GET https://rct.dev.bbntimes.com/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast

Response
200 OK
IP
18.118.9.105
Profiled on
Token
c737dc

ArticleController :: show

Request

GET Parameters

None

POST Parameters

None

Uploaded Files

None

Request Attributes

Key Value
_controller 
"App\Controller\ArticleController::show"
_firewall_context 
"security.firewall.map.context.main"
_links 
Symfony\Component\WebLink\GenericLinkProvider {#3548
  -links: [
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      -href: "/build/runtime.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3667 => Symfony\Component\WebLink\Link {#3667
      -href: "/build/644.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3666 => Symfony\Component\WebLink\Link {#3666
      -href: "/build/502.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3665 => Symfony\Component\WebLink\Link {#3665
      -href: "/build/app.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3664 => Symfony\Component\WebLink\Link {#3664
      -href: "/build/view-more.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3663 => Symfony\Component\WebLink\Link {#3663
      -href: "/build/term-condition.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3662 => Symfony\Component\WebLink\Link {#3662
      -href: "/build/contact.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3661 => Symfony\Component\WebLink\Link {#3661
      -href: "/build/scroll-infinite-article.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3660 => Symfony\Component\WebLink\Link {#3660
      -href: "/build/app.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3659 => Symfony\Component\WebLink\Link {#3659
      -href: "/build/cookie-style.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3658 => Symfony\Component\WebLink\Link {#3658
      -href: "/build/term-condition-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3657 => Symfony\Component\WebLink\Link {#3657
      -href: "/build/contact-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3656 => Symfony\Component\WebLink\Link {#3656
      -href: "/build/comment-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
  ]
}
_route 
"article_show"
_route_params 
[
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  "slug" => "titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
]
_security_firewall_run 
"_security_main"
_stopwatch_token 
"09da93"
category 
"financial"
slug 
"titanic-crash-how-algorithmic-stablecoins-fall-short-fast"

Request Headers

Header Value
accept 
"*/*"
accept-encoding 
"gzip, br, zstd, deflate"
connection 
"close"
cookie 
"PHPSESSID=6clgmfrb0019gmah6hdnh4upi2"
host 
"rct.dev.bbntimes.com"
user-agent 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
x-php-ob-level 
"1"

Request Content

Request content not available (it was retrieved as a resource).

Response

Response Headers

Header Value
cache-control 
"no-cache, private"
content-type 
"text/html; charset=UTF-8"
date 
"Sat, 22 Feb 2025 13:27:45 GMT"
link 
"</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style""
x-debug-token 
"c737dc"

Cookies

Request Cookies

Key Value
PHPSESSID 
"6clgmfrb0019gmah6hdnh4upi2"

Response Cookies

No response cookies

Session 6

Session Metadata

Key Value
Created 
"Sat, 22 Feb 25 13:27:31 +0000"
Last used 
"Sat, 22 Feb 25 13:27:44 +0000"
Lifetime 
0

Session Attributes

Attribute Value
_csrf/https-comment 
"TQ6_xKNt1eMVZDyCtPhVJhiHu-2tBK98wb3AXSTNsgw"
_csrf/https-cookie_accept 
"UFBEqC3lWSXl8oxnAG10m5RmOkTVqruKU5S-iEkuBxg"

Session Usage

6 Usages
Stateless check enabled
Usage
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
Show trace 
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    "function" => "require_once"
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-csrf/TokenStorage/SessionTokenStorage.php"
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
Show trace 
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  [
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
Show trace 
[
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    "function" => "show"
    "class" => "App\Controller\ArticleController"
    "type" => "->"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
  ]
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-core/Authentication/Token/Storage/UsageTrackingTokenStorage.php"
    "line" => 41
    "function" => "getMetadataBag"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/twig-bridge/AppVariable.php"
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    "function" => "getToken"
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    "function" => "twig_get_attribute"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpCache/SubRequestHandler.php"
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    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/TemplateWrapper.php"
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    "line" => 453
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    "line" => 253
    "function" => "doRender"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/src/Controller/ArticleController.php"
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    "function" => "render"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 181
    "function" => "show"
    "class" => "App\Controller\ArticleController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Http\Firewall\ContextListener:171
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-http/Firewall/ContextListener.php"
    "line" => 171
    "function" => "remove"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/WrappedListener.php"
    "line" => 116
    "function" => "onKernelResponse"
    "class" => "Symfony\Component\Security\Http\Firewall\ContextListener"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 220
    "function" => "__invoke"
    "class" => "Symfony\Component\EventDispatcher\Debug\WrappedListener"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 56
    "function" => "callListeners"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/TraceableEventDispatcher.php"
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    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
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    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\Debug\TraceableEventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 202
    "function" => "filterResponse"
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    "type" => "->"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
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    "function" => "handleRaw"
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]

Flashes

Flashes

No flash messages were created.

