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Right crypto wasnt nearly killed at all, and a such wasnt a narrow escape, having just the same trading sentiment as all of the tech sector. Terra, one asset i

Right crypto wasnt nearly killed at all, and a such wasnt a narrow escape, having just the same trading sentiment as all of the tech sector. Terra, one asset in the crypto space, was mostly isolated to people trading just that asset, despite accurate warnings from other crypto traders. There was also selling of the partial collateral accumulated to support Terra, like a billion dollars worth of bitcoin which contributed to some selling pressure and failed to support terra, as predicted. But aside from that, the rapid implosion of terra did reveal some other coding challenges within other projects, that did result in contagion and an ongoing fallout with projects few have ever heard of. But many projects with exposure to terra weathered it exceedingly well due to the system designs, its pretty intentional that there are not articles about that - I’ve emailed Bloomberg authors about this omission. Pretty much every article and discussion last week was overblown and inaccurate. There is no interest in showing crypto assets and protocols working, but they are aware. (So just buy the dips in better designed things if it fits your risk profile.) This article is specifically about faith in uncollateralized algorithmic stablecoins being shaken. And good riddance to that! There are plenty of stablecoins doing very well in this market rout. This has been a very amusing weekend though, Terra has become a meme coin, bouncing 500x off the lows (50,000%). Maybe you’ll hear about an article about all the millionaires made from buying the dips. My bet is probably not.

Bubble_Pop_22 4y ago
> This has been a very amusing weekend though, Terra has become a meme coin, bouncing 500x off the lows (50,000%). Maybe you’ll hear about an article about all the millionaires made from buying the dips. My bet is probably not. Likewise nobody cares about some dude winning the mega-jackpot at Vegas slot machine. People care about what you can do for them, which will improve their lives on a concrete and practical basis. Crypto fails on that account and has been failing for 10 years. So you'll read about it on Bloomberg, CNBC, FoxBusiness etc. always in the realm of loss porn or gain porn, not in any other fashion. Even your message : "this has become an amusing weekend because Terra became a Memecoin, bouncing off the lows"... For regular people an amusing day was the day Pfizer announced the vaccine and the day they took it to drastically reduce their risk of dying from COVID. Another example if you are young would be the discovery of a new oil field in Texas which is as cheap to extract from as the ones in the Middle East. Concrete and practical quality of life improvements for the masses, those things deserve the frontpage of newspapers, not casino winnings
- vmception 4y ago
  > So you'll read about it on Bloomberg, CNBC, FoxBusiness etc. always in the realm of loss porn or gain porn, not in any other fashion. I really only see loss porn (except when an Elon Musk tweet is involved), which was my point. "wow crypto keeps crashing... from higher highs than before??? no, ignore that, it's crashing though, I will finally feel vindicated from sitting on the sidelines for an entire decade!"
  - Bubble_Pop_22 4y ago
    When you don't build anything of value you'll always be a footnote.

Bubble_Pop_22 4y ago

> This has been a very amusing weekend though, Terra has become a meme coin, bouncing 500x off the lows (50,000%). Maybe you’ll hear about an article about all the millionaires made from buying the dips. My bet is probably not. Likewise nobody cares about some dude winning the mega-jackpot at Vegas slot machine. People care about what you can do for them, which will improve their lives on a concrete and practical basis. Crypto fails on that account and has been failing for 10 years. So you'll read about it on Bloomberg, CNBC, FoxBusiness etc. always in the realm of loss porn or gain porn, not in any other fashion. Even your message : "this has become an amusing weekend because Terra became a Memecoin, bouncing off the lows"... For regular people an amusing day was the day Pfizer announced the vaccine and the day they took it to drastically reduce their risk of dying from COVID. Another example if you are young would be the discovery of a new oil field in Texas which is as cheap to extract from as the ones in the Middle East. Concrete and practical quality of life improvements for the masses, those things deserve the frontpage of newspapers, not casino winnings

vmception 4y ago
> So you'll read about it on Bloomberg, CNBC, FoxBusiness etc. always in the realm of loss porn or gain porn, not in any other fashion. I really only see loss porn (except when an Elon Musk tweet is involved), which was my point. "wow crypto keeps crashing... from higher highs than before??? no, ignore that, it's crashing though, I will finally feel vindicated from sitting on the sidelines for an entire decade!"
- Bubble_Pop_22 4y ago
  When you don't build anything of value you'll always be a footnote.