foobar

foobar

09-11-2022

04:48

real talk, the ftx news is the saddest i've felt about the industry since joining. previous blowups were either obviously failed mechanisms or prop shops with a series of bad bets. even celsius gave sufficient warning with their fake yield products...

whereas sbf and co had a clear ride to the top, one of the best products around. doing incredible revenue on the honest business alone. everyone knew about the alameda commingling but assumed it was a small blot on an otherwise successful business...

then the lying, the cheating, the stealing comes out. that level of losses doesn't happen on accident. why the need for such greed? i got tricked. didn't think sam was a saint, railed heavily against his political machinations and never believed the effective altruism but...

thought he had the sense to at least protect customer deposits. believed in basic sanity at the highest levels. that's clearly been shattered. reinforces the need for true decentralization, but some users do need training wheels. just an absolute wreck of an industry :/

gonna keep building, redoubling commitment towards protocols where nobody, not even me, can break or deprecate or steal from users. we desperately need trustless baselayer protocols, or the machiavellian wolves in sheep's clothing will continue abusing naive new entrants


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