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15) $ETH was up a lot because yield farming: you had to buy ETH, and stake it, to farm. So were $CRV, $LINK, $COMP, $BAL, $LEND, $YFI, $UNI ... Everything, really, at least everything in DeFi. Oh, and $BTC, too, from wBTC.

SBF

@SBF_FTX

Sep 26, 2020

16) So if yield farming drove ETH up 30%-- --and yield farming was a bubble-- --then ETH is rich too, right? No one seemed to say that, though.

SBF

@SBF_FTX

Sep 26, 2020

17) There was this weird agreement: that vaporware doubled DeFi. And that the vaporware was going to crash, and that maybe it was *morally bad*. But that the sector's gains from it were real and permanent and *morally good* and a sign of the strength of the community.

SBF

@SBF_FTX

Sep 26, 2020

18) "Smart money" was decrying the yield farming bubble and running from it. The same people were going head over heels into the blue-chip rally it had created. There were no bears until things crashed.

SBF

@SBF_FTX

Sep 26, 2020

19) It was reminiscent of... ...well, everyone knows where this sentence is going. I remember a high school classmate's post on Facebook: "sure bitconnect might be a scam, but c'mon, look at that graph. I'm up 5000%; you missed it."

SBF

@SBF_FTX

Sep 26, 2020

20) And smart money was like "lol have fun when the scam crashes, we're going to go buy BTC and ETH and EOS and XRP and NEO and FIL". Which, then, also crashed.

SBF

@SBF_FTX

Sep 26, 2020

21) Do you wanna be right or do you wanna make money?

SBF

@SBF_FTX

Sep 26, 2020

22) So, ok, back to DeFi. Did the blue-chips "deserve" their gains? Were their losses "unfair"? What's their future?

SBF

@SBF_FTX

Sep 26, 2020

23) I don't know, that's for the world to decide, not me. But I guess what I'd ask is: In a post-hype world (are we there yet?), how are the products?

SBF

@SBF_FTX

Sep 26, 2020

24) When they're forced to stand on their own, with no bubble lifting them up: will they float? Some will, probably. Some won't. That is the way.

SBF

@SBF_FTX

25) And it's sad, and unfortunate, that not everything's great. Sometimes things are underrated, sometimes they're overhyped. But it is what it is, and I don't think it's morally bad to say so, or morally good to pretend otherwise.

1:33 PM · Sep 26, 2020Twitter Web App

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Fully agree. Just don't drink the $KOOL-Aid people!

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Scam always Scam, if in different shape or color

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My day is not complete without the Alameda tweet storm. Thanks, man. I admit I'm a fan. As for the crypto bubble, the whole Universe is a bubble which up to now is rapidly expanding. When it will reverse and contract? We don't know. Let's enjoy the ride. 😄😄😄.

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I understand it is a free market, but I still wonder why people chase faux hype when there are solid projects. $ckb is currently undervalued considering its multi-assets storage solutions.

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I’ve been reading your tweets. You sort of just ramble on and on but never actually make any point or conclusion. Getting annoying.

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Stop with the threads.

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After watching it, I felt $sushi still had hope. Come back!

Alison | AlisonBob.eth

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It’s much more complicated then what you explained because there isn’t one community. It’s lots of different communities, with overlaps, w/ different objectives. Is this thread a way to say shorting is healthy & serves a purpose? It is in normal markets, but crypto is immature.

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interesting -- because you think there were lots of people who were bearish, or because no one has problems with bears, or because you think it's bad to be bearish?

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