Quote:
Originally Posted by jscott
You're still putting trust in people rather than protocol. That's the mistake gamblers in Luna did, or people who irresponsibly stored their crypto on exchanges (ie QuadrigaCX, MtGox, Cryptopia, etc etc)
|
Actually, the people holding LUNA did put their trust in protocol rather then people. No one knows if tether actually holds those reserves it claims to - but it's supposed to hold collateral. LUNA and USC was pegged to the dollar algorithmically by minting/burning LUNA.
Now we have like 500 billion LUNA so it's basically a meme coin.