Xtc is now 0,47cent,
Terra is dead imo, better not waste time with them.
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Capital control is needed if we really want to see xtc as an sdr pegged currency, like a vault within dank stake necessary overminted xtc into dank, reward back with dank protocol token, using dank yield as like interest rate within Federal reserve to control the price of xtc (exemple)
Solve the overminted xtc + increase in TVL and also the burn within the ICP, since it will then incentivize people to burn more ICP either within sonic or other dex
The parabolic burn of ICP started with this after the launch of sonic but then slowing down after the malfunctioning of our stable coin n went up and down with the price and volatility of the ICP,
Because demand from devs alone is not enough to maintain the 1,35 pegged to the IMF as we have alr seen since then
Do you know you can condense your thoughts in a single post and edit a previous one if you forgot to add something? No need to spam 4 messages to share an opinion.
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suggested this within sonic discord forum since it was at way above 80cent I guess but nobody seem to care about that n it’s now 0,47cent.
I’m new here sorry, I’ll try that method next time
No problem, just click on the pencil icon on the bottom right of your post and you can edit it at anytime.
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I actually know how to edit because I thought it was normal to do it here but i’ll try next time
Whoa, that’s significantly under the USD price of 1 SDR, which is above $1. I guess I should be buying up these cheap cycles then…?
That depends on your belief how the USD/SDR pair is going to behave in the future; if you are not concerned about ICP prices(because you are buying “naked” cycles).
Remember that only real conversion is from ICP to Cycles; with 1 T Cycles = 1 SDR.
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but what you gonna do with that if it drop even more and that’s I think is the problem that requires capital control, over necessary minted xtc need to go somewhere that has real intime demand like DEFI for exemple, dank and psychedelic need to act like a federal reserve imo
Cycle pegged to sdr goal is to make ICP as a cheap place to build but what if the price of that pegged keep going up and down with the volatility of ICP like that then all the promise also be gone too because imagine one day the price of ICP goes up to 10k per coin.
I believe that UST depeged because it was a single trick pony show. Cycles have different use cases that makes use of (or should make of) storage, compute & composability (network) through different dapps. If we accomplish this through Supernova even at a miniscule level, then cycles has a viable option of being a “stable” coin; but linked to storage, compute, network etc. This is a paradigm shift because it is not stable against fiat (i.e. USD) or basket of fiat(i.e. SDR). It is “stable” against compute needs ; exactly where we want it positioned (compete with AWS, GCP etc in a totally decentralized way). CYCLES are also not actually stable; but totally deflationary in the long run because of Moore’s law
But it was designed to be pegged and stable and I think devs demand alone is not enough if we keep on minting trillions of cycle like that because its now control by the market through AMM
ICP gonna have an ethereum problem if we keep laissez faire on the price of cycle and the depegged of xtc btw was way before the ust problems
Xtc need to be stable if we want to see a stable cheap compute fuel and the flourishing of the Defi ecosystem of the ICP like awhole lots of protocol could be build if the price of xtc stay within the pegged like lending borrowing for exemple
I would respectfully disagree. The only real conversion is between ICP (measured in SDR) to cycles. Since price of ICP keeps on changing, i would submit that cycles were never expected to be stable against fiat (usd) or basket of fiat (SDR).
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Then we will no longer see a cheap blockchain within the ic if one day the price ICP hit above 10k and what the point of having cycle when we can just use the main unstable commodity like ICP to pay for computing system n that was the reason why I think we got 2 currency within the ic, cycle had alr lost it purpose.
Why would you say that ? A 10k icp would fetch a A LOT MORE cycles. To give you a perspective, i have a stack of ICP at an average price of $30 USD. My high price was $60. At $60. I converted some of ICP to fund the development of my canisters (equivalent i suppose to paying someone in BTC for pizza some 10 years ago). At 10k, i would be able fund a lot more out of my stack.
Even if you buy at then current price of 10k, you would have lot more cycles. Assuming you reach that price in 5 years, what the cycles would be able to do would also expontentially increase (Moore’s law)
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hundreds of trillions of assets classes even potentially one day sucking up both equity and debt market into the system just like the credit market created by the medici during the Renaissance n complete change the world after that and I think it’s the trade of the century because crypto is macro and icp is the choice of mine
but it’s 10k and it’s expensive we can just use the ICP as the main computing currency n delete cycle from the ICP,