The FTX blowup showcases failures of centralized crypto exchange AND DeFi and capital allocation (VC participation) in crypto.
earlier this week, the rumors were that wrapped BTC and wrapped alts such as ETH on Solana (e.g. soETH) were worthless. *wrapped BTC on crypto protocols drives that protocol's DeFi activity*
It's a bear market so crypto funds are tweeting their Bitcoin hot takes. FYI the tweet storms present publicly what these guys are saying behind close doors to institutional investors (I know this bc the institutional investors tell us).
It matters bc venture capital dollars can accelerate growth for startups including those that drive adoption and expand the utility of the technologies. Institutional investors are a top source of venture dollars- they allocate those dollars to VC funds.
Jun 9, 2021 • 6 tweets • 4 min read
We see a great example in the noise around the El Salvador news of the need for education of the differences between #Bitcoin and altcoins ...
+ we see why some are pushing hard for this education to be defined as “toxic”
Even ahead of the #BitcoinLaw being approved by the Salvadoran Congress this morning, altcoin folks claimed El Salvador was making “crypto” legal tender (btw - no they’re not; this is #Bitcoin specific and for good, technical reason) and had begun setting up regional HQs.
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