Terra, Luna, and Algorithmic Stablecoins - Episode 71
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
- In this episode Bennett Tomlin and Cas Piancey discuss the algorithmic stablecoin Terra and the corresponding governance token Luna. Along with some of the antics of chief front man Do Kwon.
Read more: cryptocriticscorner.com/2022/... in a new tab)
Update on this story: • Luna and Terra Crashed...
Other episodes mentioned in this episode:
Episode 47 - Michael and Omar and 0xSifu, oh my! • Michael Patryn and Oma...
Episode 61 - Trying to Think Like the SEC (Feat. John Reed Stark) • Trying to Think Like t...
Episode 38 - The World is a Ponzi Scheme, You Just Live in It • The World is a Ponzi S...
Episode 20 - Algorithmic stablecoins and regulation with Frances Coppola (Part 2) • Algorithmic stablecoin...
Episode 1 - Tether: A Stable Discussion • Tether: A Stable Discu...
Episode 59 - The Many Faces and Citizenships of Justin Sun • The Many Faces and Cit...
Episode 11 - El Salvador and Bitcoin • El Salvador and Bitcoi...
Episode 36 - The El Salvador Bitcoin-Volcano-Bitcoin City Bond • The El Salvador Bitcoi...
Episode 63 - We Need to Talk about El Salvador (Feat. Mario Gómez and Oscar Salguero) • We Need to Talk About ...
Episode 57 - Ukraine and Russia and What it Means for Cryptocurrency • Ukraine and Russia and...
Episode 69 - An Unscripted Chat With The Richest Man in The World* (Feat. Colin Platt) • Wash Trading, NFTs, an...
Episode 67 - An Early Skeptic’s Telling of “Why be skeptical?” (Feat. David Gerard) • An Early Skeptic's Tel...
Episode 24 - C.R.E.A.M. Cumberland Rules Everything Around Me • C.R.E.A.M. (Cumberland...
Other resources mentioned in this episode:
Bennett's thread on Terra / 1490394683738136587
Bennett's report on Terra stability thefudletter.com/is-terra-sta...
Bennett's debate on algorithmic stablecoins bennettftomlin.com/2021/07/27...
Timeline of Do Kwon's activities protos.com/do-kwon-terra-defi...
Andre's Article / the-rise-and-fall-of-c...
Other places to find Crypto Critics' Corner
Website: cryptocriticscorner.com/
Twitter: / cryptocriticpod
Instagram: / cryptocriticpod
TikTok: vm.tiktok.com/TTPdPN2hK9/
Discord: / discord
Timestamps:
00:00 What is Terra?
4:30 TerraSDR & TerraSDT
6:33 Why do people believe in this?
11:29 Mirror and the SEC
12:16 Is any of this illegal?
14:00 Why do people want algorithmic stablecoins?
15:00 The rise and fall of crypto culture
17:28 What is the point?
19:52 Justin Sun’s Version
20:42 Terra protocol is broken
22:36 Project Dawn
23:00 Crypto Nihilism
This video was produced and edited by Asher Hirsch.
#cryptocurrency #crypto #podcasts #listenable #terra #luna #lunatics #stablecoin #algorithmicstablecoin #defi - วิทยาศาสตร์และเทคโนโลยี
![How This Man Just Caused a $45 BILLION Crash [Terra Luna]](http://i.ytimg.com/vi/3KZY41SqaTI/mqdefault.jpg)
If this episode was released to today, it would've been awesome. But the fact it was released pre-meltdown makes it EPIC. Kudos boys!
Even catching their episode a week later could have saved me thousands. I bought "the dip" around $1 only to watch it go to 0.0000#. Ah well. I didnt lose millions like some.
I just found this show recently, and it makes me feel sane. Please never stop doing this show.
kudos to both of you, you called the Terra collapse just days ahead of the meltdown
Our timing was impeccable and entirely beyond our control
Sounds like bitconnect 3.0 🤣 this isn’t a scam no no no bit-con-Lunaaaaaaaaaaaaaaa 🤣🤣🤣🤣🤣 jokes aside they really f’d up
@@rittoosingh9087 I would love a show on all the failed large projects... Anyone have a good show to recommend for listening about failed cryptos?
8:15 the childish glee on Bennet's face as he describes the insane shenanigans hapenning in this space is wonderful to behold and a perfect contrast to Cas's dead-eyed stare.
OMG yeeeeesssssssssss
moments like these are so good
😂😂😂
exactly lol perfect duo
This is epic. If there is a Pulitzer Prize for podcasts, this episode will win.
Came from coffee lol....here to stay as long as you stay honest and without bias.
The look of confusion to disappointment on Cas as he learns what's going on is so relatable. It can feel vindicating to see scams collapse but please remember there are real people behind those $12B+ invested. People who could have lost significant portions of their net worth, could slip in to depression, miss bills etc...
Stay safe out there guys and gals... and don't be afraid to use a stop loss. Nobody ever went broke taking profits.
Brilliant, scathing, depressing and prescient. Well done, boys.
