2022 in Review + How Cobie and Chris Burniske Are Playing the New Year - Ep. 434
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
Thank you to our sponsors!
Crypto.com
Chainalysis
Minima
DeFi Saver
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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Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets - Ep. 419
Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX.
Show highlights:
the links between FTX and Alameda
what kickstarted the blowup of FTX
why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic”
why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company
whether this would have ever happened if the prices hadn’t plummeted in the bear market
the tension between advocates of privacy and those who want to limit criminal activity
why Erik believes that SBF’s donations to both political parties are bribery
whether regulators can prevent an exchange from collapsing
whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC
the likelihood that this will result in criminal charges
how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark
Tether’s decision to freeze USDT owned by FTX
Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins
whether it is a mistake for exchanges to issue their own tokens
how big the contagion could be in the industry
why nobody should leave a significant amount of their net worth in a centralized exchange
Erik’s message to regulators
whether SBF was aligned with the values and the ethos of crypto
Thank you to our sponsors!
Crypto.com
Ava Labs
DeFi Saver
Erik:
Twitter
ShapeShift
Previous Unchained episodes:
Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State
Cobie:
Twitter
Substack
UpOnly
Previous Unchained episodes:
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
Episode Links
Previous coverage of Unchained:
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
FTX Collapse:
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
SBF’s video talking to regulators
Unchained coverage:
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Binance’s dropped deal with FTX
CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation
Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
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Bankless x UpOnly Therapy Stream
After one of the worst weeks in crypto history, Ryan and David join forces with Ledger and Cobie from Up Only to bring the industry some much needed catharsis.
The four chop it up about how big of a deal this really is, how we’re going to move forward as an industry, and general advice to get through this.
Hang in there, anon. We’re in this together.
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⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across
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💠 NEXO | CRYPTO FINANCIAL HUB https://bankless.cc/Nexo
🔐 LEDGER | NANO HARDWARE WALLETS https://bankless.cc/Ledger
⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/Fuelpod
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market - Ep.355
Cobie, co-founder of Lido and UpOnlyTv, and Chris Burniske, partner at Placeholder Ventures, talk about surviving a crypto bear market, the Terra collapse, lessons they’ve learned from their mistakes, and much more. Show highlights:
whether Chris and Cobie think crypto is in a bear market
why Chris says these are the times to buy
what effect the Terra debacle will have on the crypto industry
why Chris was expecting UST to blow up
why Chris thinks there is going to be another massive liquidation event
whether an algo stablecoin could work
why bear markets are sometimes a good thing
how USDT was stress tested and proved its resilience
how macro is affecting the crypto space and what the role of the Fed is
when will we see the bottom of this bear market
how meme coins are the symptoms of a broken system
why this crypto cycle is different
whether regulations are helping VCs rather than the retail investors
why risky assets are the ones that could increase 10,000x
whether the future of crypto is multichain or not
how developers signal what ecosystem is going to win in the next expansion cycle
whether Cobie thinks staking is dying
how Chris judges market bottoms and tops
what lessons Cobie and Chris have learned from their mistakes
what innovations will catalyze the next bull cycle
what needs to happen in the future for crypto to succeed
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Cross River Bank: https://crossriver.com/crypto
Beefy Finance: https://beefy.finance
Episode Links
Cobie
Twitter: https://twitter.com/cobie
UpOnlyTv: https://uponly.tv/
Substack: https://cobie.substack.com/
L1 trading: https://cobie.substack.com/p/trading-the-metagame?s=r
Death of staking: https://cobie.substack.com/p/apecoin-and-the-death-of-staking?s=r
Token unlocks: https://cobie.substack.com/p/on-the-meme-of-market-caps-and-unlocks?s=r
Cycle Tweets:
Why “the next cycle” reasoning scares him
https://twitter.com/cobie/status/1524965475813568512
What projects will survive the bear
https://twitter.com/cobie/status/1469253171885318146
His call to “buy” on March 12 2020
https://twitter.com/cobie/status/1238282793244860417
Which VCs will win
https://twitter.com/cobie/status/1515667977118826500
Chris Burniske
LinkedIn
https://www.linkedin.com/in/burniske/
Twitter
https://twitter.com/cburniske
Previous Unchained episode
https://unchainedpodcast.com/chris-burniske-a-blank-slate-of-state/
https://unchainedpodcast.com/chris-burniske-of-placeholder-on-the-downsides-of-icos/
https://unchainedpodcast.com/want-to-diversify-your-portfolio-try-bitcoin-say-arks-chris-burniske-and-coinbases-adam-white/
https://unchainedpodcast.com/how-to-value-a-crypto-asset/
Cycle Tweets
Feb 2022 bear call
https://twitter.com/cburniske/status/1495468570708426754
March 2022 bear call
https://twitter.com/cburniske/status/1523021991619428352
November 2021 top call
https://twitter.com/cburniske/status/1457884538806308868
DCA advice
https://twitter.com/cburniske/status/1525906152881459200
https://twitter.com/cburniske/status/1500593438433021952
What could knock the market further down
https://twitter.com/cburniske/status/1525157945079496705
https://twitter.com/cburniske/status/1524260987787902978
2017 ATH calls
https://twitter.com/cburniske/status/1524838447784947712
https://twitter.com/cburniske/status/1524524188366635008
Trying to time the bottom
https://twitter.com/cburniske/status/1523573129431240710
Chris x Cobie
Luna
https://twitter.com/cburniske/status/1524280637431164929
Feeling sorry for people who have lost $
https://twitter.com/cburniske/status/1524267901456248832
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100 - How to Survive in Crypto | Cobie
🎉 Happy 100th Episode 🎉
Cobie, fka Crypto Cobain, is a cultural staple in the crypto space. Wearing many hats as a narrative investor, thought leader, and memelord, we dive into the brain of one of our favorite crypto characters.
Having been in crypto for nearly a decade, Cobie tells us his keys to surviving in crypto and what it takes to last long term. We also dive into how much decentralization matters, roles and responsibilities in shaping the world around us, and his outlook for 2022 and beyond.
Cobie advises a healthy dose of skepticism and curiosity, and describes himself as a reality maximalist. He’s gone on an absolute tear recently, dropping a series of excellent thought piece articles that establish mental models for understanding narratives across the ecosystem.
We also go through moral alignment charts and ask Cobie the big question… What does he think of Bankless?
------ ✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/debrief-cobie
------ 📣 ONJUNO | Crypto from your Checking Account! https://bankless.cc/OnJuno
------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/
------ BANKLESS SPONSOR TOOLS:
⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🍵 MATCHA | SMART ORDER ROUTING https://bankless.cc/Matcha
🚀 SLINGSHOT | LAYER 2 SOCIAL TRADING https://bankless.cc/Slingshot
🏦 GEMINI | TURN FIAT INTO CRYPTO https://bankless.cc/Gemini
🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave
🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants
------ Topics Covered:
0:00 Intro 5:30 How Cobie Survives in Crypto 13:41 Early Discoveries 21:22 Reality Maximalism 32:38 Responsibility & Roles 43:39 Tribes, Decentralization, Utility 53:10 Profit Maximalism 1:01:31 Staking & Incentives 1:10:42 Wins and Losses 1:19:20 Crypto Brain & Culture 1:28:45 Wealth & Purpose 1:36:18 Chaotic Good & UpOnly 1:39:58 Judging Others 1:54:00 Bullish or Bearish in 2022 2:00:42 Closing & Disclaimers
------ Resources:
Cobie on Twitter https://twitter.com/cobie?s=20 UpOnly https://uponly.tv/ Cobie’s Newsletter https://cobie.substack.com/
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
