THE HASH: Michael Saylor’s Bitcoin Bet Under Pressure and the Ripple Effects of UST Stablecoin Collapse

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 10 May 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

The most valuable crypto stories for Tuesday, May 10, 2022. The Hash panel tackles the UST stablecoin's loss of its dollar-pegged status. What happened and what does it mean? Treasury Secretary Janet Yellen uses an example from Terra to discuss risks within our financial system, including MicroStrategy’s decision not to sell bitcoin even as prices fall below its average purchase costs because the company "anticipates that demand will be sufficient." Plus: the reason why Azuki NFTs are crashing in value! - 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. Visit coindesk.com/consensus2022 to get your pass today. This episode has been edited by Michele Musso. Our Executive Producer is Jared Schwartz Our theme song is “Neon Beach.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This is the hash podcast.
0:09.4	Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more with stories that matter to the crypto world.
0:16.7	All on the hash for your ears.
0:19.8	You're listening to the Coin Desk Podcast Network.
0:24.8	Hello, happy Tuesday.
0:27.1	Welcome to the hash.
0:28.1	It was a wild one out there yesterday.
0:30.6	The virtual newsroom was up late last night, getting some big stories out the door.
0:36.2	None bigger, I think, than what David
0:38.3	Morris is going to start us off with today, talking about the latest drama in UST. David,
0:44.2	let's do this thing. Yeah. So anybody who is within 100 miles of paying attention to cryptocurrency
0:50.2	saw that yesterday the UST Terra stable coin, quote unquote, lost its peg to a dollar
0:58.9	and dropped as low as in some cases 60 cents. So we saw a stable coin that was supposed to
1:05.0	retain its value, lose a lot of that value, with a lot of catastrophic and possibly game-changing consequences.
1:12.6	The question now, we did have Doquan, the leader of the Terra UST project, tweeting about 20
1:17.7	minutes ago that he has a rescue plan.
1:21.1	Remains to be seen what exactly that plan is.
1:23.7	But maybe Will could take us through a little bit of the basics of why this happened as a trading
1:30.2	familiar person.
1:32.0	Yeah, trading guru.
1:33.0	That's me.
1:34.0	This is a pretty intricate conversation and it's one that I think people are going to pull
	...

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