Author has misunderstandings of what he's criticizing. From the article I suspect he thought the crash was caused by undercollateralization at first before his

Author has misunderstandings of what he's criticizing. From the article I suspect he thought the crash was caused by undercollateralization at first before his friend corrected him. His 15 minute attempt to understand the system didn't include enough time to check the collateralization ratio limits. Also claims that a collateralized stablecoins "only works if the collateral value keeps rising", and that selling something is equivalent to using it as collateral