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Cryptonite May 2022
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Cryptonite May 2022

When the lunatics run the asylum

Shyam Sunder
and
Tejaswi Nadahalli
May 31
1
Share this post
Cryptonite May 2022
stockviz.substack.com

Its time for Cryptonite - our monthly roundup of all things crypto - with Tejaswi Nadahalli.

You can follow Tejaswi on twitter @nadahalli and he blogs at tejaswin.com

Show Notes

What Are Algorithmic Stablecoins? (decrypt)

Cointelegraph Consulting: The bigger role of LUNA in Terra

The Terra Triforce: Rise of the Lunatics (thetie)

Twitter avatar for @krugermacroAlex Krüger @krugermacro
The Luna/UST collapse must be the most negative crash in the history of crypto. Due to the sheer size of wealth destruction ($40B permanently gone), widespread holder base, perception of safety, top-tier exchange listings, and how much of the establishment vocally supported Luna.

May 13th 2022

518 Retweets4,675 Likes

The operators of the collapsed Terra stablecoin ($UST) last week allowed selected holders of the dollar token to cash out at close to 100 cents in the dollar. (newmoneyreview)

algorithmic stablecoins are fundamentally flawed because they rely on three factors which history has shown to be impossible to control. First, they require a support level of demand for operational stability. Second, they rely on independent actors with market incentives to perform price-stabilizing arbitrage. Finally, they require reliable price information at all times. None of these factors are certain, and all of them have proven to be historically tenuous in the context of financial crises or periods of extreme volatility.

Dr. Ryan Clements, wakeforestlawreview

Twitter avatar for @QuentinVandewe2Quentin Vandeweyer @QuentinVandewe2
We spent the last year figuring out what algorithmic stablecoins are and came up with a dynamic model that might help us understand what’s going on with #Terra_Luna . Here are our main takeaways. THREAD.
Image

May 14th 2022

108 Retweets561 Likes

Cryptocurrency Tether is fined $41 million for lying about reserves (fortune)

Anyone Seen Tether’s Billions? (bloomberg)

Tether Blacklists Ethereum Address Linked to Multichain Hack (coindesk)

What is Dai? (firi)

Coinbase CEO says UPI payments suspended due to 'informal pressure' from RBI (livemint)

NPCI caps market share for UPI apps at 30% of overall payment volumes (economictimes)

Argentina Inflation Surged to 20-Year High In March. Consumer prices in Argentina rose 6.7% m/m in March; 55.1% y/y (bloomberg)

Seth Green's Bored Ape Was stolen. Now He Can't Make His NFT Show. (mashable)

What are the copyright implications of NFTs? (reuters)

Twitter avatar for @JoePomplianoJoe Pompliano @JoePompliano
A company that is famous for selling JPEGs of Bored Apes on the internet raised $320 million this weekend by selling 55,000 parcels of virtual land in their metaverse & people paid with a currency called ApeCoin. That legitimately would have sounded insane just a few years ago.

May 2nd 2022

1,343 Retweets10,880 Likes

How Bored Ape Yacht Club Broke Ethereum (cnet)

David Marcus' Lightspark is a big bet on bitcoin (protocol)

Links

Twitter avatar for @FatManTerraFatMan @FatManTerra
Yikes. @stablegains took USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, and skimmed 4% off the top. They have now changed the denominations in their app from USD to UST and are nuking the landing page & old terms. (1/2)
Image

May 19th 2022

1,082 Retweets4,999 Likes
Twitter avatar for @DeFi_Made_HereDeFi Made Here @DeFi_Made_Here
Consequences outside #terra after $luna collapse. Thread 🧵
Image

May 14th 2022

1,495 Retweets3,906 Likes

Lagarde Says Crypto Is ‘Worth Nothing’ and Should Be Regulated (bloomberg)

Crypto Meltdown Exposes Hollowness of Its Libertarian Promise (wsj)

Coinbase and the Insider Exchange Dump (swanbitcoin)

Twitter avatar for @shivsakhujashivsak @shivsakhuja
"Where is the money coming from?" The MOST important question in DeFi that most investors don't ask.. 👇 🧵 [1/x]
Image

May 29th 2022

2,621 Retweets8,254 Likes
Twitter avatar for @TheMartiniritaMartiniRita @TheMartinirita
NGMI: not gonna make it Stable coins.. UST broke its peg twice. If you think crypto is immune fm the economics of currency and finance, then NGMI if you think this hasn't happened before, your NGMI AND you've fallen for the oldest joke on wall street How crypto go boom1/

May 10th 2022

3 Retweets18 Likes

Memes of the Month

Twitter avatar for @CryptanzeeCryptoChimp @Cryptanzee
Crypto Doomsday

May 11th 2022

4,456 Retweets15,364 Likes
Twitter avatar for @EffMktHype𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐇𝐲𝐩𝐞 @EffMktHype
El Risitas tells us why a certain corner of the crypto market is saying "algofuckmyself"

May 11th 2022

190 Retweets700 Likes
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