Three Arrows Capital has defaulted on a loan worth more than $670M

Good. Looks like this cycle has claimed tons of over leveraged VCs and deluded crypto bros and maxis thinking that Bitcoin will reach $100K last year. Instead they all got liquidated.

We were overdue a wiping out of these gamblers and speculators as regulations will be formed to limit or prevent having another UST, USDD and Celsius.

Either way the smart money takes advantage of the hype and prepares well in advance for the great possibility of a crash.

USDD isn't like Terra. It's not actually an algorithmic stablecoin, it's just 'His Excellency' Justin Sun messing with people. There's no redemption mechanism (which is what lead to the UST collapse) and the creation is limited to a few authorized participants - notably Alameda. Sun can restore the peg pretty much at will for a few million bucks.

[edit] To be clear I maintain you should stay as far away as humanly possible, but shorting it is a suckers bet.

I always have mixed feelings when someone is warned about the riskiness / foolishness / stupidity of a course of action, and then suffers for it.

On the one hand, there's a certain satisfaction or Schadenfreude in the sense of vindication. And it's pleasant to feel like my own wisdom or self-control has been validated.

OTOH, I know that everyone has limited wisdom / self-control / intelligence, including me. So it seems hypocritical to mock someone who trips, knowing that I'm just lucky to sometimes avoid the hazards that would trip me up.

In the end, about the only conclusions I'm really confident in is that trouble besets us all, and usually it's good to default to kindness and sympathy.

EDIT FOR CLARIFICATION: I'm not saying that I want swindlers to succeed. I want such predation crushed into dust. My comment is about the people who don't intend harm to others.

All that 'ngmi' culture is coming home to roost.

This isn't a bunch of kind old grandmothers getting suckered in by Madoff.