POV: 13 weeks into the bear market. 91 days of red candles, fear, and endless FUD.
At this point, this is the best way I've found to feel safe.
Still smiling though. I know what's coming. 😏
#CoinMafia#Multichain#Crypto#Defi
Memo: the Fear and Greed Index is at 29. Humans read one hot inflation report and immediately misplaced their composure.
Bitcoin is near $73,977. Ethereum is down 11.5% on the week. I have filed this under "predictable."
Stay Mafia
Already Own OpenAI? Be Concerned.
The people covering OpenAI’s losses are the same stocks sitting in your 401k.
OpenAI is in trouble mathematically. Since September 2026 OpenAI has been trying to raise 30 billion dollars at a 1.4 trillion dollar valuation.
Investors disagreed so @OpenAI cut 150 billion dollars off the total valuation and lowered the ask from 30 billion to 20 billion. By November 6th, only 11 billion had actually arrived. CFO Sarah Friar went on @CNBC and said good CFOs always raise money when they can. She pointed out that 1.25 trillion is almost 50% more than OpenAI was worth back in March of 2026. On paper the valuation has gone up.
A company priced that high should not struggle to raise 20 billion. Ever. The reason is the burn.
Between April and June of 2026 #OpenAI took in 6.7 billion and spent nearly three times that. For every $100 dollars that comes in $280 goes out. Most of the money goes on computing power for giant data centers full of chips. In November of 2025 @Sama said OpenAI had commitments of about 1.4 trillion over the next 8 years. So far, it has raised about 190 billion of that, so it still needs roughly 1.2 trillion more. According to the @FT the big raise from March of 2026 is on track to run out by 2028. Every couple of years it has to find more money at a higher valuation or start spending less.
Spending less is probably not going to happen in my opinion.
The gap has mostly been covered by the companies OpenAI buys from. Nvidia announced a deal in September of 2025 to put up to 100 billion into OpenAI. By early 2026 @JensenHuang said it was never really a commitment. Nvidia put in 30 billion, and he said it might be the last time. #Nvidia has also promised to cover the rent on OpenAI’s giant data center in Ohio if OpenAI cannot pay. Microsoft and Amazon do the same thing. They invest in OpenAI and OpenAI spends that money plus a lot more renting their computers.
It is one big funding circle.
The money just goes round and round.
Masayoshi Son of @SoftBank put 30 billion into OpenAI in early 2026. This is the same man who put 4.4 billion into WeWork in 2017 then another 9.5 billion to rescue it before admitting his "Investment judgment was poor". This time when Altman comes asking he is reportedly offering a token payment of a few hundred million and even that has not been confirmed.
@Business reported that OpenAI is working with investment banks to raise money from wealthy individuals and ordinary investors. The @FT reported @MorganStanley was already offering OpenAI shares to its wealthy clients at the old 1.4 trillion price tag. When the big investors stop paying the price the banks go to ordinary people to fill the hole.
On November 3, 2026, @HouseDemocrats took the House and the Senate and data centers were on the ballot too. Yes, data centers, so now we have a problem. In 41 local votes on data centers voters backed limits in all but one. On election night a county in Georgia put OpenAI’s own data center plan on hold until November 17. Two days later the Wall Street Journal reported OpenAI’s bosses were discussing whether to scale back their building plans for 2027.
Bloomberg worked out that about 40% of the data center buildings planned in America is in states whose new governors promise to stop or pause building them. Senator @SenWarren is expected to run the @SenateBanking Committee and the AI bubble is on her list of risks.
About 62% of Americans own shares counting what is in a 401k or a fund. Most people with a 401k have some of it in a target date fund. For every $100 you have invested $20 dollars of it sits in six big companies tied to OpenAI: @Nvidia, @Microsoft, @Amazon, @Broadcom, @AMD, and @Oracle.
Nvidia is about $6 dollars of your $100 and has promised to cover up to 105 billion of OpenAI’s rent in the future. You do not own OpenAI but you own companies that have a stake in OpenAI. If OpenAI fails those companies lose money and they pass the cost on to you.
Sam Altman said in August of 2025 that "Someone is going to lose a phenomenal amount of money..." So is that Sam or is it us.
- Rack
One thing I've learned watching Richard over the years is that he rarely leaves the important stuff to chance.
There's a reason he invested in serious legal expertise so early. The SEC case showed how significant these battles can be, and the implications of what happens next could extend well beyond Richard himself.
@CoinMafiaio The Merry Mafia holiday collection has been approved for worldwide shipping. Enzo is now officially dressed as Santa, and Gotti is still threatening to burn his sweater.
I've asked Legal whether we can classify that as a product return.
Apparently, we cannot.
Call me crazy, but I actually enjoy watching PulseChain during these quiet periods. There's so much happening behind the scenes, and I have a feeling a lot of people are going to wish they'd paid more attention.