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it was a beautiful dream

https://i.imgur.com/JgzRd4h.png

lag∞n, Tuesday, 8 November 2022 23:53 (one year ago) link

Tron based algorithmic stablecoin $USDD has begun to depeg and is trading at $0.985 pic.twitter.com/cNA3nJ0P6T

— Dylan LeClair 🟠 (@DylanLeClair_) November 9, 2022

lag∞n, Wednesday, 9 November 2022 15:25 (one year ago) link

lol, course as soon as I say it's stabilizing, it hits a new 52-week low.

longtime caller, first time listener (man alive), Wednesday, 9 November 2022 15:27 (one year ago) link

didnt take long

Here comes the SEC and the CFTC https://t.co/yGg2H4K6qw

— Silvia Killingsworth (@silviakillings) November 9, 2022

lag∞n, Wednesday, 9 November 2022 16:17 (one year ago) link

be funny if SBF ends up on the run like do kwon

, Wednesday, 9 November 2022 16:21 (one year ago) link

they should be roommates on a super yacht

lag∞n, Wednesday, 9 November 2022 16:21 (one year ago) link

hahah i missed that even do kwon is scoring points here

https://t.co/zBKU98Nmef pic.twitter.com/S1PyYnqpBx

— Do Kwon 🌕 (@stablekwon) November 8, 2022

, Wednesday, 9 November 2022 16:22 (one year ago) link

down 16% over the last 24 hours lmao

frogbs, Wednesday, 9 November 2022 16:22 (one year ago) link

lmao love when fugitives keep tweeting good stuff

lag∞n, Wednesday, 9 November 2022 16:23 (one year ago) link

tbf to SBF he was the second biggest donor to progressive candidates behind my main man soros in the 2022 election cycle. it's good that this happened on election day and not any earlier!

𝔠𝔞𝔢𝔨 (caek), Wednesday, 9 November 2022 17:24 (one year ago) link

internet still saying "3311 billionaires", we need the site with the billionaire-counter

mark s, Wednesday, 9 November 2022 17:34 (one year ago) link

internet saying 311 the billionaires of sick tunes

lag∞n, Wednesday, 9 November 2022 17:38 (one year ago) link

yeah I kinda feel bad for SBF to the extent you can feel bad for a cryptobro, he's a charismatic guy who's clearly very smart and you def get the sense that he thinks that as long as he stays one step further ahead of everybody else he won't get eaten by the bear, guess he got eaten by the bear

, Wednesday, 9 November 2022 18:32 (one year ago) link

SBF had the hilarious podcast where he basically said the quiet part out loud

https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned

Matt Levine: (21:17)
Can you give me an intuitive understanding of farming? I mean, like to me, farming is like you sell some structured puts and collect premium, but perhaps there's a more sophisticated understanding than that.

Sam Bankman-Fried: (21:28)
Let me give you sort of like a really toy model of it, which I actually think has a surprising amount of legitimacy for what farming could mean. You know, where do you start? You start with a company that builds a box and in practice this box, they probably dress it up to look like a life-changing, you know, world-altering protocol that's gonna replace all the big banks in 38 days or whatever. Maybe for now actually ignore what it does or pretend it does literally nothing. It's just a box. So what this protocol is, it's called ‘Protocol X,’ it's a box, and you take a token. You can take ethereum, you can put it in the box and you take it out of the box. Alright so, you put it into the box and you get like, you know, an IOU for having put it in the box and then you can redeem that IOU back out for the token.

So far what we've described is the world's dumbest ETF or ADR or something like that. It doesn't do anything but let you put things in it if you so choose. And then this protocol issues a token, we'll call it whatever, ‘X token.’ And X token promises that anything cool that happens because of this box is going to ultimately be usable by, you know, governance vote of holders of the X tokens. They can vote on what to do with any proceeds or other cool things that happen from this box. And of course, so far, we haven't exactly given a compelling reason for why there ever would be any proceeds from this box, but I don't know, you know, maybe there will be, so that's sort of where you start.

And then you say, alright, well, you’ve got this box and you’ve got X token and the box protocol declares, or maybe votes by on-chain governance, or, you know, something like that, that what they're gonna do is they are going to take half of all the X tokens that were re-minted. Maybe two thirds will, two thirds will offer X tokens, and they're going to give them away for free to whoever uses the box. So anyone who goes, takes some money, puts in the box, each day they're gonna airdrop, you know, 1% of the X token pro rata amongst everyone who's put money in the box. That's for now, what X token does, it gets given away to the box people. And now what happens? Well, X token has some market cap, right? It's probably not zero. Let say it's, you know, a $20 million market …

Matt: (23:56)
Wait, wait, wait, from like first principles, it should be zero, but okay.

