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Heavy Chandeliers - chandeliers

chandeliers.substack.com · 2,178 words · saved by 2 readers

My thanks to Kelvin Fichter, Mark Tyneway, Derek Hsue, Mene Mazarakis, Luke van Seters and Liam Horne for discussions. Mistakes are my own. In the depths of the ‘22 crisis, David of Bankless broke into tears. “We have these..awesome foundations.. [But] they just keep enabling the worst, it gets harder to justify what the hell we’re doing here man… Scammers can leverage them better… We’re running out of ways to explain it to normies..” Since then Bitcoin and Ethereum are up ~50%. Stunning incompetence at US regional banks have provided the latest crypto bull narrative. The fools that managed these traditional institutions deserve the mockery they are receiving. The deposit structure of these banks was knowable. The mark to market losses on treasuries was knowable. To anybody who knew a little bond math and could think independently, the outcome was foreseeable.1 But for those of us who want to build alternative crypto institutions to replace declining incumbents, mockery is not enough.

My thanks to Kelvin Fichter, Mark Tyneway, Derek Hsue, Mene Mazarakis, Luke van Seters and Liam Horne for discussions. Mistakes are my own. In the depths of the ‘22 crisis, David of Bankless broke into tears. “We have these..awesome foundations.. [But] they just keep enabling the worst, it gets harder to justify what the hell we’re doing here man… Scammers can leverage them better… We’re running out of ways to explain it to normies..” Since then Bitcoin and Ethereum are up ~50%. Stunning incompetence at US regional banks have provided the latest crypto bull narrative. The fools that…

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