zlacker

>>donsup+(OP)
The last few weeks (months, really) has highlighted an incredible lack of discernment in the VC-verse wrt the thing we call web3. Now. I have no experience doing what YC does and don’t claim to, but the jig here was so transparent that the smallest drop of “street smart” should’ve been enough to set off some alarms.

We’re approaching a point where being passed over for “culture fit” is a compliment. Hopefully the embarrassment is enough to expand the founder vetting checkboxes.

>>okwubo+x7
There were funds that did due diligence and built out models of the Luna/Terra/Anchor ecosystem and realized it was unstable.

You can talk to the people who built their models and they have lots of fun things to say about the ordeal.

>>photon+Aa
Do you have any links / references regarding that? I'd like to read more

>>hcks+5b
We considered putting some of our treasury in Anchor. I didn't build a model, just one hour of DD was enough to see the risks. Here is the message I shared with my team on Slack with the findings from a very brief DD: https://twitter.com/josusanmartin/status/1524323026942242818

>>josu+0e
About 5 seconds thought would be enough to see the risks, and the same goes for the rest of the crypto ecosystem. Even the name of UST is clearly meant to con people who confuse it with USDT. It's scams upon scams all the way down.

Even if your figures seem out of date, your argument against UST also holds for USDT (which underpins much of the crypto price bubble):

There is 7B USD in circulation and the market cap of US(D)T is 74 BILLION USD

All this perceived wealth is going to melt into air soon, and yes a bear market has already arrived.