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The worst week in crypto history... so far.
Many Happy Returns
Cryptocurrency Market Makers Take Very Little Directional Risk
Matt Levine's reaction to his answer was so funny. He said, I think of myself as like a fairly cynical person. And that was so much more cynical than how I would have described yield farming. You're just like, well, I'm in the Ponzi business and it's pretty good. That seems to be the story of crypto over the last year or two is that they're learning the lessons that the mainstream financial system learned over the last 100 years on like a speed run.
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