An algrhythmic stable coin is like fiit currency at its most pure. It's entirely dependent on a deep seated belief in the people around you that this project is going to be successful. And they dokuan did this by trying to make people think he was uniquely capable, uniquely positioned, or uniquely able,. To create that sufficient mass of belief. He basely had to admit that this was falling apart and not going to happen any more. The entire system basically depends on faith and belief.
Paris Marx is joined by Bennett Tomlin to discuss last week’s crash of Terra and Luna, the problems with stablecoins, and whether this collapse will finally force regulators to take action on cryptocurrency.
Bennett Tomlin is a co-host of Crypto Critics’ Corner and writer of the FUD Letter. Follow Bennett on Twitter at @BennettTomlin.
Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.
Find out more about Harbinger Media Network at harbingermedianetwork.com.
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