We're witnessing the biggest leverage reset in crypto history.
One of crypto's largest VCs 3AC is facing insolvency, which could spell disaster for the entire space.
๐งต: The ULTIMATE thread on what led to the downfall of 3AC, and what it means for the future of crypto. ๐
ok here is how the $luna $ust attack was coordinated & executed. ๐งต (quoted from a friend)
- attacker OTC accumulated $1bn of UST
- borrowed $3bn in $btc
- spread around some fud about peg and bank runs
- dumped the fuck out of their $3bn $btc on market to trigger wider panic
Heard about a friend of a friend who took his life after losing family savings on Anchor last night. This market is now extremely predatory and it's a good time to reassess whether you want to play the game or not. Good time to check on friends too ๐งก
The US is in big trouble with twin deficits & high debt.
But few realize that a Fed-issued digital USD token can change the fate of America.
How?
Grab a coffee โ๏ธ & read on ๐
1/ Hard to soft Money: The Hyperinflation of the Roman Empire
Thousands of years before 1920s Weimar Germany ๐ฉ๐ช hyperinflation, there was the great currency debasement of the Roman Empire ๐ช .
๐งต ๐
๐ค๐๐ฃ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ ๐ด ๐๐๐น
1/ There's been much talk about the upcoming GBTC share unlocks which begin in earnest next week. We've discussed Grayscale and GBTC previously but would like to go into greater detail in the second part of this note