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 15, 2023 00:31:43
Episode Cover

Read_741 - Much Ado About Ordinals, Inscriptions, and BRC20 [Roy Sheinfeld]

"The more wonderful something is, the more passion it will arouse. Bitcoin is among the greatest wonders of the late-modern world, so Greg Foss...

Listen

Episode

April 24, 2018 00:33:06
Episode Cover

CryptoQuikRead_054 - The Long Road To Segwit

The segwit protocol upgrade was the biggest and most controversial software change in Bitcoin's history.  Listne to Aaron Van Wirdum's article at BitcoinMagazine.com to...

Listen

Episode

July 26, 2019 00:25:27
Episode Cover

CryptoQuikRead_276 - More Immutable than Stone [Simon Lutz]

We start today's show reading a short Twitter thread by @simonlutz21 which sparks a fun discussion about the presence of Proof-of-Work in nature, the...

Listen