CPI printed higher than expected @ 8.3%

real capitulation starts today

I thought May 2021 was bad, but this crash hits diff 🤧

for a quick summary on what happened to LUNA for those that didn't manage to get to the complicated threads

https://twitter.com/IOHK_Charles/status/1524384330088423425?t=-Q8vy0rW2uatmucYXwhGtw&s=08

things are getting interesting

https://twitter.com/tier10k/status/1524407985950367744?s=21&t=95gt983otVOcHX3G5DKU6Q

USDT is at 0.97 rn

it’s beginning to depeg as

1) people are getting out of crypto during the bear market esp after what happened to LUNA

2) whales are selling USDT (link)

3) confidence in tether at a low due to its previous cases of being unable to provide proof of its backings

do what you need to and take care

I've converted all my USDT to USDC at a slight loss just to be safe

BUSD would be an alternative as well

Vitalik's comment on algo stables in 2021 :")

man was right

https://twitter.com/VitalikButerin/status/1433426176593186830?s=20&t=1dKkZNRPvJ42rKyADbgybg

total supply of stablecoins have started to dip for the first time

presumably because people are leaving the crypto market after what has happened over the past few days

confidence in the market is decreasing as bitcoin continues to tank in the bear market coupled LUNA going into a death spiral

reflection time —

https://twitter.com/gardenofmyopia/status/1521218159088394241?s=21&t=EvJ4U2sBACXTGS2vquX7fg

reflecting on the past few unforgiving days that the bear market has inflicted

I am now mainly only confident in btc and eth, as mentioned that I've mainly been only stacking these two assets

quick summary of the past weeks:
FTM cascading liquidations
SOL network halt
LUNA death spiral
Rari exploit
(and more that I can't think of off the top of my head)

I understand that this is due to how nascent the space is, and builders are still figuring their way out and learning from mistakes. However, I'm not so sure if these competitors are able to stay in the long run anymore. Just like how in this cycle so many new competitors pop up and took the stage, it will be the same the next cycle. Most of the previous cycle's top 10 are no longer in the top 10 cryptocurrencies anymore. Nobody really knows which protocols will remain viable.

the only two assets that have never failed (yes there are still flaws ofc) are btc and eth. These are the only two that I can still confidently say that will still be around in the next cycle (I hope)

I'll adjust along the way as time goes by whenever things change

and the last thing for sure is I'll be staying in the space regardless

cheers

reflections of a builder and investor that stayed in the space since 2018

good read

https://twitter.com/ianDAOs/status/1524613312582799360?s=20&t=cUjoolyhd8urpcgDwRYIUQ

LUNA/UST update

https://agora.terra.money/t/terra-ecosystem-revival-plan/8701

multiple websites’ front end are being compromised

websites include etherscan, coingecko, curve, spiritswap, quick swap, and more

best to avoid interactions for now

1) https://twitter.com/frankresearcher/status/1525242200816222210?s=21&t=2XrAAJIiAZQ68rb-Q5Y13w

2) https://twitter.com/spirit_swap/status/1525216379041116160?s=21&t=-gkzBQNmn__vN8ZF3W7EEw

this song is actually good LOL

give it a listen and enjoy the rest of your weekend 🤠

https://twitter.com/spencernoon/status/1525113785605922817?s=21&t=8588dDDwS6u3ZbpJLr-Pqg

eth shill

https://twitter.com/pastryeth/status/1525537213181722624?s=21&t=wjqzU-NWUTHjV5NLeoBOiQ

it gets annoying when people call crypto investments scams just because they lose money (esp so in the case of LUNA) when they did not do their own research and manage their risks

as Sam explains, the mechanism was transparent and the risk was clear

no one got tricked into anything

https://twitter.com/sbf_ftx/status/1525624598066241538?s=21&t=crL8Inh7tkPhZ6Nn6Mz4nQ

case in point:
https://twitter.com/watcherguru/status/1525451542857383938?s=21&t=8588dDDwS6u3ZbpJLr-Pqg

T table breakdown of current outlook shared by a member

one more bearish point would be on macro outlook

https://twitter.com/cryptodonalt/status/1525542667492413442?s=21&t=rLU6-Kh9bQpvMurW0HlJdg

short reads

https://nosleep.substack.com/p/left-curve-adoption?sd=nfs&s=r