MIM

AsOneLives

MIM is a stablecoin iirc lol

nitrinu

MIM. Magic internet money.

OrringtonBear

A few things, firstly that Circle and Tether only have the power to do what the smart contracts enable them to do. As far as I am aware that may include freezing coin balances but it doesn't include altering them. Secondly, Circle and Tether are still small enough that betraying peoples trust (say by refusing redemptions, or redeeming at less than face value) would likely destroy their reputation, something that would be quite damaging to them. Unlike a CDBC, people can just flee to DAI, RAI, MIM, USDD or any of the other stablecoins. Whereas with a CBDC, they don't even need to care if you have faith in them - you're forced to use it regardless, that's the point.

Least-Courage-7610

>the only alternative USDT MIM? DAI? Y'all use centralized stables and are surprised that they collapse I don't get it

alfonsegangitano

Hey there, it’s me from the future! USDC is currently trading at .88, Dai at .90, FRAX .89, LUSD .94, USDP .97, USDD .93, MIM .88, sUSD .96 & MAI .91 It’s not fine. The largest stables have all depegged except Tether.

Einsatzpause

I still had something about 2/3 in my head. But we are currently seeing how closely the fate of DAI is linked to USDC. There, too, we are currently at 90 cents instead of one dollar. MIM also no longer has its peg

Jeff5704

It’s not just USDC also DAI, USDD, Fei USD and MIM have depegged.

SoNotYou

Sale! Rounded upwards USDC $0.89 DAI $0.91 FRAX $0.90 USDP $0.94 GUSD $0.97 LUSD $0.95 USDX $0.84 MIM $0.89

JonnyLunchbox

Over collateralized, unable to be frozen by centralized figures, and high liquidity cross chain. so MIM, MAI, SUSD, LUSD

Ankzar11

wdym? MIM depegged at the same time.

LeThaLxdARk

MIM name doesn't really help either lol

Ankzar11

There is some hope though. Maybe recovering the peg won't be possible for a long time, but it's not like Circle is really insolvent. Many banks have less money for your deposits than the cash Circle has available to back USDC. Not going to lie, it does look bad, but at least here we should have real reserves unlike UST which only had about 3 bn of reserves (aside Luna) for 15 bn+ UST. Oh btw, USDD, Frax and MIM also depegged. I guess Frax and MIM also had DAI/USDC as collateral, and I suppose many other defi stables too.

pink_tshirt

Reminds me of this little algo stable coin called $MIM. It’s been through everything and yet somehow it’s still doing fine.

nudibranqui

Too bad MIM already exists

DMCarter_

It definitely wasn't UST since LUNA was burned and minted (the latter which caused its own hyperinflation), unlike overcollateralized stablecoins (DJED, DAI, MIM, etc) that instead lock and unlock when minting and burning the stablecoin, thus creating a reserve that can be used as the basis for redeemability through assets that actually exist.

DMCarter_

No, it didn't. u/AESTHTK posted disinformation articles about DJED before, was corrected, and continues to spread disinformation (I guess that's crypto-cult mentality for you lol). How all overcollateralized stablecoins (DAI, FRAX, MIM, DJED, etc) work is that they can't truly depeg unless the reserve ratio is under 100%. Look at other stablecoins which fluctuated in the past (esp. early on in their life). Want to know why they never stayed "depegged"? It was because they were all overcollateralized.

DMCarter_

Being overcollateralized by over 500% sounds pretty stable to me. It being backed by crypto doesn't change that. Other crypto-backed stablecoins have fluctuated in the past (DAI, FRAX, MIM, LUSD, sUSD) and have still maintained their peg. You know why? Because they are all overcollateralized.

StockTrix

... and here you are ! MIM connoisseur

remusftw

Quit Magic..? MIM?

