Crypto Blowup Season is Upon Us | Wen Black Swan?

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FTX was undoubtedly a black swan event in the crypto industry. Nobody saw it coming. We saw a few small crypto projects / companies blow up prior to FTX, but to have the world's second largest exchange turn out to be a major fraud was completely out of left field.

Now, it seems everyone is waiting for the next black swan. Everyone is waiting for the next domino to fall.

In this clip from the podcast, Mitch and I talk about some attacks on other projects we've seen. For example, Curve was attacked through Aave shorting - estimated over $40m was used in the attack.

The attack proved unsuccessful but it shows a new PvP environment in the crypto market. Projects are teying to make other projects blow up. Whale wars have taken on a completely new meaning...

In this clip:

  • Curve shorting through AAVE - estimated 37M in curve. Over now but possible squeeze attempt at curve and the founder.
  • Possibility of attack on AAVE and to leave them at a bad debt as Curve gets liquidated. Chess 3d and whale wars.
  • People are expecting the next blow up, and people are trying to leverage the fear in the market to create opportunities.
  • Every other blowup has been on a centralized entity but if AAVE crashes it would be a big hit for crypto because they are decentralized.
  • Decentralized protocols are on-chain, everyone can see what's happening and thus, anyone could attempt to attack weak points.
  • Proving that a DeFi protocol can’t be taken down is great for crypto and shows we need DeFi.
  • Capital is moving from centralized exchanges to DEXes. We need centralized entities for onramp and offramp, but only for that.

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I don't see the dump on AAVE... But even if this happens, that's another lesson to learn regarding the good ol saying: not your keys, not your crypto. Some folks chasing insane APY will learn this the hard way...

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