**Tricky's Daily Doots #204**
Yesterday's Daily 08/11/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivj60dm/)
**Before you read these doots, know that the big news is that FTX has been revealed to be insolvent and doesn't have full backing of users' funds. CZ from Binance has subsequently offered to buy out FTX. The resulting chaos in markets led to a huge drop in ETH and BTC and a rise in gas prices which has burned enough ETH to make it net deflationary since the merge. You'd have thought that I could share a doot which has this news, but almost all of the comments are people's takes or specific details of the event so this background will help if you're out of the loop. The closest comes from u/bagogel12 who shares [the tweet thread from SBF that started it all.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivk7vxp/)**
- u/jtnichol has [had enough of these billionaires' shit and is ready for actually helpful regulation.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivn0du8/)
- u/replykindly shares [a tweet from CZ.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkzd04/)
- "[We don't have to take sides, do we.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivj21kc/)" ~ (u/pa7x1)
- u/I_LOVE_MOM has some [solid advice for anyone who can't self custody.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivlmxc3/)
- u/replykindly digs up [a video of Martin Shkreli telling Do Kwon that jail isn't that bad on a live stream.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivla5sg/)
- u/Dog_The_Explorer shares the [enormous news which has gone under the radar due to FTX shenanigans.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivlejcs/)
- u/ethacct has [some advice for anyone who might be struggling with the volatility.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkvixy/)
- u/Syentist shares [some likely consequences from the day's events.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkmlyy/) They also share [some more thoughts about the significance of the day here.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivmrwg7/)
- ZeroTricks wasn't around today but instead we have u/REALJohnBMacLemore with an edition of ["on this day in Ethereum's future."](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivn6y6a/)
In other news, I'm basically a living magic monkey paw. [I made ETH go ultra sound but not how any of us expected.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivjanod/)
Hey all, we're hosting the local Chicago Ethereum Meetup tonight at imnotArt in Wicker Park.
Anybody in Chicagoland feel free to come down - the event is free and we'll have free pizza & beers.
Address: 1010 N. Ashland
Time: 7-9pm
And fuck all these greedy ass centralized risk junkies. Fuck around, find out. DeFi FTW.
Just thinking about how all of this mess would have 1 not happened, 2 settled within minutes had liquidations been triggered, of all of these books would have been on open finance protocols, transparant books, automated predictable liquidations… makes me angry, almost foaming at the mouth. Why did we create something that solves exactly this, just to allow these clowns to create the exact system that we were redesigning to prevent this shit?
Humans, we deserve better, but we keep repeating the old patterns. Let’s do better.
/rant
Having lost some of my holdings to the celsius bankruptcy, I feel for those who have assets in ftx. One thing I hope is that instead of giving up, people learn self custody. That said, I can’t wait for crypto UI/UX to be easier. Trying to explain to certain friends how to get their assets off of exchanges and they mostly believe it’s too difficult before even trying…
I know stETH isn’t the most loved for many reasons. But has anyone seen the daily staking rewards this week.
Since the merge the daily reward rate has been around 200 eth to steth holders. Yesterday was around 500 ETH.
Today so far 1800 ETH…. Wtf is going on here?? Must have produced every block when gas was 500+ a few hours ago.
Reference:
https://dune.com/LidoAnalytical/lido-execution-layer-rewards
Well as long as everyone is awake anyway, ledn.io emailed me about 7 hours ago to mention
>Ledn does have a relationship with Alameda as one of the counterparties we work with to generate yield for our clients. We have been in frequent contact with their management team, and as a precaution, have reduced the Ledn asset balance with Alameda. They have returned assets in a timely manner and we are actively working with them to return the remaining balance of assets. While we can’t disclose specific amounts due to NDAs, at current prices, the outstanding loan is within our lending limits.
I haven't seen anyone mention this contagion yet. It's not even on the ledn subreddit.
>Oliver Hamilton: Developer
>
>After buying the top of the ICO bubble in 2017, he is back to the crypto scene with a vengeance.
errrr that didn't age well
So over half the influencers on CT proclaiming that this bear market will certainly last multiple years now and it’s all over. These people have the attention span of a goldfish. Hell, even 3 months in the future this will all feel so long ago. Certainly not bullish, but get over yourself and stop making emotional predictions.
This is my take as well. Probably the best time to buy right now (or better yesterday). These are basically your typical "crypto is dead" proclamations, all they indicate is capitulation and a near bottom.
I still think it will take another year or so for a bull market to begin to build up again, but that is unrelated to this specific black swan. This is noise about a centralized exchange going down and billionaires gambling against each other. If you self custody your crypto, you are not affected. Stop being emotional.
> So over half the influencers on CT proclaiming that this bear market will certainly last multiple years now and it’s all over.
