Making Markets

Quarterly Market Recap: Q4 2022 - [Web3 Breakdowns, EP.53]

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Jan 13, 2023
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INSIGHT

Core Assets Withstood The Chaos

  • Bitcoin and core crypto assets held up far better than headlines suggested during the Q4 wreckage.
  • That divergence shows the underlying protocol value can survive failures of major players.
ANECDOTE

How Pedigree Drove Trust In SBF

  • Sam Bankman-Fried's Jane Street-like pedigree helped him gain rapid trust across finance and politics.
  • That trust magnified the shock when FTX's collapse revealed systemic lies and fraud.
INSIGHT

Mistake vs. Fraud In Collapse Narratives

  • Failures often start as mistakes or hidden trading losses before becoming full frauds when teams try to cover holes.
  • Distinguishing incompetence from deliberate deception is crucial for understanding collapses.
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