ST Alpha - "Why stablecoins? er, and wait Luna was worth $116 at some momentarily lottery winning point. Aren't they supposed to be 'stable'?" (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 153

Why stablecoins? er, and wait Luna was worth $116 at some momentarily lottery winning point. Aren't they supposed to be 'stable'?

Posted by JD (aka Jason Dean) May 20 '22, 14:08

Until minutes ago I had no idea that Luna was worth that much at some point. I thought stable..both up and down (so much for that) so what was the point. There's no speculation ($116 shows that was wrong on my point) but if it was, was the supposed point of stablecoins was to have a 'stable' non-fiat currency?

Responses:

There are two coins. One is stable while the other’s movements fluctuate. - The Allfather May 20, 14:31 1
- Oh. That slightly explains why there was so much money in Luna - JD May 20, 14:38
Luna wasn't the stablecoin, Terra was. - spamlet May 20, 14:30
My understanding is that Luna wasn't a true stablecoin, it was more like a gentleman's stablecoin. - Beryllium May 20, 14:28 2
- Spamlet’s answer, not Bery’s. -- nm - The Allfather May 20, 14:31 1
  - Ah. I knew there was an abstraction layer somewhere in that fiasco. -- nm - Beryllium May 20, 14:39

Post a message top

Why stablecoins? er, and wait Luna was worth $116 at some momentarily lottery winning point. Aren't they supposed to be 'stable'?

Replies are disabled on threads older than 7 days.