From 6a1268fb9b1f25a4e3b572cad4cbb2aa97687b0b Mon Sep 17 00:00:00 2001 From: Rufus Pollock Date: Sat, 2 Jul 2022 15:45:09 +0200 Subject: [PATCH] [notes/news][m]: add info on latest bankruptcy issues to newsletter (moved to news). --- notes/3ac-three-arrows-capital.md | 4 ++++ notes/news.md | 31 +++++++++++++++++++++++++++++++ notes/newsletter-may-2022.md | 19 ------------------- 3 files changed, 35 insertions(+), 19 deletions(-) create mode 100644 notes/news.md delete mode 100644 notes/newsletter-may-2022.md diff --git a/notes/3ac-three-arrows-capital.md b/notes/3ac-three-arrows-capital.md index 04f8af5..0927400 100644 --- a/notes/3ac-three-arrows-capital.md +++ b/notes/3ac-three-arrows-capital.md @@ -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). diff --git a/notes/news.md b/notes/news.md new file mode 100644 index 0000000..e60b957 --- /dev/null +++ b/notes/news.md @@ -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. \ No newline at end of file diff --git a/notes/newsletter-may-2022.md b/notes/newsletter-may-2022.md deleted file mode 100644 index 0ef434b..0000000 --- a/notes/newsletter-may-2022.md +++ /dev/null @@ -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. \ No newline at end of file