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MIM

Magic Internet Money

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Reddit Posts

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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...

r/CryptoCurrencySee Post

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.

r/CryptoCurrencySee Post

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.

r/CryptoCurrencySee Post

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

r/CryptoCurrenciesSee Post

Stablecoin MIM loses 80% marketcap less than 24 hours ago

r/CryptoMarketsSee Post

Spell token price prediction for 2022-2030

r/CryptoCurrencySee Post

A wild 7 months to say the least

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

Don’t listen to anyone

r/CryptoCurrencySee Post

Reflections on the rise of DEFI

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

$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.

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

Where do you keep stablecoins?

r/CryptoCurrencySee Post

Help tracking down my hacker?

r/CryptoMoonShotsSee Post

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

r/CryptoMarketsSee Post

Why MIM's Lack of Liquidity Could Possibly Destabilize UST

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

Wonderland controversy and why Terra's LUNA is down

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

Time Bomb: Wonderland, Magic Internet Money, and UST

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

1bsc1bsc1bscMIM help

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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.

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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 🚀

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

Are there other tokens similar to MIM and spell?

r/CryptoCurrencySee Post

How Olympus DAO and Wonderland TIME are bleeding their investors

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

Spell Token

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

ParrotDao - Most rewarding DAO on market

r/CryptoCurrencySee Post

Gemini Exchange just announced nine more coins to their list

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

👑 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!

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoCurrencySee Post

Help a newbie understand defi loans

r/CryptoCurrencySee Post

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

r/CryptoMoonShotsSee Post

🚀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🐵

r/CryptoMoonShotsSee Post

🚀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🐵

r/CryptoMoonShotsSee Post

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🐵

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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

r/CryptoMoonShotsSee Post

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!

r/CryptoCurrencySee Post

How does bonding work with Crypto?

r/CryptoCurrencySee Post

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

r/CryptoMarketsSee Post

Some sad new

r/CryptoMoonShotsSee Post

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!

r/CryptoMoonShotsSee Post

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

You have to realize UST collapse was isolated. It was an algorithm unbacked stablecoin. Stablecoins like USDC, DAI, MIM are over collateralized. Don’t think we see businesses accepting volatile tokens widely anytime soon. Don’t need to add another variable to P/L. Haha

Mentions:#USDC#DAI#MIM

I can't believe no one mentioned Magic Internet Money (MIM). It's genius, best name a crypto could have nowadays.

Mentions:#MIM

Right now id have to say [Hummus](https://www.hummus.exchange/#community), Next gen AMM for stable swaps multiple pools ranging from 20-60% APY \- No impermanent loss \- single sided liq provision ​ from their docs >Hummus Exchange allows users to provide unilateral liquidity. Instead of pools of token pairs and bundles, Hummus Exchange uses accounts of tokens to record assets and liabilities, allowing single-sided liquidity provision. > > Hummus Exchange also uses coverage ratio as the input parameter for our AMM (instead of liquidity), hence removing the same liquidity equilibrium constraint from Curve’s stableswap invariant, allows token to grow organically based on its organic demand and supply. > > This design also allows new tokens to be added into an existing pool, greatly enhancing the scalability and capital efficiency of the protocol. For example, while the protocol may start with 3 base tokens (USDT, USDC, DAI), we may gradually add more tokens into the big pool (such as MIM) for shared liquidity. $metis has had some pretty good projects in the past and this is something that came across my radar on twitter, forgot who had tweeted about it

MIM owners *seething* at this comment

Mentions:#MIM

At the moment, to mix on EVM chains, you need an EVM compatible Web3 DApp (until ETH/XMR atomic swaps). Some alternative Tornado Cash solutions are 0xMonero and Railgun. Alternatives to USDC and USDT are MIM and DAI.

Nah, MIM is no better than dai. MIM is backed by plenty of other stablecoins mainly dai usdt and usdc.

