BREAKDOWN: Weimar Luna and the Maginot-Saylor Line
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 May 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
Recapping a wild week in crypto.
This episode is sponsored by Nexo.io, NEAR and FTX US.
On this edition of the “Weekly Recap,” NLW looks at LUNA’s hyperinflationary death, as well as where market participants are placing their bets for more bear market challenges.
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Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: alainolympus/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. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Saturday, May 14th, and that means it's time for the weekly |
| 0:27.9 | recap. Before we get into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:32.9 | give it a rating, give it a review, you know the spiel. Also, come check out the Breakers |
| 0:36.9 | Discord. It's a great place to |
| 0:38.4 | talk about the types of topics we cover on this show. A disclosure, as always, in addition to them |
| 0:43.6 | being a sponsor of the show, I also work with FTX. And finally, if you have not signed up yet, |
| 0:49.9 | I highly recommend you come check out CoinDesk's Consensus 2022. It's happening in Austin, Texas, |
| 0:56.9 | between June 9th and June 12th. And the thing that makes it different is it's got such a wide |
| 1:01.3 | array of topics from within this crypto ecosystem. If you are interested in the sort of big |
| 1:07.0 | picture power shift side of crypto that we talk about so much here, you won't want to miss |
| 1:11.7 | speakers like Congressman Patrick McHenry or Senator Kirsten Gillibrand. If you are interested in going, |
| 1:17.4 | use code breakdown to get 15% off your pass at coin desk.com slash consensus 2022. |
| 1:24.8 | All right, now to today's show. There is a poignant irony that in an industry that was |
| 1:30.5 | sprung out from a project specifically designed to programmatically prevent the problems |
| 1:35.8 | of inflationary currencies, a huge number of market participants have just participated in a |
| 1:41.6 | hyperinflationary event. So what happened? Last we left the Terra |
| 1:47.5 | UST Luna story, Luna was trading for under Ascent. It was a stunning, catastrophic reversal that |
| 1:54.4 | had destroyed $40 billion in value. However, the last couple days, the end of this Luna story were just as fascinating as the |
| 2:02.6 | big moves that happened at the beginning of the week. |
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