In the glory days, Olympus enthusiasts dressed up this insight in the notation of game theory: “(3, 3)” was their way of saying that if everyone buys it it will go up, while “(-3, -3)” means that if everyone sells it it will go down.

When I first found out about Olympus, and this notation, and what it meant, I laughed really hard for a long time. What a trivial point, I thought. But after the last few months I have developed a certain respect for it. In a sense the game theory of crypto is obvious, but Olympus was right to emphasize it. This idea — “if everyone cooperates, we’ll all get richer, but if people defect it will collapse” — might be close to the core of crypto.

Fwd: Money Stuff: FTX Had Some Luna Trouble
from Josh Beckman ✉️