Server Parameters

Server Parameters

Defined in .env

Key Value
APP_ENV 
"dev"
APP_SECRET 
"0a988e63f011514eaabfc650b599af4d"
CORS_ALLOW_ORIGIN 
"*"
DATABASE_URL 
"mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes"
GOOGLE_RECAPTCHA_SECRET_KEY 
"6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x"
GOOGLE_RECAPTCHA_SITE_KEY 
"6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP"
MAILER_DSN 
"smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465"
MARIADB_PASSWORD 
"i!87pK&!85ezc8"

Defined as regular env variables

Key Value
APP_DEBUG 
"1"
BASE 
"/public"
CONTEXT_DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
CONTEXT_PREFIX 
""
DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
FCGI_ROLE 
"RESPONDER"
GATEWAY_INTERFACE 
"CGI/1.1"
HTTPS 
"on"
HTTP_ACCEPT 
"*/*"
HTTP_ACCEPT_ENCODING 
"gzip, br, zstd, deflate"
HTTP_CONNECTION 
"close"
HTTP_COOKIE 
"PHPSESSID=6clgmfrb0019gmah6hdnh4upi2"
HTTP_HOST 
"rct.dev.bbntimes.com"
HTTP_USER_AGENT 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
PATH 
"/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin"
PHP_SELF 
"/public/index.php"
PP_CUSTOM_PHP_CGI_INDEX 
"plesk-php81-fastcgi"
PP_CUSTOM_PHP_INI 
"/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini"
QUERY_STRING 
""
REDIRECT_BASE 
"/public"
REDIRECT_HTTPS 
"on"
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_HTTPS 
"on"
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
REDIRECT_REDIRECT_SCRIPT_URL 
"/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
REDIRECT_REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_REDIRECT_STATUS 
"200"
REDIRECT_REDIRECT_UNIQUE_ID 
"Z7nQ0ZDyWLT8YV1VjBpUbAAAAII"
REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
REDIRECT_SCRIPT_URL 
"/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_STATUS 
"200"
REDIRECT_UNIQUE_ID 
"Z7nQ0ZDyWLT8YV1VjBpUbAAAAII"
REDIRECT_URL 
"/public/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
REMOTE_ADDR 
"18.118.9.105"
REMOTE_PORT 
"4136"
REQUEST_METHOD 
"GET"
REQUEST_SCHEME 
"https"
REQUEST_TIME 
1740230865
REQUEST_TIME_FLOAT 
1740230865.3138
REQUEST_URI 
"/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
SCRIPT_FILENAME 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
SCRIPT_NAME 
"/public/index.php"
SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
SCRIPT_URL 
"/financial/titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
SERVER_ADDR 
"5.196.1.209"
SERVER_ADMIN 
"[no address given]"
SERVER_NAME 
"rct.dev.bbntimes.com"
SERVER_PORT 
"443"
SERVER_PROTOCOL 
"HTTP/1.1"
SERVER_SIGNATURE 
"<address>Apache Server at rct.dev.bbntimes.com Port 443</address>\n"
SERVER_SOFTWARE 
"Apache"
SSL_TLS_SNI 
"rct.dev.bbntimes.com"
SYMFONY_DOTENV_VARS 
"APP_ENV,APP_SECRET,DATABASE_URL,MARIADB_PASSWORD,CORS_ALLOW_ORIGIN,MAILER_DSN,GOOGLE_RECAPTCHA_SECRET_KEY,GOOGLE_RECAPTCHA_SITE_KEY"
UNIQUE_ID 
"Z7nQ0ZDyWLT8YV1VjBpUbAAAAII"

Sub Requests 6

CookieController :: renderAnalysis (token = c2db32)

