Honestly, watching this video and seeing the crypto meltdown brings me joy. If all of the excess of crypto is destroyed, maybe the crypto space can focus on building the system the proper way that will replace the current monetary system. None of it was sustainable really, and its crashing sooner than I thought, but why the heck not! (Edit... what I mean by none of it was the high yields and thousands of coins and virtual land, and for me personally, even NFTs) I for one hate all these young crypto millionaires that got lucky, and same with all the Tesla fanboys who think the stock is worth more than the top 10 auto makes combined. The entire world is filled with too much excess, and if what we are seeing is a total meltdown, I say bring it on. The sooner the entire system collapses, the sooner we can focus on building it back up properly.
I could be wrong, but UST was in a much worse position in early 2020 wasn't it? Didn't take long for it to repair, so it may be harder to break than we think. Nevertheless, this is interesting to watch. I missed the whole Iron Finance shit-show and had to find out after the dust had all settled.
That is not happening in your lifetime, or many lifetimes. So stop trying to will it into view. The only way this will happen is if fusion becomes a viable energy source, which would negate the need for money. But that is not happening in your lifetime either. Give it up dude.
One of the most interesting drama's last night, wasn't just the Terra death-spiral, but did you see that buy-wall that came out of nowhere and absorbed all that BTC when it fell to 29K? I was expecting the opposite to happen (as many did)...
Terra USD is still de-pegged from the US $ ------------- https://www.theblockcrypto.com/link...new-stablecoin-legislation-by-the-end-of-2022 US Treasury Secretary Yellen points to UST slip, asks for new stablecoin legislation by the end of 2022 by Kollen Post May 10, 2022, 10:30AM EDT · 1 min read ADVERTISEMENT Treasury Secretary Janet Yellen is still calling for stablecoin legislation by the end of the year. In response to questioning on stablecoins from Senator Pat Toomey (R-PA) at a May 10 hearing, Yellen confirmed that "it is important, even urgent" that Congress pass stablecoin legislation. She further called it "highly appropriate" that Congress do so by the end of the year. Yellen specifically highlighted the weekend's drama surrounding TerraUSD (UST), saying: “A stablecoin known as TerraUSD experienced a run and declined in value. I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks.” Toomey, for his part, is behind a piece of legislation seeking to address non-algorithmic stablecoins. In response to Yellen, he noted an "important distinction" with algorithmic stablecoins like UST. The hearing focused on the work of the Financial Stability Oversight Council, a supervisory regulator that the Treasury Secretary presides over. The President's Working Group report on stablecoins from November highlighted that failing congressional action, FSOC should take action to regulate crypto.