Prominent bitcoin (BTC) company, NDYIG released an article written by co-founder and executive chairman Ross Stevens and research head Greg Cipolaro. The article titled “Through the Looking Glass: The FTX and Alameda Saga” mainly revolves around the beleaguered crypto exchange FTX and trading firm Alameda Research. It also talked about the importance of the firm to involve bitcoin (BTC).
In the blog, Stevens cited an article he wrote in July this year. He started with the conclusion of the previous article noting that his “piece failed”. He added that nothing has changed as firms based on defi are still blowing up. While reiterating his argument, he said to not to invest in crypto other than bitcoin and not to involve in defi projects other than bitcoin.
NYDIG has been a bitcoin company, it still is and it will remain the same in future, he added.
The company is a Stone Ridge subsidiary, a holding company that made it possible for the creation of firms with forward thinking across the tech and finance world. The company works towards delivering bitcoin based products to various players within the industry including banking, insurance, fintech firms and even non-profit organizations. Moreover the company is a bitcoin lobbyist and stands with the notion to make bitcoin tech universal.
In addition, the blog continued to note that NYDIG has worked with Three Arrows, Celsius, BlockFi, FTX and many more companies. Yet it kept distance from mistakes given their “think from first principles”. He asked several straightforward questions—how do you make money and reasons for being optimist on a business, etc.—and said they must be answered before getting into business.
NYDIG does the same, the blog noted, also holds numerous opportunities allowing the firm to invest in projects able to yield crypto. Such projects with enormous profit for short-term but are likely to fall. These opportunities must be avoided. It suggested to partner with people with the same likeness and should have a bond of trust in between.
The blog also added the shared through on recent collapse in the crypto industry—FTX filing of bankruptcy after days of struggling to continue operations. The whole issue is said to start with the unveiling of the balance sheet of Alameda Research, Sam Bankman-Fried’s trading firm.
It noted the firm’s connection with FTT token and with Solana and also how a leading crypto exchange’s action in the same course led FTX to take the bruising hit.
By 8 November 2022, FTT token was trading at around 22 USD which now dropped significantly and declined till 1.92 USD. At the press time, FTT is trading at 2.25 USD.
Source: https://www.thecoinrepublic.com/2022/11/12/nydig-executives-noted-bitcoins-importance-and-ftx-bankruptcy-filing/