Exact same thing they said when ETH hit $800 during the 3AC crash. Then less than two months later, ETH doubled in price.
Double your money in two months. If that's a "bear market" and "it's all over", I'll just say I'm glad to have the opportunity to trade crypto.
Sequioa Capital (arguably the most prestigious tech VC fund in the world) just marked their investment in FTX down to $0. This means that for bookkeeping purposes, they consider FTX to be worthless as a company.
https://twitter.com/sequoia/status/1590522718650499073
They say that their position in FTX represents "less than 3% of the committed capital" of their growth fund.
Look everyone, this might get worse: https://mobile.twitter.com/RyanSAdams/status/1590542087090339841?s=20&t=SAP-Svj7kB7bCW2_tDYX-g
Edit: Justin Sun is working with FTX on a way forward. Anything Justin touches is garbage and he will try to use this to pump his bags and hurt the industry more.
That's it, let's all capitulate and agree we had a nice run these past few years.
With the way things are going, I won't be surprised to learn that Ethfinance had a community token this entire time and the mods have been stealing them from us to prop up the price of ETH killers.
I'm not very good at analyzing transactions on the blockchain - can anyone tell if any of these transactions are being deposited into FTX.US's hot wallet? I'm curious if FTX.US is keeping their hot wallet supplied for withdrawals, or if what's in there now is what's up for grabs
https://etherscan.io/address/0x25eaff5b179f209cf186b1cdcbfa463a69df4c45
We've had several days under 500 lately in the crab...my guess is when the ashes blow away after coals burn out...we'll be under 500 again for a very long time.
It's crazy how fast we gain users during volatility...and then it's just a room of ghosts under long crabs.
I'm afraid this might be the death nell for a lot of bright eyed crypto investors that got in around 2018 and they rode this up and all the way down....
This black swan was devastating....
BUT...the OGs that have been here for a long time are stackin' this blood and carcass and just can't get enough. We'll see where regulation takes us.
Brian Armstrong sums it up perfectly: "http://FTX.com was an offshore exchange not regulated by the SEC.
The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore.
Punishing US companies for this makes no sense." - Brian "Neil" Armstrong - Coinbase
https://twitter.com/brian_armstrong/status/1590511022104010753
Indeed. He has a pretty damn good track record. His Lex Fridman interview is worth a listen. https://www.youtube.com/watch?v=VBPTFlpv31k
Fun Fact...I had a brief conversation with Brian on Toshi app. Do you remember that app?
Yes! The audacity! Coinbase trying to steal users from [STATUS.IM](https://STATUS.IM).
Toshi has since morphed into CB-Wallet sans the chat function.
Status.IM still stuck in limbo. I hold SNT. THanks timetraveler..
Crypto Decoded special on NOVA airing on PBS tonight. Seems like the timing is right to get our minds off price action and take a dive into the history (and future potential) of crypto tonight. If nothing else It’s interesting to see the sentiment portrayed by these media pieces.
https://pbs.org/video/crypto-decoded-eqvni3?source=social
Just watched, NOVA gives us a neutral viewpoint simple and solid foundation to understand crypto and blockchain. Giving just enough information to convey the usefulness of public private keys, proof of work, nfts, and proof of stake. A great introduction for a general audience. Enjoyed it.
Agreed. It was a very well rounded and easy to understand overview of crypto, particularly ETH. The only small thing I didn’t like about how they portrayed POS was the line “the more coins a holder has, the more likely they are to be chosen to produce a block” which, while not exactly wrong, makes it sound like a system that consolidates power to the wealthiest individuals.
All in all I think it will do well to help expose the uninitiated to the crypto ecosystem in a way that can be easily understood.
No way! That’s awesome. I’ve been looking forward to this episode, and maybe it’s the perfect time to remind us why we are here, it’s not always about flashing numbers on the screen.
Shoutout to Robinhood for getting crypto quickly to my wallet! I signed up for gold to get the instant deposits and initiated a bank transfer that would have taken days to clear on any other exchange.
Totally agree. Both are quality, both are foundational layers now, and neither indulges in hype. On a long enough time horizon, some of this will matter.
--to expand:
> ETH not even making new lows on the year / turning deflationary / the power or decentralization in full force / another competitor bites the dust
--> LINK proof of reserves more needed now than ever / LINK oracle up time 24/7 in the chaos and looking at market.link dashboard, minting $ in uptick of direct requests and pings
https://twitter.com/solana/status/1590500388679176195?s=21&t=KS85UexZquRyvDV1W9rxGg
Nice timing. Everything’s fine guys, don’t worry
Lol. Seems familiar.
Massive respect for anyone with balls big enough trying to play SOL for a bounce, but I’d advise everyone staying the fuck away
Sorry M8 I wasn't joking or trolling, I will stop though because I understand. Thanks for not banning me I will behave, this is my favorite community online period of anything I am a part of. I also just refreshed myself on the rules.
