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_gabrielShapir0
@lex_node
"stare long enough into the abyss, and the abyss stares also into you" ETH tribe fought toxic BTC maximalism for so long, some tribal elders now ironically now resemble their greatest avowed enemy meanwhile Terra tribe is forging alliances--including within the Ethereum tribe
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The Crypto Voice
@TheCryptoVoice
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$UST depegged for like 5 minutes by 1 cent and toxic $ETH maxis immediately start their #FUD attack as if they just waited for it. You can get the impression that some rather stay poor and fight their own industry instead on being constructive and actually gain something from it
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ameen.eth
@ameensol
fwiw some ETH maxis were opposed to ETH algostables on the same grounds that they are now opposed to UST... seigniorage shares model comes with death spiral risks that over collateralized systems don't have it would be silly not to point that out
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_gabrielShapir0
@lex_node
agreed, but not like Terra community hides the ball on death spiral risks--it's a topic of almost constant discussion (and adaptation) within Terra community maybe it's impossible to create a good algo stable? but we'll never know unless we pull out all the stops
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Ethan Buchman
@buchmanster
why do we think this time is any different than the "algo stables" run by asian nation states in the 90s? surely they pulled out all the stops then? they failed pretty miserably. are we exempt from studying history because we have flashy new toys?
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Ethan Buchman
@buchmanster
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Imagine a world where a new kind of technology starts to take off, and lots of money starts flowing in. A short story: 👇
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good journey capital
@gojycap
‘97 was SE Asians gorged on 2much $ debt pre local recessions. Cap flight sudden + sustained because no local reason to stay in pegged currency. $Luna $UST ecosys addressing that aggressively by ensuring no ‘local recessions’ in ecosys by creating enough organic $UST demand.
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Ethan Buchman
@buchmanster
by organic UST demand you mean offering unsustainable rates through anchor? or something else? without those anchor rates, won't we see the same capital flight?
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Do Kwon 🌕
@stablekwon
Even without anchor terra has more tvl than the rest of cosmos combined ^^; a little introspection would be nicr
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Clemø
@ClemMgn
it would be especially important to put forward the Cosmos Sdk, without it Terra would not be here today
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Ethan Buchman
@buchmanster
Replying to
@stablekwon
@ClemMgn
and 3 others
not claiming terra has no traction! one of the things that impressed me the most was the traction. but hasn't that been largely dwarfed by anchor now? iiuc, something like 70% of UST is in anchor chasing high yield? isn't that the kind of thing that killed thailand?
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Do Kwon 🌕
@stablekwon
After the bloodshed anchor earn is now <50% of terra tvl ^^; But well noted, terra should work on diversifying its ecosystem from its first killer use case
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