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VOICE ARCHIVE

Doug Colkitt

@0xdoug
25 posts
2024-04-05
Excited for @0xShitTrader @jarxiao and the entire Ellipsis team. Since the beginning they've been rigorously tackling the hard problems in on-chain microstructure. Very few teams in defi with this type of laser focus on the real problems.
2024-04-05 View on X
Fortune

Ellipsis Labs, which operates Phoenix, a decentralized crypto exchange launched in February 2023, raised a $20M Series A led by Paradigm

to do this, sustainable markets are table stakes. I'm fortunate to work with a talented team and thoughtful investors who believe we will achieve this ambitious mission. Mert / @0x...

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2022-11-16
SBF's law: Whatever the next revelation about FTX is it's going to be worse than you thought even when you take into account SBF's law
2022-11-16 View on X
Reuters

A look at SBF's desperate efforts to raise $7B+ from Sequoia, Apollo, TPG, the Saudis, and others; FTX's internal accounting software hid FTX-Alameda transfers

As customers withdrew billions of dollars from crypto exchange FTX one frantic Sunday this month, founder Sam Bankman-Fried worked …

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2022-11-12
3/ Let's rewind to 2017/18. Alameda the prop firm is a big fish in a little pond. They're mediocre traders (there's a video of SBF bragging about how their quoter latency is down to something like two seconds). But crypto is still a weird asset class that most won't touch
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
4/ But inefficient markets rarely stay that way. As more actual pros enter the space their alphas are starting to decay to zero. It happens. It's a self-contained process. You size down and eventually shut off. You don't lose (much) money, you just stop making money and move on
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
3/ Let's rewind to 2017/18. Alameda the prop firm is a big fish in a little pond. They're mediocre traders (there's a video of SBF bragging about how their quoter latency is down to something like two seconds). But crypto is still a weird asset class that most won't touch
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
23/ Normally liqs are easily profitable layups. But if you have mediocre trading systems, a big liquidation with a lot of toxic one way flow in a fast market is bad Seems likely that Luna pushed them over the edge, not because of prior exposure but just the FTX liquidations
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
23/ Normally liqs are easily profitable layups. But if you have mediocre trading systems, a big liquidation with a lot of toxic one way flow in a fast market is bad Seems likely that Luna pushed them over the edge, not because of prior exposure but just the FTX liquidations
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
1/ Very rough and speculative sketch of what I increasingly think happened at FTX as more info comes out... The central question is where did the money go? Yes malfeasance and fraud is necessary, but at one point in the cycle cash actually has to go out the door
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
16/ Imagine a casino where all the games were +EV, except the house doesn't actually have money to cash out the chips. Nobody would notice because instead of cashing out, they'd just keep pouring bee funds into the money machine. FTX was a ponzi targeting trading firms
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
14/ At one point or another Alameda lost more than it could internally fund. At that point it had to dip into FTX reserves. This probably seemed innocuous at first. After all SBF, on paper was worth near $100bn between FTX and Solana at peak market cap. What's a few million USD
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
5/ I think at this point Alameda hatches a much more audacious exit plan. (Linear utility is a hell of a drug.) The prop trading operation as an independent entity won't survive. But it's liquidity can be used to bootstrap a lucrative consumer facing crypto exchange
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
7/ Sam has now turned a -EV trading strategy into an exchange valued at tens of billions based off growth metrics being basically generated by Alameda itself. Riding off nosebleed valuations and VC demand for crypto tech exposure.
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
4/ But inefficient markets rarely stay that way. As more actual pros enter the space their alphas are starting to decay to zero. It happens. It's a self-contained process. You size down and eventually shut off. You don't lose (much) money, you just stop making money and move on
2022-11-12 View on X
Reuters

Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

View original
1/ Very rough and speculative sketch of what I increasingly think happened at FTX as more info comes out... The central question is where did the money go? Yes malfeasance and fraud is necessary, but at one point in the cycle cash actually has to go out the door
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
16/ Imagine a casino where all the games were +EV, except the house doesn't actually have money to cash out the chips. Nobody would notice because instead of cashing out, they'd just keep pouring bee funds into the money machine. FTX was a ponzi targeting trading firms
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
14/ At one point or another Alameda lost more than it could internally fund. At that point it had to dip into FTX reserves. This probably seemed innocuous at first. After all SBF, on paper was worth near $100bn between FTX and Solana at peak market cap. What's a few million USD
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
5/ I think at this point Alameda hatches a much more audacious exit plan. (Linear utility is a hell of a drug.) The prop trading operation as an independent entity won't survive. But it's liquidity can be used to bootstrap a lucrative consumer facing crypto exchange
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
7/ Sam has now turned a -EV trading strategy into an exchange valued at tens of billions based off growth metrics being basically generated by Alameda itself. Riding off nosebleed valuations and VC demand for crypto tech exposure.
2022-11-12 View on X
CoinDesk

FTX claims it has been hacked, and instructs users not to install new upgrades or go to FTX.com and to delete FTX apps, after $600M+ in crypto left FTX wallets

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

View original
2022-05-10
1/ Fascinating little phenomenon happening in the Uniswap UST/USDC pool right now... The price in the pool is basically “stuck” at $0.952, despite the actual market price being $0.93. https://twitter.com/...
2022-05-10 View on X
Bloomberg

A look at Do Kwon's algorithmic UST stablecoin, designed to trade at $1, after it fell as low as $0.60; CoinMarketCap says there are 18.5B UST in circulation

Algorithmic stablecoins, like their more “traditional” counterparts, are supposed to provide calm in the chaos of crypto.

View original
1/ Fascinating little phenomenon happening in the Uniswap UST/USDC pool right now... The price in the pool is basically “stuck” at $0.952, despite the actual market price being $0.93. https://twitter.com/...
2022-05-10 View on X
CoinDesk

CoinMarketCap: UST stablecoin loses its USD peg, falling as low as $0.60, after the Luna Foundation Guard pledges $1.5B of its bitcoin reserves to support UST

Despite Loan From Bitcoin Reserves The Block : Crypto researcher unpacks why UST broke down and what happens next Brian Newar / Cointelegraph : Terra peg mechanism in doubt as UST ...

View original