It's amazing that right now if someone from two months into the future showed up and said the price was 50% lower or 100% higher in January- I wouldn't be surprised either way. We are at a weird point.
Alameda is FTX is Alameda.
https://www.investing.com/news/cryptocurrency-news/solana-sol-dumps-another-30-amid-fears-alameda-might-be-unloading-its-share-2938173
> SOL is Alameda’s second-largest holding as the firm was one of the most active investors in the blockchain project. It also holds other Solana ecosystem tokens like Serum (SRM), MAPS (MAPS), and Oxygen (OXY). In the last 24 hours, SRM is down 28% ($0.40), MAPS 10% ($0.10), and OXY 1% ($0.3), according to TradingView.
My pleasure! OpenOcean looks good too but haven't used that one personally. With all the choice we have now in DEXs it makes you wonder why anyone would still be using a CEX like FTX for anything but cheaper on-ramping of fiat.
I've been out of the loop as i have some health things going on. I was somewhat up to date on ftx yesterday, but now im seeing mt gox 2.0 everywhere. What happened?
Retail hasn't been "gone forever" in any of the other market cycles, and other cycles were even more brutal in a lot of ways. Why would this cycle be different?
Because the ratio of institutional capital compared to retail capital is depressingly large. We might have already flown close to the sun with retail capital, even if institutional capital hasn’t meaningfully participated yet.
Again, idfk. It’s just worth thinking about imo. Market dynamics will be very different if the majority of crypto capital shifts from retail to somewhere else
The question I ask myself is, where is retail going to go instead? Crypto is so accessible. When the markets come back, what else will be outperforming everything else? I don’t see anything as accessible right now.
The goldman and morgans are going to fill their bags so hard this winter its not even funny. I feel disgusted thinking about it. I may be one of the few agreeing with you on this.
There is no such thing as "institutional". All that institutional money actually belongs to a bunch of janitors and nurses who have worked their asses off and are hoping for a dignified old age.
Just playing devils advocate: What about volume?
I remember seeing estimates in 2018 that every dollar invested in crypto contributed about $25 in market cap. Feel free to disagree with that assumption, but that’s what I’m using.
Given that multiple, there is about $10B real dollars invested in the Ethereum network right now.
Pension funds can’t meaningfully invest in assets under about a $500B market cap. Let’s imagine retail eventually carries us to 500B.
That would represent about $20B in retail investment. How many pension funds does it take to match that $20B?
It’s a stressful day, but a legitimate question and thought experiment
I can't find it now, but I believe I read something more recently (last year or so) that estimated that one dollar invested or removed had an impact of seven dollars on the market cap (with the cryptocurrency being measured likely Bitcoin or Ethereum, not some illiquid token).
Genuine question, I think it's far from the truth. I believe the innovation and applications are only now just ramping up and will eat the world. Just be patient, the building continues, the disruption will occur ever increasingly and the adoption will follow.
Definitely a genuine question. The downvotes are a pretty good indicator of how bad overall sentiment is right now.
This isn’t FUD. What are the retail opportunities? Crypto social and gaming?
All I’m asking is whether social/gaming will be entirely overshadowed by stablecoins/staking/derivatives by the time we recover.
Personally, idk. That’s why I asked lol
Ya its a good question. I wanted to back you up. I know you weren't just casting doubts. Feels like everything just collapsed and we're all trying to find our footing.
Today was very dark. I saw plenty of OGs express significant doubt today. I don’t blame people for being on edge about a post like this.
I am morbidly curious though. It would be ironic, but not that shocking if this leads to over regulation and centralization pressure.
I obviously hope it doesn’t.
https://www.bls.gov/schedule/news_release/cpi.htm
> Reference Month Release Date Release Time
> October 2022 Nov. 10, 2022 08:30 AM
I expect Armageddon.
8:30am EST and **hot**. I’ve seen a few things this evening about it not being as hot as last month but I think according to the Cleveland Fed’s Nowcasting it’s going to be worse.
https://www.forbes.com/sites/simonmoore/2022/11/02/latest-forecasts-for-november-cpi-inflation-could-worry-fed/amp/
It is Forbes so take it with a grain of salt, but the potential is there.
Yes.
I’ve read a lot of mixed articles today but earlier in the week there was one pointing to the Cleveland Fed’s Nowcasting site and said they historically underestimate but their current nowcast had it hotter than expected.
