i've been reading the many "conspiracy theories", i.e. minority narratives, re SBF/FTX/AR, and there are some interesting takes for sure.

i am rarely one to pour cold water on a good minority narrative, but here are some things i see people overlooking.

1 of n first, consider that alameda research (ar) was founded in sept 2017 during the 2017 cc bull market.

the 2017 market was mostly junk assets, so ar cut their teeth as a market maker (mm) for junk assets. this is code for pumping (and dumping) and creating a mirage of liquidity.