Alameda Insolvency Buzz
This is a special one folks, Get your TinFoil hats on! - Wallet/Portfolio Review (Week 7/52).
I am not a financial advisor, and nothing I say in this substack is financial advice.
This is all educational content you can use as a starting off point for your own research initiatives. I’m just another random individual who started a substack ‘cause I think I have something to share with you all’. 🤷
That said, if you’d like to know a bit about me and are wondering why you should listen to me, read this intro post I wrote 🙌
Shoutout to rekt.news for producing amazing content, the image above and this little three minute video will give you the neutral truth about this industry and it’s participants.
This wallet review is a recurring post. The aim is to post an official update every Monday and see how far I can grow this little stash by week 52.
As of November 7th, 16:00 UTC this tiny stash of mine sits at a modest value of $766 USD, dubbed week 6 closing balance & week 7 opening balance. (Up $33.00 from last week).
For illustration purposes, I’ve dropped a screen-cap of my wallet, accessed via DeBank
📣 Weekly Highlights: Everyone who’s been following along and experimenting with this wallet review, congratulations! As of November 07th - 16:00 UTC, our portfolios are now Net Positive (+$66).
Note:
The above value does not account for My NFTs ($157.15) and the APTOS airdrop. (Conservatively speaking, let’s say additional $250).Also, there’s chances many of you have outperformed me. If so, I am Proud! :)
So, first peace of news we were waiting for “The FED’s” decision, there were hopes of a dovish fed, perhaps even a pivot.
And pivot we did, from Hawkish to More Hawkish!
@MacroAlf, has summarized the entire saga from the fed statement tease of dovish tone where they admitted that there are policy lags and we might consider that in rate hikes.
30 Minutes later, papa powell took the mic, and said, I’ll risk recession and heat up the printer again then if need be. It’s too early to Pivot!
There’s 10 different opinions now on the outcome of this decision and “language”.
FEDs terminal rate estimate is up to 5.5%. Which means there’s likely more pain ahead, playing into our depression phase thesis but, i’d like to say this also does really feel like extreme bear market bottom vibes.
Not saying this is market bottom but, the recently crowned prince of crypto has also now had a term similar to Lizz truss’s term @ the parliment as the Prince/Knight of crypto (I’d love for all this to go away, personally, i don’t see anyone else in sam’s shoes right now, he’s doing his best!).
Needless to say; this is the Era of Fallen Idols folks. Which brings us to:
Alameda Insolvency Buzz
Towards the end of the week news started surfacing that alameda’s balance sheets might be a bit light and Binance had received an unlock of FTT tokens worth $580 Million. Which they have every intention of liquidating
SBFs been getting a lotta heat of late, because of their most recent bill that they were hoping to get through congress. I’d recommend checking out Rekt.news’ Post.
SBF and Erik Voorhees had quite an interesting debate on said regulation, if you are able to, i’d def recommend hearing this one in the background.
I think, Erik’s answers were rather more clear and conscise compared to SBFs.
I’ve always thought that SBF was one of us and would be one of the core individuals fighting the battle at D.C.
At the end of this interview, It sorta felt like SBF and D.C did not care about crypto and open finance.
It felt like it was all about who’d be the next select few to benefit from this upcoming revolution.
Many Believe the battle between CZ and SBF was already brewing and this perhaps was the final nail in the coffin.
I’d give this thread by CZ a read.
Many are speculating CZ planned this and this is the revenge of the trolls on SBF… but, i’d like to say, CZ is a builder.
I doubt this was his intention. He’s just trying to not repeat the LUNA debacle.
Word on the street is FTT (FTX’s Token) needs to hold above $22 to avoid cascading liquidations.
And to be fair, they’ve claimed they have upwards of $10 billion worth of outside assets or something on those lines.
Here’s what their public wallets have (at the time of writing this post).
🔗 FTX Exchange Wallet, 🔗 FTX Deployer Wallet.
Overwhelming majority of these are FTT & leveraged tokens.
The hedge fund's finances appear to rest on the same scheme that destroyed Celsius Network. Will it work out any differently for Sam Bankman-Fried?
Again, nothing here is financial advice, we’re just random s#!tposters talking global finance over a beer or two, with our tinfoil hats! At the end of the day, you have-to make the decision, not me.
As of October 24th, 12:00 UTC, my wallet has active interactions with these projects:
🔗Mycelium, 🔗GMX, 🔗🦄Uniswap, 🔗Brahma Vaults, (Polygains strategy), 🔗Perpetual Protocol, 🔗Thales (options trading), 🔗Aurora Plus (Read up my review on AUROA+), 🔗Aurigami Finance (Money-Market/Lending-borrowing), 🔗Trisolaris (DEX), 🔗Sperax, 🔗Hop.exchange (How to Add Liquidity on HOP), 🔗Vest.
To keep this review short, interesting, and not redundant, I won’t be going over all my investments.
Instead, I’ll ask you to read up on last weeks’ post and make assessments on how much we gained last month and which positions were the best.
💚Trading On Perpetual Protocol
I’ve been trading NEAR on perpetual protocol lately. So far, i’m still in the process of building a position.
As you can see, I had a few profitable trades, and a few LP positions where I earned a few dollars in fees, and lost about .20 cents due to IL (Impermanent loss).
In total my profit was around $32ish.
Now i’m trying to build another near position but, I feel I may have entered way too early.
i’m starting to feel as though I may caught a falling knife, given everything i explained above in “weekly highlights”
As you can see, my position is much larger this time around (so are the lossess 😅).
over the next few days i will consider building this position or cut my lossess and move on, drop my wallet a follow on debank to be the first to know.
🤑 Did i Sell Anything This Week?
I sold some of my GMX and MLP, Approx. $100 worth and deployed a bit in safer strategies (STG/USDC LP), bought some ETH, staked it on Stargate and bought some Stargate tokens, staked/locked those tkns for 3 years.
Lately i’ve been embracing the Layer Zero ecosystem and it’s projects so figured i’d share this one from L0 Eco.
I’ll keep you all posted on how this position turns out. Good chance i’ve bought at the top of the trend and I could’ve/should’ve waited a touch longer for a better entry.
But, hey, they have a working product that solves an important problem. That’s my thesis, so I reinvested some profits.
🪤 Outro
Of course, it goes without saying but bears repeating that nothing I say or share here is financial advice. I’m just another random individual starting a substack ‘cause I think I have something to share with you all’. 🤷
Also, like many individuals who are doing this for a living I also am a humble penniless fool. So, if you are a kind, bountiful, and gifted individual who has benefited from this S#!t Postery and wish to buy this S#!t Poster of yours a coffee, Some drip money would definitely be appreciated and will help to keep my fingers going on this mechanical keyboard of mine.
You can donate whatever you think is right at this address: shitcoinornot.eth :)