Death and Transfiguration
Experienced deal closers that they are, MIAX Have Completed Their Acquisition Of LedgerX From FTX Debtors (PR Newswire). The precise figures are still not clear but it didn’t leverage vastly what they received from their minority stake sale to FTX at larger numbers to deliver them the $50 million purchase. After factoring in existing tech leases accruing to MIAX etc, it’s fair to say that MIAX are likely toasting the brazen incompetence and hubris of Team SBF. I doubt the DoorDash largesse of the FTX era will reappear any time soon either. Will the MIAX take back Mark Wetjen their former MGEX GC anytime soon? I suspect that deal may not be quite so attractive.
Transfiguration #2 concerns Bankrupt Crypto Hedge Fund 3AC Whose NFT Auction Fetched $2.5m (CoinTelegraph). Tyler Hobbs’ Fidenza #725 alone sold for $1 million amongst the 7 lots. However, with 3AC still reckoned to owe in the region of $3.5 billion, by the time Sothebys’ have collected their commissions et al, it is fair to suggest these proceedings are colourful but not overly material to the bankruptcy proceedings.
Meanwhile, from the dead fund 3AC to the death of CBDC? An FT OpEd (“Central Banks Bow To The Inevitability Of Digital Currencies”) and The Economist (“Central-Bank Digital Currencies Are Talked About More Than Coming To Fruition”) are contributing quasi-obituaries already… with the story neatly surmised by Patrick McConnell via LinkedIn CBDC- RIP. There’s a lot more that can be said but in essence, folks just don’t trust central banks…and given their incompetence for the past decade or so, can anybody blame them?
A key issue is the digital control factor of CBDC which also fed these comments by Balaji Srinivasan (Apple And Google Are Systemic Risks To Crypto,' Says Ex-Coinbase CTO – Bitcoin News).
I suppose my major concern is that when the FT and Economist agree on something they are invariably wrong, so I am considering my position as it feels uncomfortable to agree with them given their generally poor track record for predictions.
Meanwhile there’s a kind of optimism as folks sense the end of crypto winter…
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