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I will not apologise for that headline.
Anyway, Terra founder Do Kwon’s very bad year continues with South Korean prosecutors issuing a warrant for his arrest, quickly followed by a request for Interpol to slap a on him, which obligates members to arrest and extradite Kwon if they happen to come across the guy.
Kwon has apparently been less than forthcoming with investigations into the wholesale collapse of the LUNA-UST ecosystem, hence the new urgency to track him down before he slips into the jungles of the Central African Republic (or some similarly obscure and difficult to extradite from locale). While it was thought Kwon was currently chilling in Singapore, the authorities there have said that he’s no longer on the island.
For his part, Kwon responded to accusations that he was on the run by “Tbh havent gone running in a while, need to cut some calories”, which goes to show that just because you single-handedly immolated around US$40 billion in client value doesn’t mean you have to be all like serious about it.
Back in March the Biden administration gave a veritable army of federal acronyms six months to create a raft of new frameworks for the crypto economy. Well, six months have passed and the . So, what are some of the takeaways?
I’ve been a broken record but markets don’t bottom simply when selling stops
You need a bid. You need liquidity. An absence of headwinds isn’t enough
The quickest way to be victim of a slow bleed is to think that no headwinds = bottom
I got wrecked in 2018 thinking like this
@
The Merge happened last week and nobody died or did an , so I guess we’ll count that as a win. So what does the post-Merge world look like?
Well, a fair bit like the pre-Merge world but with ETH trading at a fun 20% discount. Luv u bear market.
There had been a bit of conjecture about how Proof-of-Stake could lead to centralization of the Ethereum network and that appears (in these early days) to have played out, with two nodes – Lido and Coinbase – producing . We’re also yet to enter the era of deflationary ETH, although the amount of ETH actually being produced is of what it would have been under Proof-of-Work.
Speaking of which, the much maligned ETHPOW fork has justified our opprobrium, suffering a and a more than 80% price collapse. Let it shrivel up and die with utmost haste.
Meanwhile, local Voldemort Gary Gensler has made comments that the technicalities of the new PoS system make Ethereum (as opposed to a commodity), which more than anything speaks to the abject confusion under which the crypto economy is currently labouring. Destroying environment: commodity. Not destroying environment: security. Got it. Glad we had this chat.
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