TerraUSD crash led to vanished savings, shattered dreams • Hacker News Board

Re: TerraUSD crash led to vanished savings, shattered dreams

#361

Post by hackerfromthefu » Thu, Jun 23, 2022, 11:23 PM UTC

MadeThisToReply wrote: post #269

TrackerFF wrote: post #262

Earlier quoted context omitted.

We need to regulate stablecoins, and we need to regulate Web3 entities like regular companies. And I believe regulations are coming. Regulations don't conjure out of thin air - but tend to be the result of people or governments getting screwed over.

The whole point of crypto is that it's not regulated. As soon as the regulators take real action on crypto, the entire promise of crypto will vanish in a puff of smoke. I'm not saying that's a bad thing, but I struggle to envision what a tightly-regulated crypto market would look like that wouldn't defy the entire point of crypto.

And this is an existential risks for crypto, another way it could lose 100%

Re: TerraUSD crash led to vanished savings, shattered dreams

#362

Post by randomran01234 » Fri, Jun 24, 2022, 6:27 AM UTC

hackerfromthefu wrote: post #358

randomran01234 wrote: post #337

Earlier quoted context omitted.

> The protocol isn't promising anything. The people promoting it are, however. Anchor's whitepaper and protocol promises ridiculous yield on USD pegged assets, and it is the basis for the entire Terra/Luna crash.[1] Nobody designing the ETH protocol is claiming that it provides USD pegged yield or will double or triple your investment. The closest thing written into the protocol is a return on the native ETH token fo…

You keep missing important points of ops argument. maybe on purpose? e.g. You claimed receivers would not need to 'disclose private data to a third party' but as op pointed out the receiver cannot get the DAI into the normal financial system without KYC.

Only if they need to exchange to fiat, as I said previously.

> Depending on the use case, there may not be a fiat exchange. Another user might be happy to receive 1000 DAI, in which case there is no centralized exchange needed.

It’s true though, if you want to use the traditional financial system you are basically stuck uploading your photo ID to a private company’s website and hoping they won’t leak it. In many cases users are forced into this - paying taxes. We can only hope this won’t always be the case.

Re: TerraUSD crash led to vanished savings, shattered dreams

#363

Post by SilasX » Sat, Jun 25, 2022, 1:26 AM UTC

hackerfromthefu wrote: post #359

SilasX wrote: post #303

Earlier quoted context omitted.

Great, then you should cite evidence of declining liquidity if you want to support the thesis of Tether being about to blow up. FWIW, I agree Tether is flaky and worth avoiding (to the point of having a short), I just cringe at attempts to cite market cap as a meaningful figure on its own.

Can I ask how you short Tether?

I made this comment on how to:

https://news.ycombinator.com/item?id=31392605

Prerequisite: you expect USDC to keep parity with the dollar.

Re: TerraUSD crash led to vanished savings, shattered dreams

#364

Post by [deleted] » Sat, Jun 25, 2022, 2:42 PM UTC

freemint wrote: post #347

mejutoco wrote: post #345

Earlier quoted context omitted.

But you mentioned average (mean). You can have the same average but different median, and only if you would talk about median it would be guaranteed that 50% of the cases are above and 50% under. In the case you mentioned, with an average, there might be extreme outliers that make the average different from the median, thus rendering the assertion that 50% of the cases are above the average and 50% under false.

Thanks. I couldn't not bring myself to explain what a median is.

[deleted]

Re: TerraUSD crash led to vanished savings, shattered dreams

#365

Post by SilasX » Sun, Jun 26, 2022, 8:23 PM UTC

HWR_14 wrote: post #355

SilasX wrote: post #352

Earlier quoted context omitted.

All you needed from that reference was that it was another stablecoin and platform that was on solid grounding and didn’t collapse, which was implicit from the original context. It wasn’t a huge leap or research burden.

It was claimed that it obviously didn't have the same structural issues as Terra/Luna. That is in no way > All you needed from that reference was that it was another stablecoin and platform that was on solid grounding and didn’t collapse,

Don’t lose sight of the main point: arcticbull was claiming he “told you so”. He obviously didn’t. If you’re ready to accept that there’s a big difference between the two cryptocurrencies that needs research to understand, then you accept that he had no good faith basis to claim to “have told you so” in his comment history, because he didn’t do the research either.

Re: TerraUSD crash led to vanished savings, shattered dreams

#366

Post by marcus_holmes » Mon, Jun 27, 2022, 3:58 PM UTC

tim333 wrote: post #292

marcus_holmes wrote: post #223

So, what are we going to do about this? We've known that the whole crypto scene in general is a fraudulent, cynical ploy to get rich at other people's expense. Any conversation with anyone involved in the industry quickly reveals that their goal is to get rich from asset speculation. And that means for them to win, someone else must lose. The thing that the article describes is an inevitable consequence of this proce…

>And that means for them to win, someone else must lose Not necessarily if the crypto assets maintain long term value. I doubt people who bought bitcoin at $100 feel like losers out of it.

who are they going to sell those bitcoin to at that raised value?

who are those people going to sell them to at a greater value?

the only "value" it has is that someone believes that they can sell it for more.

eventually that stops being true and someone loses all the money that everyone else gained. It's zero-sum, it has to be, because the bitcoin itself produces nothing of value.