5 Alpha Tweets - How Did FTX Collapse? A True Crypto Leader's Thoughts & More

Edition 45

Nov 11, 2022

Welcome to the alpha please newsletter. I curate five alpha tweets every Friday; that’s it, that’s the newsletter.

Hey everyone, this has probably been the worst week the industry has ever seen. I’m not going to lie.

I don’t believe FTX represents the true purpose or ethos of crypto, but nonetheless they have done immense damage to retail users, institutions and the image of the space.

I’m very sorry to anyone that has been impacted personally by their fraudulent and reckless operation.

I’m very sure the industry will eventually emerge from this more transparent and more resilient.

The case for DeFi has never been stronger.

I have curated some threads from thought leaders in the space.

Today’s newsletter is sponsored by Artemis.

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1. What happened?

First, this is a recap on how we got here. We now know that FTX and FTX US have filed for bankruptcy. This is probably the best thread on how this all went down.

jonwu.eth @jonwu_

FTX was the world's 3rd largest crypto exchange. Today it's said to be insolvent and in the midst of an acquisition by Binance. Here's everything you need to know about Alameda Research and the collapse of FTX: 👇

2. A true crypto leader

The founder of Kraken released his thoughts on the situation. It’s an essential read if you care about crypto.

Jesse Powell @jespow

1/ This industry is made up of so many smart, passionate, open-minded, welcoming people, with genuine humanitarian interest at heart. I know we're going to get past this. True believers will not be deterred. But, this is a massive setback. I'm really trying to control my rage.

3. DeFi not CeFi

You know the mantra: not your keys, not your crypto.

DeFi allows you to trust code, not people.

Marc shows the different DeFi platforms you can use instead of CeFi:

Marc Zeller 👻 💜 🦇🔊 @lemiscate

the SBF x CZ drama makes me proud I didn't give any of them a dime of my volume in 2022. Here's how u can enter 2023 without CeFI👇

4. A rant on investing

What investing really means in crypto terms.

polynya @apolynya

A personal rant on investing: I don't talk about this because it's bleeding fucking obvious, but this market is mostly gamblers, so I'd actually have something relatively unique to say by stating the bleeding obvious. Investing is not about getting rich quick - that's gambling

5. What happens next?

We now know that no-one is coming to bailout FTX, but Arthur offers up his thoughts on the consequences and what levels the crypto OGs are looking for.

Arthur Hayes @CryptoHayes

1/ What happens now that Baron CZ passed on FTX bailout and SBF is bankrupt. The next question is who could save FTX?

@alpha_pls tweet of the week

DeFi is needed more than ever.

Aylo @alpha_pls

DeFi has never been more essential:

And that’s your alpha.

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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. Do your own research.

alpha please