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"Benefiting" is only relative: people who managed to exit UST at $1 didn't make a profit, they just avoided being left holding the bag. The people who actually

"Benefiting" is only relative: people who managed to exit UST at $1 didn't make a profit, they just avoided being left holding the bag. The people who actually benefited were those who earned the 18% interest from Anchor, which was funded by the suckers whose "investments" went to zero.

chii 4y ago
> The people who actually benefited were those who earned the 18% interest from Anchor These people would have been better served if the whole scheme continued rather than killing it by a run.
- dragontamer 4y ago
  This was a zero-sum game. The loss of the masses who invested into 18% APY accounts is equivalent to the profits that Anchor made from this scheme.
dragontamer 4y ago
> "Benefiting" is only relative: people who managed to exit UST at $1 didn't make a profit, they just avoided being left holding the bag. That confuses the issue somewhat. 5 years ago, UST didn't exist. Sometime in the last 2 or 3 years, Do Kwon started to sell millions, maybe billions, of UST to people, 1 UST for $1 USD. In fact, maybe he sold them for less than $1 USD, maybe he sold UST for 80-cents (to fund over a year's worth of time of 18% APY promises). Everyone who sold UST, over the past 2 years for real USD, got to keep the dollars. The UST bag holders are... well... the bagholders. They have nearly nothing left now. Even those who sold UST at 80-cents or 60-cents last year or two years ago benefits by selling before everyone else did. > The people who actually benefited were those who earned the 18% interest from Anchor, which was funded by the suckers whose "investments" went to zero. The opposite. A bunch of people sold UST to a bunch of others for 82-cents, maybe 90-cents (since it took less than a year for a UST to disappear). Thanks for your dollars, here's a bunch of UST that soon became worthless.
chii 4y ago
> who earned the 18% interest from Anchor they might've benefited from the interest during the rise of Luna+UST, but they don't benefit from the crypto-run. They even have a chance at a loss due to not being able to sell early!

chii 4y ago

> The people who actually benefited were those who earned the 18% interest from Anchor These people would have been better served if the whole scheme continued rather than killing it by a run.

dragontamer 4y ago
This was a zero-sum game. The loss of the masses who invested into 18% APY accounts is equivalent to the profits that Anchor made from this scheme.

dragontamer 4y ago

> "Benefiting" is only relative: people who managed to exit UST at $1 didn't make a profit, they just avoided being left holding the bag. That confuses the issue somewhat. 5 years ago, UST didn't exist. Sometime in the last 2 or 3 years, Do Kwon started to sell millions, maybe billions, of UST to people, 1 UST for $1 USD. In fact, maybe he sold them for less than $1 USD, maybe he sold UST for 80-cents (to fund over a year's worth of time of 18% APY promises). Everyone who sold UST, over the past 2 years for real USD, got to keep the dollars. The UST bag holders are... well... the bagholders. They have nearly nothing left now. Even those who sold UST at 80-cents or 60-cents last year or two years ago benefits by selling before everyone else did. > The people who actually benefited were those who earned the 18% interest from Anchor, which was funded by the suckers whose "investments" went to zero. The opposite. A bunch of people sold UST to a bunch of others for 82-cents, maybe 90-cents (since it took less than a year for a UST to disappear). Thanks for your dollars, here's a bunch of UST that soon became worthless.

chii 4y ago

> who earned the 18% interest from Anchor they might've benefited from the interest during the rise of Luna+UST, but they don't benefit from the crypto-run. They even have a chance at a loss due to not being able to sell early!