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

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Long volatility and short abstraction, seeing capital and political markets through lenses of game theory and history. Like all coyotes, I’m too clever by half.

Emin Gün Sirer

@el33th4xor

Founder and CEO @avalabsofficial. Ex-prof @Cornell, Ex-co-director @initc3org.