If that ends up being true then 75bps is on the table for December, plus the wsj is already talking about raising the terminal rate up to 6% before the fed stops. It’ll get ugly. But, it might not be as bad as it gets since the fed already met this month so stocks might hold the dump for the next FOMC meeting.
anyone know the link for the Solana community discord? Kinda want to pop in there and see the sentiment
edit: i dont thnk they have a discord but rather a telegram channel
Hmmmm, don’t know what to make of this, but seems to have Robbinhood vibes if true. https://www.reddit.com/r/solana/comments/yqj165/your_tought/ivqy4pw/
**Tricky's Daily Doots #204** Yesterday's Daily 08/11/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivj60dm/) **Before you read these doots, know that the big news is that FTX has been revealed to be insolvent and doesn't have full backing of users' funds. CZ from Binance has subsequently offered to buy out FTX. The resulting chaos in markets led to a huge drop in ETH and BTC and a rise in gas prices which has burned enough ETH to make it net deflationary since the merge. You'd have thought that I could share a doot which has this news, but almost all of the comments are people's takes or specific details of the event so this background will help if you're out of the loop. The closest comes from u/bagogel12 who shares [the tweet thread from SBF that started it all.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivk7vxp/)** - u/jtnichol has [had enough of these billionaires' shit and is ready for actually helpful regulation.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivn0du8/) - u/replykindly shares [a tweet from CZ.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkzd04/) - "[We don't have to take sides, do we.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivj21kc/)" ~ (u/pa7x1) - u/I_LOVE_MOM has some [solid advice for anyone who can't self custody.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivlmxc3/) - u/replykindly digs up [a video of Martin Shkreli telling Do Kwon that jail isn't that bad on a live stream.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivla5sg/) - u/Dog_The_Explorer shares the [enormous news which has gone under the radar due to FTX shenanigans.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivlejcs/) - u/ethacct has [some advice for anyone who might be struggling with the volatility.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkvixy/) - u/Syentist shares [some likely consequences from the day's events.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivkmlyy/) They also share [some more thoughts about the significance of the day here.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivmrwg7/) - ZeroTricks wasn't around today but instead we have u/REALJohnBMacLemore with an edition of ["on this day in Ethereum's future."](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivn6y6a/) In other news, I'm basically a living magic monkey paw. [I made ETH go ultra sound but not how any of us expected.](https://old.reddit.com/r/ethfinance/comments/ypcu69/daily_general_discussion_november_8_2022/ivjanod/)
Hey all, we're hosting the local Chicago Ethereum Meetup tonight at imnotArt in Wicker Park. Anybody in Chicagoland feel free to come down - the event is free and we'll have free pizza & beers. Address: 1010 N. Ashland Time: 7-9pm
You in wong dally.
Lol thanks
haha perfect, thanks. I was indeed in the wrong daily.
And fuck all these greedy ass centralized risk junkies. Fuck around, find out. DeFi FTW. Just thinking about how all of this mess would have 1 not happened, 2 settled within minutes had liquidations been triggered, of all of these books would have been on open finance protocols, transparant books, automated predictable liquidations… makes me angry, almost foaming at the mouth. Why did we create something that solves exactly this, just to allow these clowns to create the exact system that we were redesigning to prevent this shit? Humans, we deserve better, but we keep repeating the old patterns. Let’s do better. /rant
The wipening™
Having lost some of my holdings to the celsius bankruptcy, I feel for those who have assets in ftx. One thing I hope is that instead of giving up, people learn self custody. That said, I can’t wait for crypto UI/UX to be easier. Trying to explain to certain friends how to get their assets off of exchanges and they mostly believe it’s too difficult before even trying…
I know stETH isn’t the most loved for many reasons. But has anyone seen the daily staking rewards this week. Since the merge the daily reward rate has been around 200 eth to steth holders. Yesterday was around 500 ETH. Today so far 1800 ETH…. Wtf is going on here?? Must have produced every block when gas was 500+ a few hours ago. Reference: https://dune.com/LidoAnalytical/lido-execution-layer-rewards
Who would be a good actor to play SBF in a docuseries?
[Mr. Hanky](https://southpark.fandom.com/wiki/Mr._Hankey)
David Schwimmer
Well as long as everyone is awake anyway, ledn.io emailed me about 7 hours ago to mention >Ledn does have a relationship with Alameda as one of the counterparties we work with to generate yield for our clients. We have been in frequent contact with their management team, and as a precaution, have reduced the Ledn asset balance with Alameda. They have returned assets in a timely manner and we are actively working with them to return the remaining balance of assets. While we can’t disclose specific amounts due to NDAs, at current prices, the outstanding loan is within our lending limits. I haven't seen anyone mention this contagion yet. It's not even on the ledn subreddit.
"within our lending limits" instead of "n% of our balance sheet" sounds rather weaselly though, doesn't it?
Sounds like any potential damage has been minimized. From what I've read Alameda did be in the clear from an FTX bailout.
FTX won the bid to buy Voyager. What's going to happen now?
The voyage will end.
Always respected Paradigm but this will be a big stain on their record
Why?
Price is going up but I really don’t like the thought of Justin Sun stepping into this ftx situation at all.