Fbmstk

There's also the MIM stablecoin whose name was likely inspired by this as well (maybe indirectly)

DMCarter_

>That's not true at all. The reserve ratio influences the market value, but ultimately the market value is what it's worth, so it actually means everything. As I said, the market value comes from its price from exchanges, and these exchanges have low liquidity due to DJED not even being a month old and only having ~3 million in circulation. On an exchange, it can be less or more than one dollar, but if you redeem your DJED for ADA directly, you will get the dollar equivalent in ADA, minus fees of course. So what I said is true. If DJED on an exchange is worth less or more than a dollar, you can burn in through the smart contract. Market value is just through exchanges, while the reserves ratio shows how much the stablecoin is backed. Every stablecoin with backing has gone through massive price swings, but if you can redeem your stablecoin for dollars (or dollar value of cryptocurrencies), then it's not really depegged, since you can get your money back 1:1. >100% objectively it is depegged as long as the market value does not equal the targetted value. You can get the target value for redeeming directly. If the stablecoin price on an exchange is not $1, then just redeem it directly to get $1. This has been the case for *every* collateralized stablecoin, especially early on in their history; look at DAI, LUSD, sUSD, FRAX, and MIM for some examples of overcollateralized stablecoins fluctuating but still being just fine. As I said, market value doesn't mean anything compared to reserve ratio, and this is because reserve ratio shows how truly backed and redeemable the stablecoin is. >DJED isn't really in trouble, but then again it hasn't been battle-tested, but your reasoning is way off base. I know DJED hasn't been battle-tested, but that's a different discussion. "My reasoning" is just researching how other stablecoins were in the past, and it is pretty clear the reserve ratio is the only important thing because it's how you are able to get back the dollar (or dollar equivalent) money from the reserves.

Fritz1818

[https://www.coingecko.com/en/coins/magic-internet-money](https://www.coingecko.com/en/coins/magic-internet-money) MIM token looks to be around a dollar still. Maybe a glitch on Gemini?

Least-Courage-7610

Long live MIM and DAI

Odysseus_Lannister

Too late for BTC, too early for crypto mass adoption. Perfect time for MIM (magical internet money)

anonymouscitizen2

The ledger will verify its internal software upon startup and connection to ledger live. Just take a look at the device to make sure it hasn’t been tampered, download newest software and generate a new wallet from scratch. (If it already has a wallet generated its been tampered). Buying these devices off amazon is totally fine if you know what you are doing. The only MIM attacks have been totally unsophisticated on sites like ebay(they generate a wallet before hand and give you the words hoping you’ll use it)

Odysseus_Lannister

Bullish on $MIM

Fritz1818

Surprised MIM (magic Internet money) stablecoin is alive and kicking

outcast_Mugen

There was just an increase in coins that are "not currently available for trading" from 16 to 25 including MIM, LUNA, MIR and ORCA. Seems pretty scummy withholding assets from users.

Krupda42

Look up Magic Internet Money (MIM). It's held up its peg surprisingly well - better than any other stablecoin I've seen. It's basically like DAI, but it isolates each type of collateral used so that if one collateral fails, it doesn't affect the peg. Some of the MIM in circulation was collateralized by Terra's UST before it collapsed. Some of the MIM in circulation was even collateralized by FTX's FTT before it collapsed. Do you see any significant affect on the peg? Nope! It's pretty promising, but the worst of the crypto market has yet to come, so we will see what it looks like then.

StockTrix

no. MIM;s definitely fake !

DurbanDawg

MIM. Magic Internet Monies.

Feeling-Inside5147

The writer doesn't consider Tron to be a good collateral. That's on him, but it's there. DAI has a similar model, so has MIM. Neither of them collapsed.

crap_punchline

I think its interesting that despite all the dubious ponzi bullshit with Danielle Sesta, that MIM is still pegged and abracadabra.money is still being actively developed with recent updates spell might just do something in the future

Supafuzzed

That’s what people did when MIM was going down

pbjclimbing

We aren’t talking about MIM (Magic Internet Money) here

MrHeavenTrampler

_"... it just reeks of maguc money printing..."_ Me: I'm looking at you MIM (Magic Internet Money)

dbizzler1

SPELL because degens love leverage especially during a bull run. MIM overcollateralized and has suffered about as much bad press as a protocol can get but keeps returning to peg. FTM if they rebrand. Better tech works faster and smoother than MATIC. Less fees than MATIC.

