Was 2021 Just a Gigantic PONZI?

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Is Genesis the next domino to fall in the 2022 Contagion? As one of the biggest lending desks in the industry, what does it mean for Genesis to be in danger?

In this episode, we dive into David’s conspiracy theories about unraveling ponzi schemes and the death of the bull market. Has David figured it all out?

Either way, it’s time to hit the reset button and look forward.

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RESOURCES

Barry Silbert @BarrySilbert

There is a daisy chain of borrowers and lenders in the crypto space — most well capitalized, but some are not

Lots of leverage still in the ecosystem…including in some non-obvious places

Important to understand counterparty risk and where are the weak links in the chain

DavidHoffman.bedrock 🏴🦇🔊🏴 @TrustlessState

Okay, answer me this:

3AC liquidated…
Alameda liquidated…
FTX insolvent…

then who made all the money???

Ben McMillan @bmcmillan888

@TrustlessState …a neighborhood with 100 houses has one sale for $1M. Everyone thinks there’s $100M of “equity”. Turns out the other 99 houses only sell for $100k…so only $9.9M of “equity”. Noone got the $91.1M. It was always imaginary.

Zhu Su 🔺 @zhusu

It’s just hard to be too bearish when

1) btc and eth supply on exchanges going to fresh lows
2) solunavax showing majestic strength
3) largest asset allocators in world aligned w crypto thesis
4) tourists and short-term oriented investors flushed out

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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