Thread
Im taking all of my capital out of @FTX_Official and going short $FTT 📉
FTX has been swinging and missing all year long on so many activations
AND
Something shady is going on at FTX.
Here's 12 reasons why I'm completely out on the FTX mafia and @SBF_FTX: 🧵👇
[1/20]
FTX has been swinging and missing all year long on so many activations
AND
Something shady is going on at FTX.
Here's 12 reasons why I'm completely out on the FTX mafia and @SBF_FTX: 🧵👇
[1/20]
1. Volume is down
Let’s get the easy one out of the way. Yes we’re in a bear, but Volume is still down ~ 75% down from its peak.
They’re doing 3-4B in volume some days. Those are Dec 2020 levels
Less volume = Less fees = Less revenue.
But that's just the start..
[2/20]
Let’s get the easy one out of the way. Yes we’re in a bear, but Volume is still down ~ 75% down from its peak.
They’re doing 3-4B in volume some days. Those are Dec 2020 levels
Less volume = Less fees = Less revenue.
But that's just the start..
[2/20]
2. DEX and derivative volume is up
Besides being in a bear, FTX is losing derivative market share to decentralized products.
@GMX_IO @GainsNetwork_io and @mangomarkets are all slowly gaining market share
DEXs are just more efficient with less overhead expenses.
[3/20]
Besides being in a bear, FTX is losing derivative market share to decentralized products.
@GMX_IO @GainsNetwork_io and @mangomarkets are all slowly gaining market share
DEXs are just more efficient with less overhead expenses.
[3/20]
@GMX_IO @GainsNetwork_io @mangomarkets 3. Splintered Attention
Instead of focusing on one goal - like making the best possible trading product, attention is getting splintered
FTX NFTs - massive failure
Sam talking about buying twitter or joining Elon’s bid.
This has also led to…
[4/20]
Instead of focusing on one goal - like making the best possible trading product, attention is getting splintered
FTX NFTs - massive failure
Sam talking about buying twitter or joining Elon’s bid.
This has also led to…
[4/20]
4. Top Execs Leaving
FTX US CEO @BrettHarrison88
Alameda CEO @AlamedaTrabucco
Head of OTC and institutional trading leaving “quietly”
Either something shady is happening, or these guys are post-economic.
Either way, im out.
www.theblock.co/post/174513/ftxs-head-of-otc-and-institutional-sales-has-quietly-left-the-firm
[5/20]
FTX US CEO @BrettHarrison88
Alameda CEO @AlamedaTrabucco
Head of OTC and institutional trading leaving “quietly”
Either something shady is happening, or these guys are post-economic.
Either way, im out.
www.theblock.co/post/174513/ftxs-head-of-otc-and-institutional-sales-has-quietly-left-the-firm
[5/20]
5. Market Manipulation Allegations
What shady things can be happening at FTX? Glad you asked.
Allegations of Price Manipulation by Waves CEO
cryptoslate.com/allegations-alameda-research-is-manipulating-waves-shut-down-as-bullshit-conspiracy/
[6/20]
What shady things can be happening at FTX? Glad you asked.
Allegations of Price Manipulation by Waves CEO
cryptoslate.com/allegations-alameda-research-is-manipulating-waves-shut-down-as-bullshit-conspiracy/
[6/20]
Allegations of listing $CEL in order to allow naked shorting and tank the price or cause multiple short squeezes
This went from meme to creating a bad brand for the FTX crew. Trabucco talking about going fast on his yacht doesn’t help their cause either.
[7/20]
This went from meme to creating a bad brand for the FTX crew. Trabucco talking about going fast on his yacht doesn’t help their cause either.
[7/20]
This went from meme to creating a bad brand for the FTX crew. Trabucco talking about going fast on his yacht doesn’t help either.
A brand of price manipulation is going to make volume go elsewhere.
Less volume => Less profitable to market make => Liquidity leaving
[8/20]
A brand of price manipulation is going to make volume go elsewhere.
Less volume => Less profitable to market make => Liquidity leaving
[8/20]
6. Stablecoins
FTX took the lazy way out and made the basket of stablecoins.
The path to being the full on crypto central bank requires having a stablecoin. Bitfinex, Gemini, Binance all have stablecoins tied to their exchanges.
