:#MIM

So anyone buying the “MIM” $0.93 dip lol?

Mentions:#MIM

well luna looks like a fucking Nobel prize next to that MIM twitter bio

Mentions:#MIM

MIM stronger than UST? Huh, maybe Abra really does have Magic Internet Money. No George Soros styles attacked here! ;) Last comment on the MIM Coin Market cap page.

Mentions:#MIM

This is literally their Twitter bio: MIM “IS A SPELL BOOK THAT ALLOWS USERS TO PRODUCE MAGIC INTERNET MONEY! $MIM $SPELL” 😮‍💨

What's up with the random MIM drop?

Mentions:#MIM

What is MIM?

Mentions:#MIM

Going lower MIM/DAI trading under $0.93 on Curve

Mentions:#MIM#DAI

Shorting MIM and USDT :)

Mentions:#MIM#USDT

MIM, another stable coin has lost its peg.

Mentions:#MIM

Are you actually interested in going through the redemption process or do you just have a bunch of stables you wanna go to USD asap on? 1. Tether doesn't redeem for small scale clients as far as I'm aware, they're main issuers are Bitfinex and FTX who then disseminate it through the rest of the market. I think they've got like a 100k minimum for redemption and potentially KYC so only whales/exchanges actually go through the process. 2. Any exchange with a direct Circle hookup should be able to do it, CB is probably best as they're pretty well connected to each other. 3. BUSD is Binance's backed coin. I've gotta imagine either Binance or Binance US can do a direct cashout if you want. Other stables are often connected to exchanges/centralized entities (USDP, GUSD) who should be legally liable to country compatible residents to redeem, DeFi projects with smart contract redemption to unlock collateral (FRAX, FEI, DAI, MIM), or are non-fiat based wrappers like BitGo for WBTC.

You invested in MIM and now you're bragging? ![gif](giphy|26gs8Ehf9MtAw12tW)

Mentions:#MIM

LOL wait til you hear what the Degenbox currency is called... "Magic Internet Money" or MIM.

Mentions:#MIM

>But who gives a shit about philosophical archetypes; But that defeats the only purpose. If DAI is backed by USDC, there's no reason to buy DAI. Just buy USDC. >I am surprised you have so quickly arrived at "crypto collateralized stables simply aren't a great idea" ...a few short months ago you would have agreed with that statement Not sure if it's clear that I'm distinguishing between algorithmic stable coins and collateralized stable coins. Luna wasn't collateralized, regardless of the "backing" language Do Kwon used. A collateralized stable has to be backed by a crypto asset or a real world asset (USD). Real world asset backing requires a trusted custodian and defeats the purpose. And even BTC and ETH are to volatile to use as collateral without creating the near certainty of under collateralization at some point (unless collateralization rates are much higher than DAI currently uses). >The problem with Titan, Luna, etc., is that they provided little value outside of being a counterweight for their stable That was the key innovation of Luna, and also the reason UST hasn't repegged. The Terra chain was built to give Luna an external value as a staking and gas token, outside of its stabalizer value. No other algo stable had that external value to hundreds of network validators and dozens of dApp protocol development teams (and their user base). The mistake, which I never considered, was that, while UST would have been guaranteed to repeg eventually (at a much lower market cap, when everyone stopped selling)... the dilution of Terra made it impossible to secure the blockchain, because LUNA was also a governance token. The price of LUNA and MC of UST should have plummeted and Terra should have basically started over from 0. At some point all the UST that was going to be sold under $1 would have been burned, and probably a large amount would never have tried to sell. The problem, that they should have had a plan for, was that every new $1 spent buying LUNA had a higher percentage of voting power as the price continued to fall. So the validators and whales panicked and voted to stop letting people stake new LUNA. Then they stopped the burn/mint module entirely to stop further dissolution. It's crazy that TFL didn't have a plan for this at all. If they would have frozen the chain earlier, they could have waited until enough capital was committed to repeg UST before resuming the chain. Terra had more than enough users to chip in and do that if it was coordinated. Terra would have been crushed from the loss of faith and need for a new model, but it probably wouldn't have been a complete collapse. In fact there are multiple single actions TFL could have taken that each may have been enough to avoid the death spiral. Time locked incentivized UST deposits alone would probably have slowed UST sales down enough for the burn module to keep up. Not incentivizing the MIM degen box by topping up Anchor probably would have avoided the majority of the initial UST liquidation sell off. To say nothing of the probability that the BTC-UST pool probably would have worked perfectly (up to a certain UST supply)

Why am I getting negged their is already a coin called MIM

Mentions:#MIM

There actually a coin called MIM

Mentions:#MIM

I don't want a lot for halving there is just one thing I need No, I don't want stables no iron, MIM, or UST

Mentions:#MIM

Unfortunately for me, Daniele Sesta. The guy is either shady as hell or dumb as hell for the whole Sifu stuff. To top it off, MIM is an algorithmic stable coin, and we’ve seen how well those go recently - especially when paired with an outspoken figurehead.

