FTX, a top global exchange that counts supermodel Giselle Bundchen as a spokesperson, and was once valued at over $30 billion USD, is on the brink of collapse following a historic liquidity and solvency crisis that left the company scrambling to raise capital or sell itself to rivals. Founder SBF, who we once compared to J. Pierpont Morgan for his role as lender of last resort during the Summer 2022 lending crisis, has himself succumbed to the hubris and poor risk management that sent the industry into turmoil this year. Today, we stand on the brink of a long, bleak crypto winter. Will crypto emerge from FTX's collapse with a renewed commitment to trustless, decentralized tools? Or will we end up with an effective monopoly with one too-big-to-fail business in Binance dominating the market? Andrew and Alex give their best shot at predicting where we go from here.