Hindsight is 20/20, and the stablecoin collapse was inevitable, Abra CEO Bill Barhydt says. But the future of all crypto is bright as ever. Sponsored content by abra:
A lot has happened in the last couple of weeks. What's your take on what has happened in the broader markets, and specifically, the stablecoin market?First and foremost, we saw a failed attempt in Luna to run an algorithmic stablecoin at a global scale. Since then, we've seen investors flee to regulated stablecoins that use a centralized asset-backed model. Let's call that a flight to safety.
If the value of gold goes down, you end up with more gold, and you still maintain the peg. If the value of gold goes up, you end up with less gold and maintain the peg. However, the problem with that model is that if the value of the gold goes to zero, you need an infinite amount of gold to maintain the peg. And that's what happened with terra luna.
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