Ep. 183 Terranos
On this episode of the Unhashed Podcast, the Terra collapse aftershocks continue, bitcoin soft fork mechanisms get discussed, 44 of the world’s most powerful countries meet to discuss bitcoin adoption, Bitmex launches an air miles rewards program, and RyanAir bringing the twitter heat.
More info is now out on the Terra crash and it’s more bad news. On Monday the Luna Foundation Guard tweeted that it had “On May 10, when $UST had fallen to $0.75, pursuant to a Master Services Agreement dated January 10, 2022 through which TFL managed & executed all finance, administrative & operational functions & support as requested, FL, on behalf of the Foundation, executed the following exchange trades in a last ditch effort to defend the peg: Sold 33,206 $BTC for an aggregate 1,164,018,521 $UST”, However this price works out to over $35,000 per Bitcoin. Since at the time, this was around par value for BTC and UST was trading at $0.75, this amounted to a bailout of large UST holders at the expense of actually “defending the peg” with the funds.
Speaking of Luna, TheStreet.com reports that Galaxy Digital founder Mike Novogratz lost $4B in the collapse. “Galaxy Digital said it has a liquidity position of approximately $1.6 billion, including $800 million in cash and over $800 million in net digital assets, with the majority of net digital assets in non-algorithmic stablecoins. But it expects to post a loss of approximately $300 million in the quarter that will end on June 30, compared to March 31. If the company is relatively spared, this is not the case of the personal fortune of Novogratz. The billionaire saw his fortune melt from $8.5 billion on paper to $2.5 billion, according to Bloomberg Billionaires Index.”
From Bitcoin Magazine: How Bitcoin Should be Upgraded. “One of the most contentious questions in Bitcoin over the last five years has been how to activate soft forks. There have been many different mechanisms used in the history of Bitcoin to activate new features on the network, the iteration of which has generally evolved with the goal of making feature deployment as safe and non-disruptive as was possible.” The author describes the different mechanisms for soft fork activation and their pros and cons, including Flag Day, BIP9, BIP148/UASF, BIP91, BIP8, and Speedy Trial.
Also from Bitcoin Magazine: PRESIDENT NAYIB BUKELE ANNOUNCES 44 COUNTRIES TO MEET IN EL SALVADOR TO DISCUSS BITCOIN. Late Sunday night, El Salvador President Nayib Bukele announced on Twitter that 32 central banks and 12 financial authorities from 44 countries are to meet on Monday, May 16, to discuss financial inclusion, digital economy, banking the unbanked, El Salvador’s Bitcoin rollout and its benefits in the country. In follow up tweets, the president announced that the Central Bank of São Tomé and Príncipe, Central Bank of Paraguay, National Bank of Angola, Bank of Ghana, Bank of Namibia, Bank of Uganda, Central Bank of the Republic of Guinea, Central Bank of Madagascar, Bank of the Republic of Haiti, and the Bank of the Republic of Burundi, Central Bank of Eswatini and its Ministry of Finance, Central Bank of Jordan, Central Bank of The Gambia, National Committee of Banks and Seguros of Honduras, Directorate General of Treasury, Ministry of Finance and Budget, Madagascar, and the Maldives Monetary Authority are among those that will be attending
Bitmex adds a shitcoin. “BitMEX was one of the first true believers in the power and possibilities of crypto, so we created the systems and tools to help you trade it. Now, we're introducing the BMEX Token that can fuel your financial potential. The benefits of holding BMEX will grow right along with you as we build out our full-service crypto investment platform, and unveil new products and services to strengthen your trading mastery. Read our Litepaper that outlines the vision, attributes, and benefits of BMEX.”
https://twitter.com/RichardHeartWin/status/1526206690349260801
https://twitter.com/FacepalmMonkey/status/1526277856044765191
https://twitter.com/binancecoinnews/status/1525329533947195392