jeffemmett
/
web3
1
0
Fork 0
Code Issues Pull Requests Packages Projects Releases Wiki Activity

[notes/news][m]: add info on latest bankruptcy issues to newsletter (moved to news).

This commit is contained in:
Rufus Pollock 2022-07-02 15:45:09 +02:00
parent 5dd0f691b2
commit 6a1268fb9b
3 changed files with 35 additions and 19 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

4
notes/3ac-three-arrows-capital.md
View File

@ -1,3 +1,7 @@
---
aliases: Three Arrows Capital
---
# 3 Arrows Capital
**Update**: 1 July 2022. Three Arrows Capital files for bankruptcy (Chapter 15) in New York after being pushed into liquidation in the British Virgin Islands by [[notes/deribit|DeriBit]] (who they apparently owe $80m).

31
notes/news.md Normal file
View File

@ -0,0 +1,31 @@
# News
## 2022-07-02 - Fall-out from [Three Arrows Capital](3ac-three-arrows-capital.md) as BlockFi sells and Voyager faces bankruptcy
Crypto-lender [[notes/blockfi|BlockFi]] are a creditor of collapsed crypto hedge fund [Three Arrows Capital](3ac-three-arrows-capital.md). After taking $350m at a $3bn valuation in March 2021 it looks like they may less at between 1-10% on the dollar with an option to be acquired for up to $240m by FTX
https://decrypt.co/104286/blockfi-ftx-credit-deal-acquisition-terms
https://decrypt.co/104200/blockfi-ceo-denies-ftx-cquire-crypto-lender-25m
Meanwhile Voyager Digital who are owed $650m by [Three Arrows Capital](3ac-three-arrows-capital.md) has halted all withdrawals and is likely going bankrupt.
https://decrypt.co/104294/voyager-digital-halts-withdrawals-three-arrows-capital-default
## May 17: Famous investor Bill Ackman weighs in on [Terra/Luna collapse](terra-crash-may-2022.md):
https://twitter.com/BillAckman/status/1526398201003130880
> When I read about the ‘algorithm’ of @terra_money it sounds just like a crypto version of a pyramid scheme. Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business.
Though it seems he is in danger of the classic fallacy of "yes there's some bad, but there must be some good":
> The digitization of the Luna scheme and the hype about crypto enabled it to achieve enormous scale quickly. Blockchain is a brilliant technology with enormous potential. Schemes like Luna threaten the entire crypto ecosystem. The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulation shuts down the good and the bad. Hyping tokens that are not supported by businesses that create value will destroy the entire crypto industry. Why and/or where am I wrong?
Should be asking what is the "fundamental underlying business" for most other crypto-assets.`
## 2022-05-21: ECB President criticises crypto as "worth nothing and based on nothing"
https://twitter.com/JohnReedStark/status/1528052514758836224
> ECB President Christine Lagarde: "Crypto-currencies are worth nothing and based on nothing,” and should be regulated to steer people away from speculating on them. Finally, a leader courageous enough to call crypto what it is - a huge, global Ponzi scheme.

19
notes/newsletter-may-2022.md
View File

@ -1,19 +0,0 @@
https://twitter.com/BillAckman/status/1526398201003130880
Famouns investor Bill Ackman weighs in on [Terra/Luna collapse](terra-crash-may-2022.md):
> When I read about the ‘algorithm’ of @terra_money it sounds just like a crypto version of a pyramid scheme. Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business.
Though it seems he is in danger of the classic fallacy of "yes there's some bad, but there must be some good":
> The digitization of the Luna scheme and the hype about crypto enabled it to achieve enormous scale quickly. Blockchain is a brilliant technology with enormous potential. Schemes like Luna threaten the entire crypto ecosystem. The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulation shuts down the good and the bad. Hyping tokens that are not supported by businesses that create value will destroy the entire crypto industry. Why and/or where am I wrong?
Should be asking what is the "fundamental underlying business" for most other crypto-assets.`
# ECB President
https://twitter.com/JohnReedStark/status/1528052514758836224
ECB President Christine Lagarde: "Crypto-currencies are worth nothing and based on nothing,” and should be regulated to steer people away from speculating on them. Finally, a leader courageous enough to call crypto what it is - a huge, global Ponzi scheme.