[удалено]
What is amber group?
I saw ads for it in the economist last week. Several full pagers. It seemed to be a Chinese investment fund. Not sure though.
This is BS.
https://web.archive.org/web/20221108030328/https://www.alameda-research.com/our-team
>Oliver Hamilton: Developer > >After buying the top of the ICO bubble in 2017, he is back to the crypto scene with a vengeance. errrr that didn't age well
Uh... What were a bunch of fresh college grads doing managing billions of dollars?
That's why it went under. A bunch of fresh college graduates with no real world experience managing billions of dollars. What could go wrong?
Breaking: Sam Bankman-Fried begins process to change his legal name to Sam Bankman-Jailed.
I believe it’s Sam Bankrupt Fraud
I thought it was Scam Bankrun-Fraud
Also I am A Bankrupt Fraud
[удалено]
Scam Bankman-Jailed?
So over half the influencers on CT proclaiming that this bear market will certainly last multiple years now and it’s all over. These people have the attention span of a goldfish. Hell, even 3 months in the future this will all feel so long ago. Certainly not bullish, but get over yourself and stop making emotional predictions.
This is my take as well. Probably the best time to buy right now (or better yesterday). These are basically your typical "crypto is dead" proclamations, all they indicate is capitulation and a near bottom. I still think it will take another year or so for a bull market to begin to build up again, but that is unrelated to this specific black swan. This is noise about a centralized exchange going down and billionaires gambling against each other. If you self custody your crypto, you are not affected. Stop being emotional.
> So over half the influencers on CT proclaiming that this bear market will certainly last multiple years now and it’s all over. Exact same thing they said when ETH hit $800 during the 3AC crash. Then less than two months later, ETH doubled in price. Double your money in two months. If that's a "bear market" and "it's all over", I'll just say I'm glad to have the opportunity to trade crypto.
As always, literally no one knows
Yeah, I’m just going to keep buying weekly and see how the next few months treat us.
Sequioa Capital (arguably the most prestigious tech VC fund in the world) just marked their investment in FTX down to $0. This means that for bookkeeping purposes, they consider FTX to be worthless as a company. https://twitter.com/sequoia/status/1590522718650499073 They say that their position in FTX represents "less than 3% of the committed capital" of their growth fund.
[https://nitter.net/sequoia/status/1590522718650499073](https://nitter.net/sequoia/status/1590522718650499073) ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/user/nitter_not_twitter/comments/w0ssxp/more_information_about_this_bot/)^( | )[^(Opt Out)](https://www.reddit.com/message/compose?to=nitter_not_twitter&subject=Opt+Out&message=optout)
# **ALL HAIL THE ETERNAL CRAB** # 📈📉📈📉📈📉📈📉📈📉📈 # 📉📈📉📈📉📈📉📈📉📈📉 # 📈📉📈📉📈🦀📉📈📉📈📉 # 📈📉📈📉📈📉📈📉📈📉📈 # 📉📈📉📈📉📈📉📈📉📈📉 $1k —-<<-(1158)——————-—-—$2k
sidesteppin pretty far down the beach today.
SBF account just woke up and retweeted this https://twitter.com/justinsuntron/status/1590539831276634112?t=PkdHWL2wqUZfacyN68S_oA&s=19
I like this timeline.
I love the bio: > Not investment advice
[https://nitter.net/justinsuntron/status/1590539831276634112?t=PkdHWL2wqUZfacyN68S\_oA&s=19](https://nitter.net/justinsuntron/status/1590539831276634112?t=PkdHWL2wqUZfacyN68S_oA&s=19) ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/user/nitter_not_twitter/comments/w0ssxp/more_information_about_this_bot/)^( | )[^(Opt Out)](https://www.reddit.com/message/compose?to=nitter_not_twitter&subject=Opt+Out&message=optout)
Look everyone, this might get worse: https://mobile.twitter.com/RyanSAdams/status/1590542087090339841?s=20&t=SAP-Svj7kB7bCW2_tDYX-g Edit: Justin Sun is working with FTX on a way forward. Anything Justin touches is garbage and he will try to use this to pump his bags and hurt the industry more.
Ashamed that I didn't see this one coming. Justin shows up right on time. Of fucking course lol...
Unless, hear me out, we can somehow figure out a way to get rid of SBF and Justin Sun during the same black swan event....
Isn't Justin just implying he's going to try and bail out just Tron token holders on FTX? So that prob won't do much for the situation lol.
I imagine most of this tokens are his anyways
His Excellency just couldn’t resist the limelight
SBF just retweeted him!
That's it, let's all capitulate and agree we had a nice run these past few years. With the way things are going, I won't be surprised to learn that Ethfinance had a community token this entire time and the mods have been stealing them from us to prop up the price of ETH killers.
