The thing is that people had pretty good reasons to expect Money Market Mutual Funds to be stable at $1. Everybody who really understood them knew that breaking the buck was possible, but absent fraud, it wouldn't have been possible without a massive economic collapse (which didn't happen).

Nobody in their right mind should have expected UST to remain stable for any length of time at all, as it is fundamentally built on smoke, mirrors, and Ponzi's best friend.

I'm sure there will be some sad stories about people who had no idea what they were buying that lost money they couldn't afford to gamble with, but it's really hard to feel too bad for the suckers and hypemonkeys who memed this stuff into having temporary value.

> I remember when money-markets lost their peg back in 2008 and pretty much the world went apocalyptic.

For comparison, I believe it was only one money market fund that had to break the buck and sell for something like $0.97 instead... and the withdrawals were hitting 10% of total money market fund value in a few days.

> The value is "holding" at $0.66 right now

By some reports, Binance has set a floor price on trades at $0.70, so people cannot sell lower. It has also suspended withdrawals. So this 'holding' may be influenced by one of the largest exchanges effectively halting trading.

When idiots experience stress as a result of making bad choices that's not "horrific". It's a good object lesson for them to be less gullible.

> I had friends explain that stablecoin was the way to make an easy 20%. I can empathize with their pain.

I understand the empathy, better than contempt.

But what were they thinking? Sorry they lost all their money. A fool and their money....

Clearly they believed the underwear gnomes on South Park.

Hey, I'm ~$3,000 in which isn't zero but also isn't that meaningful.

I'm holding and taking no action (ie, not buying more). It's at the risk exposure I'm comfortable with.

Then again I held my shares in sun microsystems until the very end. No regrets on that either.

This is not financial advice, I'm probably a fool. FWIW, UST is recovering way quicker then my positions in Nvidia and Adobe are. It's back to $0.92.

In an environment where companies like Rivian are down over 90% and across the board 75% stock price drops are common right now, recovering in 24 hours is pretty great

That's a bit misleading--you can only stake for 10% if you agree to lock up a large amount of money in CRO for a long period of time, and if you agree to a three month fixed-term deposit for the USDC you're "staking". CRO exposes you to arguably more risk than the staking is worth, and the fixed-term deposits have the downside risk of crypto.com literally collapsing and not being able to pay you back.

If you want staking rewards on USDC (from crypto.com) without a fixed-term deposit, the best you can do is 2%. If you want to avoid having to lock up $40,000 in CRO for a minimum of 6 months, the best you can do is 1.5%. Given that you can earn 0.7% on a FDIC-insured deposit in actual USD, that's not much of a deal.