Welcome to another Twitter Tuesday, but before we get to the main event, how about a word from our sponsor?
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And now, on to Twitter ...
_NOTE:_For some oddball reason, Substack today isn't allowing Twitter embeds nor is it allowing me to upload images. Well, the show must go on. So, pardon this post with no images.
The top news of the day is BlockFi, which filed for chapter 11 bankruptcy yesterday.
1 BTC is trending. $FTM trended briefly this morning. As did Kucoin. Naturally, BlockFi is also trending.
Bloomberg reports: BlockFi sold $239 million in crypto before its bankruptcy filing.
From Forbes: BlockFi leant $680 million to Alameda Research.
Ripple attorney John E. Deaton gives the SEC and SEC Chair Gary Gensler a right hook. A well-deserved one.
Good question: Erik Voorhees is asking why the SEC should get its money before retail investors it claims to be protecting.
One Twitterer puts this whole BlockFi/FTX thing into perspective. Do snakes eat their own tails?
BlockFi did NOT go bankrupt because of FTX. It's easy to blame a lot of things on FTX. The sad truth is each firm is responsible for their own behavior. Centralized managers make decisions and if they're bad decisions, those managers are to blame for any fallout. There's an epidemic of bad thinking running all throughout the crypto world. Especially in the lending sector.
There's a prophet amongst us. No one likes a bragging prophet.
Dr. Patel welcomes BlockFi to the afterlife.
Just in case you wanted to know who was on BlockFi's staff, because they deleted that page from their website.
Another reminder: One Twitterer reminds us that Anthony Pompliano, aka Pomp, invested in BlockFi. In fact, BlockFi was his biggest investment.
Mad Money's Jim Cramer blames Pomp for getting him into BlockFi. When you gamble, be prepared to lose. You can't win all the time.
Got money in Silvergate Bank? You may be in trouble. They kissed BlockFi where the sun doesn't shine.
Scott Cunningham is talking about Web3 semantics.
Greg refuses to eat apples. Because he doesn't want to be reminded of Apple products. I don't know why, but I thought that was funny, and it's also a good note to end on.
Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.
Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. Original articles on Fridays.
First published at Cryptocracy. Not to be construed as financial advice. Do your own research.