Reflections on Crypto Turbulence

What a year. Cobie, crypto investor and host of UpOnly, and Chris Burniske, partner at Placeholder Ventures, sift through 2022’s rubble for clues as to what lies ahead in 2023. The two bright lights of Crypto Twitter weigh in on SBF’s fraud, how to succeed through the bear market, and what remains promising despite the gloom and doom.

Show highlights:

• why 2022 is “the hangover of 2021”
• why this year’s big meltdowns were different and dispiriting
• why it was actually a year to remind us of why we’re all here
• how the underlying protocols didn’t skip a beat
• how to survive the bear market
• what Chris feels guilty about in the wake of Alameda’s collapse
• why Cobie hopes SBF spends life in jail
• whether people will actually use decentralized alternatives – or if banking-like relationships will prevail
• what Chris sees as the 2023 version of proof-of-stake in 2017
• why Cobie thinks bitcoin is an area of opportunity over the next few years
• whether the multichain thesis (“Solunavax”) will ever rise again
• whether the contagion is over
• if disgraced figureheads deserve a second chance
• a lightning round lookback on 2022

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Guests:

Cobie:

• Twitter
• Substack
• UpOnly
• Previous appearances on Unchained:
• Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
• Cobie and Chris Burniske on How to Navigate a Crypto Bear Market

Chris:

• Twitter
• Placeholder VC
• Previous appearances on Unchained:
• Chris Burniske: A Blank Slate of State
• Chris Burniske of Placeholder on the Downsides of ICOs

The year in crypto:

• FTX
• Unchained:
• CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
• Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
• FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
• Terra:
• CoinDesk: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA
• 
  
• Three Arrows Capital
• CNBC’s full interview with Three Arrows Capital’s Kyle Davies on the downfall of the defunct crypto hedge fund
• CoinDesk: Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding
• DeCrypt: Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis
• Binance
• Unchained: Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily Outflows
• Forbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate Testimony
• Silvergate
• The Block: Silvergate CEO seeks to reassure investors over crypto contagion
• The Financial Times: Silvergate: from tiny local lender to bank behind the crypto boom
• Genesis/DCG: 
• Unchained: 
• Genesis Warns of Bankruptcy If Funding Plans Fail: Report
• On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves

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