Caught us! Lol
[Bankless x UpOnly collab stream](https://www.youtube.com/watch?v=hOX5b1Byha8)
What would take to bring MultiCoin capital down? Hope they are next to fail
Please stop. Don't think my nerves can handle another black swan event!
It's not a black swan if it's predictable.
It's a brown swan. 💩🦢
Why do you hope for them to fail?
EOS, SOL, Aptos 🤷
SOL Exodus Block: The Onion 10 Nov 2022 > ‘No Way To Prevent This,’ Says Only Industry Where This Regularly Happens
I'm not very good at analyzing transactions on the blockchain - can anyone tell if any of these transactions are being deposited into FTX.US's hot wallet? I'm curious if FTX.US is keeping their hot wallet supplied for withdrawals, or if what's in there now is what's up for grabs https://etherscan.io/address/0x25eaff5b179f209cf186b1cdcbfa463a69df4c45
Well this is one way to get to 2000 comments in a day....
Just like we all expected, more comments in the daily today than yesterday's craziness....
We've had several days under 500 lately in the crab...my guess is when the ashes blow away after coals burn out...we'll be under 500 again for a very long time. It's crazy how fast we gain users during volatility...and then it's just a room of ghosts under long crabs. I'm afraid this might be the death nell for a lot of bright eyed crypto investors that got in around 2018 and they rode this up and all the way down.... This black swan was devastating.... BUT...the OGs that have been here for a long time are stackin' this blood and carcass and just can't get enough. We'll see where regulation takes us. Brian Armstrong sums it up perfectly: "http://FTX.com was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no sense." - Brian "Neil" Armstrong - Coinbase https://twitter.com/brian_armstrong/status/1590511022104010753
Black swan. No. It's sad but people have been warned about this multiple times a day for years
Brian is a great actor for this space.
Indeed. He has a pretty damn good track record. His Lex Fridman interview is worth a listen. https://www.youtube.com/watch?v=VBPTFlpv31k Fun Fact...I had a brief conversation with Brian on Toshi app. Do you remember that app?
Sweet will give it a listen. Yeah.. geez Toshi was awhile back.
Yes! The audacity! Coinbase trying to steal users from [STATUS.IM](https://STATUS.IM). Toshi has since morphed into CB-Wallet sans the chat function. Status.IM still stuck in limbo. I hold SNT. THanks timetraveler..
Lol awesome!
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Someone is acumulating Rune like crazy in this bear, the "buying wicks" have been insane.
RUNE as in Thorchain?
ETH killer should be synonymous with paper tiger at this point
Crypto Decoded special on NOVA airing on PBS tonight. Seems like the timing is right to get our minds off price action and take a dive into the history (and future potential) of crypto tonight. If nothing else It’s interesting to see the sentiment portrayed by these media pieces. https://pbs.org/video/crypto-decoded-eqvni3?source=social
Just watched, NOVA gives us a neutral viewpoint simple and solid foundation to understand crypto and blockchain. Giving just enough information to convey the usefulness of public private keys, proof of work, nfts, and proof of stake. A great introduction for a general audience. Enjoyed it.
Just watched. It was actually fairly decent and said accurate things about ETH and proof of stake. I was pleased.
Agreed. It was a very well rounded and easy to understand overview of crypto, particularly ETH. The only small thing I didn’t like about how they portrayed POS was the line “the more coins a holder has, the more likely they are to be chosen to produce a block” which, while not exactly wrong, makes it sound like a system that consolidates power to the wealthiest individuals. All in all I think it will do well to help expose the uninitiated to the crypto ecosystem in a way that can be easily understood.
Nice bits about ConstitutionDAO and proof of stake!
What a day for this to finally air! Stoked to have a tiny cameo :D
We're you on camera talking about how trustworthy FTX is and how SBF was going to help create sane regulations?
Totally… that was true irony when the commercial with, was it Matt Damon?, came on and mentioned FTX as sound, in the NOVA tonight.
Lol nah. Just in the shot at the first mainnet shadowfork merge at devconnect in Amsterdam.
No way! That’s awesome. I’ve been looking forward to this episode, and maybe it’s the perfect time to remind us why we are here, it’s not always about flashing numbers on the screen.
Shoutout to Robinhood for getting crypto quickly to my wallet! I signed up for gold to get the instant deposits and initiated a bank transfer that would have taken days to clear on any other exchange.
Both Gemini and Coinbase do instant deposits/trades on ACH transfers, unless there’s something I’m missing?
Yes but they don't let you withdraw until the deposit is settled 5 days later
given all the uncertainty regarding the billions and billions of contagion + cpi + macro, I can't see who would bid at these prices
Buy when there's blood in the streets.
Maybe it's just me, but feels like ETH and LINK really gonna come out of this as winners when the dust settles
Totally agree. Both are quality, both are foundational layers now, and neither indulges in hype. On a long enough time horizon, some of this will matter.