[9/20]
FTX took the lazy way out and made the basket of stablecoins.
The path to being the full on crypto central bank requires having a stablecoin. Bitfinex, Gemini, Binance all have stablecoins tied to their exchanges.
[9/20]
They misread the market as being winner take all, while its increasingly obvious that multiple stablecoins will have a place in the market.
This was a massive oversight.
Missed out on a multi-billion (potentially trillion) dollar opportunity.
[10/20]
This was a massive oversight.
Missed out on a multi-billion (potentially trillion) dollar opportunity.
[10/20]
7. Bad Bull Market Decisions
They made the awful decision every degen makes during the bull.
Buy flashy things you probably shouldn’t.
Like paying $200M for naming rights to the Miami Heat Arena.
Bet they wish they could have this one back.
www.superlativegroup.com/miami-dade-county-announces-new-naming-rights-agreement-with-ftx/
[11/20]
They made the awful decision every degen makes during the bull.
Buy flashy things you probably shouldn’t.
Like paying $200M for naming rights to the Miami Heat Arena.
Bet they wish they could have this one back.
www.superlativegroup.com/miami-dade-county-announces-new-naming-rights-agreement-with-ftx/
[11/20]
8. FTX Ventures
Have you seen FTX Ventures Investments recently? Pretty underwhelming for an A Tier Brand and a big name team
Few of their recent investments:
-30% of @Scaramucci fund?
-Messari Series B?
-Doodles insane $54M Raise?
[12/20]
Have you seen FTX Ventures Investments recently? Pretty underwhelming for an A Tier Brand and a big name team
Few of their recent investments:
-30% of @Scaramucci fund?
-Messari Series B?
-Doodles insane $54M Raise?
[12/20]
10. Sam’s political Aspirations
@SBF_FTX - 2nd largest donator to Biden campaign
“Spends a lot of time in DC”
Very disappointing: FTX and Sam got very quiet on the Tornado Cash issue - would've been nice to see them speak up a little louder
www.theblock.co/linked/83636/ftx-biden-donation-5m
[14/20]
@SBF_FTX - 2nd largest donator to Biden campaign
“Spends a lot of time in DC”
Very disappointing: FTX and Sam got very quiet on the Tornado Cash issue - would've been nice to see them speak up a little louder
www.theblock.co/linked/83636/ftx-biden-donation-5m
[14/20]
12. The FTX product
The only improvements FTX has been making are performance improvements in latency.
That really only helps high frequency traders.
Most quality HFTs i know are looking at MEV rather than arbing spreads across exchanges and scalping pennies
[16/20]
The only improvements FTX has been making are performance improvements in latency.
That really only helps high frequency traders.
Most quality HFTs i know are looking at MEV rather than arbing spreads across exchanges and scalping pennies
[16/20]
Also, FTX Stocks is proof that instead of going deeper and more crypto-native with their product selection, they’re looking for easy money outs to increase volume and fees.
FTX is just constantly on the wrong side of everything this year
[17/20]
FTX is just constantly on the wrong side of everything this year
[17/20]
While most of this was just speculative FUD, where theres smoke - theres fire.
Remember, @jimcramer telling you that Bear Sterns wouldn't collapse, the day before it dropped from $62 to $2 and got bailed out?
www.youtube.com/watch?v=V9EbPxTm5_s
[18/20]
Remember, @jimcramer telling you that Bear Sterns wouldn't collapse, the day before it dropped from $62 to $2 and got bailed out?
www.youtube.com/watch?v=V9EbPxTm5_s
[18/20]
So just remember kids:
- Not your keys, not your crypto
- Never trust crypto twitter cult figures
- People that are post-economic are rarely motivated to innovate
- NFA, DYOR
[19/20]
- Not your keys, not your crypto
- Never trust crypto twitter cult figures
- People that are post-economic are rarely motivated to innovate
- NFA, DYOR
[19/20]
That's a wrap!
If you enjoy dumping on FTX:
1. Follow me @Ishanb22 for more FUD
2. RT the tweet below to stop your frens from being exit liq
[20/20]
If you enjoy dumping on FTX:
1. Follow me @Ishanb22 for more FUD
2. RT the tweet below to stop your frens from being exit liq
[20/20]
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gmoney.eth @gmoneyNFT
·
Nov 10, 2022
Amazing thread