Stablecoin fails

[punk]

On Sat, 21 May 2022 05:55:35 -0400
Karl Semich <0xloem at gmail.com> wrote:

> UST crashed because its economic system was attacked 


	the 'terra luna' scam was an insanely blatant scam. It pretended to be a 'stable' IOU 'pegged' to the dollar, but IT HAD NO RESERVES to redeem the IOUs. They had printed something like 10,000 millions in SCAM IOUs, and had only 1000 millions of actual dollars, so 10% reserve, 90% scam. 

	PLUS, they pretended that the 'peg' was maintaned by an 'algorithm' which has to be the most stupid lie and scam ever. Imagine pretending that you can have TWO SHITCOINS, 'pegged' to each other, and that by doing so you can magically scam as many dollars as you want. 


> by somebody or  something with more wealth to invest in the attack 

	and the other thing is : it's obvious that karl does not have a fucking clue at all, that he just makes up nonsense as he goes, and that he is a disinformation agent. 


> system was attacked 


	no karl, it was not attacked. If you don't know what you are talking about, shut up.



than the coin economy
> held in capital to protect its values, even after investors tried to bail
> it out.