Ex-FTX exec pitches 'cool token' idea amid warning bounce that could take years
Zane Tackett suggests alternatives to "baby boomer procedures" in FTX bankruptcy.
Market news
Bitcoin (BTC) and cryptocurrency could 'take years to recover' from FTX scandal, industry analyst warns.
In a Twitter thread on Nov. 11, Filbfilb, co-founder of business suite Decentrader, said the Terra LUNA debacle is still ongoing.
Filbfilb: 'I've never seen such a debacle'The crypto industry is experiencing “a clear case of what goes up must come down,” Filbfilb summarizes.
While the fallout from FTX and Alameda Research is only beginning to become apparent, many companies in the industry and associated tokens have been reduced to a shadow of their own.
Amid fears of bankruptcy for those exposed to FTX and investigations by regulators, the outlook looks bleak for the sector's reputation.
For Filbfilb, FTX-Alameda is itself a product of the implosion of Terra, Three Arrows Capital and others earlier this year.
"1) Most of this has to do with the first 3 AC/Celius merger," he began.
He pointed to two other main causes:
"2) Space corporations have escalated their aspirations based on supernormal, parabolic industrial growth. 3) Cash is king; many entities' cash flow is down by as much as 80 %."
The situation is actually all too familiar; overly enthusiastic companies create an ecosystem on steroids, which grows too quickly and takes too many risks.
“Price, users, cash flow and cross-collateralization companies using rapidly declining assets as balance sheet assets with future obligations work when price rises – its suicide when the tide goes out,” has continued Filbfilb.
Thus, for the cycle not to repeat itself, it may take "many years" of restructuring.
"So yeah, I'm annoyed by the whole thing, I've never seen such a debacle, I understand why we're here but it's inexcusable by some o...
Zane Tackett suggests alternatives to "baby boomer procedures" in FTX bankruptcy.
Market news
Bitcoin (BTC) and cryptocurrency could 'take years to recover' from FTX scandal, industry analyst warns.
In a Twitter thread on Nov. 11, Filbfilb, co-founder of business suite Decentrader, said the Terra LUNA debacle is still ongoing.
Filbfilb: 'I've never seen such a debacle'The crypto industry is experiencing “a clear case of what goes up must come down,” Filbfilb summarizes.
While the fallout from FTX and Alameda Research is only beginning to become apparent, many companies in the industry and associated tokens have been reduced to a shadow of their own.
Amid fears of bankruptcy for those exposed to FTX and investigations by regulators, the outlook looks bleak for the sector's reputation.
For Filbfilb, FTX-Alameda is itself a product of the implosion of Terra, Three Arrows Capital and others earlier this year.
"1) Most of this has to do with the first 3 AC/Celius merger," he began.
He pointed to two other main causes:
"2) Space corporations have escalated their aspirations based on supernormal, parabolic industrial growth. 3) Cash is king; many entities' cash flow is down by as much as 80 %."
The situation is actually all too familiar; overly enthusiastic companies create an ecosystem on steroids, which grows too quickly and takes too many risks.
“Price, users, cash flow and cross-collateralization companies using rapidly declining assets as balance sheet assets with future obligations work when price rises – its suicide when the tide goes out,” has continued Filbfilb.
Thus, for the cycle not to repeat itself, it may take "many years" of restructuring.
"So yeah, I'm annoyed by the whole thing, I've never seen such a debacle, I understand why we're here but it's inexcusable by some o...
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