Central bank crypto FTX and Alameda | Nearly 1 billion already offered to "bad loans"

How experienced by the world of crypto-monnaies above last days has been compared by many to the crisis of 2008 leading to the collapse of Lehman Brothers. It is not yet clear if we can consider the contagion effect behind this, but what is clear is that actors are emerging who take advantage of this to behave like central banks and, sometimes, like real governments.

Who are we talking about? of the block Alameda research Et FTXwhich had already had good and bad weather during the running of the bulls and what time does it work lender as a last resort to bail out groups that had excessively exposed themselves to nearly bankrupt funds.

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Alameda and FTX the new central bank of the crypto world?

The previous situation should now be known to our readers. From the crack of Lunar Earth we have gone through the difficulties of Celsius and then have 3AC's seemingly insurmountable problemsone of the largest funds in the crypto world and where many projects held their funds.

With the insolvency of 3AC a potential contagion effect was triggered, on a scale that is still difficult to assess, which also affected Traveler as well as several operators of similar scope. Traveler on which it acted as lender of last resort Alameda researcha few hours later another significant FTX intervention to protect the market.

A case? No, a specific plan, already publicly stated by Sam Bankman Fried – or the possibility of FTX and for the other satellites of the group that have cash to intervene to stop the contagion and avoid new problems for the whole sector, starting with Bitcoin to end up on less liquid protocols.

A historic turning point which, in our opinion, in little they understood and that this will have significant consequences on the whole market. Because we might have expected everything but a group of individuals to work the same way as them for fed then the American government during the crisis of 2008.

Loan to restart and overcome the crisis

The mechanism would be this: provide liquidity to those who do not have it due to chain failures which involve for example Capital of the Three Arrowsthat we saw with Traveler but also with the loan to the blockf. Loans which, in the event of a successful recovery, will strengthen the position of FTX in the market, both economically and Politiquement.

This is the piece that is perhaps missing from the analysis of many: FTX through his factotum he has already funded political lobbies in a big way and while announcing the plan to contain the contagion in the crypto world he also made important references to the need to regulate the sector, at least at the level of fonds.

Could it be an operation to be accredited as a kind of state authority within the crypto world, and therefore gain the possibility of being considered as an interlocutor with the legislative power of the most important countries? Certainly a possibility, which could be followed also given the growing importance of the crypto sector for politics.

Many won't like it, but Bitcoin is made to withstand even this type of “interference”

For many, what we believe is happening between lines won't like: if you can't stand the public authorities which can have good or bad weather on the markets, they won't stand either the private powers which will try to do the same.

At least Bitcoin however, it has all the tools to resist even this type of interference. And so any concern, although to be taken into consideration, is to be considered in our view as surmountable.

But how much capital is at stake?

So much, because we're talking about 250 million paid to Block.fi and 200 million plus 15 Bitcoins provided in support of Traveler. And it may not be there. Serious and concrete commitments that have in all likelihood avoided bad quarters of an hour in the crypto market in general.

Who knows if further intervention will be needed by what is now effectively a sort of private central bank for the crypto world. A central bank that might have enough strength to lend a helping hand to other excellent victims of the recent global crypto crash.

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