Mentions:#MIM
r/CryptoCurrencySee Comment

Shoutout to MIM & SPELL TOKEN huh

Mentions:#MIM#SPELL
r/CryptoCurrencySee Comment

The ponzi was Anchor and UST. MIM was the sucker for believing that the UST was sustainable. It was no secret to people in MIM's degenbox, that if the UST depegs significantly, everyone dies. Unfortunately, too many people subscribed to Do Kwon's bullshit at the time, and did not think it was possible. The people who used it would have lost their money through the normal anchor route anyway, even without the degenbox. I'd say MIM was a victim. At any rate, they've been steadily repaying the bad debts they incurred from the UST collaterals. Anyway, moral of the story is still: don't touch algostables, and don't touch anything associated with algostables.

Mentions:#MIM
r/CryptoCurrencySee Comment

The degen MIM parasitic draining of Anchor reserves would have spelled R.I.P. for Anchor (in fact, it was just days away) would it not have been for the separate, likely large hedge fund massive play to, depeg UST. MIM and other ponzi schemes like that, and the criminals who run them, really should be made illegal and put in jail for life, respectively. The UST depeg pretty much made it a certainty that regulation is coming to DeFi, so it's a legitimate question for how much longer things can operate as they have so far. That being said, much appreciate your constructive advice and input. I'll have to check out some of the more reputable and lower risk LPs, despite my misgivings. Thanks again!

Mentions:#MIM
r/CryptoCurrencySee Comment

Anchor and UST caused the Anchor and UST blow up. MIM was not responsible. And as i've mentioned, if you're lazy to manage, just sit in the convex pools for MIM-3crv or alUSD-3crv. Those have had APR about 10% and up for months. They are also a few hundred million dollars deep, so unless you're a billionaire, you are the small fish.

Mentions:#MIM
r/CryptoCurrencySee Comment

Thanks! Much appreciate your insight. That's pretty much what I thought, though. The yield "farming" works, but it's high-touch and requires constant attention. And I would put it as relatively high risk...especially if you are not paying constant attention and don't get out in time, as so many things can happen (impairment loss, draining of funds, LP practically shutting down, token value freefall, etc.). OUSD is basically managed safe (just major stablecoin, no ponzi garbage like MIM which caused the Anchor and UST blow-up; at this time mostly Compound DAI-USDT-USDC) DeFi LPs, where it's a deposit and doesn't require any action or attention from you. But the yields in safe, stable and lower-risk (than your strategy) DeFi are lower than banks. As per [https://analytics.ousd.com/apy](https://analytics.ousd.com/apy) it ranges from 0.8% to 1.4% (you get a bit more with OUSD due to rebasing, as the OUSD committed to LPs doesn't earn anything). With an insured bank you get 2.0% or more for a simple savings account deposit. So in established DeFi platforms and pools, it looks like yields are a fraction of FDIC insured banks...in other words, DeFi is dead and makes no sense for yield generation *as 'deposits' not requiring constant attention*, and only strategies like yours of high-touch, higher-risk, now work - but require a lot of hands-on time and constant movement. Also, I suspect its impractical for any material deposit amounts, as you don't want to be the big fish in a small pond.

r/CryptoCurrencySee Comment

Never heard of OUSD. USDD is an algo-stable, which i will never touch. Right now, i'm farming VST-DAI-USDT-USDC pool on Arbitrum Balancer. APR was 80% when i joined a couple weeks ago, and is 20% now, and will be 0% soon because it got no votes for next epoch. I do not recommend anyone to join now, as they risk eating a loss on impermanent loss given the short time frame left to farm. It was a nice farm while it lasted though, and relatively low risk. Chance of loss occurs only under any of the following conditions: * Balancer, an established protocol, gets exploited and their LPs drained. * Any one of the holy trinity of DAI-USDT-USDC suffers a permanent depeg, which is highly unlikely in my opinion, but ever present. * VST suffers a permanent depeg, which may occur if it's main collateral asset gOHM goes down in value massively. For this to happen, Olympus DAO treasury has to be exploited and drained. Alternatively, Olympus DAO converts a substantial portion of it's stablecoin treasury into risk assets, and then proceeds to lose substantial treasury value in a crash. A third possible scenario is an exploit that allows large amounts of GOHM to be minted, destroying it's value. Anyway, the value in stablecoin farming, is mostly made by capitalising on these young protocols and chains. For example, it was once possible to get 40% APR on metis chain, merely by supplying USDT-USDC LP to it's fledging DEXes. They needed to bootstrap liquidity for the major stablecoins, and rather then having two LPs for every major coin (ETH-USDC, ETH-USDT), it was cheaper to have everything paired against USDC, then have a massive USDT-USDC pool, so that people can still use USDT to buy assets on the chain with USDT->USDC->asset route. And so they paid USDC-USDT LPers handsomely. If you're feeling lazy to do research on young chains and protocols to stay safe from rugs, it's also possible to simply use convex and pool MIM+3crv or alUSD + 3crv for relatively low risk returns.

