Crypto and NFT trader. Y00ts and DeGods holder. James Joyce fan. Member of @fuddao_ @thetestlabdao @Power_Grinders ⚙️ @thesenseidao and @bankmenfinance.
Jun 24, 2022 • 16 tweets • 4 min read
Thread:
Here’s why I am more bearish than most people on crypto short term.
I’ve listened the the three podcasts in the tweet below and am struck by how little the presenters know about banking. The #3AC situation is not simply about debt of 1.5bn (or more).
It’s also about the kind of debt. Most large companies have a mixture of secured debt (mortgages and debentures) and unsecured debt. Secured debt is always paid off first and, in an insolvency scenario, the unsecured creditors (customer, companies, whatever) usually take a hit.
