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Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide

Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide. It's actually really really sad. https://www.reddit.com/r/terraluna/ https://www.reddit.com/r/terraluna/

jeffwask 5y ago
So was the 1918 stock market crash but sometimes change only comes from pain.
- dundarious 5y ago
  There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.
  - maerF0x0 5y ago
    it might have been better said "for some change only comes from pain"?
    - dundarious 5y ago
      Some people? Mostly disagree. Some kinds of change? Sure, but plenty of beneficial changes don't.
  - jeffwask 5y ago
    No reason except most of recorded history but if we throw that out sure humans aren't panicky herd animals that can't assess risk or long term plan.
codyswann 5y ago
They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?
- jeromegv 5y ago
  For many/most, a stable coin was the exact opposite of a bet. It's not mean to grow in value, it's not meant to lose value, it's just meant to follow USD. They didn't think they were taking a bet, they thought they were storing their assets in something equals to US dollar. That's what the whole industry has been telling them, that's why they are called STABLEcoin.
  - coldpie 5y ago
    I've got a stable bridge to sell you, only $10k.
  - sunsunsunsun 5y ago
    Whats the point of storing your life savings in something tied to the US dollar instead of just holding it in US dollars? I genuinely don't understand.
    - xur17 5y ago
      So, several answers - for someone in a priviliged economy, you can more easily deploy this capital to gain a return (deposit in a dex, etc). For people in less favorable conditions without access to USD, it's a way to access a relatively stable currency.
  - deleted 5y ago
    [deleted]
  - dfgasdgsd 5y ago
    They weren't betting on Terra though, they were betting on Luna, which isn't pegged and is obviously a bet.
gsibble 5y ago
What, did they think it came without risk?
vmception 5y ago
First time? Any wealth drop has some people operating outside the bounds of their self preservation instincts, other people retain it even under the same cultural pressures and personal financial reality. I don't really see it as that interesting or sad, I see it as unnecessary. Some do, some dont. If it was really something more like “all people are susceptible to suicide when numba go down” I’m not sure what I would think, maybe I wouldnt be in this game at all, prioritizing my own self preservation instincts above this particular kind of chase for financial security. Hard for me to say. My level of empathy comes from not being sure its worth prioritizing self preservation at all. Like, I notice we all are like “suicide, stop that thing” I mostly just see happenstance. Its happenstance I have self preservation instincts and its happenstance others do not. And then when you add Terra, Luna, Anchor to the mix. Its like, so you were chasing passive income on TikTok and didnt factor in your self preservation instincts? Ok. Cope, or don’t.
wollsmoth 5y ago
no matter how much you believe in any investment, diversification is key to building a winning portfolio. I am really sympathetic to these people, but if you're reading this protect yourself financially.
- jcpham2 5y ago
  I find this to be the most hugely under-rated comment in this entire thread. Crypto is a diversification tactic in 2022 - that's it. Everyone should have some sense of self-preservation and protect themselves from a market downturn. And the way you do this is to not put all your eggs in the same basket.
JackFr 5y ago
> Normal people losing all their life savings and a lot of them are contemplating suicide. 1) It's the internet (a subreddit no less!) - who really knows who lost what, and who is contemplating suicide. 2) If we take it at face value -- that people have lost their life savings and are contemplating suicide -- the real issue isn't a change in material circumstances, it's shame. Ashamed of their own stupidity and greed, they find it hard to imagine living with the knowledge that in their heart of hearts they knew better. 3) That is why the endgame will be the creation of a villian. Making people whole or at least providing some relief isn't the important part. The important part is helping people convince themselves it wasn't their fault. They were victims. The government, the banks, CNBC are the bad guys.

jeffwask 5y ago

So was the 1918 stock market crash but sometimes change only comes from pain.

dundarious 5y ago
There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.
- maerF0x0 5y ago
  it might have been better said "for some change only comes from pain"?
  - dundarious 5y ago
    Some people? Mostly disagree. Some kinds of change? Sure, but plenty of beneficial changes don't.
- jeffwask 5y ago
  No reason except most of recorded history but if we throw that out sure humans aren't panicky herd animals that can't assess risk or long term plan.

codyswann 5y ago

They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?

jeromegv 5y ago
For many/most, a stable coin was the exact opposite of a bet. It's not mean to grow in value, it's not meant to lose value, it's just meant to follow USD. They didn't think they were taking a bet, they thought they were storing their assets in something equals to US dollar. That's what the whole industry has been telling them, that's why they are called STABLEcoin.
- coldpie 5y ago
  I've got a stable bridge to sell you, only $10k.
- sunsunsunsun 5y ago
  Whats the point of storing your life savings in something tied to the US dollar instead of just holding it in US dollars? I genuinely don't understand.
  - xur17 5y ago
    So, several answers - for someone in a priviliged economy, you can more easily deploy this capital to gain a return (deposit in a dex, etc). For people in less favorable conditions without access to USD, it's a way to access a relatively stable currency.
- deleted 5y ago
  [deleted]
- dfgasdgsd 5y ago
  They weren't betting on Terra though, they were betting on Luna, which isn't pegged and is obviously a bet.

gsibble 5y ago

What, did they think it came without risk?

vmception 5y ago

First time? Any wealth drop has some people operating outside the bounds of their self preservation instincts, other people retain it even under the same cultural pressures and personal financial reality. I don't really see it as that interesting or sad, I see it as unnecessary. Some do, some dont. If it was really something more like “all people are susceptible to suicide when numba go down” I’m not sure what I would think, maybe I wouldnt be in this game at all, prioritizing my own self preservation instincts above this particular kind of chase for financial security. Hard for me to say. My level of empathy comes from not being sure its worth prioritizing self preservation at all. Like, I notice we all are like “suicide, stop that thing” I mostly just see happenstance. Its happenstance I have self preservation instincts and its happenstance others do not. And then when you add Terra, Luna, Anchor to the mix. Its like, so you were chasing passive income on TikTok and didnt factor in your self preservation instincts? Ok. Cope, or don’t.

wollsmoth 5y ago

no matter how much you believe in any investment, diversification is key to building a winning portfolio. I am really sympathetic to these people, but if you're reading this protect yourself financially.

jcpham2 5y ago
I find this to be the most hugely under-rated comment in this entire thread. Crypto is a diversification tactic in 2022 - that's it. Everyone should have some sense of self-preservation and protect themselves from a market downturn. And the way you do this is to not put all your eggs in the same basket.

JackFr 5y ago

> Normal people losing all their life savings and a lot of them are contemplating suicide. 1) It's the internet (a subreddit no less!) - who really knows who lost what, and who is contemplating suicide. 2) If we take it at face value -- that people have lost their life savings and are contemplating suicide -- the real issue isn't a change in material circumstances, it's shame. Ashamed of their own stupidity and greed, they find it hard to imagine living with the knowledge that in their heart of hearts they knew better. 3) That is why the endgame will be the creation of a villian. Making people whole or at least providing some relief isn't the important part. The important part is helping people convince themselves it wasn't their fault. They were victims. The government, the banks, CNBC are the bad guys.