{"title": "The Crypto Crash: Terra, Luna and Celsius | Martin Wichmann and Rami Kurimo | Negotiator 144", "titleOriginal": "Kryptoromahdus Terra-Luna-Celsius  | Martin Wichmann Rami Kurimo | Neuvottelija 144", "episodeNumber": "144", "guest": "Martin Wichmann, Rami Kurimo", "publishedAt": "2022-07-03", "duration": "59:21", "durationIso": "PT59M21S", "youtube": "https://www.youtube.com/watch?v=n1v1ZbAwrVQ", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/198-kryptoromahdus-terra-luna-celsius-martin-wichmann-rami-kurim", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "ai_enterprise_tech"], "description": "Crypto markets have fallen sixty to ninety per cent from their peaks, Bitcoin has slid from seventy thousand towards twenty and Ethereum has lost around eighty per cent of its value. Martin Wichmann and Rami Kurimo of the Lohkoketjupodi programme dissect the anatomy of the spring 2022 crash: why the algorithmic stablecoin Terra UST went literally to zero, why Celsius froze its customers' withdrawals, and how veterans such as Three Arrows Capital burned through billions. The conversation also asks why decentralised protocols like Aave came through the same stress test intact.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds only two marks, at 0:00 and 1:15, and it is a split of the show-note text rather than a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guests make a programme about blockchain and hold crypto assets; nothing here is investment advice, and the episode was recorded in July 2022, before the further failures that autumn — several entities discussed as solvent did not stay so.", "coreTheses": ["Terra UST went to zero rather than merely breaking its peg, and the difference is the whole argument against algorithmic stablecoins.", "Celsius freezing withdrawals is a bank run in a system with no lender of last resort and no deposit insurance, which is what the product was implicitly promising.", "Aave surviving the same conditions is the episode's most load-bearing observation: the protocols that stated their rules in code held, and the ones that took discretion did not.", "Three Arrows Capital failing shows the losses were concentrated in leverage rather than spread across holders."], "slug": "ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo", "guestsCanonical": ["Martin Wichmann", "Rami Kurimo"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/martin-wichmann/", "https://www.neuvottelija.com/podcast/guests/rami-kurimo/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/index.md", "captions": null, "transcript": null, "videoId": "n1v1ZbAwrVQ", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/"}