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Replying to @HideNotSlide

great thread looping in @chipflare -- thoughts?

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housefire capital‏ @chipflare Sep 17

Replying to @Pigeonomics @HideNotSlide

Really like how this is presented. Let's tackle the question of where FTX-Alamoeba is on the line in less than a massive tweetstorm: I believe there is no wall between the two entities. There is precedent here:https://coingeek.com/crypto-crime-cartel-the-many-lawsuits-against-bitmex/ …

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housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

I have to check, but the CFTC might even have corroborated the claims that MEX employees used master accounts and artificial and notorious "system overloads" to target liq pts and screw their users. It's an old ct meme today - ironically FTX took the after the indictments...pic.twitter.com/fsYl2NiFDp

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housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

The exchange ecosystems that FTX, Binance, and Coinbase are building are very powerful. Many are unaware that through Binance, users can book travel and flights, etc - they want to be a superapp for all things finance. It's exciting but the issues of ethics creep in. Now, VC;

3 replies 0 retweets 2 likes

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

Alameda, Binance, Coinbase, Paradigm, a16z, 3AC: crypto has a ton of VC backing. They particpate in seed rounds, buying coins for a fraction of a cent and can dump onto retail once the coin is listed on AMMs or CEXs. Exchanges who do VC have a perverse incentive to list &...

1 reply 0 retweets 1 like

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

... up liquidity. Look at any coin that has Brian Armstrong in the cap table: it's a day one Coinbase listing. The lines are totally blurred here when the CEO has a bag to dump. FTX the best example of how "the exchange/MM/trading desk/VC fund" is bad for everyone:

1 reply 0 retweets 4 likes

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

The FTX-REEF scandal is the best example of this. In short, a project called Reef Finance naively sold $20M of tokens under market to Alameda without any lockup. They were shocked to see Alameda dumping coins on Binance immediately, perhaps thinking they were VCs and not quants..

1 reply 0 retweets 1 like

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

..which prompted them to renege on the rest of the deal. They had publicly announced a "strategic partnership with Alameda Research", so Sam&Sam responded with fury, running a Twitter poll asking people if REEF should be deslited from FTX, including doctored convos w/ REEF dev.

1 reply 0 retweets 1 like

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

The fact that the "deal" (essentially a cash payment) was seemingly tied to the perpetual swap listing is no surprise - massive payments for listings are not new in crypto. But what FTX does is - its very obvious that Alameda shorts X coin as they dump on other exchanges.

1 reply 0 retweets 0 likes

housefire capital‏ @chipflare Sep 17

Replying to @chipflare @Pigeonomics @HideNotSlide

I got carried away - but I can't help rambling about the ethical and compliance issues here. Everyone is wearing 10 hats at once when in the real world you'd need an army of compliance officers and lawyers.

2 replies 0 retweets 1 like

Hide Not Slide‏ @HideNotSlide Sep 17

Replying to @chipflare @Pigeonomics

@threadreaderapp unroll!

10:00 AM - 17 Sep 2021

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1. Thread Reader App‏ @threadreaderapp Sep 17
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  Hi! please find the unroll here: @Pigeonomics @HideNotSlide Really like how this is presented. Let's… https://threadreaderapp.com/thread/1438903463929339921.html … See you soon.
  
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