Follow up to previous tweet: afaik the only profitable businesses in crypto are 

- exchanges
- some NFT marketplaces although it looks increasingly like their take rate is going to 0%
- metamask/consensys
- (maybe) some node infra providers

anything else?

co-founder stelo.com. theoretical cs phd dropout. into math, music, ml, macro, markets, surfing, writing amandhesi.net

Building @kiwi 
Writing @ https://kanfa.macbudkowski.com/

How are stablecoins profitable? By definition, they are just equal to USD. 

“The future is here — it’s just not evenly distributed.”  - William Gibson
https://nf.td/fblauer

They hold real dollars and get the yield from the bank/bonds

Apparently they aren't the same as USD. Go and look at the price of USDC. I rest my case. 

It started when the fed raised interest rates. This caused 10 year bonds to go down in value. SVB had to cash in bonds to pay back depositers who wanted their money back, causing them to become iliquid. Too many people are trying to get out of USDC, and circle can't get the funds from SVB. Its a domino effect. 