Read_629 - On Impossible Things Before Breakfast [NYDIG]

June 08, 2022 01:33:23
Read_629 - On Impossible Things Before Breakfast [NYDIG]
Bitcoin Audible
Read_629 - On Impossible Things Before Breakfast [NYDIG]

Jun 08 2022 | 01:33:23

/

Hosted By

Guy Swann

Show Notes

"The reverse of that process – a so-called “death spiral” – was inevitable. Any time the immeasurably over-levered global fiat monetary system, for whatever reason, experienced one of its periodic external shocks that skyrockets immediate demand for actual US dollar liquidity, UST investors would demand USD liquidity faster than the brittle and fundamentally flawed Terra ecosystem could provide. At some point, one UST would be worth materially less than one USD, further rattling investors and kicking off a classic bank run. Worse, with algorithmic certainty, the UST bank run would be accelerated by a corresponding hyperinflation in LUNA." - Ross Stevens, Nic Carter, Allen Farrington "A post-mortem on Terra, a pre-mortem on DeFi, and a glimpse of the madness to come." Another amazing piece from NYDIG, this one detailing out the inevitable collapse of TerraUSD/LUNA algorithmic stablecoins, and a warning about the fragility and leverage that threatens the same end for the DeFi ecosystem, to follow up with the exciting things being built on top of the Bitcoin and Lightning network stack. Dont miss this one. Some great previous reads for digging further into the ideas covered in the show: Shelling Out: The Origins of Money - https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/ Only the Strong Survive - https://open.spotify.com/episode/7u8mzgKk1nQcwpz9EjIiet?si=1b5c0272a08c4f0a Time Value of Bitcoin - https://bitcoinaudible.com/the-time-value-of-bitcoin/ For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE. • Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy) • Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off. Learn more about your ad choices. Visit megaphone.fm/adchoices --- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message

Other Episodes

Episode

June 25, 2020 00:38:13
Episode Cover

Read_409 - 57 Varieties of Pyrite [Rusty Russell]

"Incentives have driven exchanges to become casinos, and they’re doing exactly what you’d expect unregulated casinos to do. This is no place you ever...

Listen

Episode

May 03, 2023 00:39:45
Episode Cover

Read_727 - The Banking Crisis Stays, & the Treasury is Broke [Nik Bhatia, Joe Consorti]

"The fall of First Republic Bank was the second-largest bank failure by assets in US history, putting us in the 2008 conversation. Times are...

Listen

Episode

May 30, 2020 00:46:11
Episode Cover

Read_399 - Bitcoin as a Startup [Hass McCook]

"VCs are a group of people demonized in the Bitcoin industry for not understanding Bitcoin’s value proposition. Well, how do you expect a VC...

Listen