Key Value
_controller 
"App\Controller\CookieController::renderAnalysis"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"7946a3"

AppController :: renderHeader (token = 1a4785)

Key Value
_controller 
"App\Controller\AppController::renderHeader"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"23d92b"
slug 
"home"

ArticleController :: trendingArticle (token = cbeb3f)

Key Value
_controller 
"App\Controller\ArticleController::trendingArticle"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"4cf740"
category 
"Finance"

ArticleController :: relatedArticles (token = a64d82)

Key Value
_controller 
"App\Controller\ArticleController::relatedArticles"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"8337cf"
current_article 
App\Entity\Article {#1094
  -id: 8883
  -title: "Titanic Crash — How Algorithmic Stablecoins Fall Short Fast"
  -slug: "titanic-crash-how-algorithmic-stablecoins-fall-short-fast"
  -introtext: "<p><span style="color: #000000;">Algorithmic stablecoins are a good idea on paper, but hard to implement because of competing economic incentives as even seasoned investor Mark Cuban can attest.</span></p>\r\n"
  -content: """
    \r\n
    <p id="680a" data-selectable-paragraph><span style="color: #000000;">“Why is it doing that?” the somewhat perplexed copilot looked over to his Captain.</span></p>\r\n
    <p id="399f" data-selectable-paragraph><span style="color: #000000;">Not the words he wanted to hear from his deputy commander, as Captain Francois Gerard, an experienced airline pilot with over ten thousand hours under his cap, looked to see what was amiss.</span></p>\r\n
    <p id="343d" data-selectable-paragraph><span style="color: #000000;">In their brand-spanking new cockpit of the (at the time) state of the art Airbus A330–200, something was indeed amiss, but both Gerard and his young copilot Didier Arnaud couldn’t quite pinpoint what it was.</span></p>\r\n
    <p id="16db" data-selectable-paragraph><span style="color: #000000;">Referring to various checklists, it appeared that the fuel they had onboard their aircraft was far below what was expected for that stage in the flight.</span></p>\r\n
    <p id="e078" data-selectable-paragraph><span style="color: #000000;">Suspecting a fuel leak, the duo referred to and carried out the procedure to isolate the source of the leak, a long and complex process, part of which required cross-feeding the tanks.</span></p>\r\n
    <p id="f8ed" data-selectable-paragraph><span style="color: #000000;">By the time they realized the source of the leak, they had inadvertently left the crossfeed valves open for so long that the entire aircraft was now at risk of falling out of the sky because it had no fuel.</span></p>\r\n
    <p id="b6e4" data-selectable-paragraph><span style="color: #000000;">Before long and given the length and complexity of their checklist, the modern airliner piloted by the duo was reduced to no more than a 150-ton glider.</span></p>\r\n
    <p id="90df" data-selectable-paragraph><span style="color: #000000;">Fortunately, they managed to glide down to a safe landing, in a remote air force base in the middle of the Pacific Ocean, but things could have ended far worse.</span></p>\r\n
    <p id="7c2c" data-selectable-paragraph><span style="color: #000000;">In the aftermath of the incident, Airbus reviewed some of its procedures and realized that the fuel leak procedure was unnecessarily complicated and streamlined many steps.</span></p>\r\n
    <p id="f45c" data-selectable-paragraph><span style="color: #000000;">It’s been said that Airbus cockpits are designed by engineers, while Boeing has the front of the aircraft made by pilots for pilots.</span></p>\r\n
    <p id="650a" data-selectable-paragraph><span style="color: #000000;">Whether or not the adage rings true, there’s something to be said about keeping things simple.</span></p>\r\n
    <p id="9516" data-selectable-paragraph><span style="color: #000000;">And unfortunately for billionaire investor Mark Cuban and a clutch of other investors, that saying could not ring more true.</span></p>\r\n
    <h2 id="414e" data-selectable-paragraph><span style="color: #10228b;">Keeping Things Simple</span></h2>\r\n
    <p id="d0ff" data-selectable-paragraph><span style="color: #000000;">Last week, Cuban conceded that he had lost money (not insubstantial but not life changing either) to a project called TITAN, an algorithmic stablecoin with an inventive but ultimately flawed tokenomics (or token economics if you like).</span></p>\r\n
