Billy Markus, co-creator of Dogecoin (CRYPTO: DOGE), believes that the latest cryptocurrency catastrophe is reason enough to lose faith in “crypto bros.”
What Happened: On Monday, Markus shared a series of tweets by Aztec Network’s Jonathan Wu explaining the drama surrounding the Terra (CRYPTO: LUNA) ecosystem.
read this thread to lose faith in crypto bros please https://t.co/37hl3eGp7P
— Shibetoshi Nakamoto (@BillyM2k) May 10, 2022
Wu noted that the stabilizing mechanism between Terra’s stablecoin TerraUSD (CRYPTO: UST) and LUNA had been displaced thanks to the “magical chaos of algorithmic stables” and some amount of Bitcoin (CRYPTO: BTC) systematic risk.
As the …
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