ben2k_Stakeridoo

Probably someone try to benefit from a unpeg if happening. You borrow a stable where you think it will unpeg, sell into another, wait for unpeg, buy cheap and liquidate your position. Some have done this lately with MIM when it was shortly at $0.96

myironcity

Magic internet money (MIM) is already taken

Awhodothey

Well actually tying UST to a gas token was a great idea. That was the main innovation of ust, giving the stabilizer intrinsic value. The problem everyone missed was that the gas token can't also have governance that controls the network consensus. That's the reason they had to stop the chain and fork (even LunaC is a fork). They made a lot of mistakes- like incentivizing the MIM degen pool that created mass liquidations and attracting lots of users that had no faith in UST. But even with all of those mistakes it may have survived if not for the 3-pool attack which easily could have been prevented. No one will trust algo stables anymore, but that's a good thing. They need more rigorous testing and development.

Aconyminomicon

Lol don't feel sorry for me. I didn't lose anything because those platforms were obvious scams. I had 5k$ in UST on Anchor and I withdrew it after I had made a little extra but it was mostly due to their community conversations and my research led me to believe it was simply unsustainable. A guy like Do Kwon isn't going to pour more money he doesn't have to make it work, I knew he was gonna exit scam. Plus when I found out about Sifu and the degen box strategy with MIM, I pulled everything out immediately because it was obviously unsustainable and a scam and a way for the Quadriga co-founder to launder all the crypto he and his "dead" partner stole from canadians last cycle. All I'm saying is if you truly care about your money, then one should spend as much time learning about where that money will sit.

benmck90

I forgot that MIM (Magic Internet Money) was a real thing.

pbjclimbing

I am shorting MIM (Magic Internet Money), a believer in crypto, but not Magic Internet Money.

FeynmansRazor

On-chain data shows Alameda sent $30 million to Sifu, who rugged Quadriga exchange in 2017 The rabbit hole goes deep If FTX were involved in MIM-UST pools that provided liquidity for LUNA, it's likely they not only orchestrated Do Kwon's ponzi, but countless others.

head77

MIM2?

TheDoof79

Spell/MIM.

ShogunSpirit4

It's definitely SOLANA. You see, Alameda, a parent company to FTX, has been borrowing against this FTT and using it as collateral in several different loan agreements as well as defi positions (Blockfi, Genesis, AAVE, MIM). This will leave Alameda and its lenders taking a huge hit and scrounging for liquidity, and of course their next biggest bag is $SOL. It’s unlikely that Alameda will be able to avoid liquidation without dumping a sizeable portion of their SOL bag, and what will happen to Solana when their biggest proponent is forced to sell?

kipling200

It’s fine now. When it depegs it becomes profitable to deleverage and thus repegs. MIM has actually showed a lot of resilience through these events. Ftt debt also paid back.

Smiling_Jack_

MIM will be fine.

baha3x

Just know that there is MIM. and who gonna invest in coins that name their protocol "Abracadabra", it's like a joke. just my thought

sickvisionz

Neither MIM nor SPELL are remotely close to $2B valuation.

BleachedTaint

Is there anyone even still using MIM. I can’t remember how long ago that was but it feels like a lifetime.

SecondDumbUsername

Never heard about neither MIM nor Abracadabra. Just as well, I guess.

zrad603

During periods of high volatility, websites like CoinGecko and Coinmarketcap display inaccurate pricing. Because CoinGecko not only accounts for the average of MIM->USD exchanges, but also calulates MIM->BTC->USD exchanges, so if the price of bitcoin is going nuts all over the place, it's hard to calculate an accurate price. You really should just look at MIM->USD pairs for a more accurate price at that point. Also, keep in mind, stablecoins work like ETF's. If someone prominent fearmongers about a stablecoin, and everyone tries to sell off their stablecoin, there can be a huge TEMPORARY drop in the value of the stablecoin. Because whoever runs the stablecoin needs to start buying back all the tokens they issued with the money they should have in the bank.

Jaizhanju

[https://analytics.abracadabra.money/overview](https://analytics.abracadabra.money/overview) What the fuck are you talking about? MIM is more than 200% overcollateralized. Someone just whale pulled out half the money in the Convex MIM pool and half the peg is back since you wrote this because lots of people have loans in MIM that they would gladly pay back at a discount you fool do your fucking research before spreading FUD.

