DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
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You know what comes after “F” in the alphabet?
G!
Like top G, G for Gangsta, G for Godlike.
G for GTX!
That’s the awesome new exchange that promises to allow users to trade their bankruptcy claims.
How in the heck?
See 2022 saw the implosion of some of the largest crypto companies.
From FTX, Celsius, Voyager, 3AC and now even Genesis.
It seems in crypto, size don’t mean a thing.
You can be the world’s largest crypto exchange and have millions of users trading billions daily.
It could all be fraudulent and crumble in a second.
So when so many large crypto companies die, they go through bankruptcy.
What happens to all the users who had money on the exchanges or have funds stuck in the companies?
Sounds like a pretty HUGE pain point eh?
Opportunistic entrepreneurs love a good pain point to solve.
Well, that is exactly what FTX is for.
“Building on that base, the pitch deck said the new exchange will fill the “vacuum” left by FTX, adding crypto and eventually stocks”.
You know what comes after “F” in the alphabet?
G!
Like top G, G for Gangsta, G for Godlike.
G for GTX!
That’s the awesome new exchange that promises to allow users to trade their bankruptcy claims.
How in the heck?
See 2022 saw the implosion of some of the largest crypto companies.
From FTX, Celsius, Voyager, 3AC and now even Genesis.
It seems in crypto, size don’t mean a thing.
You can be the world’s largest crypto exchange and have millions of users trading billions daily.
It could all be fraudulent and crumble in a second.
So when so many large crypto companies die, they go through bankruptcy.
What happens to all the users who had money on the exchanges or have funds stuck in the companies?
Sounds like a pretty HUGE pain point eh?
Opportunistic entrepreneurs love a good pain point to solve.
Well, that is exactly what FTX is for.
“Building on that base, the pitch deck said the new exchange will fill the “vacuum” left by FTX, adding crypto and eventually stocks”.
They aim to allow monetise the IOUs that those bankrupt companies gave you by letting you trade them with others who believes that it will be worth more in the future.
“The co-founders estimate that there’s about $20 billion in the crypto claims market, noting that GTX “unlocks” funds from the embattled FTX and Celsius trading firms “for immediate trading.” Zhu tells The Wall Street Journal that 3AC creditors will “have the option to convert their claims into equity in the new claim-trading company.””
Theoretically, it doesn’t sound that bad.
We have to ask: how will they even verify the claims?
It might work.
An infinitesimal chance it might play out.
Except until you realise who the founders are.
They are the founders of 3AC and CoinFlex.
3AC crashed and burned like the meteorite that wiped out the dinosaurs, impaling a $3.5B hole in the ecosystem.
CoinFlex also imploded, owing millions and pausing customer withdrawals.
Fun fact: Su Zhu and Kyle Davies from 3AC are the first known people on the planet to be ever subpoenaed via a Tweet!
That is because they are currently on the run and incredibly hard to get hold of.
Meanwhile, amidst all these drama, they can still start a new company, pitch for $25M and have a never-say-die spirit!
Seems like all the bad actors in crypto have an indomitable attitude and a fighting spirit like no other.
Taking the fact that they are trying to start a company to solve a rather peculiar and acute pain point that might only work in such a trying time, they are trying to raise funds “ASAP”.
I am deeply curious as to who would be degen enough to give them the funding.
This is cryptoland, there will be funders and VCs willing to take a crazy, ridiculous bet, however irrational and illogical it may be.
Let the dice roll and see who would be reckless enough to do so shall we?
At this point, I am really impressed with how things turn out in the crypto market.
There really isn’t a dull day.
You learn something new every time.
The bear market is for builders.
Even embattled cofounders with dirty track records and imploded companies can revive like phoenix from the ashes.
You better not give up.
Keep hustling and building.
*Apparently they renamed their company to OPNX!
-
Should we give failed crypto founders a second chance?
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #sifutoken #quadrigacx #NFT #profits #meme #tvl #defi
They aim to allow monetise the IOUs that those bankrupt companies gave you by letting you trade them with others who believes that it will be worth more in the future.
“The co-founders estimate that there’s about $20 billion in the crypto claims market, noting that GTX “unlocks” funds from the embattled FTX and Celsius trading firms “for immediate trading.” Zhu tells The Wall Street Journal that 3AC creditors will “have the option to convert their claims into equity in the new claim-trading company.””
Theoretically, it doesn’t sound that bad.
We have to ask: how will they even verify the claims?
It might work.
An infinitesimal chance it might play out.
Except until you realise who the founders are.
They are the founders of 3AC and CoinFlex.
3AC crashed and burned like the meteorite that wiped out the dinosaurs, impaling a $3.5B hole in the ecosystem.
CoinFlex also imploded, owing millions and pausing customer withdrawals.
Fun fact: Su Zhu and Kyle Davies from 3AC are the first known people on the planet to be ever subpoenaed via a Tweet!
That is because they are currently on the run and incredibly hard to get hold of.
Meanwhile, amidst all these drama, they can still start a new company, pitch for $25M and have a never-say-die spirit!
Seems like all the bad actors in crypto have an indomitable attitude and a fighting spirit like no other.
Taking the fact that they are trying to start a company to solve a rather peculiar and acute pain point that might only work in such a trying time, they are trying to raise funds “ASAP”.
I am deeply curious as to who would be degen enough to give them the funding.
This is cryptoland, there will be funders and VCs willing to take a crazy, ridiculous bet, however irrational and illogical it may be.
Let the dice roll and see who would be reckless enough to do so shall we?
At this point, I am really impressed with how things turn out in the crypto market.
There really isn’t a dull day.
You learn something new every time.
The bear market is for builders.
Even embattled cofounders with dirty track records and imploded companies can revive like phoenix from the ashes.
You better not give up.
Keep hustling and building.
*Apparently they renamed their company to OPNX!
-
Should we give failed crypto founders a second chance?
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #sifutoken #quadrigacx #NFT #profits #meme #tvl #defi
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