Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed - Ep.352
Ғылым және технология
Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more.
Show highlights:
● how Erik used to feel that algo stablecoins were impossible and why he changed his mind
● why Eric considers that the demand for UST was tied to a sh*tcoin
● why Nic didn’t think LUNA would work
● how a stablecoin could theoretically be decentralized
● whether Nic, Eric, and Erik think this was a deliberate attack
● why they think whether or not there was a deliberate attack is not even relevant
● how the de-peg started with a liquidity issue on Curve
● why Nic thinks that Terra’s biggest mistake was the 19.5% APY on Anchor
● whether pursuing a decentralized stablecoin is a worthy goal
● what aspects of UST were decentralized, according to Erik
● whether algo stablecoins are dead or whether in the future, death spirals of algo stablecoins can be avoided
● why Erik believes that everything in the crypto space is an experiment, even BTC
● what it says that the VCs behind Terra knew were so reputable
● why Do Kwon's arrogance and inexperience might have caused this chaos
● whether Terra can be rebuilt
● whether this collapse imposes risks on other blockchains and other assets
● why the Luna Foundation Guard’s purchase of Bitcoin might have made the UST collapse even worse
● what Erik thinks about the global financial system and the US dollar
● how this event could trigger more regulation in the crypto space and why it might hurt the entire ecosystem
● how regulators might use the Terra case to impose CBDCs.
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Episode Links
Erik Vorhees
Twitter: / erikvoorhees
Eric Wall
Twitter: / ercwl
Nic Carter
Twitter: / nic__carter
Previous Unchained Coverage of Terra
Do Kwon on backing UST with BTC
unchainedpodcast.com/do-kwon-...
Kevin Zhou on the risk of UST’s death spiral
unchainedpodcast.com/heres-wh...
Jon Wu on how Terra got de-pegged:
unchainedpodcast.com/did-some...
Terra
Twitter: / terra_money
UST Mechanics: / how-does-ust-work
Luna Foundation Guard: lfg.org/team/
UST Bank Run: www.wsj.com/articles/crash-of...
Speculation of a deliberate attack: onchainwizard.substack.com/p/...
Do Kwon’s Proposed Terra’s Revival: www.coindesk.com/tech/2022/05...
Terra Blockchain Halted: www.coindesk.com/business/202...
Upcoming Regulation
www.protocol.com/bulletins/te...
www.theblockcrypto.com/linked...
Пікірлер: 27
Really appreciate the comments and insights from Eric Voorhees and Nic Carter. Please invite them on the program more.
This crypto channel is a hidden gem. More people need to get in on this.
Excellent info here, that we should have listened to months ago.
Great discussion after the additional fallout to see perspectives.
Erik you are the best!
Amazing discussion! So impressed with all of the participants 🙏🏻
This is really great conversation full of substance. I totally agree with all your points guys. thanks for this!
This was an outstanding discussion with so many perfect points. It is unfortunate that Do was incapable of listening to outside info, but I do see a decentralized overcollateralized iterations in the future.
Damn Erik Voorhees looked rough
The one important person is missing from this meeting...
Great episode!! Love it. So happy I didn't invest in Luna!
What about LUSD with liquity protocol. It is overcollateralised with ethereum.
"the vagaries of how markets work"
There already exists a stable coin that solves all these problems. It's called SigUSD on the Ergo blockchain.
10:05, 17:36, 37:26, 46:36, 51:56, 55:54, 58:11, 1:02:37, 1:09:53, 1:13:54, 1:16:40
LOL now they are all critical after it collapse and all knew it more or less :-)
What devastating was that DK arrogance resulted in investors rushing in blindly without actually researching about terra ecosystem, because they thought that that could never happen if it would then DK wouldnt be that arrogant
Mustache guy clearly a sigma gigachad
👌
@colleenhill810
2 жыл бұрын
@mothernature1333
2 жыл бұрын
My favorite TA man, always on point and honest to the call.
@benjamincalvin5564
2 жыл бұрын
I have been watching Brice for a couple of months now and I've been getting more money than I could've imagined. It has been great to be able to make money even if I don't have time to watch the markets all day.
1:04:59 sophistry for the fools - the bigger the stage, the better it works. kinda how TradFi started, no? there still r no coins in the database…
Luna v2.0 is coming.. I believe in Do Kwon before these jokers! 🚀🚀🚀🚀🌕
If you can't invite people who understand what the 4pool was all about then this interview is pure garbage i am sorry ^^
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