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Respect to the whales who killed off TITAN. By eliminating a bad product, they’ve done a public service. People who believe in the free market should be celebrating the crash of TITAN, not calling for regulation to prevent such a crash from happening.

Respect to the whales who killed off TITAN. By eliminating a bad product, they’ve done a public service. People who believe in the free market should be celebrating the crash of TITAN, not calling for regulation to prevent such a crash from happening.



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47 Comments

  1. tldr; A cryptocurrency has just re-enacted the Weimar hyperinflation. Yesterday, the price of the cryptocurrency TITAN crashed to zero, and its stablecoin IRON fell off its USD peg, trading as low as 69 cents to the dollar. According to IRON’s whitepaper, TITAN is the swing asset that maintains its collateral value.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Just a reminder that most traditional banks would have gone out of business in 2008 if they weren’t bailed out by the government. Titan used a fractional reserve system just like most US banks do today and that’s why they failed. Just didn’t have a money printer to save them.

  3. If decentralization and a free market is the vision, shitcoins and memecoins have just as much right to exist as the serious coins. Let the market and the people decide which protocols win and lose. For me personally, for this reason, I am indifferent towards TITANs failure.

  4. If you were actually on Matic you would’ve known the network was getting congested by bots sending 0 Matic SELF transactions. These “whales” actively attacked the protocol to exploit the mint and redeem functions for TITAN and IRON. What happened was a bank heist, not a market correction. It’s messed up that people are celebrating this kind on behavior…

  5. Swift payment (used for overseas transfers) was made in 1970s. Let that sink in. The foreign money transfer your bank does is using tech that’s 50 years old. Why hasn’t your bank gone out of business then? Well, thank the feds for that who think crashes are not part of market cycles. Crashes keep companies honest, always forces them to Innovate and outcompete hence to the benefit of consumers

  6. Ultimately it’s the designer’s fault who create a faulty algorithm that is spotted by the keen eyes of the speculators, which bring about the demise of IRON and TITAN.

  7. imagine how much it pains you to have to write “WARNING: Please don’t buy TITAN or IRON.” on your website and pretty much burring your own project and probably saying good bye to a big chunk of money… I feel a bit sorry for the guys!

  8. Ah yes let’s celebrate people losing money because you didn’t buy into it.

    Respect to the hacker who killed off the DAO. By eliminating a bad product, they’ve done a public service. People who believe in the free market should be celebrating the crash of Ethereum, not calling for bailout to prevent hacker from selling.

    Double standard.

  9. titan cope lol. “yeah it was a shitcoin that rugpulled.. and that is a good thing!”

    ​

    that’s what you get for listening to social media idiots like mark cuban/michael saylor.

  10. Dude. These weren’t some whales coordinating a sell off. This was exploiting the code to fraudulently mint an absurd number of tokens, and sell them all at once for huge profits.

    People committing fraud is not to be celebrated.

  11. It’s great when the market corrects itself! Apart from when that also means people lose a ton of money that they can’t afford to lose.

    Yes, you could say you had to be stupid to invest, but isn’t that the point of having some regulation? So that people who are naive don’t get taken advantage of?

    Add long as there’s no regulation, it’s too easy to take advantage of people who don’t know any better.

  12. A person didn’t do it. An algorithm did. A shitload of algos most likely. They saw a arbitrage opportunity. Arbitrage is good. It’s what was keeping the price pegged. Untill it wasn’t. Then because of a flaw in the design the algos road that thing into infinity. I garentee start to finish this happened without a person making any decisions at all.

  13. Agreed 100%. I loathe that fiat US dollar gets easily printed. Yet every crap coin that sucks up someone’s money is kinda the same. Those dollars could have been invested into BTC or ETH or Algo or ADA.

  14. My biggest fear is events like this will be used to push regulations…

    Ransomware, pump and dump, everything they can they will use to gain control (make profit) again.

  15. Market manipulation is not worth celebrating. But it is a good lesson learned about the old adage of being skeptical of things that sound too good to be true.

What do you think?

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