A thread about my crypto oil fields theory:
Besides gambling, in this market, there're some opportunities that 100%ly make you money, and I call them "crypto oil fields".
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