https://markets.businessinsider.com/...o-crash-2022-5
Some delicious schadenfreude, Do Kown, TerraUSD founder who mocked actual economists critical of the design for being "poor", now has a literally worthless currency lol.
How're things going though? Oh you know, no shady fuckery going on and nothing like the
dastardly Fed trying to meddle...
Or they're choosing whether to literally rewrite history by restoring a snapshot prior to the "attack" (lol) and a bunch of other terrible nonoptions.
https://station.terra.money/gov#PROP..._VOTING_PERIOD
You can check out what they're voting on.
Anything else going on?
Well, according to this reddit post Luna printer go bbbbbbbbbbbbbbbbbbbbbbbbbbbbrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr printing 150 billion new coins while trying to function given that it's lost 99.99% of its value and people are buyin that dip.
Man, sticking with that "outdate, old, legacy" fiat currency in my FDIC insured bank is feeling better and better. And even though I hate the stock market, sticking with stocks is sure seeming like an infinitely better bet so far. Are my stocks down this year? Absolutely. Have I lost upwards of 50%+ of their value, or like, 99.99%? No way, not even close.
Wasn't the whole point of stablecoins
to literally prevent this from happening?
- - - Updated - - -
https://kotaku.com/axie-infinity-cry...val-1848920116
Not sure how related this is to the luna fiasco, but Axie Infinity's SLP currency is now worth $0.00 on markets due to rounding, as it's worth $0.004 currently. Now this isn't the crypto currency, it's the in-game exchange currency that was supposed to allow folks to "play to earn" but now seems like you just play to play since you can't earn anything on fractional pennies. The actually currency itself, Axie Infinity Shards retains some value at under $20 each after falling from $150 last year.
This game was ever so briefly a test-case for "play to earn" being legit as some folks in the Phillipines were actually able to make a little bit of money off of it before the house of cards started tumbling down as they had to remove farming methods for SLP and their efforts to burn it out of the economy via in-game mechanisms wasn't very effective.
Oh, this was before they lost $600M on a side-chain they'd built to try to make using the crypto remotely convenient.
But it's not dead yet! They have a mobile version of a really shitty game with boring gameplay whose only compelling argument to play is, "You can play and earn a ton of money, we really promise! Just make sure you have a sponsor to cover the huge entry fee required to actually start being able to earn money. It'll go up in value, we sear. Line goes up!"