SBF: (23:59)
Uh, sure. Okay. Completely reasonable comments.

Matt: (24:04)
I mean, that's not quite true, but, like, when you describe it in this totally cynical way, it sounds like it should be zero, but go on.

SBF: (24:10)
Describe it this way, you might think, for instance, that in like five minutes with an internet connection, you could create such a box and such a token, and that it should reflect like, you know, it should be worth like $180 or something market cap for like that, you know, that effort that you put into it. In the world that we're in, if you do this, everyone's gonna be like, ‘Ooh, box token. Maybe it's cool. If you buy in box token,’ you know, that's gonna appear on Twitter and it’ll have a $20 million market cap. And of course, one thing that you could do is you could like make the float very low and whatever, you know, maybe there haven't been $20 million dollars that have flowed into it yet. Maybe that's sort of like, is it, you know, mark to market fully diluted valuation or something, but I acknowledge that it's not totally clear that this thing should have market cap, but empirically I claim it would have market cap.

Matt: (24:57)
I agree.

Joe: (24:59)
It shouldn't have any market cap in theory, but it practice, they always do. Okay.

SBF: (25:03)
That's right. So, and obviously already we're sort of hiding some of the magic impact, right? Like some of the magic is in like, how do you get that market cap to start with, but, you know, whatever we're gonna move on from that for a second. So, you know, X tokens [are] being given out each day, all these like sophisticated firms are like, huh, that's interesting. Like if the total amount of money in the box is a hundred million dollars, then it's going to yield $16 million this year in X tokens being given out for it. That's a 16% return. That's pretty good. We'll put a little bit more in, right? And maybe that happens until there are $200 million dollars in the box. So, you know, sophisticated traders and/or people on Crypto Twitter, or other sort of similar parties, go and put $200 million in the box collectively and they start getting these X tokens for it.

And now all of a sudden everyone's like, wow, people just decide to put $200 million in the box. This is a pretty cool box, right? Like this is a valuable box as demonstrated by all the money that people have apparently decided should be in the box. And who are we to say that they're wrong about that? Like, you know, this is, I mean boxes can be great. Look, I love boxes as much as the next guy. And so what happens now? All of a sudden people are kind of recalibrating like, well, $20 million, that's it? Like that market cap for this box? And it's been like 48 hours and it already is $200 million, including from like sophisticated players in it. They're like, come on, that's too low. And they look at these ratios, TVL, total value locked in the box, you know, as a ratio to market cap of the box’s token.

SBF: (26:43)
And they’re like ‘10X’ that's insane. 1X is the norm.’ And so then, you know, X token price goes way up. And now it's $130 million market cap token because of, you know, the bullishness of people's usage of the box. And now all of a sudden of course, the smart money's like, oh, wow, this thing's now yielding like 60% a year in X tokens. Of course I'll take my 60% yield, right? So they go and pour another $300 million in the box and you get a psych and then it goes to infinity. And then everyone makes money.

Matt: (27:13)
I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good.

Joe Weisenthal: (27:27)
At no point did any of this require any sort of like economic case, it’s just like other people put money in the box. And so I'm going to too, and then it's more valuable. So they're gonna put more money in, and at no point in the cycle, did it seem to like, describe any sort of like economic purpose?

SBF: (27:42)
So on the one hand, I think that’s a pretty reasonable response, but let me play around with this a little bit. Because that's one framing of this. And I think there's like a sort of depressing amount of validity…

Matt: (27:53)
Can you comment on like the sustainability of that? Because, you know, on the one hand you're like, well, a trillion dollars of institutional money is going to come into Bitcoin. And on the other hand you're like basically there are a lot of Ponzis that have done really well.

SBF: (28:06)
Right. So let me, okay, cool. I'll stay on the cynical route, think about like cynically, what could happen here? Well, okay. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. And it is sort of like real monetizable stuff in some senses. And you know, at some point if the world never decides that we are wrong about this in like a coordinated way, right? Like you're kind of the guy calling and saying, no, this thing's actually worthless, but in what sense are you right?

