Wow it keeps on dropping by the hour this is just like what happened with Luna! 😱😨
Discussion
To be fair it's not, because USDC is backed by multiple bank deposits and short term treasury bills. So it's likely usdc holders will be able to redeem at or close to one dollar eventually.
But people love to trust in finance and they always missunderstand the risks that are involved with it.
They will refill the balance sheet by robbing users. Like that poor dude who paid $2,000,000 and got $0.05 back in USDT lol. Granted yeah USDC is lucky they didn’t have a flawed algorithm like Luna. “Deploying capital lads” that still cracks me up. 🤣
😅 yeah I mean with that usdc usdt sell there was a missunderstanding of smart contract functionality and panic on top of everything else.
The irony of oh let me trust sby else, oh wait they fucked up, let me trust myself. Oh wait I fucked up much more. 🤕