    <p id="2011" data-selectable-paragraph><span style="color: #000000;">TITAN, a decentralized finance or DeFi token, was at one stage worth some US$2 billion, before it fell to zero.</span></p>\r\n
    <p id="3e23" data-selectable-paragraph><span style="color: #000000;">And no, investors in TITAN were not the victims of a scam, or a “rug pull” to use the DeFi lexicon, but of engineers who knew how to design the technology, without catering for the economics.</span></p>\r\n
    <p id="9337" data-selectable-paragraph><span style="color: #000000;">Part of the magic with Bitcoin is that not only had its creator Satoshi Nakamoto solved many of the tough technology issues that a digital currency needed to solve, he, she or they, also managed to solve many of the trickier economic incentive issues as well.</span></p>\r\n
    <p id="de0f" data-selectable-paragraph><span style="color: #000000;">Since then, most iterations of cryptocurrency projects have followed in Nakamato’s precedent one way or another.</span></p>\r\n
    <p id="4a1f" data-selectable-paragraph><span style="color: #000000;">Algorithmic stablecoins are just the latest iteration of Nakamato’s seminal work, albeit with mixed results at best.</span></p>\r\n
    <p id="65ff" data-selectable-paragraph><span style="color: #000000;">To the uninitiated, a stablecoin has its value either backed or pegged to another asset, digital or otherwise.</span></p>\r\n
    <p id="1e83" data-selectable-paragraph><span style="color: #000000;">Most cryptocurrency investors will be familiar with dollar-backed stablecoins like Tether (not so backed on closer inspection), while others are backed by other assets, including other currencies and even gold.</span></p>\r\n
    <p id="5298" data-selectable-paragraph><span style="color: #000000;">But instead of pegging 1-to-1 to their underlying assets, as the vast majority of stablecoins do, algorithmic stablecoins try to achieve price stability by using algorithms (hence the term “algorithmic”) to issue more coins when prices increase, and buying them off the market when prices decrease.</span></p>\r\n
    <p id="aa96" data-selectable-paragraph><span style="color: #000000;">On paper this sounds like a great idea, because traders can reap the many benefits of cryptocurrencies without the risk of price volatility.</span></p>\r\n
    <p id="491f" data-selectable-paragraph><span style="color: #000000;">Algorithmic stablecoins are programmed with open source code and mechanisms which are transparent and fully auditable, offering the prospect of decentralization, while alleviating the need for them to be backed by tangible assets which need to be audited.</span></p>\r\n
    <p id="a322" data-selectable-paragraph><span style="color: #000000;">And given the controversies surrounding dollar-based stablecoins like Tether, the value proposition behind algorithmic stablecoins which are “backed” by code and construct instead of actual currency, seems evident.</span></p>\r\n
    <p id="c1c6" data-selectable-paragraph><span style="color: #000000;">But the devil, as always, lies in the details, and in the case of TITAN, that detail was execution.</span></p>\r\n
    <h2 id="e471" data-selectable-paragraph><span style="color: #10228b;">Algorithmic is As Algorithm Does</span></h2>\r\n
    <p id="6cf4" data-selectable-paragraph><span style="color: #000000;">To understand how TITAN collapsed, it’s first necessary to understand how it relates to another token called IRON.</span></p>\r\n
    <p id="6e14" data-selectable-paragraph><span style="color: #000000;">IRON purports to be a stablecoin, receiving its collateral backing from TITAN and users mint new stablecoins through a mechanism on Iron Finance by locking up 25% in TITAN and 75% in USDC, a regulated dollar-backed stablecoin issued by Circle.</span></p>\r\n
    <p id="0c05" data-selectable-paragraph><span style="color: #000000;">So far so good, and nothing out of the ordinary.</span></p>\r\n
    <p id="fc0e" data-selectable-paragraph><span style="color: #000000;">IRON is backed by USDC$0.75 and US$0.25 worth of TITAN, however much TITAN that may be.</span></p>\r\n
