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"The reverse of that process \u2013 a so-called \u201cdeath spiral\u201d \u2013 was inevitable. Any time the immeasurably over-levered global fiat monetary system, for whatever reason, experienced one of its periodic external shocks that skyrockets immediate demand for actual US dollar liquidity, UST investors would demand USD liquidity faster than the brittle and fundamentally flawed Terra ecosystem could provide. At some point, one UST would be worth materially less than one USD, further rattling investors and kicking off a classic bank run. Worse, with algorithmic certainty, the UST bank run would be accelerated by a corresponding hyperinflation in LUNA." - Ross Stevens, Nic Carter, Allen Farrington\n\n"A post-mortem on Terra, a pre-mortem on DeFi, and a glimpse of the madness to come." Another amazing piece from NYDIG, this one detailing out the inevitable collapse of TerraUSD/LUNA algorithmic stablecoins, and a warning about the fragility and leverage that threatens the same end for the DeFi ecosystem, to follow up with the exciting things being built on top of the Bitcoin and Lightning network stack. Dont miss this one. \n\nSome great previous reads for digging further into the ideas covered in the show:\nShelling Out: The Origins of Money - https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/\nOnly the Strong Survive - https://open.spotify.com/episode/7u8mzgKk1nQcwpz9EjIiet?si=1b5c0272a08c4f0a\nTime Value of Bitcoin - https://bitcoinaudible.com/the-time-value-of-bitcoin/\n\nFor the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:\n\u2022 Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.\n\u2022 Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy\ufeff)\n\u2022 Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.\nLearn more about your ad choices. Visit megaphone.fm/adchoices\n\n--- \n\nSend in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message