As the Web3 metaverse continues to collapse, some jaded observers are turning out great lines.

The specific story is yet another weirdly complex trading of nothing:

The problem is brewing at BendDAO, a peer-to-peer lending service that lets users borrow ether (ETH) against their NFTs. Customers can typically take out a loan equal to 30% to 40% of the NFT collection’s floor price, or the minimum price to purchase one on the open market, with the NFT pledged as collateral.

Floor prices have tumbled in recent months, so much so that 45 of the 272 Bored Apes with BendDAO loans tied to them are now in the platform’s “danger zone,“ when an NFT used as collateral is close to being auctioned off. In other words, $5.3 million worth of Bored Apes are at risk of being liquidated.

The great line:

I hate that y’all somehow created a risk for cascading liquidations of JPEG backed loans.

The big point: Complex trading of abstractions based on exactly nothing is not a skill you learn overnight. It’s not a process that Filipino cryptobros know how to create and manipulate.

These trades are NORMAL BUSINESS for hedge funds and Wall Street operators, who are accustomed to call options on indexes of 0.82 / rate of change in the squared money velocity of Tranche B April 2023 preferred credit default swaps guaranteeing ETFs that represent 3.724 * the 9-dimensional spatial integral of an inverted 62.11% long short Σ(exp(2π/hamburger)) long sub-basket of out-of-the-money puts.

It was obvious from the start that Bitcoin is a Deepstate project. Investment banks have always been part of Deepstate.