Three Arrows Capital has defaulted on a loan worth more than $670M

Post by cjbgkagh » Mon, Jun 27, 2022, 6:09 PM UTC

bombcar wrote: post #131

AlwaysRock wrote: post #127

Earlier quoted context omitted.

In the smallest version of this... My weekly poker group talks about stocks and crypto often. It's a mix of guys who work in tech and engineering and a handful who just want to get rich quick. We've all bought a few yolo stocks and coins together and 100% of the time the investments have gone to zero or close to it. Thankfully no one in the group is dumb enough to go all in on this hyper risky investments but I can s…

The danger is when they don't go to zero, and you suddenly thing you're stock picking geniuses - or you then decide to put it all in on the next one. https://en.wikipedia.org/wiki/Beardstown_Ladies

Post by [deleted] » Mon, Jun 27, 2022, 6:10 PM UTC

woodruffw wrote: post #124

happyopossum wrote: post #108

Earlier quoted context omitted.

> They have a hate symbol on their site, LOL. Care to elaborate? I see one graphic on the 3ac website, and it's not one I'm familiar with so I assume it's a corp logo?

I think the GP is claiming that the 3AC logo is a reference to the Three Arrows[1] logo, which was used by the SPD in Weimar Germany and by some flavors of contemporary anarchists. But I can't find any evidence that it's an intended reference, and they look pretty different to me (different colors and directions; the only similarity is that they both happen to have arrows). [1]: https://en.wikipedia.org/wiki/Three_Ar…

Post by sp332 » Mon, Jun 27, 2022, 6:20 PM UTC

015a wrote: post #30

> As of Friday, Voyager said it had approximately $137 million in U.S. dollars and owned crypto assets. > Last week, Alameda (FTX founder Sam Bankman-Fried’s quantitative trading firm) committed $500 million in financing to Voyager Digital, a crypto brokerage. Voyager has already pulled $75 million from that line of credit. Am I misunderstanding something, or: what kind of mismanagement could possibly lead to loans b…

Post by [deleted] » Mon, Jun 27, 2022, 6:28 PM UTC

chasd00 wrote: post #138

mirntyfirty wrote: post #36

Earlier quoted context omitted.

I think it’s a strange part of human psychology to ignore objective reality and double down to complete ruin. It seems remarkably common and with corporate power being so concentrated at the top it seems rather easy for these situations to happen.

Yes, it’s the throwing good money after bad problem. I think there’s a real name for it, “sunk cost” fallacy maybe?

Post by sp332 » Mon, Jun 27, 2022, 6:32 PM UTC

spaceman_2020 wrote: post #40

rafale wrote: post #14

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Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?

Because you’d have to be a real dumbass to actually put your life savings in crypto. When I first bought crypto, I put in just enough that if I were to lose it all, it would mean one vacation less and a fewer more meals at home for a few months. The returns are absurd enough that a $10k investment can be life changing. Anything beyond that is just greed and stupidity.