Its market cap last week was 18 billion, and it’ll probably reach 0 in a day or two
Its complementary coin, TerraLuna, which can usually be exchanged for Terra, is down 97%
:brrrrrrrrrrrr: :stonks-down:
i hate crypto as much as the next guy but i cant help but feel bad for a lot of the victims of the scam. being tricked by con artists isnt a moral failing.
the finance bros pushing it can go to hell though,
If you’re in deep enough to know what the fuck a terracoin is, you deserve this 100% and there is no saving you, lmao.
Eh, Terra involved a lot more “normal” people than you think. This isn’t straight PvP like a normal rug pull, or something like Bored Apes where it costs 100 grand to enter so only rich assholes are involved. The “Anchor” protocol on Terra sucked a lot of people in with promises of 10-20% “stable” returns. That’s very different from something like the Wonderland/Time ponzi, where it was run literally on “magic internet money” and for “frog nation”, i.e. people in on the joke. This UST/Luna shit will sink a lot of ordinary people, and probably some hedge funds too which could cause contagion.
The latest ep of Citations Needed had a good analysis of crypto that describes it similar to gambling, as a regressive tax on the poor
Citations Needed also has a great episode on gambling being a regressive tax on the poor.
Its complementary coin, TerraLuna, which can usually be exchanged for Terra, is down 97%
TerraUSD has a built-in delay, it will also collapse after Terra.
Reminds me of all the anti-flood compartments on the Titanic, only managing to keep the ship afloat for a few more moments
Tether is slipping a little bit in reaction. Going from $1.000 to $0.998 doesn’t seem that bad but it goes to show that lost confidence can lead to an insane crash
I finally figure out how basic cryptos like bitcoin are “supposed to” work, and then we had NFTs which took me even longer to understand, and now they’re making “ecosystems” with multiple types of tulip bulbs that all interact with each other in some arcane fashion?
I hate this new internet.
Seems like there was a system where you “burn” Terra in exchange for Luna, which is basically an IOU for Terra that you could cash when the price recovered. If there is no faith that the price will recover, the IOUs are worthless
Its market cap last week was 18 billion, and it’ll probably reach 0 in a day or two
mashallah
hopefully this is the big crypto crash, or at least stops everyone from jumping on board with it :inshallah:
