ROLLUP: FTX Contagion | SBF Tweet Thread | Genesis Trading | Gemini Earn | StarkNet Token | Cosmos ATOM 2.0

And this is a 36-hour-long endeavor of people fig trying to figure out, reading SBF tea leaves, is what the hell he is doing with this tweet thread while he has.

This David

Bankless Nation, happy third week of November. David, what time is it?

Oh, Ryan, it's the Friday Bankless Weekly Roll Up, and Ryan, I have never been so intimidated by an agenda that we have to get through today. Yes.

Is it the content or the length?

It's a little bit of both. Definitely the content, the craziness of the content. Yet, Ryan, we persevere into the frontier nonetheless with

Yeah, we do. With call. You know what happens when you plug in bankless and Twitter in the search box right now?

Oh my god.

Bank bankless crying is number one.

What a week. What a roll up. How you feeling this week, David? Feeling a bit better?

Uh yeah, yeah, yeah. Um

If the theme last week for you was like, this sucks, I'm disappointed. What's the theme this week? What's David Hoffman feeling like?

the theme this week I think is good riddance.

Yeah.

Uh good riddance for sure. And like because this is turning out to not just be like, oh, another drama in the crypto world. No, this is like one of the greatest frauds of all time. Yeah. And I think it like for better or worse, like

we're gonna be able to like move forward from this in a progressive way. So my yeah, if there's a theme of the week, it's good riddance.

Well, uh, you gotta admit when SBF does something, he does it big. He goes all out. Not only the the number two exchange, uh, but also maybe the number one fraud of all time. We'll have to see when the dust settles. But topics of the week, we're gonna be talking about three things. Number one, SBF, number two, FTX, number three, Alameda. I mean, it's pretty much the agenda, right, David?

That's the whole thing. There are some other things that happened this week, but we're gonna have to wait until the second half of the episode to hear what hear all the normal things that went on.

And the high level is the fraud that is SBF continues to get to get bigger. This is kind of Enron, this is Theranos, this is Bernie Madoff. We get we got it all, a little bit of it all. So we're gonna talk a little bit about how bad the contagion was. All right, David, let's get to the markets. Bitcoin, what are we looking at on the week after this uh two week disaster here?

Yeah, Bitcoin is down on the week, down 5%, $1750 or $17,500, down 5% to where it is now at $16,600. Uh cool.

We expected it down. How about ETH?

Uh down again, 8%, down 8%. Uh so Bitcoin down 5%, ETH down 8%, Ether start of the week at $13.20, currently at $12.70.

1270. You know

That's not right. Nope, it's down $12.10.

My numbers are wrong.

Okay, 12 but 1210, 1270, it's been hovering around 1200.

Yeah.

I actually am surprised that it's as high as it is.

Yeah.

Some people are saying, oh, that's low, right? Like no. This given what just happened,

Yeah.

like the nuclear bomb that just detonated in crypto, and we're in the 1200 range.

Mm-hmm.

Um, I don't know if that makes me weirdly bullish.

Yeah. It's like it doesn't seem to want to go down anymore.

It's ris it's down resistance.

May maybe we'll talk a little bit about why that is when we get to some of Chris Berninski's takes, but um park that in your mind, bankless listener. Why is ETH not down more than um you know than you might think it should be, given the sentiment?

Good.

Yes. By the time you hear this, we'll we'll have triple digit ETH, I'm sure, tomorrow morning. Um ETH Bitcoin, what are we looking at in the ratio?

Ratio's down just a little bit. It's down from point zero seven five to point zero seven two.

There we go, crypto market cap.

Down. Down from nine hundred and twenty billion to eight hundred and sixty billion. Surprise.

860. Do you remember the lows of well, what the highs of the last uh bull market?

Highs of last oh, the twenty seventeen bull market? Yeah, yeah. Yeah, it looks like it's kind of we're a little bit above that right now, but

The highs of the last in January 2018 were about uh $760 billion, and we're just above the highs, but not very much above the highs. Uh that's interesting to take note of. Uh, David, let's do some takes on the crypto markets right now. Um, first, maybe a quick scan by Bitcoin miners. I don't think very often about Bitcoin miners, but they're in a lot of pain right now. What's uh this tweet showing us?

Yeah, so this is a tweet that's showing a new metric that this guy created. Uh he says a free open source indicator which tracks on-chain data to highlight when Bitcoin miners are selling more of their reserves than usual. So uh I'm guessing the inputs to this indicator are the Bitcoin price and probably average uh electrical cost to produce a single Bitcoin. Uh and uh according to this indicator, uh, we are bad. It's bad. Uh so

Profitable.

Bitcoin miners are making less uh underwater in terms of revenue, a significant percentage of them. I mean, this is just like kind of a global average, but it's basically saying that like it's really hard to be a profitable Bitcoin miner right now. So they are running on reserves, which means they are selling.

I've always wondered about this. Like, so if you're bullish on Bitcoin, like the asset itself,

Mm-hmm.

why would you try to get exposure in Bitcoin mining facilities and Bitcoin mining companies? Yeah. Why would that make sense relative to just like purchasing Bitcoin OTC?

Yeah, because a single ASIC in theory, a s a single ASIC is meant to be like a discount on a Bitcoin over the long term. So if you buy an ASIC, it's like you if you spend like $100 on an ASIC, you get like $150 worth of Bitcoin over the long term. Um, but a ton of variables go into that. Uh so.

But do you though that you have energy costs and you have like um you know ASIC um obsolescence, degradation? Uh there's all sorts of other things. Anyway, uh I've not understood it, but I'm not in that space. What is uh Dylan Leclerc showing us on Bitcoin miners? What's this chart?

Yeah, these these are just like the equity prices of all these Bitcoin mining companies. Uh n negative negative ten percent, negative nine percent, negative six percent, negative thirteen percent, negative nine percent.

Publicly traded comments.

Yeah, publicly traded Bitcoin miner companies. Yeah, uh-huh. All down bad. All down.

Riot, Iran, bit F Mara, Hunt, S Dig, Hive. Interesting. Uh, Berninski's take on the bottom. All right. Give us some context for Berninsky because I know you had a uh conversation with him um a little bit earlier in the week on Twitter, which actually that entire conversation, I think it's like a 30, 40 minute long conversation.

Yeah, fifty minutes.

50 minutes is available to bankless premium members right now on the RSS feed. We're not releasing that to the the regular RSS feed. Um Chris wanted to keep that a little more private. So just bankless premium members only have access to that. And David, I haven't listened to it yet. You but I won't miss an out

Oh man, you're missing