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@xmrMoneroCat: The Animated Series
Episode 3: The Distraction
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Episode 3: The Distraction
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Luis Buenaventura
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Training small AI models at hiraia.org, designing fun stuff at cryptopop.art. Support $LUKE: Ez7eEs53hQiXgCGmcbhdX5i1jgg2gC3F6MoeosuVpump
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Introducing a new @xmrmonerocat sidekick in this week's episode!
A frequent conversation I have with industry folks is that every crypto cycle often includes the collapse of a massive brand.
The joke is that there needs to be a sacrifice to the volatility gods before the next bull cycle can occur.
In the 2012 cycle, it was MtGOX after their infamous $300M hack. In the 2016 cycle, it was Coincheck (a $550M hack) ... ironically also a Japanese exchange. (You'd think they'd have learned a few lessons from GOX by then.)
In the 2020 cycle, it was of course FTX ... which was not a hack, but $8B in losses due to a different form of financial crime.
In the 2024 cycle, I initially thought it was the Bybit hack in 2025 ($1.5B) but this new Binance hack ($6B) dwarfs that. Their initial position was that they could cover all the losses, and the community has been weirdly dismissive of the hack because of how much it's grown to trust the Binance brand.
I'm not saying that Binance will be the sacrificial lamb for this cycle. I have much less insider knowledge nowadays than I used to because I'm deliberately staying away from the exchange industry.
But damn, that would be the kind of deep bear catalyst that would shake the foundations of the crypto industry down to its very core. In my mind the only things left that could trigger that level of despair would be the collapse of either Binance or Strategy, and neither of them feel particularly anti-fragile right now.
The joke is that there needs to be a sacrifice to the volatility gods before the next bull cycle can occur.
In the 2012 cycle, it was MtGOX after their infamous $300M hack. In the 2016 cycle, it was Coincheck (a $550M hack) ... ironically also a Japanese exchange. (You'd think they'd have learned a few lessons from GOX by then.)
In the 2020 cycle, it was of course FTX ... which was not a hack, but $8B in losses due to a different form of financial crime.
In the 2024 cycle, I initially thought it was the Bybit hack in 2025 ($1.5B) but this new Binance hack ($6B) dwarfs that. Their initial position was that they could cover all the losses, and the community has been weirdly dismissive of the hack because of how much it's grown to trust the Binance brand.
I'm not saying that Binance will be the sacrificial lamb for this cycle. I have much less insider knowledge nowadays than I used to because I'm deliberately staying away from the exchange industry.
But damn, that would be the kind of deep bear catalyst that would shake the foundations of the crypto industry down to its very core. In my mind the only things left that could trigger that level of despair would be the collapse of either Binance or Strategy, and neither of them feel particularly anti-fragile right now.
Kaiser Ng, the chief financial officer at Binance, the world’s largest crypto exchange, is leaving days after hackers stole more than $6 billion in cryptocurrency from the company bloomberg.com/news/articles/…View quoted post on X
Now just imagine how much damage you could do as a competent person who happens to also give a shit
It's crazy how much you can accomplish by just giving a shit. All those traits we think matter (intelligence, competence, talent, charisma), matter a lot less than genuinely giving a shit.View quoted post on X
A classic poster made for The #Bitcoin Rodeo conference in Alberta a lifetime ago!
The Bitcoin Bull is Under Construction by @helloluisView quoted post on X
