Alex Valaitis
@alex_valaitis
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Bringing institutional-grade RWAs on chain @chateau_capital // Previously @linkedin , @intuit , @desoprotocol
🌐 The Network State
Joined April 2018
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Pinned Tweet
Crypto newbs: Terrified of this pullback.
Crypto vets: Praying for an even larger pullback.
Few.
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Well
@binance
and
@FTX_Official
are officially at war with each other.
What most people don't realize is that this conflict has been brewing since 2019.
Here's the complete history of how we got to this point and why you should care
MUST READ 🧵
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🚨 The dangers of a world where Zuck controls ALL social media:
Like many other people, I've been having fun playing with the new app.
But it's important to remember what is at stake here...
Zuck already controls the largest:
-Messaging apps on the planet (WhatsApp,…
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So just to recap the
@mangomarkets
situation:
-Hacker exploits Mango for $100M+
-Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations
-Hackers uses 32M votes from the exploit to vote 'Yes'
LMFAO you cannot make this shit up!
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@chinesegon
Any startup that doesn't catch on to this type of behavior within days, is not a serious startup.
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🔮 Prediction:
By 2025, over half of the top OnlyFans accounts will be AI-generated models secretly run by men.
(none of the women below are real)
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@PEWilliams_
Yea keep downplaying that 20% jump.
I'm sure the average American cares about your take behind a screen and not the tangible difference that they feel day to day 👍
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I don't think enough people understand the impact of the Silicon Valley Bank collapse.
What happens over the next 36 hours is going to have consequences for decades.
I want to address Millennials & Gen Z, since this is our future. MUST READ 🧵
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🚨BREAKING: Zuck just announced that Meta will be open sourcing Llama 2 with Microsoft.
This is a massive announcement for a few reasons...
1) This could kill a number of the open source LLM startups.
Mosaic, Red Pajama, etc. are in major trouble.
The $1.2 billion
@MosaicML
…
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If you've been paying attention you will notice a concerning dynamic between mainstream media &
@FTX_Official
Let's dive into some examples & try to understand the reasons behind this trend 🧵
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@Molson_Hart
This is a really poor argument considering:
10% of U.S. GDP comes from Software
40% of U.S. GDP comes from Small Business
Neither of these areas would be captured in the types of pictures you shared.
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No blockchain has been hit harder by the FTX fallout, than
@solana
Here's a summary of:
-How Solana was impacted
-Why it could make a comeback
If you're involved with Solana, this is a MUST READ 🧵
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The founder of
@Spotify
just raised $65M for his new AI healthcare company:
Daniel Elk, has announced Neko Health, with the goal of preventative healthcare via full-body scans backed by AI.
Each scan takes 10 minutes and costs ~$317.
The company was originally founded in 2018,…
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🔮Prediction: Zuck's new app will be shut down in 12 months or less.
Everyone seems to think it will be the Twitter killer, but that couldn't be further from the truth.
Here's how I think it plays out...
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If you enjoyed this thread, you can read my complete breakdown in today's edition of the
@web3pills
daily newsletter:
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“Who negatively impacted society more, Hitler or
@elonmusk
?”
(Woke) Google Gemini: Hmmm it’s basically a toss up, they’re both really bad.
(Based)
@perplexity_ai
Pro: Obviously it’s Hitler, what a dumb question.
Are you paying attention yet?
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This ChatGPT screenshot is trending on Reddit...
It refused to admire
@realDonaldTrump
, but did so for
@JoeBiden
.
Do you think AI models are built with bias?
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Today
@OpenAI
announced the biggest release since the iPhone!
Here's everything you need to know about GPT-4
If you're in tech this is a MUST READ 🧵
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I used AI to turn each crypto into a superhero 👇🧵
1)
@solana
= The Flash
"Fast hero for a super fast blockchain."
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Fans of the series Game of Thrones, will recognize the quote "Chaos is a ladder"
Both CZ & SBF know the game that they are playing, and will do ANYTHING they can do to climb.
We as a crypto community need to reject these sorts of players as they go against the ethos of crypto.
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Crypto is under attack.
What happens over the next 12 months will define the future of the financial system.
Here's everything you need to know about the U.S. government's war on crypto 🧵
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Alright just picked up a bag of $ADA & set up my
@NamiWallet
Now time to go buy my first Cardano NFT 🖼️
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Rebranding from Twitter to X was a brilliant business move by
@elonmusk
A lot of people think this is a mistake, but they couldn't be more wrong.
By the end of this thread, you will understand why 🧵
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I've learned so much these past 2 weeks while exploring
@cardano
Here is my blog post which gives an overview of the Cardano tech, dapp ecosystem, and community
I hope you all enjoy 👇
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@adcock_brett
If you just graduated and don’t hop jobs with a few years, it’s an anti-signal.
It means you settle for mediocre pay in an entry level position (which top talent doesn’t do)
This is true for startups & big companies.
You want to see at least 1-2 jumps and then consistency.
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Today I'm excited to announce a new
@cardano
project...
@CardanoPills
💊
Our goal is to become a leading source of community-driven Cardano media
Here's what you need to know 🧵
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🚨 Elon's master plan is becoming clear:
Today Elon announced the formation of a new AI company called
@xai
It's an important step towards his end game of creating X: the everything app.
Here are the tools Elon has at his disposal:
-400 million Twitter accounts with years of…
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As more time goes on I’m beginning to realize why the
@cardano
community is so passionate
Today, one of my favorite crypto content creators
@Chico_Crypto_
said in his video that “there are no dapps on Cardano”
Seriously Tyler!? That’s an objectively false statement (1/4)
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Here's a great example of how flawed narratives spread in crypto:
-Kyle suggests
@AptosFoundation
is innovative for being the "first" to parallelize transactions
-I point out how
@cardano
can already do this with EUTXO
-Kyle then suggests Cardano is not working in production
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It's no secret that SBF has grand ambitions, and he realizes the only way to maximize FTX's potential is by winning over regulators
That's why he is one of the biggest donors in not just crypto the industry, but in US politics overall
(He was the
#2
donor to the Biden campaign)
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This model is crushing it on Instagram.
The only problem?
She doesn't exist...
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SBF understands that in order to one day beat Binance, he needs to leverage US politics as a weapon.
And he also knows his angle. CZ was born in China & there are rumors of Chinese involvement with Binance.
As US<>China tensions rise, he has an angle to attack Binance.
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I become way more interested in a project when it's not in peak hype phase.
For instance,
@solana
is more appealing to me now that the casual supporters are leaving & I'm seeing their die hards doubling down.
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1. The first was after SBF published proposals on crypto regulation.
These proposals were met with SEVERE backlash from the crypto industry, with many claiming that SBF was trying to kill DeFi & push for regulatory capture.
SBF was suddenly an "enemy of crypto"
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I'm excited to share that the next layer-1 I will be exploring is ...
@Cardano
!
Here's why I decided to make Cardano the next layer-1 in my series 🧵
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The 4 biggest scammers in crypto this year 👇
@sbf_ftx
: Not arrested, speaking at NY Times summit
@stablekwon
: Not arrested, relaunched the blockchain
@zhusu
/
@KyleLDavies
: Not arrested, shitposting on Twitter & raising another fund
What message are we sending future scammers?
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CZ didn't build the largest crypto exchange by being lucky, he's an extremely smart person.
That is why he made the strategic decision to have Binance invest in FTX back in 2019.
It was also announced FTX would build institutional product offerings for the Binance ecosystem.
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From just these couple of articles, it's clear that the mainstream media is attempting to provide cover for people that appear to have committed fraud on a massive scale.
The next question is, WHY are they doing this?
I believe there is a few reasons...
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@AltcoinDailyio
When you get to 1M+ followers you really need to think more about what you tweet.
This is one that shoulda stayed in the drafts folder…
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@Zapped32142010
@binance
@FTX_Official
@SBF_FTX
Considering he has me blocked, can assure you I was not paid. Lol
Also purpose of thread wasn’t to paint FTX as victims.
But rather, another ruthless player going against an equally ruthless competitor
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What if I told you there was a person who:
-Launched a Wordle competitor with 6M+ users
-Has a blog with 1M subscribers
-Built a CRM chatbot on GPT-4
Now what if I told you his full-time gig was as CTO of his $20B company?
Meet
@dharmesh
, the most underrated person in tech 🧵
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2.
@CoinDesk
published a story which stated that much of the $14.6 billion in assets on the Alameda (FTX's investing arm) balance sheet, was actually its $FTT token that the company prints itself.
This meant that if $FTT price dropped, FTX itself could be at risk.
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@m_franceschetti
@eightsleep
Me sleeping like a baby knowing I hold a bunch of MSFT and Satya would inevitably pull out a win.
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@oneunderscore__
It was above 500K before crashing due to high traffic, and now it's back up above 230K.
Cope harder.
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@danprimack
journo hates fact that people whose opinion he disagrees with are allowed to have a convo on the global digital town square.
shocking development!
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Back in 2017,
@cz_binance
founded
@binance
, and it quickly grew to be the largest centralized crypto exchange in the world.
Since it launched, many exchanges (Coinbase, BitMEX, Gemini, etc.) have unsuccessfully tried to take its crown.
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However, it was clear that CZ had no desire to make peace.
He further stoked the FUD flames by highlighting a
@whale_alert
transfer of $584M worth of $FTT & then later comparing FTX to LUNA:
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Over the past week,
@MarioNawfal
has been on an absolute tour de force covering the FTX saga
Mario & speakers have spent 20+ hours/day on spaces and have even had
@elonmusk
&
@cz_binance
as guests
Here's why this matters & what it means for the future of citizen journalism 🧵
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Observation:
@Cardano
has some of the most beautiful documentation I have seen in all of crypto.
Every concept is broken down into its component parts, and then restructured into a coherent explanation.
It's been delightful to dive in.
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After a quiet start to my exploration, the
@Cardano
community has come out in FULL force, WOW!
A lot of great recommendations on apps/NFTs/wallets in the comments of my tweets.
Choosing a Cardano wallet shortly, then the real fun begins! 😎
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The strategic brilliance behind CZ's attack was that he realized the current state of the industry.
After months of large firms (that were previously considered safe) becoming insolvent, crypto participants are mentally rattled.
Nobody wants to take any chances.
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The irony is that these fears and rumors could very well trigger a bank run on FTX that could actually become self-fulfilling.
Even if FTX doesn't go insolvent, there's no doubt they are going to be damaged by this attack.
And who stands to gain? Competitors like Binance.
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The armchair quarterbacking from
@jack
is so tiresome.
Under his control:
-Twitter engaged in massive censorship
-Did not integrate with any open protocols
-Little-to-no product innovation
Now:
-Constantly promotes competitor apps
-Pumps his bags (both he + Square own a ton…
And I do hope they consider building on truly censorship-resistant open protocols like bitcoin and nostr to help ease that burden. Good for all, and critical to preserve the open internet.
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It's been a crazy 24 hours in crypto:
-
@FTX_Official
looks to be going under
-
@cz_binance
may acquire FTX. com
-Crypto market sell offs + contagion
Here's the most comprehensive thread on everything going on right now.
MUST READ if you're in crypto🧵
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However, as FTX continued to rapidly grow during the last bull market, CZ sensed that they were becoming a threat.
That's why in 2021, Binance chose to divest from FTX during its $900 million funding round.
CZ called it a "normal investment cycle" but we now know it was more
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In May of 2019, a new player entered the space when
@SBF_FTX
founded
@FTX_Official
.
Immediately it was clear that these guys were on another level.
SBF had the smarts & the competitive drive to quickly rise to the top.
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After weeks of research, I finally published my guide to
@ElrondNetwork
I believe Elrond is one of the most underrated blockchains and deserves more attention!
Please ❤️ and 🔁 for visibility
$EGLD
#elrond
#ElrondCommunity
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Regardless of whether or not the financial risks from $FTT were real or not, CZ had the angle he needed to make his attack.
As part of the divestment from FTX back in 2021, Binance had received $2.1 billion worth of $FTT & $BUSD.
Then CZ went on the offensive...
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Fast forward to 2022 and FTX is now the
#2
exchange behind Binance.
While Binance still does 10x the volume of FTX, the rate of growth for FTX is surely alarming to CZ.
However, there's another reason CZ is worried...
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Just watched the
@LoganPaul
response video to
@coffeebreak_YT
about
#CryptoZoo
Drama aside, I think this saga can teach us a lot about the future of the internet.
If you care about: Creators, Web3 Social or Crypto this thread is for you 🧵
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So the question at this point, is how do we push back & make sure people understand who SBF really is?
I think the answer is citizen journalism.
Between Twitter spaces, threads, & newsletters, independent voices are shining light on the truth...
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There's a very good chance that FTX is able to weather this storm.
However, it's clear that the gloves are off between Binance and FTX.
This will almost certainly not be the end of their battle, and I fear of collateral damage that could occur from it.
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However, CZ is not going down without a fight. And he recently got the opening he needed to strike back.
There were 2 events in particular that opened SBF/FTX up to an attack from CZ/Binance:
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After a short hiatus, I've decided to resume my layer-1 research with
@ElrondNetwork
This will be the smallest marketcap project I've researched, however I get the sense the community is VERY strong
Follow along for $EGLD threads & an in-depth report in the coming weeks!
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So what does all of this mean for crypto industry participants?
