[codyswann]

They were on the wrong side of a massive bet and lost.

Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor".

Would they feel sorry for those who didn't take the bet?

[jeromegv]

For many/most, a stable coin was the exact opposite of a bet. It's not mean to grow in value, it's not meant to lose value, it's just meant to follow USD. They didn't think they were taking a bet, they thought they were storing their assets in something equals to US dollar. That's what the whole industry has been telling them, that's why they are called STABLEcoin.

[sunsunsunsun]

Whats the point of storing your life savings in something tied to the US dollar instead of just holding it in US dollars? I genuinely don't understand.

[xur17]

So, several answers - for someone in a priviliged economy, you can more easily deploy this capital to gain a return (deposit in a dex, etc). For people in less favorable conditions without access to USD, it's a way to access a relatively stable currency.

[dfgasdgsd]

They weren't betting on Terra though, they were betting on Luna, which isn't pegged and is obviously a bet.

[coldpie]

I've got a stable bridge to sell you, only $10k.