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The protocol was always going to fail. People should stop blaming the attacker, it’s utter nonsense. Even without the attack with current market conditions it would have happened.
Absolutely - I'm inclined to agree - but I do believe the 'natural collapse' may have been a ways to go - maybe a few months, maybe a few years? Nice trade BTW, incredibly sigma
When does the Netflix documentary come out
You can replicate his trade by shorting $waves now
irrelevant how long you think the ponzi wouldve kept going, a ponzi is a ponzi is a ponzi.
Wouldn't say failure was inevitable from the start - that Anchor didn't cut returns after DeFi yields moderated made it more likely for sure, but they had time to correct
The” attacker” is the free market and it functioned properly. We want the free market to destroy frauds and scams. Hurts for people involved but saved all the future victims. This rhetoric shouldn’t be entertained. Do Kwon knew this could/ would happen.
Unclear which straw broke the camel's back here. Guess what - when you buy $1.5b of bitcoin (and sell 1.5b UST to do so) you put pressure on the peg. Especially in a weakening market where the anchor demand just wasn't there. How are you sure it wasn't that that did it in?
That definitely weakened the system - it was a part of TFL's irresponsibility - but the depeg event chain reaction does indeed appear to have been started by an outside attacker
Few years?! It was a ponzi dressed up by "It's algo bro"- the algo really being dependant on sustained inflow of money by new investors to maintain the peg + trust/belief in the Fund. Just like any ponzi, it could not sustain bear conditions where capital flees for exits.
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