TITAN crypto-token does the opposite of zero to $60: Value plummets in hours

A cryptocurrency token called TITAN collapsed on Wednesday, going from about $60 apiece to near zero in a matter of hours. The sales frenzy, attributed to a sell-off driven by whales – people who hold large amounts of a cryptocurrency in this context – also destabilized a so-called stablecoin known as IRON. A stablecoin is …

[Pascal Monett]

Ah, the joys of funny money

"We must conduct an in-depth analysis of the protocol, for which we will hire a 3rd party, in order to understand all circumstances which led to such an outcome "

Yes. Please do conduct an in-depth analysis of the protocol and, while you're at it, try to include the last two thousand years of banking experience in the Real World, instead of imagining that you can think of every possible use case on your own.

I love reading about how funny money perpetually hits the same sand banks the real banks have learned to avoid through centuries of experience. Keep it up, guys ! At least you're worth the popcorn.

[Someone Else]

Re: Ah, the joys of funny money

Two things come to mind:

1) Tee, and a Hee!

2) Neener, neener!

[Michael Wojcik]

Re: Ah, the joys of funny money

I love reading about how funny money perpetually hits the same sand banks the real banks have learned to avoid through centuries of experience.

That's cryptocurrencies for you. Technically and economically interesting, but as investments and currencies they're risky. I enjoy reading about them; I wouldn't enjoy owning them. (Just keeping up with the market is a cognitive opportunity cost I'm not keen on paying.)

[NoneSuch]

An imaginary currency collapsed?

Well, no different than the "real" ones then.

[Sorry that handle is already taken.]

A rare accidental pump & dump

[Joe W]

maybe.

[PTW]

I for one commend IRON

There's no guaranteed 75 cents on the Dollar for your Wall Street investments. Beer for the TITAN investors, I think you probably need one

[Anonymous Coward]

Re: I for one commend IRON

Lets see how guaranteed it is when everyone tries to get out at once. You may even get as much as 75 cents on the zimbabwe dollar.

[Yeees]

Re: I for one commend IRON

What happens if everyone goes to the bank to withdraw their money, Economic Genius?

[Michael Wojcik]

Re: I for one commend IRON

There's a guaranteed 100 cents on the dollar for your dollars, though, which is a more apt comparison.

The exchange value of those 100 cents isn't guaranteed, of course.

[Blank Reg]

Re: I for one commend IRON

Sure but with those 100 cents I could buy a donut last month, I can still buy a donut today, next month I'll still be able to buy a donut and it ten years I may need to kick in an extra quarter for that donut.

On the other hand last month you could buy a Lexus with a bitcoin, this month maybe a Honda, next month will it be a 1972 Lada or a Ferrari? Who knows? The answer is no one, and that's just one reason why it's not a currency

[foxyshadis]

Re: I for one commend IRON

Well sure, because a money market fund must return 100 cents on the dollar.

Now that they've seen people will buy in, though, I'm sure a few bankers are scratching their chins about how to monetize this new 75 cents on the dollar concept.

[yetanotheraoc]

Make haste slowly

If they do the quick fix `_share_price >= 0`, what are the odds they get a divide by zero error somewhere else?

[Anonymous Coward]

explained Iron Finance, the firm behind the IRON partial stablecoin

isn't it iron-ic...

[Timo]

Buy low?

With the titan at such miniscule levels (infinitesimally small) why wouldn't someone put $25 into it, get 176 million titans, and then plan a good time to get out when it rebounds?

I must be missing something, because if it was viable someone would have already done it.