Waking up to the SVB (Silicon Valley Bank) and USDC crises?
I wrote this thread to give you the TLDR of what's happened over the last 24hrs
- What is SVB
- Why it collapsed
- The fallout
- Why USDC is de-pegging
- What all this means
Let's dive in 🧵👇
1/ Very rough and speculative sketch of what I increasingly think happened at FTX as more info comes out…
The central question is where did the money go? Yes malfeasance and fraud is necessary, but at one point in the cycle cash actually has to go out the door
1/ Chapter 11: Electric Boogaloo
As I predicted, FTX has now filed for a Chapter 11 in the US. The filing includes FTX Intl, Alameda and most interestingly - FTX US.
So here is a hentai anime penguin in a suit to walk you through what it means for FTX and users.
Here's the 30 second summary of the FTX drama that is blowing up in crypto.
1/ How FTX (a multi billion dollar co) almost died overnight
2/ And why this is a god tier strategic move by @cz_binance
1/ Ok so just processing this out loud because I am pretty mindblown that FTX chose - of all options, a buyout from Binance.
These were the options open to SBF: (a) seek emergency debt financing, (b) seek new money investment, (c) liquidate assets and/or (d) buy time...
1/ On Being Efficient With Busy People
This is a thread for people at junior to mid stages in their career (people at senior levels generally operate this way and, at very senior levels, they all operate this way).
It is updated for 2022 practices
I've done a video commentary on the newest @Zeneca_33 text about Impossible Expectations from NFT projects. How founders can manage their community after launch?
YouTube link: https://t.co/xByT4G7y2o
So many sad stories.
All corners of the industry are reporting major losses after being punished relentlessly by the unforgiving market conditions.
And it’s not just those who were leveraged who are feeling the pain.
Everyone - REKT.
https://t.co/Sf377gY048
1/ The value of an NFT community can be evaluated by measuring the virality of its narratives.
Let’s explore Understanding Virality's Role in NFT Communities in this report from @kelxyz_. 🧵
https://t.co/DGZxojbTu3
Celsius is one of the largest centralized gateways to crypto.
It raised $864m of venture capital and at one point custodied over $3 billion of funds for 1m+ customers.
As of today, it appears insolvent, and it's taking the whole crypto market with it.
The Celsius Thread:
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Crypto founders: if you’re staring at a lot of red right now and wondering what to do about it, here are some thoughts from Sequoia's 50 years of experience, adapted for crypto 👇