In "Liar's Poker" (1998), iirc, this was called an Argentine Put. You'd place a big trade at the end of a day, fly to Argentina that night, and check the newspaper the next day to find out whether you were rich or a fugitive.
^ this. Feels like this shoe really hasn't dropped yet, just mentioned on Twitter in a thread or two. Overall this is the most shaken I've been in the crypto space in a long time; this last week or two. The unwinding of giant firms is behavior of degens, not institutions. Add bear already + macro economic / political issues, and crypto thus far has blown it proving "drought tolerant" to the world around it. I'm still long on blockchain, but right now doesn't feel so great.
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[ 3.0 ms ] story [ 25.2 ms ] threadZhu Su, one of the co-founders, would talk about the Bitcoin “supercycle” so much that people started calling it “zhupercycle”
Now it appears that they actually drank their own kool aid and went long when market was crashing.
The solution is not less 3ac’s but more, so inevitable unwinding does not take out all the players.
They were well liked and respected in the industry, having built up their fortunes trading over the years.
A little like Ray Dalio being on the run.