Scott Freeman, co-founder and partner at JST Capital, a financial services firm focused 100% on digital assets, joins Jack to explain just what the hell is going on in crypto after the spectacular collapse of Sam Bankman-Fried’s (“SBF”) crypto empire, consisting of the crypto exchange FTX and the hedge fund Alameda Research. Freeman tells Jack that he judges the state of the crypto market using three key factors: liquidity, leverage, and volatility. Liquidity falls after big market events, so liquidity is poor and might even get worse in the short-term. Freeman argues that volatility might fall, however, as leverage is wrung from the system, and he also shares his fall on the crypto lender Genesis, whose fate hangs in the balance, as well as the Grayscale Bitcoin Trust ($GBTC), which is owned by the same parent company, Digital Currency Group (DCG). This interview was filmed the afternoon of November 22nd, 2022.  Follow Jack Farley on Twitter https://rb.gy/uesguv Follow Forward Guidance on Twitter https://rb.gy/cy0dki Follow Blockworks on Twitter https://rb.gy/igyzsj ___ Join Kraken, Binance, Arrington Capital, and 2000 others in heading to Dubai this fall for Algorand's DECIPHER conference, happening November 28-30. Tickets are available now -- use code DecipherFam22 for 25% off: https://www.decipherevent.com ___ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos __ Timestamps: (00:00) Intro (00:35) Scott Freeman's Background (04:27) Early Trading in Crypto in 2014 and 2015 (09:06) Crypto in 2020 (12:01) Crypto Liquidity Has Declined In 2022 (15:25) Leverage, Futures, and Options in Crypto (19:23) Where Does Yield Come From? (20:42) Was the Fall of Celsius Surprising? (22:07) Algorand Ad (23:52) Alameda & FTX (29:41) The Myth of Sam Bankman-Fried (34:58) Credit Risk on CeFi Crypto Exchanges (39:06) Cold Storage and Decentralized Exchanges ("DEX"es) (40:13) General Market Outlook (42:30) Genesis, Digital Currency Group (DCG), and Grayscale Bitcoin Trust (GBTC) (49:07) Is There A Silver Lining? __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.