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The FTX situation is not the same, but it rhymes. The role of TerraUSD — the “debt” — is played here by FTX’s customer balances; the role of Luna — the backing token — is played by FTT and SRM. In both cases, confidence in the business collapsed, and it turned out that the debt was actually backed by nothing.
FTX’s Balance Sheet Was Bad
bloomberg.com
A week later, Kelly made an unsuccessful last-ditch effort to persuade Trump not to replace him with Mick Mulvaney, a former congressman from South Carolina who was serving as Trump’s budget director. “You don’t want to hire someone who’s going to be a yes-man,” Kelly told the President. “I don’t give a shit anymore,” Trump replied. “I want a yes-man!”
Inside the War Between Trump and His Generals
newyorker.com
The trend that Substack is part of is not a newsletter trend, or even the much-hyped creator economy. We are part of a seismic shift in the media economy that is all about writer and creator ownership and independence. When writers are in charge, they can do the work they believe is most important, have a direct relationship with their readers, and have the potential to make far more money than they could get from being an employee who produces content for others to own and disseminate. Our fellow travelers in this trend are not email service providers or legacy news organizations, but the likes of Shopify, Twitch, Patreon, OnlyFans, and Discord. This subset of the media economy is thriving. It is entirely different to what some people think of when they talk about a “newsletter economy.”
Please Stop Calling It the ‘Newsletter Economy’
on.substack.com
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