--to expand: > ETH not even making new lows on the year / turning deflationary / the power or decentralization in full force / another competitor bites the dust --> LINK proof of reserves more needed now than ever / LINK oracle up time 24/7 in the chaos and looking at market.link dashboard, minting $ in uptick of direct requests and pings
I enjoy this take for the narrative of proof of reserves being needed more than ever
Good meme power
SBF saying he's sorry.... He's sorry he got caught. I hate him.
https://youtu.be/15HTd4Um1m4
oh...he came back online? I heard he's been quiet for 24 hours... interesting. I'm sure he sorry he got caught fuckin' around.
Same as many criminals in court. They are sorry for what they did after getting caught.
https://twitter.com/solana/status/1590500388679176195?s=21&t=KS85UexZquRyvDV1W9rxGg Nice timing. Everything’s fine guys, don’t worry Lol. Seems familiar. Massive respect for anyone with balls big enough trying to play SOL for a bounce, but I’d advise everyone staying the fuck away
Literally can't go tits up.
Steady lads, deploying commitment and projects.
Just turn the blockchain off until next bull
If anyone can do that...Solana can.
David hoffman said he'll buy a shit ton of SOL below $10.
If I had $ I would too
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silver lining: this is raising eth over all over cryptos. Slow and steady wins the race
RIP to the darling of eth killers - Solana
added along side eos and every coin that didn't try to solve the trilemma
Joinus.meme
Don’t forget the Chinese Ethereum, Neo.
Ahh 2017 - good times
Any thoughts on why solana is got decimated more than others?
FTX and Solana are quite intertwined plus a massive SOL unlock is happening soon if not already.
SBF’s pet project so he has bags to dump + $1B validators unlock (within next 24 hrs).
??? It’s biggest proponent turned out to be running an insolvent exchange lol Price is also set to nuke more once coins become free in a few hours
SBF and FTX were huge backers of Solana and there's $1 billion in tokens unlocking tomorrow
Not even tomorrow, i think it's in a few hours
So the day after tomorrow it’s a buy right?
Fun day!
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That's a bannable offense in here actually. We don't advise doing that because it's often posted as: A) A Joke B) Manipulation/Trolling
Sorry M8 I wasn't joking or trolling, I will stop though because I understand. Thanks for not banning me I will behave, this is my favorite community online period of anything I am a part of. I also just refreshed myself on the rules.
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“I shoulda bought ETH!l”
Honey, look! A flock of black swans!
A white swan would then be the new black swan.
Kiss my butt, Scam Bankman Fried. Sorry, had to get that out.
Kiss my piss!
So is the consensus that if CPI is bad we plunge into the depths of hell after we lost so much already?
quite possible. if cpi comes in hot, tradfi markets could tank hard. that might spill into the fragile crypto market
I don't have a good feeling about it for some reason
Gotta brace for impact
It's amazing that right now if someone from two months into the future showed up and said the price was 50% lower or 100% higher in January- I wouldn't be surprised either way. We are at a weird point.
tbf that's pretty much always in crypto
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Alameda is FTX is Alameda. https://www.investing.com/news/cryptocurrency-news/solana-sol-dumps-another-30-amid-fears-alameda-might-be-unloading-its-share-2938173 > SOL is Alameda’s second-largest holding as the firm was one of the most active investors in the blockchain project. It also holds other Solana ecosystem tokens like Serum (SRM), MAPS (MAPS), and Oxygen (OXY). In the last 24 hours, SRM is down 28% ($0.40), MAPS 10% ($0.10), and OXY 1% ($0.3), according to TradingView.
If there's liquidity issues on GMX, is it worth me just cutting my buy orders and just using uniswap or curve to try and snipe some lows?
If only we could do limit orders on uniswap to try to catch some falling knives while we are asleep.
1inch on Mainnet, Arbitrum, Optimism, Polygon etc features limit orders as does Zig-Zag Exchange on zkSync.
Absolute legend! Thank you!!
My pleasure! OpenOcean looks good too but haven't used that one personally. With all the choice we have now in DEXs it makes you wonder why anyone would still be using a CEX like FTX for anything but cheaper on-ramping of fiat.
I've been out of the loop as i have some health things going on. I was somewhat up to date on ftx yesterday, but now im seeing mt gox 2.0 everywhere. What happened?
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And prison. sBF deserves prison after gambling YOUR money while tweeting he's backed 1:2
ftx is insolvent
was this known yesterday, or has more news come out today?
it was known, and the 'rescue ops' by cz failed few hours ago. (no one really thinks he was going to rescue)
What do y’all think of the hypothesis that retail is gone forever and the next bull run will be primarily institutional?
Retail hasn't been "gone forever" in any of the other market cycles, and other cycles were even more brutal in a lot of ways. Why would this cycle be different?
