"God Bless Becky" & the marvellous CryptoShit Universe by J…

"God Bless Becky"
& the marvellous CryptoShit Universe
by John Pitts

God Bless @BeckyQuick
She's unintentionally hilarious 3 long seconds after CZ says "We're financially strong" (enlarge the pic below)

Pulitzer Prize job by @Bitfinexed on this one, please watch:
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https://twitter.com/Bitfinexed/status/1603479251793063937?s=20&t=bKWbBYc9b3bq6IiZIePJtA
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Quite honestly, this is one of the best short-form pieces of analytical content you can find. On my old Wall Street desk back during the dotcom bubble/collapse, we had an expression for something this short and this to-the-point; we said:

"What else doya need ta know?!?"

Breakdown:
CZ was rumored to be worth > $90 billion, just a year ago, making him the richest man in China if not the world (depending on where Saint Musk, Bezos, Sam Walton's combined heirs, Buffetted, Gates and others ranked at that peak crypto moment). But was he REALLY worth that? Or was his inflated manipulated "digital assets" 😂 worth that much on paper, but completely illiquid bc who is honestly going to buy FTT and BNB tokens which have pretty much zero real economic value other than being "rare"?

Match that with the mighty Binance's TRUE economic potential, which seems to be about $20 million (with a small "m", not a big "B") in recent quarters, and mostly an asset value "just" in the low hundreds of millions, most of which seems to be a capital-raise, and Binance truly appears to be FAR FAR FAR worse than even I thought. Now Binance's 125x leverage for gambling bets made on crypto by its customers starts to look like the model for Binance itself.

Reality check: The best financial-company analyst I know in the world, thinks 35:1 equity ratio for a bank is absudly high, and that's kinda where some piece of 2B2F crap like Deutsche Bank would sit. American FIs who this top FI guy says are solid (I would say they are crap under a 100-year-storm scenario which is rapidly approaching) are mabye 10-15x. Binance would be something WELL north of 60x, and possibly a few hundred times over-levered (aka too much debt).

Binance would be, if Bitfinexed is right here (I'm not wasting my time doing the work, but his documentation looks good to me from just a glance), many many many times bankrupt right now, and probably has been since 3AC went under. It's a flaming poop-painted house of dry leaves— "cards" would be using a word giving them too much financial strength credit.

If CZ were smart, he'd be burning hard drives and shredding paper as fast as he can in his imaginary Decentraland HeadQuarters, in preparation for the extensive testimonies of plenty of FTX, 3AC, and other entities who all would like less than FreeRoss 160 year consecutive life sentences, in order to shed some light on just what the "dark 3" have been upto for the past 5 years.

Let me put it this way: In my view, BitCoin has NEVER fairly traded above $2,000, and it's probably more like $1,200 top, without manipulation help. Not saying real BitCoin couldn't go higher than that on a spike, but fundamentally it will take more than 12-24 months for those levels to be supported. Lotta WORK to be done before that happens. Lotta SLicDef tokens need to be bought and owned by BitCoiners, in order to put micro-businesses on top of Bit-hattan island.
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https://sym.re/VLb6FEg
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Tether: they might, as cleverest, take the longest to go down.

Binance: While they've always appeared ready to be taken to prison and beaten with reeds (pretty standard, really), it sure appears via Tw@ttr and blog netizen reseach, it's going to happen much sooner than I expected.

GENESIS/Barry-Silbert/GBTC/etc…: Walking zombies. Just keep following the GBTC to btc (binance) dichotomy in price to see how that's going. (it's at all-time lows, 50% difference)

FTX: already gone
3AC: already gone

Already humiliated beyond recovery:

DeFi:
use this word at your own risk, bc to real people in Finance it now means fraud.

Sequoia:
Investment mistakes are made, I've made plenty. You live you learn. But they did ZERO research and made the investment in FTX likely on name-dropping. I had a lot of respect for this storied company, and have none now. zero. I don't care what their excuse is, they were about as competent as the captain of the Exxon Valdez.

Hilarist aside: How many people does it take to deliver the greatest environmental disaster of my lifetime, the Exxon Valdez oil spill?
1 and 1/5th
ba-dum-dump

Andreesen Horowitz:
See "Sequoia"


Next up: My prediction is Vitalik will be the biggest Joker (that's capitalized to indicate a Heath Ledger reference, not a clown emoji reference) of them all, in the marvellous CryptoShit Universe.

STAY TUNED.

Fictional reading:
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https://sym.re/HeT1z42 fictional reading about the "dark3" which really eoncompasses more than the dark3.
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