UST Stablecoin Loses Dollar Peg
You know we had 2008 and we learned that in high finance there were these complex derivatives that a lot of people understood in a loose sense, but rarely in a detailed sense. And that they were basing those complex instruments on credit ratings that were essentially fraudulent. And that structure of a fraudulent base and mounds of complexity on top can surf for a really long time before blowing up catastrophically.<p>How is this not just the exact same formula? &quot;Oh you see it&#x27;s stable because there&#x27;s this exchange mechanism and it&#x27;s attached to this floating currency, blah blah blah.&quot; It all sounds very complex but then it breaks and you look underneath and it seems like anyone who understood what the mechanics actually were would&#x27;ve always been a little sketched out by it. Is this whole ecosystem not just small-time hobbyists and programmers trying to create this exact dangerous dynamic over and over?