Good, hopefully bitcoin and eth are next.
Isn't it interesting how that ad coincides with the start of a long, not-so-slow decline in crypto value? Almost as if a bunch of rich investors were looking for a bunch of rubes to unload their worthless assets. Anyone who bought in to crypto over the past half year got absolutely washed.
The 21st century equivalent of the shoe shine boy telling you about the hot new stock. These things tend to only become mainstream when the markets are near the top, and I'm sure that isn't an accident.
I hate crypto but this graph is really silly. It looks like a massive decline but it's less than 0.4 percent.
A stablecoin should never go above or below $1 - the idea (though not the reality in the case of either Tether or TerraUSD) is that it's backed by real currency, so should always be exchangable for that currency on a 1 to 1 basis. In the case of TerraUSD, the peg was algorithmic (Luna Terra and TerraUSD were linked in a way that you could 'burn' some of one for some of the other (1 UST for $1 of Luna Terra or vice versa), relying on arbitrage over the tiny fractions of a cent in variation to cause people to burn one or the other at any given time, keeping the price at $1. Needless to say, that only really works if people a) have confidence in the value of Luna Terra, b) the market can actually respond to these tiny changes on very short scales, and c) that there's enough of that coin around to exchange for UST, even as the price of UST drops. In the case of Tether, they were supposed to be backed by a stash of actual USD, but I don't think anyone actually believes that. Those fractions of a cent may look inconsequential, but if Tether were to lose a cent or two, I think we'd see a run on the market that would crash everything. People use stablecoins to lock in value in an otherwise volatile market, and when your 'stable' currency becomes volatile, all bets are off.
