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A comment on SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon. Parent comment

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by spiralx on Monday June 28, 2021 @03:27PM (#27666615)
Because market cap is nonsense, if I create FooCoin with 1,000,000 tokens and sell one for $250, it has a market cap of $250M despite only ever having $250 in real money involved.
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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by graeme on Monday June 28, 2021 @04:39PM (#27667758)
I know market cap isn’t sensible for coins with varying values, but for stablecoins equal to $1 market cap is supposed to be the number of tokens in circulation and therefore should be close to reserves.

Number of reserves is its own issue but only having 0.1% reserves is miniscule.

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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by mshumi on Monday June 28, 2021 @03:45PM (#27666879)
Take this line of reasoning further and you reveal the problem with crypto to crypto taxation.
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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by graeme on Monday June 28, 2021 @05:49PM (#27668643)
Why? When you sell you make a profit or loss, same as any other asset.
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