BREAKDOWN: Complexity Theater – Why Luna Was the First Time DeFi Complexity Risk Was Transferred to Regular Investors
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 August 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
A reading of essays from Casa's Jameson Lopp and NLW.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
On this “Long Reads Sunday,” NLW reads:
What Is Crypto’s Downfall? Its Complexity – Jameson Lopp
Complexity Theater – NLW
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Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Cemile Bingol/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.8 | The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Sunday, August 7th, and that means it's time for Long Read Sunday. |
| 0:29.0 | Now, before we get into this week's reading, if you are enjoying the breakdown, |
| 0:32.6 | please go subscribe to it, give it a rating, give it a review, or if you want to dig deeper into |
| 0:37.1 | the conversation, |
| 0:38.0 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
| 0:42.7 | breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I |
| 0:47.6 | also work with FTX. Now, for this week, we are reading two pieces about complexity. |
| 0:56.1 | The first is by Jameson Lopp, |
| 1:03.3 | well-known Bitcoins, Bitcoin educator, developer, security expert, and leader at CASA. And the second is by me from 2018. Let's start with the much newer piece by Jameson Lop. What is |
| 1:10.6 | crypto's downfall? |
| 1:11.6 | It's complexity. |
| 1:12.7 | But that doesn't mean Bitcoiners should close their mind to the wider blockchain industry. |
| 1:17.6 | As in many financial markets, Bitcoin and other cryptocurrencies have seen their value plunge so far this year. |
| 1:23.4 | A handful of projects like Terra have imploded before our very eyes. |
| 1:27.2 | This sequence of events has led many investors and onlookers to question whether there is a viable |
| 1:31.8 | future for the asset class that was so bullish just a year ago. |
| 1:35.9 | The pandemic brought an influx of new Bitcoin and other asset investors, many of whom |
| 1:40.1 | lost big this summer. |
| 1:41.7 | Most didn't understand the risks, partially because of naivete, |
... |
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