On markets and billion dollar losses
What the hell are we gonna do now?
There is a chance that we someday decide to be ethical in our dealings with each other as opposed to this constant player versus player environment that we constantly propagate.
PvE not PVP. Your followers and community members are not exit liquidity
An underlying agreement between all participants of this crypto market
The money makers
The builders
The speculators
The freedom chasers and all intersections in between.
Just because this is in the infancy stage and there are no clear cut rules, self regulation is increasingly more important.
This may sound like a pipe dream but if we are really going to be free, with all the things currently going on in the world, we need to be better people to our ourselves.
The rules of engagement still exist and will always do so, buyers buy and sellers sell. Shorting a stable coin because you don’t like the protocol owner is a bit theatrical especially considering the millions of lives being affected. $UST was going to reduce yield the more unsustainable it got, other people saw the idea of backing a decentralised stable coin with bitcoin and ran with the idea.
Everything is always better in hindsight of course and yes there have been numerous threads about how “xyz scenario” is possible but yet the premise of existence was tying into the retail security of no volatility, increasing their utility as a stable coin within the system, looking for more avenues to be used and thereby generate fees for the currency and liquidity providers, value that at the end of the day accrues back to holders and stakers in Anchor protocol.
Being built on good faith and probably a more risk on adjusted model, Anchor protocol and UST are a great choice. You may laugh and say shitcoin but here’s this scenario.
Project owners have been in Crypto and have an average entry price of $5 per bitcoin, backing their stable coin, bitcoin trading at any price above $1000 is still immense gains for them. Would it be worth it to wreck the protocol because you don’t like the owner?
We need money that governments can’t freeze, we need money that’s as free from centralised, authoritative decision making as possible. A global market built on true demand and supply, one not plagued by the whims of a man in a hat behind a desk.
Where do we go from here? We keep forging ahead with new lessons learnt, but if we want real adoption we have got to stop fucking ourselves over.
Bags will be dumped and shitcoin season can resume but that’s the regular game, you went long on degeneracy and you were aware of all the repercussions going in.
Keeping this shorter than it should be because I have things on my mind, this incident was a net negative for the crypto markets, they could have made this product survive a bit longer with upgrades to the mechanics and tokenomics till it could withstand any type of attacks done in horrendous bad faith.
Yes the code was not hacked but nobody spends billions of dollars for nothing, if you already had that much you also didn’t need that much but that just makes it sound like I don’t know how to play the game.
TL;DR self regulation is what we need or else nobody gets their bags pumped.