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<center>![Unsplash](https://images.unsplash.com/photo-1600377927594-ceae8f8981a6?ixlib=rb-4.0.3&ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&auto=format&fit=crop&w=1074&q=80)</center>

<center>[Unsplash](https://unsplash.com/photos/1cJXplTxrmI)</center>

So, after the huge implosion of FTX and the potential still unknown insolvency of Genesis that might or might not take down the parent company DCG... it is eerily quiet. You could almost think that the storms have past and we are on the way to finding the bottom and rebounding to a new bull market. Except... it just feels too quiet for the aftermath of such gigantic failures...

We still haven't seen the unwinding of FTX and Genesis... how much of that "collateral" was borrowed against and not liquidated... and more to the point, how many times was it borrowed against and NOT liquidated. The closed nature of these deals means that all of this is quite opaque to everyone... and no one knows which ships have holes in them. Meanwhile... DeFi is still going strong... you get liquidated and everything is clear and in the open. Even Aave/Curve repelled a nearly successful attack with a small loss.... but you can see the loss and bad debt and see that it will be absorbed... in fact, you could see the attack coming. 

Meanwhile, Genesis might be a ticking time-bomb for DCG if it goes into bankruptcy. Listening to people who know what they are talking about... DCG bailed out Genesis earlier in the year with a promissary note... which is paid back over time. However, it appears that the note is instantly redeemable if it Genesis files for bankruptcy and creditors are looking for assets to liquidate. And DCG might not have the liquidity to back it completely and immediately... sigh, and DCG has been a good one in the space.... backing worthwhile projects that were not flashy. 

So... that brings us to liquidity. Again listening to people who know better on Unchained and Bankless.... liquidity is at a low, everyone is sticking their heads in... no one knows if the contagion has stopped or if there is more carnage waiting to be revealed. This brings us to the real indicators of market strength... not price, not market cap... nothing that is that easily identifiable and that tends to get bandied around. It is liquidity... and also future supply. And liquidity is dry... which makes for volatility. 

Apparently trust has gotten so back that exchanges are no longer extending credit to market makers! In the past, market makers would have time to settle their accounts... but now, exchanges are demanding collateral... and trusting no-one with credit. Fair enough, that is the rules that the rest of us have to play by... but again, it dries up liquidity. 

Personally, I'm still very cautious and worried... I'm still sticking my head in. I'm not going to be too surprised if there are still dominoes waiting to fall... the ones that are still hiding gaping holes and trying to fund-raise or trade their way out of it. 

I did buy a bit more of the old DeFi protocol tokens... and some more Ether. At the moment, it is back to stables, BTC, and ETH. No funny games... although, I did use some recent dumping profits to take long shot bets on some really cheap shitcoins. Who knows... maybe one of them will spike and pay off the gamble! The market doesn't have to be rational... and well, low liquidity... high volatility! 


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