    <p id="db90" data-selectable-paragraph><span style="color: #000000;">When new IRON stablecoins are minted, the demand for TITAN increases, driving up its price and conversely when less IRON is in demand, the price of TITAN falls, and TITAN tokens are “burned” or taken out of circulation, to support its price.</span></p>\r\n
    <p id="3489" data-selectable-paragraph><span style="color: #000000;">But any student of economics will know that a fixed peg is ultimately a tricky thing to maintain.</span></p>\r\n
    <p id="c66f" data-selectable-paragraph><span style="color: #000000;">Take for instance the Bank of England.</span></p>\r\n
    <p id="bf21" data-selectable-paragraph><span style="color: #000000;">On September 16, 1992, the United Kingdom after losing billions of pounds, was forced out of the European Exchange Rate Mechanism or ERM, where the pound sterling was pegged to the deutsche mark.</span></p>\r\n
    <p id="2342" data-selectable-paragraph><span style="color: #000000;">Because the German central bank had turned hawkish (raising interest rates), the peg would force the Bank of England to import an inappropriately tight monetary policy even as the United Kingdom was in the midst of a recession which would require low interest rates to stimulate growth.</span></p>\r\n
    <p id="7b7a" data-selectable-paragraph><span style="color: #000000;">Hedge fund managers like George Soros saw that the Bank of England couldn’t afford to keep pegging the pound to the mark.</span></p>\r\n
    <p id="329f" data-selectable-paragraph><span style="color: #000000;">And as demand for marks grew, the Bank of England was forced to up interest rates to attract more investors to the pound.</span></p>\r\n
    <p id="b4f1" data-selectable-paragraph><span style="color: #000000;">Soros and other traders saw an opportunity, when it became clear that the Bank of England was losing billions of pounds to support its currency, and shorted the pound heavily.</span></p>\r\n
    <p id="edc0" data-selectable-paragraph><span style="color: #000000;">When it became apparent that the Bank of England would blink first, Westminster gave up, withdrawing from the ERM and the pound all but collapsed in the wake of the episode.</span></p>\r\n
    <p id="5fb2" data-selectable-paragraph><span style="color: #000000;">The failure of currency pegs is nothing new and has been happening time and time again.</span></p>\r\n
    <p id="cfb6" data-selectable-paragraph><span style="color: #000000;">In 1997, the Asian Financial Crisis was a direct result of Asian currencies like the Thai baht and the South Korean won, maintaining artificially supported pegs to the U.S. dollar and were forced to devalue their currencies.</span></p>\r\n
    <p id="f551" data-selectable-paragraph><span style="color: #000000;">So why would algorithmic stablecoins think they could do what history has demonstrated that even governments can’t?</span></p>\r\n
    <p id="4025" data-selectable-paragraph><span style="color: #000000;">Because algorithmic stablecoins were designed by engineers, not economists.</span></p>\r\n
    <h2 id="b419" data-selectable-paragraph><span style="color: #10228b;">This is How the Token Crumbles</span></h2>\r\n
    <p id="2e3c" data-selectable-paragraph><span style="color: #000000;">It’s been said that Cuban’s interest in TITAN, and his tweets about it helped to attract far more attention to the project than perhaps it deserved.</span></p>\r\n
    <p id="b671" data-selectable-paragraph><span style="color: #000000;">Maybe, but that’s not really relevant.</span></p>\r\n
    <p id="fa57" data-selectable-paragraph><span style="color: #000000;">Because TITAN didn’t have particularly deep markets nor was it particularly liquid, even what would appear to be a relatively benign transaction, like a sale of US$200,000 worth of TITAN, could be blown completely out of proportion in an already thinly traded token.</span></p>\r\n
    <p id="e77f" data-selectable-paragraph><span style="color: #000000;">As investors started to offload their TITAN tokens, they flooded the market with excess tokens, causing a classic run on the crypto(currency).</span></p>\r\n
    <p id="3e80" data-selectable-paragraph><span style="color: #000000;">But as TITAN started to collapse, so did the pegged value of IRON, triggering the stablecoin’s mechanism that mints TITAN in a bid to stabilize IRON at the artificial level of US$1.</span></p>\r\n
