David Stancel
Cryptocurrency Expert, Advisor, Lecturer, Author, & exCTO @ Fumbi
Collapse of Luna and UST
David STANCEL
How The LUNA/UST Sell-Off Started
Source: Nansen.ai
How it continued
Now drop 1% every 100bn burnt
Unlocking the algo box is a difficult problem, of course. But saying it's unsolvable seems short-sighted.
Satoshi certainly heard the Byzantine General's problem was impossible, but it didn't stop Satoshi from creating bitcoin and proving BFT could work
Interestingly, most fiat collapses are the result of gross abuse of supply by whoever controls the printing press (typically a govt trying to finance war)
Crypto algos can lay out transparent, on-chain rules, they could arguably become more reliable and predictable than state-run fiats, which can always be abused/manipulated based on politics.
Might be decades off tho.
The "cult of personality" is at the heart of a lot of successful experiments. Elon is the most obvious example.
Satoshi's cultish mystic also helped bitcoin climb out of obscurity.
Would you love ETH equally without Vitalik ?
slides.com/stancel/utxo
By David Stancel
Cryptocurrency Expert, Advisor, Lecturer, Author, & exCTO @ Fumbi