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Even if your figures seem out of date, your argument against UST also holds for USDT (which underpins much of the crypto price bubble):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

>>grey-a+Df
You say this, possibly as someone who knows a lot about this stuff but there are plenty of people (including engineers) who don't know enough to refute the bold claims made by the crypto-evangelists and who be convinced that "obviously X is bad, but our product is completely different".

I personally have lots of misgivings about various crypto but I really don't have enough expertise to argue against someone telling me that I just don't understand and everything is fine.

>>lbrine+lb1
So why is your default position that they are right and this is a new paradigm?

Surely the onus is on those promoting such schemes to convincingly explain their workings; if you can get 20% a year the explanation had better be good...

This is just the last resort of a scoundrel who knows they can’t explain their scam.