Re:Ask HN: Is anyone else glad the crypto market is crashing?
by mordymoop on Thursday May 12, 2022 @02:20PM
(#31358093)
While I'm sure many people were laboring under the belief that a stablecoin couldn't fall, I've seen lots of commentary about various stablecoins not being properly backed by USD and thus being probable targets for an attack like this one, going back almost a year. I'm not arguing this isn't, in some sense, a 'big deal', but we've seen crypto as an asset class shrug off objectively worse disasters.
A peg broke = a stable coin people thought was anchored to USD (ie= a safe place to park your money) suddenly lost 70% of its value overnight.