Loiynes

You guys should totally try to leverage short MIM too btw

ANiceWolf68

Actually, we have Pesos here, but it's worse than MIM. 1 ARS = 0,0033 USD, and declining...

eepower1

It looks like MIM regained its peg… right?!?

sickvisionz

MIM is a nothing burger though. Not even a billion of it in circulation. It's token # 200+

joannew99

I thought MIM got nuked earlier this year?

vrweensy

if ya'll are invested in crypto and never heard of MIM, what kind of research are you guys doing?

Jpotter145

MIM hasn't had parity with the dollar since January..... [https://coinmarketcap.com/currencies/magic-internet-money/](https://coinmarketcap.com/currencies/magic-internet-money/)

DerWaldbub

What piece of shit little project even is that? How vulnerable are we? If Vitalik sneezes and gets a slight cold, will crypto lose 80 % ? MIM? Never heard of it. I refuse to believe that can have any impact on my portfolio

MrHeavenTrampler

Didn't MIM fall a while back?

aibra

People saw this from a mile away and counted on this to happen to turn a profit. Provide eth as collateral, borrow MIM, swap MIM to usdc, wait for MIM depeg, buy cheap MIM and repay loan for an instanprofit

Raikaru

MIM is fine. All that will happen is people will buy cheap MIM to pay off their loans.

Fuglypump

Looks like it has depegged like this a few times in the past year during the market downturns. I don't hold either, but I think MIM has a better chance of survival than FTT.

GreatFilter

Yes. That's how you manually short sell something. Your collateral can be but doesn't have to be the same asset as your swap pair for MIM.

LieutenantZucc

MIM has a soft peg

BoxLevel4151

I didn't even know MIM and ABRACADABRA were a thing.

Chucking100s

So put up collateral Borrow MIM Sell MIM for more collateral Wait Buy MIM with collateral Repay loan?

eroskeros

Coinmarketcap is wrong. Coingecko shows that MIM is 205th in market cap.

fartigrade

Yawn. How many times has MIM lost its peg now? Nobody cares.

fakemuseum

No one really care about this MIM

Chucking100s

Where can I short MIM? Time to show what I learned with the UsT depegging

partymsl

This is very definitely the least of our problems right now. MIM in not that big at all, even if a complete fallout happens (which is not certain at all as the depeg is pretty minor) it not affect crypto as a whole.

Honey_-_Badger

>Alameda used $126m FTT to borrow $26m MIM. But the big question is what was the price of FTT when $126m worth of it was put as collateral?

giddyup281

Where can I short MIM?

eroskeros

Same thing happened to MIM after Luna crash too and it successfully survived it. If I'm not wrong MIM is over-collateralized. So there might be liquidty issues temporarily but it will continue to survive.

rainsong94

Thing is FTX is basically intertwined with Alameda Research SBF’s own quant trading firm. And they’re no stranger in this kind of game. Back in January after it was found out that 0xsifu was cofounder of quadrigacx Alameda tried to destabilize MIM but failed because of the overcollateralized nature of MIM, just like DAI. That’s the day FTX announced listing of UST in their exchange. Ironically Alameda was one of the first to dump and depeg UST temporarily in curve.fi when other VCs such as jump and 3ac still trying to defend UST peg. That’s just days after Sam Trabucco from Alameda spoke positively about UST too.

LieutenantZucc

Mid terms, CPI. But also, FTT and SOL are not isolated from the broader crypto market. For example, MIM is backed partly by FTT so that’s taken a hit as well.

Disastrous_Bowler437

According to zapper, some of their FTT are also being used as collateral in abracadabra to borrow MIM

FeynmansRazor

Alameda were involved in LUNA as well, which was tied to MIM and other ponzis. Shady af

Guzzfa

My proposal is MIM. Magic Internet Money

xmjke21x

Okay MIM

Jocogui

for all tl;dr's out there: Reportedly, Terra founder Do Kwon unlocked 3 million LUNA for TLF back in 2021. The LUNA tokens were converted into UST by specialized bots. $300 million were dumped into MIM & curve pools under “operating costs.”