Tracy Alloway: (29:15)
Can I just ask on this point, I mean, so are you saying that the value has to derive from everyone agreeing that it's worth something? And I know like on the one hand, that seems like a simple point about crypto, but on the other hand, throughout crypto's history, there have been these different arguments about how it actually gets value, you know, use cases for the underlying technology — for blockchain. Everyone's gonna start migrating stuff on blockchain, and then you're gonna have a real economic use attached to these assets. And that's where the value's gonna come from. But are you saying that it depends more on everyone just agreeing that these are worth something?

SBF: (29:53)
So really what I'd say is that it could come in theory from either. You can sort of get a market cap either because of cash flow and then Warren Buffett's like f*ck this. Like, I'm going to buy this if it's at too cheap of a price, because I'll just buy it and own it and get cashflow from it. And that's great. Or you could see something get market cap in the way that, I don't know, Doge coin or SHIB coin have, where people are just kinda like ‘ha ha’ and then they buy it. And if you're like, that's dumb, it has no cashflow flow. I'm gonna short sell it. You lose all your money. And, you know, those like, at least like over the last few years, those have both been ways that assets have gotten market cap. And I sort of like think that this starts to hint at like, at least some interesting angles on this, because it's not just cryptocurrencies that have had this dynamic, right? How about like, you know, AMC or Hertz or GameStop or meme stocks in general have like a very similar pattern to this and the sort of concept of maybe people will pay something for it even though it doesn't seem traditionally valuable, is not a crypto specific concept. Although it certainly has become like…

, Wednesday, 9 November 2022 18:33 (one year ago) link

Oh man, I remember listening to that Ep, I was floored.

longtime caller, first time listener (man alive), Wednesday, 9 November 2022 18:39 (one year ago) link

Matt should hire him as an intern

G. D’Arcy Cheesewright (silby), Wednesday, 9 November 2022 19:18 (one year ago) link

wkd continue his streak of being overly generous to crypto guys

lag∞n, Wednesday, 9 November 2022 19:21 (one year ago) link

I think he likes that he gets to cover all sorts of shit that a bank would never do because it’s obviously stupid or illegal

G. D’Arcy Cheesewright (silby), Wednesday, 9 November 2022 19:24 (one year ago) link

based on the bitcoin article he thinks the crypto system is legit because it exists, but i disagree i think its fraudulent and fake

lag∞n, Wednesday, 9 November 2022 19:33 (one year ago) link

Yeah that’s fair, you should send him an email

G. D’Arcy Cheesewright (silby), Wednesday, 9 November 2022 20:02 (one year ago) link

https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/

sort of want to just post the jack nicholson hand rubbing gif in response to all future news about ftx

, Wednesday, 9 November 2022 20:39 (one year ago) link

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.

— Binance (@binance) November 9, 2022

, Wednesday, 9 November 2022 21:16 (one year ago) link

ha they really fucked em, can only tip your cap

lag∞n, Wednesday, 9 November 2022 21:25 (one year ago) link

Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.

— Binance (@binance) November 9, 2022

the outliers such as *checks documents* the second largest exchange in world, which was largely thought to be solid a few days ago

lag∞n, Wednesday, 9 November 2022 21:34 (one year ago) link

bank man fried indeed

― lag∞n, Tuesday, November 8, 2022 9:44 AM (yesterday)

, Wednesday, 9 November 2022 21:41 (one year ago) link

FTX gone pic.twitter.com/oOcntEuYzz

— Cobie (@cobie) November 9, 2022

lag∞n, Wednesday, 9 November 2022 21:56 (one year ago) link

called it https://ez.substack.com/p/the-death-of-a-statesman

𝔠𝔞𝔢𝔨 (caek), Wednesday, 9 November 2022 21:56 (one year ago) link

where my apes? xp

𝔠𝔞𝔢𝔨 (caek), Wednesday, 9 November 2022 21:56 (one year ago) link

good work ed

lag∞n, Wednesday, 9 November 2022 22:01 (one year ago) link

i hadn't noticed $BTC today. mark it to zero.

𝔠𝔞𝔢𝔨 (caek), Wednesday, 9 November 2022 22:24 (one year ago) link

seems like some light perjury?

