The other day I deployed a shitcoin called Mango Inu and did absolutely no promotion. It got over 250k invested/gambled in like a half hour.
We're still so far away from the bottom.
(to be clear if you buy this you will definitely lose all your money)
if you're 25-30 and your main circle isn't talking about
Market making illiquid shitcoins
Insider trading
Wash trading nfts
Shorting ponzis
It's time to get yourself a new circle
I've been advised aave is perfectly safe so here's the potential trading strategy. Not financial or legal advice, but if you do make 9 figures on this feel free to send a tip
Note that starting with more initial capital increases success odds and profit percentage
Some reading material this holiday season:
1. Moral Heuristics and the Ends/Means Distinction by Barbara Fried
2. Domestic Partner Benefits: A Case Study by Barbara Fried
3. Facing Up To Risk by Barbara Fried
4. Against Empathy by Barbara Fried
5. Beyond Blame by Barbara Fried
If you bought Bitcoin at 69k and held your own keys, you'd be down 75%, while if you bought USDC and gave it to Voyager you could sell your claim now and be down only 60% (less, because you'd also get interest).
Lesson: never self custody. Not your keys, not your problem.
You wake up. It was all a dream. Caroline found $8B in a properly labelled fiat account and took FTT private at $22. Genesis just raised their USDC rates to 12%. Weth is still pegged. Sam closes on the voyager deal at the picobottom then everyone max bids.
Life is good.
CZ gonna lose like 200m in slippage from selling it all in two days and will get billions in marketing from Alabama liquidations, highly profitable trade indeed
Hypothetically, someone demonstrates a profitable trading strategy on Aave V2 in Minecraft chain. They show how you can turn $100M into $200M, and possibly into $500M. How much should Aave pay them?
It's kind of amazing that most of the big exchanges were able to release cryptographic proof of reserves in like two weeks, actually pretty bullish for the space
Serious mode, should I go buy a small exchange and run it, I think I could do better tweets than SBF and also not lose embarrassing amounts of money while bragging about how good our risk engine is
Any of the smaller exchanges looking to exit?
@nope_its_lily
"It is not illegal to be smarter than your counterparties in a swap transaction, nor is it improper to understand a financial product better than the people who invented that product." - based federal judge Richard Sullivan
Not legal advice
Simple way to make lending protocols more robust:
Store a rolling 24 hour historical oracle price. For liquidations, use the current price, but for opening new positions it has to be valid under both the current and old price.
Preview of December headlines:
Binance Wins Auction for FTX Chapter 11 Assets
Binance Pulls Out of FTX Deal After Regulatory Scrutiny
CZ Denies Rumors of Binance Insolvency
Binance Halts Withdrawals, Citing FUD
Tether Signs LOI To Acquire Binance
Binance Files Chapter 11
Exploring a bunch of stonks with mcap significantly below liquid assets.
Should I buy a bunch of some of them and take over a couple companies? Looks fun.
Might put together a blog post about the most interesting targets.
If I were CZ right now I'd be buying lots of FTT at $20 and then call up Alabama tomorrow and hit the $22 bid
I'm available for consulting if you want more fire tips like "maybe don't baghold an obvious scam like Luna from 1.6B to 0"
@cz_binance
Remember when
@0xHamz
called Waves the biggest ponzi in crypto because they stole $500M+? Turns out he was wrong and they were only like the 8th biggest
Behind Luna, FTX, 3AC, Genesis, Celsius, Voyager, and BlockFi
I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.
can anyone explain why all the big exchanges will give you lower fees if you keep large amounts of assets on exchange
much solvent, confidence inspiring, wow
(binance, okx, gate, kucoin respectively)
>be me
>make a shitpost subtly advocating murder
>everyone plays along, much engagement wow
>make a post suggesting it's not a law of the universe that computer coin numba go up forever
>get viciously attached
8. Are Some Mutual Fund Managers Better than Others? Cross‐Sectional Patterns in Behavior and Performance by Glenn Ellison
9. Cooperation in the Prisoner's Dilemma with Anonymous Random Matching by Glenn Ellison
Crypto predictions site
@PolymarketHQ
is accepting bets on whether Russia will use a nuclear weapon by 2023 amid the ongoing war in Ukraine. Currently, if you bet $1 on “Yes” and Russia uses nukes, you’d win $17.
By
@NelWang
Friendly reminder that Alameda recently took out a $16.5M loan from Aave with absolutely no intention of repaying on ETHW. ETHW Aave LPs are completely rekt.
According to
@SBF_FTX
's proposal, they shouldn't be allowed to keep *any* profits until users are made whole. Wen?
Alameda received 20M $USDC from FTX exchange and deposited into AAVE to borrow 10,000 $ETH ($16.5M) out.
Is Alameda waiting for the ETH airdrop?
#alameda
#EthereumMerge
#ethw
Remember when Vitalik didn't like someone's Ethereum transactions so he convinced a majority of miners to hardfork to prevent anyone with interacting with their address, good times
This is similar to how auto deleveraging works on exchanges such as Binance and Bitmex, clawing back some profits from profitable traders in order to ensure all users funds are protected.
To remedy the situation, I helped negotiate a settlement agreement with the insurance fund with the goal of making all users whole as soon as possible as well as recapitalizing the exchange.
