Ryan Sean Adams

I'm wondering, how in the world would you explain this to a normie?

How would you explain this to your parents or your grandma in terms of what happened?

Because something like this is inconceivable in TradFi, right?

It's almost like you'd have to explain, you'd have to say, okay, mom, dad, so you want to know what happened to this DeFi?

Imagine Bank of America, they have a balance sheet and they have a bunch of

mortgage loan obligations.

And a nation state like North Korea, Kim Jong-un, was able to reach in there and steal all the houses.

And so a portion of their debt on their balance sheet was bad debt, you know, $280 million worth.

And that's the problem we're facing.

We've got kind of a balance sheet issue.

You'd have to explain it like something like that, because this just can't happen in TradFi.

I'm almost asking for like, what's your best explanation of what happened to Anormi, Dan?

Like, how would you tell this to someone on the street that's just like, oh, I heard there was a hack in DeFi and it was kind of bad.

What was it?

Can you explain this in simple terms?

And that's what I mean by this being inconceivable in TradFi.

It's not that fraud doesn't exist or bad assets that aren't really backed in the way that we think they're backed.

That stuff all exists in TradFi.

What doesn't exist is instant settlement and bearer assets.

that once you take them, they're gone.