What do Nepolean and Do Kwon have in common? They were both on the wrong end of speculative attacks.
As most are well aware, the Crypto world was rocked last week as we watched the Terra ecosystem suffer an incredible and unprecedented devaluation of assets. The events were unfortunate, and there is little I can do other than offer my sympathy to those affected. It might come as little solace, but one comfort I can offer is to say – you are not alone.
Speculative attacks of this type are all too common in history. The famous Napolean nearly lost a war due to a speculative attack before it started. I suggest much to be learned by drawing parallels from history to this week's events.
The Battle of Waterloo of 1815 was “the nearest run thing you ever saw,” according to the Iron Duke, who observed the battle firsthand. The battle that saw the British defeat the notorious Napolean Bonaparte was undoubtedly one of world history's most significant events and turning points. With that said, and before I get ahead of myself, the main event I want to talk about is not this infamous battle but an obscure one that happened a year earlier. A battle that didn't play out on a battlefield with cannons and horses but rather one that took place on a financial ledger, a war where the weapon was confidence and (false) information.