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Comment by PragmaticPulp | Hacker News Reader

> A relatively unknown, recently launched stablecoin collapsing is not big news in crypto.

The fact that some people think a $250,000 heist followed by the collapse of a half a million dollar stablecoin is "not news" underscores how ridiculous the cryptocurrency space is right now.

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250k is nothing compared to the biggest defi losses: https://rekt.news/leaderboard/

From the link >These protocols are listed with respect; we appreciate and understand the work that lies behind each name.

Title of leaderboard, REKT.

Thank you for sharing this. But holy moly, what has happened in April in the crypto space?!

i think the quantity of scams generally increases in bubbles

Nah its just a small, irrelevant project falling apart. That has nothing to do with the cryptocurrency space. Amounts this small rarely makes the news in the crypto space and happen every day. They also barely make the news in the fiat space and happen every day.

VCs blowing an order of magnitude more on coke doesn't make the news

A VC publicly saying "I don't spend money on coke" as a marketing tactic and then getting busted doing just that would make the news. Much like a coin that claims "this coin is stable and its value is tied to USD" getting looted and crashing to $0 also makes the news.

Well, it wouldn't make the news if the price dropped because the actual USD value dropped to zero. That would be perfectly legitimate. Of course the world would be burning as 5lb bags of rice became worth a dozen human lives, so tech news in general might not be very top of mind at that point.

Me shouting "I'm a VC and I don't spend money on coke" and then getting busted doing just that would not make news, as I'm nobody. Same here.

You don't have half a million dollars invested in the thing you claim to be, to then blow. Unlike a VC or this coin. That analogy doesn't work.

If someone blows millions of dollars on coke I very much want to read that article. Why would that not get reported, are you sure?

I’m sure he was exaggerating, But it’s definitely true that half a mission is nothing for VCs and its pocket change in terms of market cap.

I don't know much about this space but a half million dollar marketcap is absolutely tiny and non-news. BTC market cap is what, close to a trillion or something?

The top 10 stablecoins together have a total market cap of around $100 billion. Of that, $62 billion is tether, and the next largest is USDC at $26 billion, then BUSD at $10 billion.

It is interesting that these exploits still happen.

Those are based on the trust of the companies behind them though and don’t collapse so suddenly. Also MT.GOX took several days to fully collapse.

That's literally one junior software engineer's annual salary. It honestly is negligible in the context of the crypto market.

Unrelated to the main thread but what jobs pay junior's 250k? Asking for a friend...

I suppose I should have said mid level devs, which is more common in tech hubs.

Although, junior devs certainly can get that much at top tier companies in SF, but you have to be really good to get them.

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