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The Death Spirale of Cryptocurrency
The idea was if terra, the stable oin, droped below a dollar, that arbitrasers would come in and they'd buy terra. The problem was that as people started to worry, they were issued huge amounts of luna,. And even though these giant piles of luna were, in theory, worth the dollar, the selling of the luna pushed on the price of luna. By the end of the week, there were like trillions of lunas out there, and basically you couldn't sell luna any more.
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