Crypto Sanity
@cryptosanitymag
Madness in, sanity out “Within groups selfish individuals beat altruistic individuals, but groups of altruists beat groups of selfish individuals.”
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Lots of chatter this is exactly what's unfolding...supposedly less than 10% to go until mass liquidation cascades
Another scenario: There is a unlikely but decent risk (10-20% imo) that things will get much worse from here very quickly
Crypto as a whole needs to move from "design to succeed" to "design to fail" with clear scenarios that capture the most extreme events possible If the community works together a list can be generated covering most scenarios and stress testing completed before deployment
Chainlink pausing the LUNA oracle allowed several attackers to deposit millions of LUNA which is still worth $0.10 according to the Chainlink oracle to borrow all the collateral. The protocol has been drained before we could pause due to our timelock.
Over *four years* ago I was a research analyst at @scalarcapital. The Terra / $LUNA deal came across our desk and I was assigned to it because I was the DeFi guy. Here's what I had to say about the project. How did we allow it to end up like this?
So there was a mini-bounce inbetween which delayed us a couple months but potentially we just saw this flushout. Will it be the last?
So far pattern from last year is repeating. BTC/ETH fell before alts -> bounce -> alts lead downwards I think strong chance we get $BTC 28-30kish with alts down a ton, then bounce back to around these current levels before continuing bear at tbd date
Ok just checked and MIM has held. So I will say it's resilient haha
But I'll say this. If it survives $UST-$LUNA deleveraging spiral getting activated (potentially very soon) and Luna plunges 50% or something...with big UST depeg and incredible collateral evaporation Then I'll be open to saying it's resilient
In its own way COVID may alter the course of history as much as the bubonic plague
Don't know what else you guys can ask of me, a single T cell immunologist, in accuracy and foreshadowing Here are two major things I foreshadowed I anticipate the loss of Naive T cells here 1/2
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