The timing of this video was priceless 😂
Listening to this a second time i feel like the real purpose of algorithmic stable coins is to ‘muddy the water to make it seem deeper’ as the saying goes
I agree. It’s seems like obtuse “genius-level” financial wizardly, and is made purposely so. It’s just a more polished, clever slow-moving pump and dump Ponzi scheme and it’s founder is an arrogant con artist.
Bennett went in on this one “It’s fucking Arthur Hayes running a prop desk !!!” 5 ⭐️
You guys finally confirmed some of my suspicions regarding Terra. When I first heard about the ICO, I was a bit concerned but I shrugged it off because I was looking for a quick return.
This video aged so so well
Best episode ever. Most favorite episode. Better with video.
WOW, you dudes are/were spot on...great discussion and very educational. It is so hard to get real information on what is actually going on behind the scenes to break down the actual situation in crypto...thanks very much!
Thank you!
Found you guys from your coffeezilla interview, jesus this is fucking golden
"There is no way I'm gonna talk about Terra again. There is no way"
Oh, boy
Whoops
I was looking for a pre-collapse analysis and breakdown exactly like this. You guys really nailed it.
Thank you!
Who is watching this today when Luna is trading at $5 and UST at 25 cents.. Holy shit..
Wtf! I know I’m not the only mind blown this video was done six days ago. Wow and I’m subscribed!
highly anticipated episode!
Best episode ever
aaaaand that's why, lol
Fantastic show. Learnt more from this half hr than the last yr! Subscribed.
Great channel. Please continue hammering obfuscation with simplicity and the truth of no free lunch. Subscribed.
wow you guys are prob the most legit people in crypto
Thank you!
This aged perfect
Holy shit your channel will absolutely blow up after Terra's death bro. You pointed out all that is wrong with Terra and predicted their death. Really looking forward to more content from you!
Crystal Ball? Terra's death spiral makes absolute sense when explained by these guys.
Aged fast and well. Good work.
It is stable until it isn’t
Here from CoffeeZilla!!
Thanks as always guys. I love your content!
Thank you!
@@CryptoCriticPod no thank you and all of the hard work and effort that you put into your videos.
Can’t wait for the follow up lol
Coming tonight: th-cam.com/video/pZQRWTtyHGg/w-d-xo.html
@@CryptoCriticPod Oh believe me, I was there. It’s hard not to be smug in a time like this. Yeah, people finally got hit with reality after spitting in the face of every person who tried to save them. At the same time, there are people who lost everything. Suicides, divorces, bankruptcies. Serious stuff. I want to drive the point home but I don’t want to be insensitive. I would love to hear this covered in a future episode. “What to do as a crypto critic when you’re right about everything” would be a great title. I don’t know what I’m supposed to do/say to get the message of sanity across in the most effective way in this time of crisis.
I think everyone who promoted this should feel really bad about those people
Interesting episode, thank you! I see it similarly, that interesting projects have no chance, because the masses are only interested in making a quick buck. In 2015 Gridcoin, a coin trying to fund Citizen Science, was still relatively big. Today, however, it is going more and more into oblivion. An interesting idea and a good mission, but people don't care.
Prepare for an army of new subscribers.
Just watched it. And if i had been aware of this before the meltdown. I would have sold the little luna i had left. I was lucky though getting my ust out at 0.96usd. I have made it my resolve to watch all your vids sofar. Because you seem like two down to earth guys who understand way more then i do.
Maybe you can help many people in not making potentially the same mistake with defichain.
thanks guys
Great insights & clear explanation of some insane tokenomics. Would be really great if you guys could take a look at XHV & see if this Algorithmic Stable coin has value or not. Would be greatly appreciated.
Such good insight into these ridiculous crypto scams.
Thank you!
@@CryptoCriticPod keep doing what you're doing king!
Wow, what an excellent, well explained run-down. Wish Id watched it earlier ha. This vid's views should be the only thing going to the moon
Guys improve your lighting and post production video quality and you guys are the best crypto chanel, if you need help with that let me know more than happy to tell you what you need
thanks for the info!
21:12 what did you mean by author hayes in prop desk? Is terra buying the liquidation before the price is posted on chain, does this mean they are stabilizing the price or falsifying the actual price of luna?
Sorry, new to this. Kind of confusing.
Love the video tho, always trying to learn.
This certainly aged well.
I know one of the things they postulate is their merchant service fees are capped at 1%. A lot better than legacy finance but jesus christ I am deep into cosmo ecosystem and this discussion made me sick w/what Terra is doing. Thanks for the content fellas.
Hopefully this video saved some people!
that was a great podcast about Terra Luna.. Hats off GUys..Fortunately Ust was very tempting but didnt participate..
Could talk about Coti . who is about to mint Djed Stable Coin for Cardano. Thank you in advance...
will this aged like fine wine
I wish I was able to learn about this earlier before it crashed.
I lucky didn't lose anything but it's so hard to find critical content on crypto. Like what about cryptos like solana and cardano they are also very big now and I wonder if they fail that things like this will come to light after the fact
"sorry, go on..."
