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Mr. V | mariokondo.ethMoloch - The root of all problems?
1/ I listened to @Liv_Boeree on the @lexfridman podcast talking about #Moloch. It inspired me to write a Thread about this phenomenon & why this ancient demon god is responsible for so many problems we face today. 🧵 I hope you enjoy the thread and my thoughts about #MolochMoloch in Metropolis 1927Who is Moloch?2/ #Moloch originates from the Canaanite religion and was a demon god who gave power to tribes to win wars but in return, they had to sacrifice their children to Moloch. The essence is...
Mr. V | mariokondo.ethThe Crypto Revolution - Josh Rosenthal on the Bankless HQ Podcast
Joshua Rosenthal PhD in History is a crypto-native historian and talked about the parallels between the Renaissance, American Revolution, and #Crypto and how we can learn from history. If you missed it, this article is for you:Let’s travel to medieval timesImagine yourself as a medieval peasant. After centuries of static, permission society ruled by kings, two decentralized technologies converged: Ledger-based financial primitives (double-entry bookkeeping) and new permissionless communicatio...
Mr. V | mariokondo.ethBrave New World vs. 1984
How will the future look? "1984" or "Brave New World"? 🧵 A thread comparing the two books and my take on which course we're currently taking.Before we talk about our current path, let's understand the content of both books. Let's start with Orwell: Orwellian surveillance state in 1984: A society governed by a big brother ➡️ Propaganda & Censorship as key tools https://twitter.com/SizweLo/status/1425455068556451842 #Huxley, on the other hand, envisions a hedonistic "pleasure so...
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Mr. V | mariokondo.ethMoloch - The root of all problems?
1/ I listened to @Liv_Boeree on the @lexfridman podcast talking about #Moloch. It inspired me to write a Thread about this phenomenon & why this ancient demon god is responsible for so many problems we face today. 🧵 I hope you enjoy the thread and my thoughts about #MolochMoloch in Metropolis 1927Who is Moloch?2/ #Moloch originates from the Canaanite religion and was a demon god who gave power to tribes to win wars but in return, they had to sacrifice their children to Moloch. The essence is...
Mr. V | mariokondo.ethThe Crypto Revolution - Josh Rosenthal on the Bankless HQ Podcast
Joshua Rosenthal PhD in History is a crypto-native historian and talked about the parallels between the Renaissance, American Revolution, and #Crypto and how we can learn from history. If you missed it, this article is for you:Let’s travel to medieval timesImagine yourself as a medieval peasant. After centuries of static, permission society ruled by kings, two decentralized technologies converged: Ledger-based financial primitives (double-entry bookkeeping) and new permissionless communicatio...
Mr. V | mariokondo.ethBrave New World vs. 1984
How will the future look? "1984" or "Brave New World"? 🧵 A thread comparing the two books and my take on which course we're currently taking.Before we talk about our current path, let's understand the content of both books. Let's start with Orwell: Orwellian surveillance state in 1984: A society governed by a big brother ➡️ Propaganda & Censorship as key tools https://twitter.com/SizweLo/status/1425455068556451842 #Huxley, on the other hand, envisions a hedonistic "pleasure so...
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Algorithmic Stablecoins always failed in the past but the novel mechanism of Terra/Luna seemed to be a new success recipe to overpower over collateralized stable coins like #DAI. @stablekwon was pretty sure that this new idea will win:
https://twitter.com/stablekwon/status/1506494471873081352
On May 9th #TerraUSD started to lose its Dollar-Peg and a cascade of events was triggered. The resulting Narrative (Terra/Luna Collapse) triggered an even bigger panic. Here is a good summary thread:
https://twitter.com/0x_armin/status/1524270117739110400
As a result #TerraUSD could not restore the peg to 1 USD and instead #Luna went down from around 60USD to .... 1USD. Yeah, pun intended. Because everything is on-chain people started to investigate if this was an active attack or not. Reading the thread below, it seems that Blackrock and Citadel targeted the Terra Ecosystem actively. This is speculation at this point:
https://twitter.com/OnChainWizard/status/1524123935570382851
After all this happened with the Terra Ecosystem, on May 12th (today) another Stablecoin started to get shaky for a moment: #Tether. With an 82bn Market Cap, it is about 8x bigger than TerraUSD and a de-peg would be very bad for the Crypto industry.
There are rumors that Blackrock and Citadel coordinated the transactions via a 100k BTC loan from Gemini. However, this was not the case according to Gemini.
https://twitter.com/Gemini/status/1524428615844339718
At the moment, we don't know who the “attacker” was, but given that governments are not in favor of unregulated stablecoins and the plans to introduce CBDC soon, this could be only the beginning of a stable coin war.
And there we are: Once a blockchain stops, it is not more than a database. After a capital collapse of almost 50bn USD (comparison: The bitconnet ponzi was around 3.5bn USD) it's game over for #LUNA
https://twitter.com/Blockworks_/status/1524786808596332545
There will be a LUNA 2.0… Fool me once, shame on you. Fool me twice, shame on me… I would not recommend touching this in any way..
Algorithmic Stablecoins always failed in the past but the novel mechanism of Terra/Luna seemed to be a new success recipe to overpower over collateralized stable coins like #DAI. @stablekwon was pretty sure that this new idea will win:
https://twitter.com/stablekwon/status/1506494471873081352
On May 9th #TerraUSD started to lose its Dollar-Peg and a cascade of events was triggered. The resulting Narrative (Terra/Luna Collapse) triggered an even bigger panic. Here is a good summary thread:
https://twitter.com/0x_armin/status/1524270117739110400
As a result #TerraUSD could not restore the peg to 1 USD and instead #Luna went down from around 60USD to .... 1USD. Yeah, pun intended. Because everything is on-chain people started to investigate if this was an active attack or not. Reading the thread below, it seems that Blackrock and Citadel targeted the Terra Ecosystem actively. This is speculation at this point:
https://twitter.com/OnChainWizard/status/1524123935570382851
After all this happened with the Terra Ecosystem, on May 12th (today) another Stablecoin started to get shaky for a moment: #Tether. With an 82bn Market Cap, it is about 8x bigger than TerraUSD and a de-peg would be very bad for the Crypto industry.
There are rumors that Blackrock and Citadel coordinated the transactions via a 100k BTC loan from Gemini. However, this was not the case according to Gemini.
https://twitter.com/Gemini/status/1524428615844339718
At the moment, we don't know who the “attacker” was, but given that governments are not in favor of unregulated stablecoins and the plans to introduce CBDC soon, this could be only the beginning of a stable coin war.
And there we are: Once a blockchain stops, it is not more than a database. After a capital collapse of almost 50bn USD (comparison: The bitconnet ponzi was around 3.5bn USD) it's game over for #LUNA
https://twitter.com/Blockworks_/status/1524786808596332545
There will be a LUNA 2.0… Fool me once, shame on you. Fool me twice, shame on me… I would not recommend touching this in any way..
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