r/CryptoCurrencySee Comment

To be fair, it was more or less possible for Celsius to pay the interest rates they did on stablecoins, taking very low risks. It's just that their profits would be very minimal, and it would barely be worth the effort for them. Even now, it's possible to "safely" get yields of \~10% to 20% on stablecoins, on defi platforms. Your main risk is usually the defi contract getting hacked and drained. The source of your profits, are degens buying the defi platforms' coins, as that's what the interest is paid out in. You don't have to worry about repayment, as you didn't lend out your money. You're just providing a valuable swapping service between USDC <--> USDT for example, and they pay you with the defi platform's coins, that you sell for more stablecoins. The key to stablecoin farming on defi, is: 1. Check what coins are in the LP. Stay away from any stablecoins that are not fully collaterallised. USDC/DAI/USDT are generally safe. MIM/FRAX is a bit riskier, but still okay. Anything else is high risk territory, and demands at least 30% APR. Make sure you do your homework to find out how the $1 peg is held, and what situations could break it. 2. Do not buy the platform's coin. It's a farm coin, so traeat it like one. Sell the ones you farm as soon as gas fees makes sense to do so. The ponzi in this case, is the platform coin itself. The people buying the coins are the suckers. They pay everyone else's profits. Do not be the sucker. It's only in very rare cases that a farm coin actually solidifies and goes up in value. 3. If the platform is new and unproven, chances of a rug is high. You put your stablecoins in, and a "hacker", who is secretly a team member, drains all the funds in the contract a few days later. Do your research.

r/CryptoCurrencySee Comment

I don't see much of a downside to doing what you suggest, assuming you don't get knocked on the head and forget your password. You would need to be extra diligent to make sure there's no super sneaky malware before putting your seed online, i.e. thorough scans, disconnect from internet before typing/encrypting, make sure you have a hardline connection when uploading (no MIM interception). Piece of paper is a solid strategy (it can be a metal plate) if you have multiple secure physical locations to store it. In Russia this may not be the case. In general I think what you suggest is good enough.

Mentions:#MIM
r/CryptoCurrencySee Comment

I am going to have to come to terms with this change, and respect those who wish to have some very serious dialog about MIM. ![gif](giphy|13pqs1VizKyWzK)

Mentions:#MIM
r/CryptoCurrencySee Comment

I've asked myself is 15%\~ APY (for example the MIM/3CRV pool on Convex has this right now) for a staking stablecoins in this current market climate reasonable and if so how? I've concluded that when it comes to staking with stablecoins the actual APY / ROI from things like the underlying lending and exchange fees you collect are very small compared to the fee that comes from selling the cryptocurrency the project gives you as a bonus. DAOs like [Curve.fi](https://Curve.fi) and similar have done something really cleaver where you can lock the CRV token as veCRV to get up to 150% bonus emissions of CRV. This creates a sort of positive feedback loop that creates a self-fulfilling prophecy driving the CRV price up. Then you add a layer on top of that with [Convexfinance.com](https://Convexfinance.com) which also extracts more value from the voting power the locked CRV would give you. Since everyone is sharing their bonuses on Convex pools that are not utilized can be by people who are more knowledgeable about a certain pool can use up that pools bonus where a single entity could not feasibly keep up with all the different options and their risks. Projects also bid on this to give their pools more weight (i.e. more CRV emissions) which draws more liquidity. [Stakedao.org](https://Stakedao.org) tries to do more stuff with this to extract even more value from this strategy. Most of the APY / ROI is from the projects own tokens (in these cases CRV, CVX and SDT). So the question is what gives these tokens value as compared to a Ponzi? I think it is the network effect and the fact that if people invest in the tokens they kind of commit to staking stablecoins. When enough people do this it draws attention from projects seeking liquidity since they can buy votes with the tokens (at least with CRV and CVX) and use it to gain more liquidity which in turn creates even more demand for the token. Also these different tokens are like layers on top of each other that try to extract even more value than the last layer. And since you get voting rights it's a bit similar to investing in a company since the value it creates for projects actually gives the shares a value.

