This episode of Bell Curve explores Binance's proof-of-reserves controversy, Alameda's crazy venture portfolio, why Alt L1s were artificially overpriced, Maple Finance's $36M default and more!
My favorite segment? Why the Alt L1 Thesis is fundamentally broken. Did SOL's mooning valuation (underpinned by FTX/SBF) lead to broken relative-value metrics for other L1s? Tune in to find out!
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Timestamps:
(00:00) Introduction
(02:19) Binance’s Proof of Reserves Controversy
(14:18) Alameda’s Venture Portfolio
(24:59) Why The Alt L1 Thesis Is Fundamentally Broken
(33:25) “Avalanche Ad”
(34:39) Expected Price Action In The Next Cycle
(39:31) Apes vs Punks, Who Wins?
(41:57) Maple Finance Borrower Defaults On $36M Loan
(53:26) GPT Unlocks & Productivity Gains
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Resources:
Jesse's tweet on proof-of-reserves
https://twitter.com/jespow/status/1600787933065117696
Alameda's venture portfolio
https://twitter.com/JasonYanowitz/status/1600156389933973505
Matt Walsh Twitter
https://twitter.com/MattWalshInBos
Vance's Tweet thread on the broken alt L1 thesis
https://twitter.com/pythianism/status/1600895603512180737
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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.
