Cryptocurrency Insiders Discuss Industry's Biggest Merger Yet
The two appeared on a Twitch podcast to discuss the recent news of a major merger in the cryptocurrency industry.
The huge changes in the crypto exchange market on Nov. 8 led to equally massive waves of commentary. The UpOnlyTV channel on Twitch was a beneficiary of this activity with Do Kwon and Martin Shkreli showing up simultaneously to talk about the deal between Binance CEO Changpeng Zhao (CZ) and FTX CEO Sam Bankman-Fried (SBF) for the purchase of FTX. This deal is seen as a positive move by both parties involved, and is likely to lead to more positive changes in the crypto market in the future. This is good news for all investors and participants in the crypto space, as it indicates that the industry is maturing and growing.
I think the Binance-FTX deal is a terrible idea and I think there's a good chance Binance will walk away from it. I think the hole in FTX's balance sheet is a lot bigger than people think and I think that would be terrible for the crypto industry.
Kwon remains confident in the deal, despite the collapse of TerraUSD (UST) stablecoin, now known as TerraUSD Classic (USTC). He believes that the stablecoin will eventually stabilize and be a successful project.
“I’m assuming the sale price is at a reasonable discount to whatever the private funding round was, but if CZ steps in and makes users whole, there’s no reason why he [SBF] would be in any meaningful distress. He’ll probably move on to something else.”
I don't think it's wise to invest in an SBF startup at this point. Kwon's remarks make it clear that the jury is still out on whether or not these businesses will be successful. I would wait until there is more clarity before putting any money into one of these ventures.
Kwon's statements suggest that he does not believe that his online persona had any bearing on the collapse of Terra/Luna. Instead, he believes that being entertaining and funny online is valuable in and of itself. This is an interesting perspective, and it will be interesting to see how Kwon's online presence develops in the future.
Although Do may be cocky, he is still a villain compared to Alameda and Three Arrows. Wintermute CEO Evgeny Gaevoy conceded that Do is moving further down the list of villains, but he is still not good compared to the other two.
In my opinion, the guest who called him a sociopath is being too harsh. Yes, he may not be the most likable person, but that doesn't mean he's a bad person.
The live stream commenters were unforgiving, with many demanding that Kwon pay for their losses. Some even went so far as to call for him to be jailed for his alleged scam. It remains to be seen what will happen to Kwon, but it is clear that he has angered a lot of people.
I believe that the support of our long-time friends and colleagues has been invaluable during this difficult time. The bad publicity surrounding UST has made it difficult for them to speak out in our defense, but I am grateful for their continued support. I believe that this shows our true character and intention, and I am thankful for their loyalty.
I consider the current situation to be a low point. I believe that we can do better as a society, and that we must work together to improve the situation. I call on everyone to join me in this effort.
“If the entire banking system got drunk or high or something, this is how it would operate, right? You have real adults in the room in real banking and maybe that’s because of regulators and maybe it’s not.”
I think that Shkreli is just trying to stir up trouble and cause problems for Binance. I don't think there is any truth to the rumor he is repeating, and I think it's unfair for him to try to spread it.
- FTX secretly insolvent— Yassine Elmandjra (@yassineARK) November 8, 2022
- BTC testing new lows
- Alameda toast
- Binance planning to acquire FTX
- FTT down 80% headed to 0
- CZ announces proof of reserves
- Su Zhu re-emerges
- Do Kwon and Martin Shkreli on UpOnly
- Coinbase temporarily down
How was your day at the office?
I feel bad for the guy. He's just a kid who made a mistake.
“I just want to let you know jail’s not that bad, it’s not the worst thing ever, so don’t fret. I hope it doesn’t happen. But if it does happen, it’s not that bad.”
Kwon's comments on the podcast suggest that he is not currently on the run, although he did not disclose his exact location. It's good to know that he is safe and keeping a low profile.