The Trader Top 9: Free Markets, Dollarization, and Hacked DeFi Funds Returned

Welcome back to the Trader Top 9! This week we look at continued questions around dollarization, the growth of USD-backed stablecoins, questions of what happens in the markets and one crazy story about a DeFi hack that was returned. Let’s go!

9. One thing we’re NOT going to discuss is oil. The temporary dip of oil into negative prices was an extraordinary and massively discussed moment, but in this case, we have to agree with Cred. 

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8. Something a little closer to home: Last weekend $25m was stolen in an exploit of China-based decentralized finance platform dForce. But then, after some sloppy hacking allowed authorities in Singapore to trace the hackers IP address, they gave it all back! 

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7. Speaking of uncharted territory, one of the big questions right now is what happens when you combine massive global dollarization with money printing? Ari tries to piece it together. 

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6. Slow Ventures’ Jill Carlson drops a serious narrative violation with an essay on CoinDesk arguing that the money printer go brrr is, frankly, necessary

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5. Whatever the answers to these questions about dollarization and money printing are, what’s clear is that the demand for dollars is even showing up in USD stablecoins

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4. So where does bitcoin fit in this? Peter Brandt sparks a great discussion 

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3. One thing that’s for sure, given the volatility and intervention, bitcoin is certainly holding up as the last (perhaps only?) truly free market 

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2. So what happens next? No one really knows - although there are lots of attempts to understand

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1. And what should you do as it happens? Well, that’s the million dollar question, isn’t it? 

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