#crypto is dying

cryoverkiltmilk:

hustlerose:

so, to sum up the last couple weeks:

• the NFT fad ended and several tokens that were supposed to be worth millions were sold for peanuts
• terra luna tanked and dragged terra’s stablecoin off its peg. terra was the 3rd largest stablecoin at the time
  
• meanwhile, people are starting to face legal consequences for stuff like fraudandmoney laundering
  
• terra freezes their blockchain to prevent a run on the bankstablecoin
  
• tether and dei also lose their pegs and tank
  
• a court is forcing tether to reveal its reserve records to the public, which will definitely show that they’re backed by significantly less money than they claim
• etherium and bitcoin both crash hard at the same time
  
• tether’s market cap has dropped by several billion in the past few days, which might mean that some of the people at the top of the pyramid scheme are cashing out in dollars. just scooping up handfuls of money from tether’s reserves and running for the hills

crypto is fucking dying lol