Tech Brew Ride Home Thu. 05/12 – The Everything Everywhere All At Once File Overflows
May 12, 2022
Algorithmic stablecoins are facing a crisis after the collapse of UST, shaking the crypto market. Meta is tightening its belt, affecting its Metaverse ambitions, while Instacart's confidential IPO filing could signal a shift in the stock market. Disney+ continues to thrive with impressive subscriber growth. Exciting privacy updates are coming with Android 13, including new controls and tech innovations. Plus, a sneak peek at AR glasses designed for real-time conversation enhances the conversation about future tech.
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Stablecoin Instability
- Algorithmic stablecoins, unlike Tether and USDC, rely on code and incentives to maintain dollar pegs.
- The collapse of TerraUSD (UST) triggered widespread instability, affecting even non-algorithmic stablecoins like Tether.
MicroStrategy's Bitcoin Bet
- MicroStrategy's massive Bitcoin bet is now underwater as Bitcoin trades below their average purchase price of $30,700.
- Many Bitcoin holders, especially those who entered the market in 2021, are likely experiencing losses.
Coinbase Concerns
- Coinbase CEO Brian Armstrong reassured users about the company's solvency after a filing suggested user crypto assets could be at risk in a bankruptcy scenario.
- This follows Coinbase's significant revenue decline and falling trading volumes, prompting speculation about a potential acquisition.