Maker. The Hardest Protocol In The Planet: Black Thursday Survivors

“Never taking shorts because Maker is the DAO” –Unknown

This is the 1st Anniversary of the March 12, 2020 Black Thursday Events Maker Community. You took 5.7M punches to the gut while you bobbed and weaved like a butterfly. Yet, thru it all you kept your head up and never stung like a bee. And all along you knew that you would survive. Yes, we will always survive because the mechanism of survival is made of you, the talented Teams and Community members that keep us strong like an 18-wheeler. Unstoppable you are. Resilient is the motto.

On this twelve anniversary of the Black Thursday events, I personally remember the “Backstop Syndicate” made up of strong Ethereum community members, and for this Backstop Syndicate, I say thank you! Thank you for believing in us. And thank you to Community Members like Paradigm who also have never stopped believing in Maker.

I also remember the long 7 to 8-hour Zoom call were @LongForWisdom and other community members answer the questions of the Ethereum community and the Media. And perhaps some on the call hoped that it was the end. But never that. We are survivors.

What are some of your recollections of the infamous Black Thursday Events? Good or bad, because I know some folks were hurt—and for this I personally want to say that I am sorry—I wish I had the highest IQ in the planet and would have foreseen such, and avoided such–and we would have All survived. Somehow, I got to believe that you have bounced back. Because if you took a risk on Maker, you have also taken a risk on Ethereum and we have had quite a bounce. Which is super awesome and I hope you are profitable.

And rest assured—we the Community + Core Units are striving for greatness. And more importantly, you yourself need to think of only achieving greatness.

"I’m sick of sitting 'round here trying to write this Code
I need a love reaction
Come on now baby gimme just one look

Can’t start a fire sitting 'round crying over a broken heart
This Code is for hire
Even if we’re just dancing in the dark
You can’t start a fire worrying about your little world falling apart
This Code is for hire
Even if we’re just dancing in the dark"
–Dancing in the Dark, by Bruce Springsteen


Super cool recollection of last years event.

I remember two key things.

  1. In rocketchat as zero bid auctions were going off asking a key question. When does one ES this system? Which to this day AFAIK has never been answered.

  2. Being the person that fired up Black Thursday Vault owners report Thread thread because it seemed far too many people were concerned about the protocol vs. the carnage that occurred with borrowers. This is also still a concern of mine and one of the things that makes me very wary about virtually all of these online DeFI protocols is the liaise faire attitude towards our depositors/deposits and borrowers as exemplified by the lack of care and approach to producing mechanisms to help them avoid liquidation. (ah we will just let 3rd parties do this for them - not our job - even though this also would be good for the system too)…