⭐ Merited by fillippone (4)
I just stumbled again upon this thread and was thinking ... well, maybe Terra is about to kickstart a new Bitcoin standard, but in a different way?
Yeah, the new standard will be Bitcoin and Bitcoin alone
Seems like some shitcoins are so flawed that even backing them with bitcoin means nothing, now imagine the ones that don't have even that!
The article that is shared in that post is based on this tweet and even that guy said at the end that there is a lot of speculation and assumptions in his scenario how all this played out. But yeah, point of all this was obviously for someone to exploit their faulty mechanism and make money no matter the details how it exactly happened.
This is always the thing after something goes totally wrong we know in perfect detail which step how and when, but if anybody had asked previously if this shit would be possible all the experts would have come shouting about algorithms liquidity pools, how everything is impossible. When it comes to bitcoin all day long everyone is concerned about 51% because you only need x amount of gear to do it but look how easy this happened and none of the experts figured it out before it actually did.
But I love the new mantra of the one's fleece by this, it was the evil gubbermint that did it!
We are in May only, plenty of time to nominate something for the Fail of the Year award in Community Award for 2022.
Unless some coin manages to get negative, it's damn hard to topple 100 cents= 20 cents