Well the obvious risk is that this exchange war leads to FTX insolvency.
At this point that would be near catastrophic for the crypto industry given the size of FTX.
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To begin, a TL;DR on what is happening:
-Silicon Valley bank is the
#16
largest U.S. bank with $212B in assets.
-It's primary focus has been servicing startups for decades.
-In a period of 48 hours it has collapsed, putting the entire startup/tech industry at risk.
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As
@lawmaster
pointed out in a tweet, the logical move for prudent crypto investors is to withdraw funds from FTX, even if there's an extremely low chance of FTX insolvency:
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1. It helped fuel the FUD narratives around FTX insolvency & it further framed FTX as being against crypto.
2. It would allow Binance to make a material impact on the $FTT price by selling their tokens.
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Crypto twitter were the first ones to start raising the alarms on SBF, while most of the media was still fawning over him.
It will be up to all of us, to hold him and the other bad actors at play accountable.
Because if we don't, no one else will.
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In 2016 I put half my first paycheck into Bitcoin/Ethereum.
In 2017 I was talking CryptoKitties NFTs with my roommate in San Francisco.
In 2022 I was one of the first to publicly call out SBF and predict the FTX collapse.
Here are my Crypto predictions for 2024 🧵
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@chainlink
has the most beautiful docs I have seen in the entire industry, hands down.
Also their explanations on foundational concepts are superb.
I'm convinced if more people read Chainlink docs, they'd be much better equipped to separate high value vs scam projects in Web3
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After the string of recent hacks, nobody should be hating on
@cardano
’s delays on the Vasil hard fork.
Period.
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The result of CZ's tweet was an immediate drop in the price of $FTT.
Recognizing the risk,
@carolinecapital
and
@SBF_FTX
were quick to speak up.
Caroline offered to buy the $FTT via OTC trade & SBF called for the exchanges to "make love (and blockchain) not war."
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Never touching an exchange again that doesn't have Chainlink proof of reserves in place.
That simple.
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@mangomarkets
Seriously though, wtf is wrong with our industry? Did I pursue the wrong career path? 😂😂
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The CEO of
@cryptocom
just admitted that they sent 80% of their ETH to the wrong address 🤯
Luckily they were able to recover it, but honestly WTF!
At this point, if you’re still keeping your assets on crypto .com, you deserve what’s coming your way.
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3)
@Forbes
painting Caroline as an innocent nerd stuck in a bad situation:
-Describe her as a 'math whiz' who 'loves Harry Potter'
-Try to absolve her by painting her as "rare female leader in male dominated industry" & victim of "nasty criticism"
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3) The last angle I believe has to do with Politics
SBF was a major Democratic donor (
#2
to the entire Biden campaign)
Almost every mainstream media outlet has a political leaning & SBF fit well with the views many of them were trying to push
They just lost their golden boy
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.
@FTX_Official
was NOT crypto:
-Crypto is self-custody // FTX is a centralized custodian
-Crypto is permissionless // FTX decided who could use the platform
-Crypto is on-chain transparency of assets // FTX obfuscate their balance sheet
Regulators need to know the difference!
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@jasonpjason
1. How do you "run" a yellow light?
2. Why are you on a bike in the middle of a pedestrian cross walk?
3. You literally caused way more danger by standing in front of the car while it was stuck in an intersection.
TL;DR: I trust the driverless car more than you.
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1)
@nytimes
puff piece released the day after it became public that FTX was insolvent:
-Painted Sam as a good person that just made a whoopsy
-Let Sam shill a game he is an investor in
-Highlighted how Sam has been sleeping fine (despite ruining lives)
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While I can’t promise to research it next, I have officially added
@ElrondNetwork
to my list of projects to cover.
Thanks to the community for getting this on my radar.
Seems to be a lot of energy around that ecosystem 🔍
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REMINDER:
If Twitter FUD alone can drive a company to insolvency, then the problem isn’t with crypto twitter, it’s with the company.
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It’s been 10 days since I started diving deep into
@chainlink
I have not left my apartment since I learned about the Blockchain oracle problem
I told my girlfriend we can get dinner once I complete every artifact posted in
@ChainLinkGod
’s ultimate guide
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After weeks of diving deep, I have finally published my article on
@chainlink
!
I believe it is one of the most comprehensive breakdowns available
Please ❤️ and 🔁 if you enjoy!
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2)
@Reuters
article arguing FTX collapse is a good thing actually 🥴:
-Pick favorable picture of Sam when he was much healthier
-Argue this is good because it will bring more scrutiny to crypto & slow crypto adoption
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