These guys thrive on, and truly believe in, “fake it until you make it.” They believe you can attract money by acting rich and creating the perception that you are rich.

Which is about… half true. It's 49% true. That's how Elizabeth Holmes attracted so many investors.

But reality always has the majority vote, making it a risky play. And yes I think Alameda is probably doomed.

This bear market has hurt a lot of people more than they let on. People over-leveraged in 2021, and the CEFI collapse this year erased a lot of money they were counting on.