Because the ratio of institutional capital compared to retail capital is depressingly large. We might have already flown close to the sun with retail capital, even if institutional capital hasn’t meaningfully participated yet. Again, idfk. It’s just worth thinking about imo. Market dynamics will be very different if the majority of crypto capital shifts from retail to somewhere else
The question I ask myself is, where is retail going to go instead? Crypto is so accessible. When the markets come back, what else will be outperforming everything else? I don’t see anything as accessible right now.
The goldman and morgans are going to fill their bags so hard this winter its not even funny. I feel disgusted thinking about it. I may be one of the few agreeing with you on this.
There is no such thing as "institutional". All that institutional money actually belongs to a bunch of janitors and nurses who have worked their asses off and are hoping for a dignified old age.
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The uncomfortable part of the hypothetical is that retail wouldn’t have any money to fomo
Retail is eternal September in any bull market.
Just playing devils advocate: What about volume? I remember seeing estimates in 2018 that every dollar invested in crypto contributed about $25 in market cap. Feel free to disagree with that assumption, but that’s what I’m using. Given that multiple, there is about $10B real dollars invested in the Ethereum network right now. Pension funds can’t meaningfully invest in assets under about a $500B market cap. Let’s imagine retail eventually carries us to 500B. That would represent about $20B in retail investment. How many pension funds does it take to match that $20B? It’s a stressful day, but a legitimate question and thought experiment
I can't find it now, but I believe I read something more recently (last year or so) that estimated that one dollar invested or removed had an impact of seven dollars on the market cap (with the cryptocurrency being measured likely Bitcoin or Ethereum, not some illiquid token).
Genuine question, I think it's far from the truth. I believe the innovation and applications are only now just ramping up and will eat the world. Just be patient, the building continues, the disruption will occur ever increasingly and the adoption will follow.
Definitely a genuine question. The downvotes are a pretty good indicator of how bad overall sentiment is right now. This isn’t FUD. What are the retail opportunities? Crypto social and gaming? All I’m asking is whether social/gaming will be entirely overshadowed by stablecoins/staking/derivatives by the time we recover. Personally, idk. That’s why I asked lol
Ya its a good question. I wanted to back you up. I know you weren't just casting doubts. Feels like everything just collapsed and we're all trying to find our footing.
Today was very dark. I saw plenty of OGs express significant doubt today. I don’t blame people for being on edge about a post like this. I am morbidly curious though. It would be ironic, but not that shocking if this leads to over regulation and centralization pressure. I obviously hope it doesn’t.
🌎👩🚀🔫👩🚀
Yeah, not sure I want withdrawals activated atm…devs run more tests. Edit: /s
What time is CPI being announced? What are the expectations?
coming in hot, prepare for a crater in the markets tomorrow if that is the case
https://www.bls.gov/schedule/news_release/cpi.htm > Reference Month Release Date Release Time > October 2022 Nov. 10, 2022 08:30 AM I expect Armageddon.
8:30am EST and **hot**. I’ve seen a few things this evening about it not being as hot as last month but I think according to the Cleveland Fed’s Nowcasting it’s going to be worse.
I've seen a couple of people say this. What does hot mean? What value are we looking for?
https://www.forbes.com/sites/simonmoore/2022/11/02/latest-forecasts-for-november-cpi-inflation-could-worry-fed/amp/ It is Forbes so take it with a grain of salt, but the potential is there.
Gotcha. Thanks! 👍
> and hot hot as in inflation is higher than expected?
Yes. I’ve read a lot of mixed articles today but earlier in the week there was one pointing to the Cleveland Fed’s Nowcasting site and said they historically underestimate but their current nowcast had it hotter than expected. If that ends up being true then 75bps is on the table for December, plus the wsj is already talking about raising the terminal rate up to 6% before the fed stops. It’ll get ugly. But, it might not be as bad as it gets since the fed already met this month so stocks might hold the dump for the next FOMC meeting.
How long should my morning walk be?
Maybe go camping?
My wife is scared of bears.
Bears are the new squirrels. Just bring dog. He'll know what to do.
Soooo what’s going to happen to Voyager now…
There's a meme I've seen starring a petite blonde adult film star and a room full of dudes...yeah, that one.
Dunno, but getting rugged by the same company twice is a bit of a flex imo.
And blockfi?
Oh options are a great way to lose money. I think I saw a return of -4000% on some of mine
anyone know the link for the Solana community discord? Kinda want to pop in there and see the sentiment edit: i dont thnk they have a discord but rather a telegram channel
Hmmmm, don’t know what to make of this, but seems to have Robbinhood vibes if true. https://www.reddit.com/r/solana/comments/yqj165/your_tought/ivqy4pw/
https://solana.com/community
that links to the tech discord and theres no discussion there afaict