r/CryptoCurrencySee Comment

Anyone seeing MIM? It’s went from .09 to 3,000 in like a snap of a finger?

Mentions:#MIM
r/CryptoCurrencySee Comment

Arrived late 2020. Got lucky on Nano with a cost basis of ~$1.32, sold in batches once it started going over $5. Saw Dani obsession around MIM/TIME and did well. Lost a bit learning futures, made a bit more back playing the DOGE mania. Shorted the May 2021 top and made money, did the same Nov 2021. Lost a bit in between but net positive. Net positive with my NFT plays too, but could have been much more if I wasn't being stupid. I'm far from wealthy or anything, but holy shit I'm much better off than I was when I got in. tl;dr -- learn to notice mania and reflexive cycles, ignore your idiotic emotions

r/BitcoinSee Comment

MIM in short

Mentions:#MIM
r/CryptoCurrencySee Comment

Spell token!!! $Spell because its going to help the Ukrainian people get back on their feet!!! 🧙‍♂️🐸🐕 $MIM $MIG ❤️

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

You're like the goldilocks of MIM.

Mentions:#MIM
r/CryptoCurrencySee Comment

> $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
r/CryptoCurrencySee Comment

$MIM was down bad yesterday but recovered

Mentions:#MIM
r/CryptoCurrencySee Comment

might be MIM tho

Mentions:#MIM
r/CryptoCurrencySee Comment

>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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

MIM actually is a con, yes.?

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM#CRV
r/CryptoCurrencySee Comment

$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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM#USDC
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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.

r/CryptoCurrencySee Comment

$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.

r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

At least he isn't planning to create MIM v2

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

Hey, where can I short MIM with leverage?

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

In other news, MIM is being depegged

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

MIM is making a run.

Mentions:#MIM
r/CryptoCurrencySee Comment

Anyone else shorting $MIM?

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

MIM disappearing like magic

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

MIM is depegging, brace yourselves

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

r/CryptoCurrencySee Comment

What's up with the random MIM drop?

Mentions:#MIM
r/CryptoCurrencySee Comment

What is MIM?

Mentions:#MIM
r/CryptoCurrencySee Comment

Going lower MIM/DAI trading under $0.93 on Curve

Mentions:#MIM#DAI
r/CryptoCurrencySee Comment

Shorting MIM and USDT :)

Mentions:#MIM#USDT
r/CryptoCurrencySee Comment

MIM, another stable coin has lost its peg.

Mentions:#MIM
r/CryptoCurrencySee Comment

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.

r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

>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)

r/BitcoinSee Comment

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

Mentions:#MIM
r/BitcoinSee Comment

There actually a coin called MIM

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

💰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

r/CryptoCurrencySee Comment

>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.

r/CryptoCurrencySee Comment

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.

r/CryptoCurrencySee Comment

The MIM degen box simply accelerated the Ponzinomics.

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM#SPELL
r/CryptoCurrencySee Comment

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.

r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

so how did MIM hold peg when UST fell?

Mentions:#MIM#UST
r/CryptoCurrencySee Comment

>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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM
r/CryptoMarketsSee Comment

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
r/CryptoCurrencySee Comment

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

Mentions:#MIM