DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
Subscribe to Durwin
Subscribe to Durwin
Share Dialog
Share Dialog
<100 subscribers
<100 subscribers
I have a hunch he will retreat, rethink, re-engage and rebuild again.
He named his firstborn daughter Luna.
And nope, he did not change her name despite what happened.
He has 1M followers on Twitter.
He was the cult leader of one of the most successful crypto cult in history, until it wasn’t.
He launched a revolution with an army of revolutionaries he nurtured from the start.
He went from humble developer to cocky, “I’m smart and everyone is poor” king of twitter.
Was he a genius who invented a new algorithmically-backed stablecoin?
Or did he just took what others have done (and failed) and tried it in his own way?
In just 6 lousy days in May 2022, Luna and UST crashed and burned.
Decimating $45B from the markets and ruining the lives of many.
At its peak, Luna was worth $119, making it one of the top 10 cryptocurrencies by market cap.
Before Terra/Luna fell, it was one of the largest cryptocurrency in the market.
He went from unknown developer to worldwide crypto celebrity status and to most-hated meme persona in just a year.
They called him the Elizabeth Holmes of Crypto.
Is that warranted?
Elizabeth was ruthless, deceptive, dishonest and blatantly committed fraud.
Do Kwon, arguably sharing many similar behavioural traits, technically hasn’t committed any obvious crimes yet (at least on the surface).
He claims that there was a mole amongst the company.
That someone close to him leaked vital information and coordinated an attack against Luna/UST, causing the depeg and ultimate death spiral.
I am certain with the multiple class-action lawsuits coming up, more will be revealed.
Anchor Savings Protocol was launched on March 2021 and that was supposedly the magnet that sucked everyone and anything into the Luna ecosystem.
Simply put, you deposit UST and get almost 20% of annual interest back automatically.
It certainly does smell and sound like magic money.
Who cares if it was conjured out of thin air and subsequent deposits from newer users.
Wait that sounds terribly like a Ponzi scheme.
But some argued it was not a Ponzi if Do Kwon had no intention to scam people for money and if it was used as a form of marketing.
Anchor, given how attractive and quickly it got traction, proved to be too deadly.
Big firms and lenders were basically stashing large amounts of UST in Anchor and enjoying the juicy yields.
Many took on leverage and huge loans just so they can deposit more UST.
When UST and the markets crashed, they got decapitated.
You can say that Do Kwon was stressed out a fair bit.
“In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.”
Lesson learnt: never let fame or fortune get to your head.
Easier said than done.
Would you have passed the test too?
It is amazing that you can crash the crypto markets and walk freely around in Singapore.
I wonder if MAS is doing anything at all.
What happened to Do Kwon was nothing short of horrific and astounding.
Few have actually faced what he had to face.
Would you forgive Do Kwon and does he deserve a second chance?
-
Do you believe in crypto?
-
#startups #business #startupx #growth #success #socialmedia #culture #web3 #strategy #hacks #Luna #ust #terraform #tokens #crash #dokwon #eth #btc #crypto #singapore
I have a hunch he will retreat, rethink, re-engage and rebuild again.
He named his firstborn daughter Luna.
And nope, he did not change her name despite what happened.
He has 1M followers on Twitter.
He was the cult leader of one of the most successful crypto cult in history, until it wasn’t.
He launched a revolution with an army of revolutionaries he nurtured from the start.
He went from humble developer to cocky, “I’m smart and everyone is poor” king of twitter.
Was he a genius who invented a new algorithmically-backed stablecoin?
Or did he just took what others have done (and failed) and tried it in his own way?
In just 6 lousy days in May 2022, Luna and UST crashed and burned.
Decimating $45B from the markets and ruining the lives of many.
At its peak, Luna was worth $119, making it one of the top 10 cryptocurrencies by market cap.
Before Terra/Luna fell, it was one of the largest cryptocurrency in the market.
He went from unknown developer to worldwide crypto celebrity status and to most-hated meme persona in just a year.
They called him the Elizabeth Holmes of Crypto.
Is that warranted?
Elizabeth was ruthless, deceptive, dishonest and blatantly committed fraud.
Do Kwon, arguably sharing many similar behavioural traits, technically hasn’t committed any obvious crimes yet (at least on the surface).
He claims that there was a mole amongst the company.
That someone close to him leaked vital information and coordinated an attack against Luna/UST, causing the depeg and ultimate death spiral.
I am certain with the multiple class-action lawsuits coming up, more will be revealed.
Anchor Savings Protocol was launched on March 2021 and that was supposedly the magnet that sucked everyone and anything into the Luna ecosystem.
Simply put, you deposit UST and get almost 20% of annual interest back automatically.
It certainly does smell and sound like magic money.
Who cares if it was conjured out of thin air and subsequent deposits from newer users.
Wait that sounds terribly like a Ponzi scheme.
But some argued it was not a Ponzi if Do Kwon had no intention to scam people for money and if it was used as a form of marketing.
Anchor, given how attractive and quickly it got traction, proved to be too deadly.
Big firms and lenders were basically stashing large amounts of UST in Anchor and enjoying the juicy yields.
Many took on leverage and huge loans just so they can deposit more UST.
When UST and the markets crashed, they got decapitated.
You can say that Do Kwon was stressed out a fair bit.
“In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.”
Lesson learnt: never let fame or fortune get to your head.
Easier said than done.
Would you have passed the test too?
It is amazing that you can crash the crypto markets and walk freely around in Singapore.
I wonder if MAS is doing anything at all.
What happened to Do Kwon was nothing short of horrific and astounding.
Few have actually faced what he had to face.
Would you forgive Do Kwon and does he deserve a second chance?
-
Do you believe in crypto?
-
#startups #business #startupx #growth #success #socialmedia #culture #web3 #strategy #hacks #Luna #ust #terraform #tokens #crash #dokwon #eth #btc #crypto #singapore
No activity yet