Crypto exists in a space that is largely a completely unregulated free market. If your crypto project can be made worthless due to some economic actors performing a free market action, then that coin never had any worth to begin with. Complaining about “attacks” post hoc is a useless activity that tries to absolve the individual of making a bad trade.
If your algorithmic stablecoin project was so flawed to the point where a bunch of people selling its stablecoin could send the entire LUNA/UST ecosystem to 0, then that coin was so flawed to be worthless from the word go.
Take responsibility for bad trades and stop trying to absolve yourself of all responsibility by inventing charades and conspiracies about how the man made you broke.
This post is like the archnemesis of the “Suicide hotline” posts that get pinned up in every investment/crypto sub.
Less is More! Buy ZeroCoin, can’t go lower than that right?
Aren’t all cryptos worthless by that logic?
But… can’t all coins theoretically go to 0?
I mean… Depending on the attack, everything can go to zero…
“Going to zero” just means liquidity on the exchange has been completely sold.
It doesn’t mean more liquidity won’t show up to buy again/more.
It’s exactly what a flash-crash in crypto is.
Crypto is the wild wild West. People need to take accountability for their actions. Yes it’s that easy to make a million, and it’s also really not.
Interesting, can you make me a list of coins that can’t go to zero?
nobody tell OP about the 50% attack that can be done on BTC
Stable coins were always a stupid idea. But it isn’t like any other cryptocurrency has any actual backing to their value either – if everyone loses faith in Bitcoin and decides to sell it at once, the value will also drop to $0
If your life can go to nothing then it was worth nothing to begin with.
funnyhow a similar attack (with respective scale) on a smaller fiat currency can do the same.
that would mean that the project “put currency here” was not worth investing in the first place.
My favorite coin could be destroyed by a super massive black hole. Literally worthless.
Probably the dumbest take ive seen an OP take. No coin is immune from a potentially lethal attack.
Don’t forget who shilled you Luna.
I agree 100% with this and I’m sure it can be said for many projects.
everything can be attacked. unless you are fucking superman then you dont need protection. well unless batman gets mad
With what happened to Luna are algorithmic stable coins not a risk to both sides? If it is not backed up then what prevent switching back and forth between the coins?
What is the benefits of it over normal stable coins?
I wonder if Ada’s Djed will reevaluate their development plan..
Ethereum DAO hack has entered the chat.
The attackers didn’t do everything by themselves. They caused a domino effect of panic and it had to happen at least once before people learn.
I lost my peg. Can someone find her and put her back in?
What coins will go to 0 you think?
That is a flawed premise. The entire point of crypto is that an economic attack could take out any crypto BUT the incentives exist so it SHOULD be more profitable to not.
Every coin would collapse to zero if it gets attacked depending on how big the attack is.
everything in life is flawed, so even crypto – and come on, be real, with coordinated and well executed attacks, probably all except 3 cryptos would get crushed to 0
This is the dumbest post on the sub in probably the last hour.
Anything with monetary value can go to zero from some kind of attack.
The main reason why i dont care about solana…they cant get there shit straight…but alot of them cant
I get it, but this literally untrue. If a coin has some value and then goes to zero, then it was NOT worth zero. It had a large market cap. Fortunes are made – and lost – these kinds of coins all of the time. Just depends on when you got in and if you took profits. Projects can have fatal flaws or vulnerabilities such that are doomed to fail, but that doesn’t mean that their coins are worth zero at all points in time.
I have a feeling terra is gonna stabilize at a lower price. Possibly $10. That’s a sweet gain. Everyone is panicking but a lot of people r making money shorting it. As long as they can do that there will be volume. And exchanges love to take fees
If your dollar bills are flammable, they are worth 0 to begin with.
By no means advocating for Luna/UST but it’s not going to 0. Does that mean OP is on board?
Cryptocurrency is a new market. It has survived years of troubles but that is the name of the game. You will have your ups and downs, but if the price is what changes your perspective of cryptocurrency. Then you shouldn’t have been invested in the first place.
I’m waiting to see them blame Russia
i agree with this in spirit but you’re seriously underestimating the level of advertising do kwon did in korea. you’re also just soundin like a dick, dunking on luna fanboys won’t change the fact that you’re about to lose everything too.
If your country can be destroyed from “an attack” your country is worthless to begin with.
See sounds dumb af
To clarify I’m stating how dumb it is to say if it can be destroyed it’s worthless because pretty much everything can be destroyed/will be destroyed.
Totally this. There is no conspiracy. its just what algo stable coins do.
I agree, but throwing 100/200 now in Terra can be good money. Even if it recovers 20/30%
Yup but I chucked a hudred on luna anyway incase it has even a small recovery.
with enough resources everything can be brought down.
that’s a stupid way of thinking.
So many really need to understand and realize what OP just said.