It hasn’t been all FTX this week. Just almost all.
Gm anon,
How would you feel if someone took away your favorite way of procrastinating?
No, anon, Onlyfans won’t block you. We’re talking about Crypto Twitter disappearing, dummy!
Why in Gödel’s name would Crypto Twitter possibly disappear, you ask?
Well, keep reading the round-up and you’ll see…
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Who Went Viral This Time?
It hasn’t been all FTX this week. Just almost all.
So yes, of course there were a couple more this-is-the-whole-FTX-story-this-time-for-real-threads. One came from Jason Choi:
It covers everything from the beginnings of Alameda over CT traders buying Bahamian IDs to get their money out to Caroline Ellison’s based blogger beginnings. Definitely worth a read if you missed any of those scandals.
If you still haven’t had enough of the FTX s**tshow, Adam Cochran has another definitive and chronological thread for you:
It also covers SBF being a scumbag explaining in a Twitter DM interview how he went from superhero to supervillain.
If you feel that it’s all so tiresome at this point…we hear you. You’re not the only one. At some point, crypto users will have to wake up to the con artists and the dangers of self-custody, as FatManTerra pointed out:
However, some just don’t know, don’t want to know, and don’t care. Put Kevin O’Leary in the “Defiant L’s” category cause he would gladly give SBF some more moolah:
We touched on the question of how bad this is for crypto in our FTX collapse deep dive. It may still get really bad though, if SBF’s former BFF Gary Gensler decides to put the brakes on tokens and label them securities, as Mark Moss thinks:
Note that Moss (a bitcoiner for life) points to the last crypto bull market, not the last Bitcoin bull market. Fan fiction or real danger? Guess we’ll have to wait and see.
Que más?
One non-FTX-related thread that stood out last week covered Polygon. 0xstacker explained why Polygon may be an “S-tier cryptocurrency:”
The tldr: partnerships. Polygon has secured plenty of high-value partnerships over the last few months:
Bodes well for the next time tokens stop dumping. Whenever that may be.
Who Is Arguing In Way Too Public A Place?
Why exactly did we start publishing this round-up on Mondays instead of Fridays?
Maybe because CT has developed a habit of ruffling each other’s feathers over the weekend. Yes, more drama again last week.
Here’s Cory Klippsten casually calling Ethereum a disaster waiting to happen:
Did everyone agree? You didn’t think so, did you?
But, in the words of Elon Musk, maybe there is more to this story than meets the eye…
The next scandal was the is-Mario-Nawfal-really-a-good-guy-scandal.
Maybe you saw Mario as being one of the reliable exposooors of FTX over the last few weeks. Surely, he’s one of the good guys? Well, not everyone agrees:
The tldr: Mario ran (runs?) an “incubator” and does not take kindly to anons asking questions about his methods. Is he a good guy or a bad guy? Read the thread anon while Twitter is still online…
But that’s not all. The biggest whaaaat accusation targeted Autism Capital. You know, the account breaking the freshest FTX Slack messages during the last two weeks. Romano asked if Autism Capital is actually legit:
In short, Autism Capital used to be big fans of SBF until they weren’t. And now people are wondering why and whether Autism Capital are feds:
Bitboy, never backing away from a good Twitter fight, agrees:
But Autism Capital did what any would fed would do — deny all allegations:
So are they or aren’t they?
In the words of a former US President: stay tuned!
Elon Building Twitter
Speaking about said former US President. He is back! Or not. Either way, Vox Populi decided:
At the time of writing, Trump has not yet tweeted. Maybe Mr. Trump is still reading the new T&C of Elon-Musk-Twitter:
What does this mean in practice?
Nobody knows, but in Elon Musk’s own words, “the most entertaining outcome is the most likely.”
However, the doubters are predicting that Twitter will not make it that far to test the new content policy. As Alex Heath explains, Twitter may be running on autopilot now:
Casey Newton reported that the internal Twitter purge continued last week:
So is Twitter a plane without a pilot or a company that just got rid of a bunch of overpaid pen pushers? Let’s see what the boss thinks…
All good then for next week with the World Cup coming up and Donald Trump recovering his Twitter password!
Saylor Saying Stuff
Michael Saylor clearly was paying attention to what works on Elon Musk Twitter. He tweeted the same viral video of Giorgia Meloni calling fiat a scam like at least ten other accounts:
We don’t know for whom Michael Saylor voted in the Trump poll, but we do know that he most probably voted:
Talk of the Town
Last week’s talk of the town was, how else could it be, FTX and everything related to it.
More precisely, Crypto Twitter absolutely slammed (and rightfully so) the, ahem, “coverage” of legacy media. As Trung Phan correctly pointed out, the New York Times went super soft on SBF in their “puff piece:”
And if there’s one thing the crypto industry loves, it’s an enemy from the establishment. Here’s Balaji Srinivasan explaining his take on why SBF is so protected by the establishment media (cause they’re in the same circles and Sam bought political favors):
You may think whatever you want about the ties between SBF and the establishment/Democratic party. It is true that some pieces were not exactly…too critical. Definitely nowhere near as critical as the plebs and patricians of Crypto Twitter with their pitchforks coming for SBF:
Is there something more nefarious going on? Or is it just incompetency? Psyops by the feds or left-curve reporting? It’s hard to say. FatManTerra thinks it’s the former:
It may be a bit of both. Regardless, the establishment media may be in for a hard time in the future. Their reporters are getting trolled covering a topic they clearly don’t understand and the crypto masses are losing trust. Stay tuned…
The other big topic last week was a word we’ve been using a lot over the last years: contagion.
Why the duck did we not dump harder following this mess?
Maybe it’s because this is just the beginning. Covid didn’t infect the whole world overnight, so the FTX virus may take a bit of time to kill vulnerable hosts. Ram Ahluwalia explained how Genesis, one of the CeFi entities caught with their pants down, acted as a broker in crypto and how this could get a lot uglier:
And it’s not like we don’t have a few patients in isolation already. Dr. Julian Hosp’s contagion chart only fits the screen on 33% zoom, so here’s just the beginning of it:
So yes, we may dump a lot ducking harder soon…
Our Favorite Coinfession
Our favorite Coinfession last week covers just the kind of can-do spirit crypto needs right now:
Memes
The World Cup will be underway when you read this piece, but the CT World Cup started early:
See you next week anon — and don’t try to make it all back betting on the World Cup!
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