crypto risks

Krystal and Saagar bring the news about Taylor Lorenz defending China's lockdowns, Balenciaga's Child Photo Shoot, Saagar losing thousands on Blockfi, and Twitter interfering with past elections.

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The collapse of the Sam Bankman-Fried empire is gigantic, sprawling and fast moving. While details are still coming out, it already ranks among the most prominent corporate disasters of all time and has left the entire crypto community reeling. To better understand the role that FTX played in the industry and how the exchange started to unravel, we speak with two guests on this episode. First, we have Evgeny Gaevoy, the founder and CEO of the crypto market-making firm Wintermute, to explain how he used the FTX platform and how he understood its relationship with SBF's trading firm, Alameda Research. Then we speak with independent researcher James Block, author of the Dirty Bubble Media newsletter, and one of the first observers to blow the whistle on the FTX disaster.

Stay tuned. On Friday, we'll have a special follow-up interview with Bloomberg Opinion's Matt Levine, who also appeared with Sam Bankman-Fried on the now-infamous “yield farming” episode of Odd Lots in April 2022.

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Last week saw FTX implode in a storm of allegations that culminated in bankruptcy.

The failure of the second-largest exchange and standard-bearer for the industry has left everyone asking: what next for crypto investors?

The fallout is ongoing, with customers nursing heavy losses, investigators circling and the industry teetering.

We delve into what caused the collapse and ask if it could bring down more crypto institutions. Could it even spread to the wider financial system?

And in today’s Dumb Question of the Week: What is a bank run?

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2023 Many Happy Returns

This month’s crash in the value of cryptocurrencies has wiped out investments for people all over the world. In Bangalore, 29-year-old Subbaiah watched in horror as his $7,000 crypto holdings in luna and terra collapsed. Even investors holding other cryptocurrencies as part of a diversified portfolio are feeling the sting.

Scott Chipolina, the FT’s digital assets correspondent, and Ilan Solot, a partner at crypto group Tagus Capital, discuss what the future could hold for crypto as an asset class, what more could be done to protect consumers — and the steps investors can take to protect themselves.

If you’ve lost money in the crash and need to talk to someone, here’s a link to the Reddit thread containing all of the national helplines you could turn to for support: https://www.reddit.com/r/terraluna/comments/un57df/for_everyone_panicking_here_are_some_national/

Presented by Claer Barrett. Produced by Persis Love. Our executive producer is Manuela Saragosa. Sound design is by Breen Turner, with original music from Metaphor Music. 

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Stablecoins are a core part of the financial plumbing when it comes to cryptocurrency and digital assets. They promise that if you put a dollar in, you will always be able to get a dollar out.

But last week saw Terra, one of the largest stablecoins, lose its peg to the dollar and collapse. Investors are estimated to have lost over $40 billion in value. Ouch.

We dig into what happened, what might be the consequences for markets and whether stablecoins present a systemic risk to the economy.

And in the Dumb Question of the Week, we ask: What exactly is a Ponzi scheme?

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Get in touch

📧 mhr@pensioncraft.com

🎧 many-happy-returns.captivate.fm

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2023 Many Happy Returns

The collapse of the Terra ecosystem, and the tokens Luna and UST, will go down as one of the most painful and devastating chapters in crypto history. Over $60 billion market value has evaporated, and numerous retail investors are nursing major losses. What's particularly bad is that this was a big project, championed by some of the most notable names in crypto. But some people obviously saw it coming, and understood it to be a disaster in the making. On this episode we speak with Kevin Zhou, the founder of the crypto hedge fund Galois Capital. He began warning about Terra publicly earlier this year, and was short Luna starting in early May. He explains the exact mechanics of the coin's implosion. 

See omnystudio.com/listener for privacy information.

We’re currently watching one of the the largest events in Crypto history. 

The sketchy outlook in the markets has triggered a run on the UST stablecoin, which began destabilizing in the last several weeks.

As time progressed, the peg worsened, and it eventually rolled over into a complete crash of both the value of UST, and the native asset LUNA.

What led to the crash? Was it a coordinated attack, or an inevitable collapse?

What Red Flags were there ahead of time? What’s the fallout from all of this? What lessons can we learn? 

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Topics Covered:

0:00 Intro
6:30 Explaining the Terra Ecosystem
9:30 Tail Risk and Background
13:50 Bitcoin, Curve, and Monsters
17:54 The Initial Destabilization
20:14 The Panic Begins
24:40 The Charts
27:18 A Total Collapse
32:30 Regulators Get Involved
35:08 Was This An Attack?
37:58 The Collateral Damage
40:00 Do Kwon’s Big Talk
41:52 Rick Sanchez and Basis Cash
44:08 Community Response
46:05 How Do We Move On?
49:14 Don’t Take Shortcuts

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Resources:

Anchor Protocol:
https://app.anchorprotocol.com/earn 
Buying Bitcoin:
https://twitter.com/LFG_Reserve/status/1507688906820620291 
Curve Pools:
https://dune.com/SebVentures/UST 
Binance Orderbook:
https://twitter.com/hasufl/status/1523817151471230976?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
External Collateral:
https://twitter.com/ThinkingBitmex/status/1523526622044860416 
Deploying More Capital:
https://twitter.com/stablekwon/status/1523733542492016640 
Collapse:
https://twitter.com/ryanberckmans/status/1523712585794977792 
Bitconnect:
https://twitter.com/TrustlessState/status/1524451573908209664?s=20&t=1cKzW3BXwfKsAdFAsObfLQ 
Historical:
https://twitter.com/nic__carter/status/1524233730717585409?s=20&t=azvpduGJEOCfqyNCUFSBWA 
Janet Yellen:
https://twitter.com/tier10k/status/1524031909067698180?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
Coordinated Attack:
https://twitter.com/TerraBitesPod/status/1524229263469293570?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
Vitalik Clip:
https://twitter.com/BanklessHQ/status/1523995722261147648?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
Mental Health:
https://twitter.com/Shigeo808/status/1524149580048191488?s=20&t=azvpduGJEOCfqyNCUFSBWA 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures 

When Lucy Kellaway left the Financial Times and retrained as an economics teacher, she could not have predicted how the cryptocurrency craze would sweep through British classrooms. But is there anything on the school curriculum to teach teens about the risks of unregulated investments, or even basic financial literacy? Lucy thinks not.

The FT’s Financial Literacy and Inclusion Campaign — FLIC for short — is hoping to change all that.

In this special Christmas edition of the Money Clinic podcast, presenter Claer Barrett hears why Lucy and other top FT writers are supporting a greater focus on teaching finance in schools, as they recall their own formative experiences with money.Taking listeners on a tour of the FT’s City of London office, she hears from Patrick Jenkins, the FT’s deputy editor and trustee of the charity, who shares financial mistakes he made as a teenager in the 1980s, and US managing editor Peter Spiegel who explains why he thinks there’s a specific culture around money in the US.

If you would like to read more about FLIC’s charitable aims, or to make a donation to support the charity’s work, please visit www.ftflic.com 

You can follow FLIC on Twitter and Instagram @FT_Flic 

There are dozens of free-to-read articles about financial literacy here https://www.ft.com/ft-seasonal-appeal 

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