Mentions:#MIM

Or collaterized with other assets with proper liquidation mechanisms in place should the stablecoin loan approach backing value. Eg DAI and MIM backed by crypto assets.

Mentions:#DAI#MIM

💰Another new stablecoin LP launched! \$BUSD $USDT $DAI $MIM Normal APY: 17.6% Boosted APY: 39.2%🚀 \#ACryptoS Largest trading volume for stablecoins for 1 year+ \#TrustTheSamurai 🔗https://app-v2.acryptos.com/#/BSC/farms/usd \#BNBChain #BSC #stablecoin \@defiyield_app

>Confidently wrong - that’s what you are. Ok. I've got few words describing what you are but I'll keep it to myself. >UST was NOT a collateralized coin, it was an algorithmic coin. LUNA was NOT used as a collateral for it, but burned or minted to keep the peg. UST and luna were just good example i provided so maybe even most stubborn mined could grasp the idea of what us wrong with calling something backed when it isn't. Collateralized is not backed either due to natural volatility of the asset and general definition. >Algo stables are known to have a death spiral vulnerability. IRON and FRAX and DEI are other examples of algo stables. >DAI and MIM are examples of overcollateralized stables. Nicely unnecessary lecture but at least you make an effort. >USDC and BUSD are collateralized stables with collateral being actual dollars. Not fully, not proven and that makes it unbacked. >Go read a bit before you go around acting like a smartass. I'm much smarter than you. Go buy some Luna.

Confidently wrong - that’s what you are. UST was NOT a collateralized coin, it was an algorithmic coin. LUNA was NOT used as a collateral for it, but burned or minted to keep rhe peg. Algo stables are known to have a death spiral vulnerability. IRON and FRAX and DEI are other examples of algo stables. DAI and MIM are examples of overcollateralized stables. USDC and BUSD are collateralized stables with collateral being actual dollars. Go read a bit before you ho around acting like a smartass.

The MIM degen box simply accelerated the Ponzinomics.

Mentions:#MIM

didn’t require money pouring into it. That wasn’t the mechanism. Collapsed because the value of UST got too big relative to LUNA because kwonboy pushed stupid partnerships like the MIM degen box that introduced leverage.

Mentions:#UST#LUNA#MIM

Didn't that guy then went on to fund [abracadabra.money](https://abracadabra.money) which had MIM and SPELL?

Mentions:#MIM#SPELL

This is what Terra was doing: Burn 5 million premined Luna for UST in small batches over many wallets -> aggregate into larger wallets and bridge to ERC20 UST -> swap to MIM at a favorable rate timed to when degenbox would open up the leveraged UST farm, using degenbox depositors as exit liquidity -> swap the MIM to USDT or another major stable -> send to CEX All of this is verifiable on-chain. It didn’t just fail. It failed specifically because they were siphoning out the liquidity from the system using above average returns paid in bad debt as an incentive. It was a slow rug and a ponzi.

"Magic Internet Money" = **(MIM)** *Oh no...*

Mentions:#MIM

so how did MIM hold peg when UST fell?

Mentions:#MIM#UST

>and neither did you. Here's a [comment](https://www.np.reddit.com/r/Buttcoin/comments/rclecv/so_somebody_explain_to_me_how_tether_can_be_used/hnyn4p2/?context=3) I made on the topic from five months ago. This one is over on buttcoin and about DAI and MIM, not Terra specifically, but the same principle remains.

Mentions:#DAI#MIM

People who make DAI competitors hate DAI. People who are ashamed they didn't accumulate vast quantities of MKR in its infancy. And so on. Remember "bye bye DAI" when everyone was shilling MIM?

Mentions:#DAI#MKR#MIM

One comment: > looks at his bio > "co founder of maker dao" Lmfaoooooooo Don't think it gets more bullish than this for $UST and $MIM HAHAHAHAHAHAHA I love it. Thanks for sharing the link. So many of those guys are FUUUUUUUUUUCKED.

Mentions:#UST#MIM

I read MIM as Made In Mexico. Please don't bring Fender into crypto... that's a Gibson thing

Mentions:#MIM

I think the MIM thing just sort of allowed them to funnel the anchor yield back to MIM holders. They were sort of stealing from anchor. It held through the UST crash, the Sifu thing, etc. I think at this point it's proven to be ok. My understanding it's just a slightly less overcollateralized version of dai.

Mentions:#MIM#UST

There was some sketchy behavior with its founder Dani and Sifu, a notorious scammer/thief. MIM was also tightly integrated with UST/Anchor through the "degenbox" feature, though it has evidently weathered the UST storm without significant issue beyond the market cap taking a ~30% haircut. I don't think MIM is a ponzi per se, but it's also not the most reputable stablecoin you could use. But yes, it is overcollateralized and it will hold its peg fairly well.

Mentions:#MIM#UST

What's the issue with MIM? It's also over collateralized?

Mentions:#MIM

That’s not true at all; the value of the collateral can tank before the value of the stable starts to depeg; this is what happened with MIM few months ago

Mentions:#MIM

Would MIM also be vulnerable to the same type of depegging?

