Re:Tether starting to lose its peg too, after Terra did
by kqr on Thursday May 12, 2022 @06:51AM
(#31352088)
I think the people who we would describe as victims here don't have a sophisticated mental model enough to understand that financial speculation is a zero sum game. (Or indeed that in a liquid enough market, the risk-adjusted expectation of any deal is zero.)
[ Parent
| on HN ]
Re:Tether starting to lose its peg too, after Terra did
by jeroenhd on Thursday May 12, 2022 @12:19PM
(#31356284)
This is why I think we'll see some extensive crypto regulation soon enough, forcing companies that turn real money into crypto to filter out people who don't understand that crypto is a speculative market first and a payment platform second. You can't realistically prevent people from mining or trading shitcoins but you can put regulatory pressure on the ways people access them.
Thr only way to do this effectively is blanket regulation on all cryptocurrency, as otherwise you'd end up with an endless cat and mouse game chasing new coins people use to trick people into entering the market and exchanging entrycoins for the latest scamcoins.
This is all pretty terrible in my opinion, because cryptocurrency could've been so much better. Sadly, the idealists who wanted an independent currency were drowned out by the ruthless speculators who are only in it for their personal profits.