Unfortunately, the exchange this took place on, Mango Markets, became insolvent as a result, with the insurance fund being insufficient to cover all liquidations. This led to other users being unable to access their funds.
One of my pet peeves is people complaining about being "hunted", aka the market realizing they were deeply leveraged and therefore overvalued.
All of their positions are likely even lower now, they just bet wrong (with 3.5B of other people's money.)
@ledgerstatus
I’m a trader running the most successful fund in crypto. My job is to take risk and invest. If 2 top 10 coins go to zero, rest down 80%+, and one of our largest exchanges uses our own funds leaking our positions to liquidate the final leg, it is going to be hard to stay afloat.
14. The New Market in Corporate Tax Shelters by Joseph Bankman
15. An Academic’s View of the Tax Shelter Battle by Joseph Bankman
16. Cash Businesses and Tax Evasion by Joseph Bankman
Some updates
- Bahamas withdrawals appear to be paused as of several hours ago
- I'm interested in buying ftx funds, if you reached out before please do so again with size. My current bid is 15c, minimum 1M.
Salaries $100
Effective altruisms $300
Loans to affiliated entities against FTT $10,000,000,000
Rent $500
Can someone who is good at the economy help me my exchange is dying
10. Should Foundations Give Now or Later? There Is No Right Answer by Joseph Bankman
11. The Tax Shelter Problem by Joseph Bankman
12. Modeling the Tax Shelter World by Joseph Bankman
13. Substitutes For Insider Trading by Joseph Bankman
NOT ADVICE, OF ANY KIND, IN ANY WAY
I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.
6. Is as Ought: The Case of Contracts by Barbara Fried
7. What’s Morality Got to Do With It? by Barbara Fried
8. The Limits of a Nonconsequentialist Approach to Torts by Barbara Fried
9. The Limits of Personal Responsibility by Barbara Fried
I would simply not borrow billions of dollars to degen lever long obvious ponzis but I suppose that's why I wasn't running the most successful fund in crypto
@ledgerstatus
I’m a trader running the most successful fund in crypto. My job is to take risk and invest. If 2 top 10 coins go to zero, rest down 80%+, and one of our largest exchanges uses our own funds leaking our positions to liquidate the final leg, it is going to be hard to stay afloat.
NOT ADVICE, OF ANY KIND, IN ANY WAY
I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.
The big brain gymnastics to think that half of crypto being a giant ponzi filled with crime akshually pushed the price down are incredible.
People straight up stole tens of billions in retail cash and used to buy crypto. That absolutely led prices to be higher than otherwise.
@0xMogluc
@Nakamotolisk
@IT_AIRmass
Both wrong - all the big lenders attracted lots of stables. Luna straight up bought 3B in BTC, plus the wealth effect of people owning UST which should have been marked to 0 led to the majors pumping higher which is why they crashed when Luna fell
Serious question, how many of you have brokerage accounts with funds to actually do anything
I feel like there's a bunch of people happy to ape millions into shitcoins that don't even know how to buy stonks
Maybe I should just start avidao for this?
@amberXBT
talked to someone who would deploy coins, add liq, and rug right after the bots bought, was a good low capacity strat last year when the bots bought anything that moved
Looks like the oracle used spot price and a flashloan moved price on the curve LP, enabling borrowing the max at a higher valuation. Basic stuff, surprised anyone even bothered for 200k tbh, real bera vibes
Looks like the SEC saved Coinbase users here. Imagine how much worse contagion would be if Coinbase was lending out billions of users funds, given the, um, median performance of the crypto lending industry this year.
Coinbase approached the SEC about offering a 4% yield product.
They received no clarity. Instead they received the threat of litigation.
Meanwhile, Celsius, Voyager and BlockFi were allowed to offer 10%+ interest products while gambling with user funds.
Good job, Gary.
Seeing some wild probabilities on the timeline for FTX insolvency, anyone want to give me size? Proposed terms - FTX has suspended withdrawals for more than a 7 day period by end of 2022. I'll bet unlimited size at 80% on No; propose better odds, subject to escrow depending who
You glance at the top rankings:
** 1. Terra UST
Price : $1.00
Market Cap: $3802.24 Billion
**2. Luna LUNA
Price :$2385.24
Market Cap: $1992.44 Billion
**3. Bitcoin BTC
Price: $69,420.00
Market Cap: 1292.39 Billion
On Coindesk TV today,
@sasha35625
argued that despite USDN being way "underbacked" by Waves, unspecified changes to the "algo" will ensure it won't go the same way as Luna.
Is his size size? Let's see if he'll take a 10M even money bet.
cc
@cobie
@AlgodTrading
@GiganticRebirth
There is currently an intermittent connection error with our cloud provider which is affecting the user experience. Our dev team is resolving it with them. Funds are safe. Sorry for any inconvenience caused. 🙏
This statement I inform $TWTR that it is strictly prohibited to disclose, copy, distribute or take any other action against me based on this account and / or its contents. This account content is private and confidential information.
I caught several of the other scams this year (Luna, Waves, various insurance protocols etc) but will admit the FTX stuff caught me by surprise.
I'll always call it how I see it, though. I'll continue to call out scams, I don't care about protecting dealflow.
Somehow the most surprising thing to me *still* is the number of big brain thinkers and influencers who are now coming out and thinking that saying “knew it” makes them look good. I want someone to say “ya it was a massive scam but we were afraid our deal flow may take a hit.”