Mentions:#MIM

Not luck for me, the only stablecoin I touch is USDC. I trust USDC because it's trying to be a dollar, and it's backed by dollars. It also has a 3rd party audit which has confirmed multiple times that it's reserves match the circulating quantities. I avoided MIM, DAI, USDT, and UST because none of them have the backing/auditing (DAI might be an exception because it is over-collatorized, but there are still some assumptions built into that too which make me not want to put my.. "stable" money in.) I really feel for all the Luna holders. I don't blame them, but I think stablecoins need to be treated differently from other crypto.

i just checked MIM chart, didnt it cradh too? or why is it pegged? like the abracadabra fiasco?

Mentions:#MIM

At least MIM retained its peg during the crash.

Mentions:#MIM

MIM is on multiple networks man, I do know what I am talking about. There was 750M UST outstanding 5 days ago, and 1.8-1.9B outstanding MIM repaying 750M UST would drop the outstanding MIM units far more than ~100M. I found the UST it under depreciated markets, I still do not believe it’s true that all of it could be repaid If it is not true nothing happens, no big deal. If its true then it tanks in price. This is a simple warning about something that looks fishy as fuck

Mentions:#MIM#UST

MIM had over 2b MC last week. You can literally check this on coingecko. https://abracadabra.money/stand It's from here.

Mentions:#MIM

Yeah really wish there was a lot less shadiness in the space. I'm not personally invested in MIM but thanks for pointing it out OP

Mentions:#MIM#OP

Guys the MIM (magic internet money) stablecoin is almost certainly insolvent. 37% of the active collateral a week ago was UST. They removed their data tables yesterday for an “update” and posted a picture on twitter with the UST portion totally missing. They also don’t publish liquidation information on stablecoins (lol) like UST. 37% of the 1.8B outstanding is a significant amount of money and there is no chance it was all paid back before the UST crash. Major warning if you own MIM the liquidity pools are already being dried up on Uniswap. Be careful

Mentions:#MIM#UST

I will never, ever, understand where all that money for Luna came from. From tens to hundreds of millions being infused when the protocol could not sustain itself and the two near crashes before, to the MIM degenbox, to the most recent funds, who and where the fuck are the people pissing away billions of dollars? Where does that come from?

Mentions:#MIM

CDPs like DAI or MIM are also great if that's your main argument.

Mentions:#DAI#MIM

It's going to suffer a lot from MIM being largely backed by UST.

Mentions:#MIM#UST

$MIM is getting to depeg too.

Mentions:#MIM

It's not an exploit. It was not a programming error. The thing is just a total conceptual failure, and was exposed as such. It supposed you can create value of out thin air, and then compel people to prop up a ridiculously artificial price on what, by any sober account, is a nearly worthless asset via an allegedly game theoretical tactic. It was nonsense from the getgo, and the upward price action very rarely made any rational sense. Everything behaved as it ought to have behaved, except for LFG attempting to intervene manually to prop up what was supposed to be an algorithmically stable coin. So who is to blame in that case: the people who created it, and the people who put money into it, and everyone who ought to have known better but was blinded by greed and stupidity and tried to rope others along. The way I found out about this intitially was via a friend who saw someone posting on twitter about how they were generating some weird Frankenstein beast combo of aave flash loans, MIM, and anchor. He asked me to look into it. My mind was blown. Trust me, it's better for crypto that it happened. It's unfortunate it did not happen much sooner.

Mentions:#MIM

MIM is overcollaterlized but yes

Mentions:#MIM

I tried to read on that one, I didn't quite find the reserve... Can you explain? so it works like this? *If the principle was simmilar on Djed, in order to mint 10k Djed, you would have to provide $10k worth of Ada. That Ada would be locked in the reserve, if the Ada halved, 10k Djed would not be retainable for the same amount of value, because there wouldn't be enough in the reserve.* Except you need to provide more value than the amount you are minting? so if I were to mint 10k MIM I would need to provide like $15k worth of ETH and once eth drops by 1/3 I'm liquidated or something like that?

Mentions:#MIM#ETH

MIM is an algorytmic stable coin that's working...

Mentions:#MIM

WARNING: IF YOU OWN MIM 37% of the collateral is UST and a smaller portion Luna. It is likely MIM will lose it’s peg after this destruction. I’ve been warning about Terra for days this is another PSA

Mentions:#OWN#MIM#UST

WARNING: IF YOU OWN MIM 37% of the collateral is UST and a smaller portion Luna. It is likely MIM will lose it’s peg now. I’ve been warning about Terra for days this is another PSA

Mentions:#OWN#MIM#UST

Not at all, Frax and MIM are holding like champs. Luna was always a big Ponzi backed by nothing but its fanbase was keeping the peg by being insufferable.

Mentions:#MIM

Collateralized stablecoins like DAI and MIM are superior to the current crop of algo stables like UST.

Mentions:#DAI#MIM#UST