    <p id="740e" data-selectable-paragraph><span style="color: #000000;">This created an arbitrage opportunity between the price of IRON and TITAN, which in turn flooded the market with even more TITAN tokens.</span></p>\r\n
    <p id="2701" data-selectable-paragraph><span style="color: #000000;">The speed at which TITAN started to fall caused IRON to lose its peg, allowing traders to redeem IRON which was priced at US$0.90 as the peg started to slip, for US$0.75 in stablecoin and US$0.25 in TITAN.</span></p>\r\n
    <p id="5155" data-selectable-paragraph><span style="color: #000000;">Traders would now take their TITAN and sell it as quickly as possible to realize that US$0.10 gain, while holding on to the US$0.75 in USDC.</span></p>\r\n
    <p id="e422" data-selectable-paragraph><span style="color: #000000;">A bit of math is in order here.</span></p>\r\n
    <p id="e616" data-selectable-paragraph><span style="color: #000000;">If IRON’s price drops to US$0.90, a trader still gets back US$0.75 in USDC (another stablecoin) as well as US$0.25 worth of TITAN.</span></p>\r\n
    <p id="e435" data-selectable-paragraph><span style="color: #000000;">By selling the US$0.25 worth of TITAN into the market, the trader now gets back US$1 for what they only paid US$0.90 for, hence the US$0.10 worth of risk-free profit:</span></p>\r\n
    <p id="8558" data-selectable-paragraph><span style="color: #000000;">1 IRON = US$1 = US$0.75 USDC + US$0.25 worth of TITAN</span></p>\r\n
    <p id="f1ec" data-selectable-paragraph><span style="color: #000000;">And therein lies the issue — because the value of the USDC is stable (it’s a stablecoin), but the value of TITAN is&nbsp;not, an attempt to fix the peg when the price of TITAN is dropping requires minting more TITAN.</span></p>\r\n
    <p id="8593" data-selectable-paragraph><span style="color: #000000;">As more traders arbitraged and dumped TITAN, panic fed into panic, and dislodged the IRON peg even more.</span></p>\r\n
    <p id="9f9f" data-selectable-paragraph><span style="color: #000000;">Because IRON is collateralized by TITAN, IRON losing its peg lead to a self-fulfilling feedback spiral.</span></p>\r\n
    <p id="f2ed" data-selectable-paragraph><span style="color: #000000;">And as long as the IRON peg couldn’t be maintained, there was no way to stop the price of TITAN from falling.</span></p>\r\n
    <p id="6bd4" data-selectable-paragraph><span style="color: #000000;">Remember, unlike in a traditional currency peg, an algorithmic stablecoin lives and dies by its code — there was no way to stop&nbsp;anything.</span></p>\r\n
    <p id="dd2a" data-selectable-paragraph><span style="color: #000000;">As long as TITAN kept dropping, IRON which consists of TITAN, couldn’t maintain its peg.</span></p>\r\n
    <p id="fdbe" data-selectable-paragraph><span style="color: #000000;">At its core, TITAN’s problem wasn’t engineering, it was economics.</span></p>\r\n
    <h2 id="cd5e" data-selectable-paragraph><span style="color: #10228b;">IRON Rusts</span></h2>\r\n
    <p id="73bc" data-selectable-paragraph><span style="color: #000000;">IRON supports the price of TITAN by creating demand for it as collateral for IRON.</span></p>\r\n
    <p id="a0ad" data-selectable-paragraph><span style="color: #000000;">And TITAN is minted to adjust IRON’s collateral value so as to hold the stablecoin peg.</span></p>\r\n
    <p id="c766" data-selectable-paragraph><span style="color: #000000;">But if IRON loses its peg, there’s actually an incentive for traders to get rid of their IRON in exchange for USDC and TITAN, and while that reduces the supply of IRON which should in theory raise its price, it also increase the supply of TITAN, from which IRON derives its peg!</span></p>\r\n
    <p id="e3ce" data-selectable-paragraph><span style="color: #000000;">The circularity of the entire IRON-TITAN algorithmic stablecoin system made it ripe for a collapse.</span></p>\r\n
    <p id="db72" data-selectable-paragraph><span style="color: #000000;">IRON’s stablization mechanism actually accelerated the collapse of TITAN because engineers (presumably) seemed to have expected that arbitrageurs would hold TITAN in anticipation that the price would rise once IRON regained its peg.</span></p>\r\n
    <p id="ceb9" data-selectable-paragraph><span style="color: #000000;">But that’s not how arbitrageurs work.</span></p>\r\n
