It's not resilient. It's worthless. The same grift keeps working on bigger fools and it hasn't been outlawed yet. Ergo, it stays and cycles from one catastrophe to the next.
> if this was USD we would be at WW10 and two October revolutions by now
This is the farthest reach I've ever seen someone make to state a positive about crypto.
Mechanically it's the same as divination. It just has all the superstition and pretenses of the supernatural stripped away. E.g. I don't think there's anything magical about the I Ching, but it can be a useful way to consider a situation from an angle you wouldn't normally choose.
There's also a principle which I cannot remember the name of, where in some situations when confronted with a set of options that are of similar value, if you're forced to make a choice yourself you end up less satisfied than if a random choice was made for you. There was a segment on this in a RadioLab episode a decade ago or so. It makes a bit of sense - you can easily regret a decision you personally make to various degrees, but with something left to chance there's little to regret or stew over.
The circular relationship between Terra and Luna is really fishy. It's probably not really a scam today, but similarly structured schemes should probably be classified as such and criminalized in the future.
The best explaination Ive seen (from HN I think) was that the Terra/Luna thing was an attempt to tranche the 'asset'. So Luna (junior tranche) has the risk and potential returns, whereas Terra is supposed to be less risky, less returns (Senior tranche). See MBS, CDO, CDO^2, etc.
They transfered 52,189 BTC between May 7th (When UST dipped to $0.9978, indicating the algo peg was under stress) and the 10th, and another 33,206 when UST hit $0.75. After the insiders were paid off, Terra was free to go to zero.
Presumably we'll only find out what actually happened when Do Kwon is in jail and people start testifying against each other in return for lighter sentences.
> They have a long road ahead of them to shake off the association of being a haven for CSAM and alt-right holdouts.
Considering the first time I even heard that was this very comment, I'd say they're doing pretty well on that front. Basically every nook and cranny of the Internet has had to shake similar associations at some point.
Reminds me of Hideki Matsui's porn library. "Oh yeah, I've got tons of it! Wanna see?" American journalists: knuckles are practically bleeding from the intensity of the pearl clutching
