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Unchained Podcast:崖っぷち(Teetering on the Edge):Black Thursdayで露呈した暗号通貨市場 の欠陥 - Ep.164

Multicoin Capital
By Multicoin Capital
2020年3月23日 | 58 minute watch

編集者注:*この動画は、Unchained Podcastで公開されたものです。関連リンクから、それぞれのコンテンツをご覧ください。以下の説明は、参考のため、ここに同時に発表されています。*

Multicoin CapitalのマネージングパートナーKyle Samaniが、コロナウイルスによる大幅な売り越しで、暗号通貨市場が2回急落した3月12日のBlack Thursdayを解説します。彼は、その日最初の値下がりを契機に、様々な取引所で一連の清算が行われ、その結果、次の波の前に12時間清算が停止して、次の値下がりの引き金となった理由など、いくつかの説を紹介しています。また、その時点で、暗号通貨市場構造が壊れた理由について、アービトレイジャーが担保を別の取引所に移動しようとしていたが、BitcoinとEthereumのブロックチェーン両方が混乱し、特にBitcoinでは、BTC価格の下落により装置を停止し始めたことで下落スパイラルに陥ったと説明しています。これは、最終的にBitMEXで清算するポジションが2億ドル存在していたのに、BitMEXオーダーブック全体では、2000万ドル規模の入札しか行われなかったということです。そして、BTCの価格がBitMEXTで0ドルになったのを救済した、次の出来事を紹介します。

エピソード解説はこちら:https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/

次に、その日2回目の価格下落と、Ethereumブロックチェーンの混乱で、キーパーが担保不足のボールトを清算できなくなり、いかにMakerDAOに影響を与えたかについて説明します。巧妙なキーパーが、ガス価格が高いボールトを清算するために入札を行ったのですが、競争がないことに気づき、0ドルで落札して450万ドルを手に入れ、この方法で800万ドルを獲得したのです。ETHの価格が88ドルに下落したことを説明しましたが、オラクルが適切に更新されなかったため、MakerDAOでのETHの最終価格は101ドルでした。これは、大量の清算が発生したであろう100ドルよりも1ドル高く、ETHにはさらなる下落圧力がかかり、下落スパイラルに再び陥る可能性が高くなっていたでしょう。

Kyleはまた、将来のボラティリティの時代に、これらの問題を防ぐ技術オプションのいくつかを評価しており、その多くが有望ではない理由、そして何が有望であるかについても説明しています。

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