"I will start with the conclusion: my piece failed. Nothing has changed. DeFi-driven blowups have continued. Therefore, in the strongest possible terms, I repeat, with humility: do not invest in non-Bitcoin crypto. Do not invest in non-Bitcoin DeFi. This is why NYDIG is a bitcoin company. Always has been, always will be." - Ross Stevens

Today we take a short dive down the FTX and Alameda rabbit hole with an article put out from NYDIG and Stone Ridge that prefaces the situation with a call to action for those in the space, and then is followed by a breakdown of the events and what we know so far from Greg Cipolaro. If you are wondering what has been going on in crypto, this is a good place to start.

Check out the mentioned article below written 6 months ago on the risks and potential failures of crypto and Defi with the incredible piece co-authored by Ross Stevens, Nic Carter, & Allen Farrington:

https://nydig.com/on-impossible-things-before-breakfast

Check out the original shareholder letter at the link below:

https://nydig.com/research/through-the-looking-glass-the-ftx-and-alameda-saga

Dont forget to check out our amazing sponsors:

• Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! (guyswann.com/coldcard)

• Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 5,000 FREE SATS at (guyswann.com/fold)

• The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)

----------------------------

“It is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.” - F.A. Hayek

Learn more about your ad choices. Visit megaphone.fm/adchoices

---

Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message