When you have lifetime academics used to selling bonds and insurance products with 1-5bps spreads, allocating in size to the most volatile asset on the planet earth, while on its way to monetization, prepare for capital destruction that will make Do Kwon blush.
Good luck 🫡
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So lemme get this straight…
A few weeks ago, the defi leverage looping risk around DiGiTaL CrEdIt was downplayed bc it was such a small percentage of STRC/SATA volume.
In fact, the protocols that enabled this activity were retweeted by the DAT purveyors and heralded as a positive adoption signal for digital credit.
But now, allegedly, according to the DAT purveyors, it’s the main culprit of this week’s depegging (with no actual evidence), and of course it’s the “true degens” fault, so therefore everything is fine for digital credit?
Very convenient
Stop the gaslighting
Buy bitcoin
Saylor haters have been predicting MSTR’s collapse for so long their kids are going to inherit a Google Doc titled “FINAL FINAL bear case v37” while Strategy is sitting on enough Bitcoin to collateralize a small cyberpunk city-state.
So lemme get this straight…
A few weeks ago, the defi leverage looping risk around DiGiTaL CrEdIt was downplayed bc it was such a small percentage of STRC/SATA volume.
In fact, the protocols that enabled this activity were retweeted by the DAT purveyors and heralded as a positive adoption signal for digital credit.
But now, allegedly, according to the DAT purveyors, it’s the main culprit of this week’s depegging (with no actual evidence), and of course it’s the “true degens” fault, so therefore everything is fine for digital credit?
Very convenient
Stop the gaslighting
Buy bitcoin
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Bitcoin (BTC) is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.