HOLY SHIT

In front of a room of lawmakers… pic.twitter.com/7aGWdJ0l9W

— MrChief (@HaloCrypto) November 9, 2022

𝔠𝔞𝔢𝔨 (caek), Wednesday, 9 November 2022 22:29 (one year ago) link

"why am i saying this i should stop i cant stop"

lag∞n, Wednesday, 9 November 2022 22:31 (one year ago) link

am i making this up or was ed zitron part of the weird twitter wave initially?

, Wednesday, 9 November 2022 23:01 (one year ago) link

he was at least adjacent i think

lag∞n, Wednesday, 9 November 2022 23:05 (one year ago) link

https://www.businessinsider.com/weird-twitter-2012-12#-4

https://i.ibb.co/2F110JK/image.png

seems like he's deleted all his weird twitter tweets lol

, Wednesday, 9 November 2022 23:13 (one year ago) link

bitcoin twitter is so fucking demented, everything is good news no matter what

The FTX situation, imo, makes #Bitcoin stronger.

— Pulte (@pulte) November 9, 2022

If you do understand #Bitcoin , you would know bear markets are the best time for accumulation.

Don’t panic #buy and #hodl. The bull run is preordained

However I recommend you all follow @Kw_90t she’s a super underrated bitcoiner. Smart tips. I’ve been doing great.

— Decery Muyco (@akacsai) November 9, 2022

I'm memorializing the FTX collapse with the purchase of my first bitcoin miner. Bear markets are for building right?

— Bitcoin Pleb (@BitcoinPrecept) November 9, 2022

Well there's 1 silver lining to all of this;

The peak in Bitcoin was 1 year ago. So as far as year over year change is gonna be, this week's probably the worst it's gonna get.

That said - you bought the top, you're down -72.79% now.

Slightly better than ARKK's -72.99%.

— Deso, God of Vision - Now Patent-Pending! (@DesoGames) November 9, 2022

Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Wednesday, 9 November 2022 23:18 (one year ago) link

incredible ability to attracted suckers one of the alltime scams

lag∞n, Wednesday, 9 November 2022 23:20 (one year ago) link

don't harsh my mellow i'm just happy i'm down -72.79%, can't imagine where I'd be if I were down -72.99% *shudders*

Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Wednesday, 9 November 2022 23:22 (one year ago) link

Holy cow it’s dropping fast

frogbs, Wednesday, 9 November 2022 23:29 (one year ago) link

down 15% today, thats a lot of percent baby

lag∞n, Wednesday, 9 November 2022 23:32 (one year ago) link

At least my IRA is having a better year than Bitcoin!

G. D’Arcy Cheesewright (silby), Wednesday, 9 November 2022 23:34 (one year ago) link

Further proving my theory that anytime I think a stock or investment scheme is going to tank, it will only tank the moment I have finally given up on it ever tanking.

longtime caller, first time listener (man alive), Wednesday, 9 November 2022 23:46 (one year ago) link

My coins!!!

Jeff, Thursday, 10 November 2022 00:47 (one year ago) link

interesting if true

This is a good explanation of the FTX situation by @matthewstoller pic.twitter.com/0u9uVnmdnR

— can (@can) November 10, 2022

𝔠𝔞𝔢𝔨 (caek), Thursday, 10 November 2022 01:11 (one year ago) link

now do bitcoin haha

lag∞n, Thursday, 10 November 2022 01:52 (one year ago) link

ppl on twitter saying bankman f is personally bankrupt that hes got 100s of millions of dollars in personally secured loans

lag∞n, Thursday, 10 November 2022 01:58 (one year ago) link

They’re gonna slice him up for parts

G. D’Arcy Cheesewright (silby), Thursday, 10 November 2022 01:59 (one year ago) link

normal

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase total 1 billion USDT. You may see the change of balance on https://t.co/L52UWqhmkR and all the reserve will be in CEXs.

— TRON DAO Reserve (@trondaoreserve) November 10, 2022

Tether has just frozen FTX's USDT pic.twitter.com/G4gdl2wMqt

— Pentoshi 🐧 (@Pentosh1) November 10, 2022

lag∞n, Thursday, 10 November 2022 14:54 (one year ago) link

a billion new tethers minted bitcoin price goes back up its weird like that

17,570.20USD
+1,665.80 (10.47%)today

lag∞n, Thursday, 10 November 2022 15:05 (one year ago) link

It's a testament to crypto that I've been reading this thread forever and I still don't understand it, but I guess my question is - what is the point of a crypto currency if it has to be backed by the evil fiat currency they hate?

Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Thursday, 10 November 2022 15:06 (one year ago) link


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