Doquan was the co founder in c of terrform labs. He got bored and decided to fork an earlier failed elgrithmic stable quen called basis, to create his own version. Called bases cash under the pseudonym ric sanchez. And eventully, like the famous scene when a rick goes to the galactic federation, he set the value of the currency from one to zero - and the system collapsed. Doquan has proposed his own recovery plan involving forking the chain into two,. One which still keeps the stable coins and one which eliminates the stable coins. I am deeply sceptical that this will ever have a functioning stable coin return to peg. i expect it'll
Paris Marx is joined by Bennett Tomlin to discuss last week’s crash of Terra and Luna, the problems with stablecoins, and whether this collapse will finally force regulators to take action on cryptocurrency.
Bennett Tomlin is a co-host of Crypto Critics’ Corner and writer of the FUD Letter. Follow Bennett on Twitter at @BennettTomlin.
Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.
Find out more about Harbinger Media Network at harbingermedianetwork.com.
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