> I know HN isn't very fond of crypto, but I still feel for everyone stuck in UST space right now.
I can't speak for HN, but any financial instrument that can't be easily differentiated from a ponzi scheme should be assumed as one unless proven differently. I think that's just investor due diligence frankly.
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
Out of curiosity, what's the point of having a "position" in a stablecoin? It seems that if they manage to maintain the peg, there can't be any gains either. My impression was stablecoins are mainly used as an intermediary when converting between crypto positions, as a kind of "crypto reserve currency".
I can't speak for HN, but any financial instrument that can't be easily differentiated from a ponzi scheme should be assumed as one unless proven differently. I think that's just investor due diligence frankly.