Mainecat Posted May 28, 2022 Share Posted May 28, 2022 TerraUSD was touted as a blue-chip cryptocurrency. Now its investors are reeling from painful losses and asking if it was all a get-rich-quick scheme. A surgeon in Massachusetts can’t stop thinking about how he lost his family’s nest egg. A young Ukrainian considered suicide after losing 90% of his savings. Other investors have given up dreams of starting new businesses or quitting their day jobs. All of them were swept up in the mania for TerraUSD, whose total value swelled to $18 billion before collapsing earlier this month. The coin’s sudden downfall is a reminder that crypto—which enjoyed a huge bull market last year—is often little more than a casino, with weak regulation and few means of recourse for the losers. The crash caught many investors off guard because TerraUSD was a stablecoin, designed to maintain its value of $1 per coin. Unlike bitcoin, which has crashed repeatedly in its short history, TerraUSD was pitched as a harbor from volatility. It slipped below $1 earlier this month and was trading around 3 cents on Friday. https://www.wsj.com/articles/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted May 28, 2022 Share Posted May 28, 2022 They should’ve just burned their cash. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted May 28, 2022 Platinum Contributing Member Share Posted May 28, 2022 (edited) We Americans got fucked out of 65 billion so far and just take it. Imagine if Biden would've gotten bbb passed. Edited May 28, 2022 by Steve753 Quote Link to comment Share on other sites More sharing options...
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