😂😅😂😂
Great podcast, say an algorithmic stable coin doesn't incentivise "printing" money would that fix the issue of asc in general? What do you think of the AgeUSD stable coin or SigmaUSD that don't provide absurd interest rates?
Please do a video about nano. I would love to hear your point of view.
Thanks!
Thank you!
amazing channel.
Thank you!
Would love to see more of these protocol deep dives to reveal their unsustainable nature or why retail are idiots for holding the down-only governance tokens.
We may do some more! I (Bennett) have written several in other places. You can find some on my blog at bennettftomlin.com/ and several for my newsletter at thefudletter.com/ (email signup required for the newsletter)
Wow, this aged well
Please give your opinions on XRP on the next episode
So, who's the time traveler?
Are you going to make a video about what is going on in Terra today?
Maybe!
I missed shorting luna, everyone loss money by thinking 60 to 70 dollar price is the support even me, i believe on that so when i saw luna at 60, i don't try short luna, but im not stupid, to long at the said price, even i saw luna today at 19 dollars today, i didn't buy the trash coin, now luna is at 4 to 3 dollars range, lesson: never try to catch the falling knife.
I'm curious how this relates to sigmausd and djed. At least they are interesting, as i understood. As a result they won't be that big probably, which is maybe for the best..
Man Terra Luna is like the Bitconnect of this last bullmarket...it was all good about a week ago.
Bitconnnnneeeeeeccccccttttttt!!!!!
There's stock on the NASDAQ with P/E's of 200 (13 is normal). Don't try to understand irrational exuberance.
Have you looked at the Cardano stablecoin DJED. Perhaps check out the white paper.
Many of the problems of algo stables are problems suffered by all algo stables
Now could you please explain all that for us mortals?
25:40 lol
Chris Farley!! 😊
wish i saw this before today/yesterday lmao
yes but thoughts on coti?
Many of the problems of algo stables are problems suffered by all algo stables
🐐s
"I'm sure we'll have some push back on why none of them succeeded" no, no you won't.
Thoughts on frax?
I did a debate with their co-founder bennettftomlin.com/2021/07/27/my-second-appearance-on-the-blockchain-debate-podcast-with-sam-kazemian/
Poor Cas.
"I'm in the scam industry, why is there so many scams??"
WOMP WOMP WOOOOOOMMMMMMMMMP!
Why I like chia.
Question: What does everyone who invested in this junk saying they been liquidated right now mean?
They invested using leverage, and the total amount was reclaimed because it dropped too much
Used leverage, lost everything invested due to deleveraging mechanics.
Terra at 0.88 😂 what a joke
I like the part where he loses hope lol
I am . . . just finding out about crypto staking/lending etc.
How do legitimate coins provide such high interest rate?? BNB proudly proclaims to be 100% regulated by New York Department of Finance Services, but somehow can provide nearly 13% interest rate!? BUSD with 10% interest rate!?! HOW?
If they are also ponzi scheme, what the heck is NYDFS doing!?
Remember how Bernie madoff ran his scheme for years even after people repeatedly went to the authorities about it?
Crypto is not a just an alternative monetary system it's also a cult.
That dude lost money - he is pissed offfff - 😂😂😂😂 - Cas man - dude hahahaha calm down bro.
I promise you that Cas did not lose anything in the Luna crash (plus this came out before the crash)
Look, this is the same as MLM. Those who got in knew that they’re getting into. A chance to make money from those who came in later. No one know how long it’ll last everyone in it wish it’ll go on as long as possible. Is Dog eat dog system. There isn’t much of a scam if you think of it in another perspective.
Guys, it is not correct to call any type of crypto "fiat." Fiat currency is currency by force of law alone: that is why it is called "fiat." Crypto may appear like fiat because it has no backing, but that does not make it fiat by the proper definitions of the terms. Read "The Theory of Money and Credit" by Ludwig von Mises.
tether is sopranos, luna is eastern european gypsy circus
Cas...before it's too late...start eating meat
You can say the exact same of USD but worse. Uneducated opinions annoying unsubscribed
This is not true.
US government is not guaranteeing 20% yield.
US government did not do a securities sale where they sell a bunch of the governance token to venture capitalists.
US government did not fail to create a functioning oracle system.
US government did not create a synthetic asset trading platform.
We also very explicitly acknowledge that it’s creation by fiat
@@CryptoCriticPod Well at least you got that right I don't know why you're bashing Luna I don't believe you even mentioned that it was backed by Bitcoin as do kwon said if UST fails that's because the crypto market failed and in my opinion if the crypto market fails that's because of what the regulators are doing and the bankers are doing to defend fiat currency which by the way is based in less than nothing
Spent several minutes talking about how he purchased Bitcoin.
Haha, wonderful comment.
It's always good to listen to critics, not brush them off.
There is a lot of unsustainable stuff in crypto. Being a Bitcoin fan this really scares me because the market is flooded with crap and it can put such a tarnish on Bitcoin.
Bahahahahahaha what was that again bro???? This dude must be mad mad fr. He seemed like a fanboy "lunatic".