as Luna approaches 0 in value, the amount of Luna you get from burning a UST approaches infinity. "There is an automatic contract that gives you $1 worth of LUNA for every UST you spend. It is effectively trying to print more and more of the worthless LUNA token to restore the dollar peg of the UST token. Nobody is buying enough LUNA for this to work, so both of them will go to zero. LUNA is already below 1 cent and UST is below 20 cents."
The crapto world is a barbell on one size, miscreants and con men, on the other , suckers and pinheads very few in the middle
Interestingly, what's happening to Luna is actually hyperinflation. Maybe the first example of such in the cryptosphere.
But somebody has to have the money: (funniest part is that in the link a Bancor3 commercial jumps up) https://www.theblockcrypto.com/post/146840/luna-foundation-guard-lfg-bitcoin-reserves-unaccounted Over $1.2 billion in bitcoin reserves remains unaccounted for by Luna Foundation Guard
So you may wonder which one goes next. Tether may be cracking but probably will last for a while so here it is: "WAVES is starting to look like the next Luna. It's sister stablecoin USDN is depegging and the team has disabled all withdrawals in a last ditch attempt to rescue it. It actually depegged back in March and they’ve been struggling for two months to keep the Ponzi afloat. Currently the VIRES finance folks that power their whole economy are trying all kinds of schemes, including increasing the APR to ridiculous amounts (80% lmao) to lure deposits back to their pools."
Yes but it has fallen like the rest of crypto your post was specifically about Anchor so if that fell alone then it would of been different to all of crypto falling. Are you saying all crypto including BTC is a ponzi?
It is ponzis all the way down. If we define ponzis as a system that needs constant money inflow to keep the price up and promises gazillion % returns. (and I don't care if it is only its fanboys who promise that) Pretty much all crypto is like that. Then there are the ponzi squares, like DeFi and shit, that is a ponzi built on a ponzi. Reminds me of CDOs... Nobody is in it for the technology, that ship has sailed 5 years ago....
Wow, this is getting crazy. All of this happens all the time in USD financial world, but now that there is a way to track it, it's not a surprise that the insiders are shown to always be rescued.
I'm in it for the hope that it brings to future stability. Money creation has to be separated from government (just like the seperation of church and state). A Bitcoin world standard will literally end wars and fix inequality. It will curtail the government and allow the private sector to innovate and bring wealth creation.