    <p id="d6c3" data-selectable-paragraph><span style="color: #000000;">The goal of an arbitrageur is to make a short-term profit, not hold TITAN expecting that it will increase in price.</span></p>\r\n
    <p id="357c" data-selectable-paragraph><span style="color: #000000;">In fact, it’s in the arbitrageurs’ interest to accelerate TITAN’s price fall, because once IRON’s price falls below US$0.75, they can make a risk-free profit by redeeming IRON for US$0.75 worth of USDC, and dump the US$0.25 worth of TITAN since that’s going to end up worthless anyway.</span></p>\r\n
    <p id="928b" data-selectable-paragraph><span style="color: #000000;">Which is precisely what happened, and how TITAN ended up becoming worthless.</span></p>\r\n
    <p id="7a69" data-selectable-paragraph><span style="color: #000000;">The arbitrageurs did their job precisely how they were supposed to, by arbitraging TITAN’s price to zero.</span></p>\r\n
    <p id="fae5" data-selectable-paragraph><span style="color: #000000;">Because the smart contracts which Iron Finance is built upon provide an irrevocable contractual right to a US$1 peg for IRON, this functioned as the equivalent of a hard peg.</span></p>\r\n
    <p id="9803" data-selectable-paragraph><span style="color: #000000;">And as history has amply demonstrated, hard pegs are, well, hard to maintain.</span></p>\r\n
    <p id="e47a" data-selectable-paragraph><span style="color: #000000;">As TITAN’s price collapsed, more TITAN had to be minted to cater for the avalanche of redemptions of IRON, making matters worse and feeding into the death spiral, what’s known as hyperinflation in currency circles.</span></p>\r\n
    <p id="1719" data-selectable-paragraph><span style="color: #000000;">Like the Zimbabwean dollar or the Argentine peso, the central bank prints more of the currency as it becomes worthless to maintain the peg, leading to hyperinflation.</span></p>\r\n
    <p id="6f77" data-selectable-paragraph><span style="color: #000000;">So to keep IRON’s peg, more TITAN was minted as its value declined.</span></p>\r\n
    <p id="440a" data-selectable-paragraph><span style="color: #000000;">But with IRON, there is no central bank, no International Monetary Fund, and no way to stop the vicious cycle into the abyss.</span></p>\r\n
    <p id="7bac" data-selectable-paragraph><span style="color: #000000;">And no, there were no smart contract hacks.</span></p>\r\n
    <p id="2cb4" data-selectable-paragraph><span style="color: #000000;">There wasn’t a rug pull either.</span></p>\r\n
    <p id="1762" data-selectable-paragraph><span style="color: #000000;">No one tried to defraud anyone else, and no one stole any money.</span></p>\r\n
    <p id="25d3" data-selectable-paragraph><span style="color: #000000;">This was a simple example of how decentralized finance is just like traditional finance in so many ways.</span></p>\r\n
    <p id="b800" data-selectable-paragraph><span style="color: #000000;">DeFi may defy the laws of finance, but not the laws of economics.</span></p>
    """
  -user: Proxies\__CG__\App\Entity\User {#1092 …}
  -createdAt: DateTime @1624299838 {#1145
    date: 2021-06-21 18:23:58.0 UTC (+00:00)
  }
  -updatedAt: DateTime @1624299939 {#1150
    date: 2021-06-21 18:25:39.0 UTC (+00:00)
  }
  -deletedAt: null
  -category: App\Entity\Category {#445 …}
  -status: "published"
  -imageCard: Proxies\__CG__\App\Entity\File {#1184 …}
  -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …}
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  -mainView: false
  -clicks: 2948
  -comments: Doctrine\ORM\PersistentCollection {#1125 …}
  -reviewed_at: DateTime @1624299838 {#1148
    date: 2021-06-21 18:23:58.0 UTC (+00:00)
  }
  -metakey: "Titanic Crash — How Algorithmic Stablecoins Fall Short Fast"
  -metadesc: "Algorithmic stablecoins are a good idea on paper, but hard to implement because of competing economic incentives as even seasoned investor Mark Cuban can attest."
  -robots: null
  -publishedAt: DateTime @1624299838 {#1147
    date: 2021-06-21 18:23:58.0 UTC (+00:00)
  }
  -canonical: null
  -superTag: null
}

AppController :: renderFooter (token = b820e0)

Key Value
_controller 
"App\Controller\AppController::renderFooter"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"75ced0"

CookieController :: renderCookie (token = 1847ea)

Key Value
_controller 
"App\Controller\CookieController::renderCookie"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"84788a"