cAPSLOCK, this reply is repurposed from a reply to you, Torque, and Hueristic that I started earlier:


Somewhere last month, I saw an intelligent LUNA holder compare the Terra meltdown to LTCM.

Since highly intelligent Lunatics seem rare, it is possible that I was the only person present who understood the reference—or what it meant.

Credit where due.  He pretty much anticipated all of this.  The LTCM allusion was spot-on, a big ball of predictions summarized in four letters.

(I began longer reply to posts by you/others listed above, re derivatives and some other things... cannot finish now, sorry; maybe another time.  The gist:  (a) I was not even talking about naked shorts, but rather, legit shorts of actual coins; (b) naked shorts would be impossible, if we could delete all centralized exchanges and use only trustless DEX; (c) cannot complain about derivatives, etc. in the same free market where Bitcoin can exist.  Free market is free market.  Permissionless is permissionless.  No “have cake, eat too” (similar issue as with tokens, NFTs, etc.).  I even like some derivatives—though not CME; I was puzzled during the late-2017 bull run about why so many Bitcoiners were excited about CME, gleeful over every pump caused by news about CME—wtf?—I guess it was just greed talking.)

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QFT, thank you.

Bitcoin will win when people sell dollars purely out of fear, thinking this might be the “end” of the U.S. Dollar.

At that point, it will be in every way the antimindrust situation.  To flee a crashing asset is sometimes smart.