Unchained Podcast：在边缘徘徊：黑色星期四如何暴露加密市场的缺陷-Ep.164
编者注：*该视频最初由Unchained Podcast发布。请按照相关链接访问其内容。 以下描述已在此处合并以供参考。*
Multicoin Capital管理合伙人Kyle Samani剖析了3月12日黑色星期四，这一天，新冠疫情导致市场出现更广泛抛售，加密市场两度暴跌。他解释了当天的第一次暴跌，暴跌如何引发各种交易所一系列清算，以及为什么在第二次暴跌之前停止清算约12个小时。他还讲述称，那时加密市场结构已经崩溃，由于比特币和以太坊区块链变得拥挤，套利者无法将抵押品从一个交易所转移到另一个交易所，从而引发了一场螺旋式下跌。特别是比特币，因为比特币价格暴跌，挖矿者已经开始关闭设备。这最终导致BitMEX有2亿美元的仓位需要清算，但整个BitMEX订单簿中只有2000万美元的买盘。然后，我们讨论了接下来发生的事情，这些时期最终避免BitMEXT上BTC价格下跌至0美元。
接着，我们讨论了当天价格第二次下跌，及其对MakerDAO的影响，以太坊区块链拥挤不堪，使得管理者无法清算抵押不足的账户。一位聪明的管理者发出了以更高的gas价格清算的买盘，但由于没有竞盘，所以买盘价格设置在0美元，以此获利450万美元，总共赢得800万美元。我们讨论了ETH价格如何由于预言机没有适当更新而下跌到88美元，MakerDAO的ETH最后成交价格是101美元——比大量清算本该成交的100美元还要高出1美元，这可能会给ETH带来更大的下行压力，导致又一次螺旋式下跌。
Kyle还评估了在未来动荡时期解决这些问题的一些技术选择，为什么其中许多选择并无希望解决问题，以及如何解决问题。
Disclosure: Unless otherwise indicated, the views expressed in this post are solely those of the author(s) in their individual capacity and are not the views of Multicoin Capital Management, LLC or its affiliates (together with its affiliates, “Multicoin”). Certain information contained herein may have been obtained from third-party sources, including from portfolio companies of funds managed by Multicoin. Multicoin believes that the information provided is reliable and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This post may contain links to third-party websites (“External Websites”). The existence of any such link does not constitute an endorsement of such websites, the content of the websites, or the operators of the websites.These links are provided solely as a convenience to you and not as an endorsement by us of the content on such External Websites. The content of such External Websites is developed and provided by others and Multicoin takes no responsibility for any content therein. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in this blog are subject to change without notice and may differ or be contrary to opinions expressed by others.
The content is provided for informational purposes only, and should not be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The contents herein are not to be construed as legal, business, or tax advice. You should consult your own advisors for those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Multicoin, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Multicoin is available here: https://multicoin.capital/portfolio/. Excluded from this list are investments that have not yet been announced (1) for strategic reasons (e.g., undisclosed positions in publicly traded digital assets) or (2) due to coordination with the development team or issuer on the timing and nature of public disclosure.
This blog does not constitute investment advice or an offer to sell or a solicitation of an offer to purchase any limited partner interests in any investment vehicle managed by Multicoin. An offer or solicitation of an investment in any Multicoin investment vehicle will only be made pursuant to an offering memorandum, limited partnership agreement and subscription documents, and only the information in such documents should be relied upon when making a decision to invest.
Past performance does not guarantee future results. There can be no guarantee that any Multicoin investment vehicle’s investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. As a result, an investor could lose all or a substantial amount of its investment. Investments or products referenced in this blog may not be suitable for you or any other party.
Multicoin has established, maintains and enforces written policies and procedures reasonably designed to identify and effectively manage conflicts of interest related to its investment activities. For more important disclosures, please see the Disclosures and Terms of Use available at https://multicoin.capital/disclosures and https://multicoin.capital/terms.