321–330 of 1001 posts
The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…
I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…
Michael Grimes [IBanker at Morgan Stanley]: Do you have 5 minutes to connect on possible meeting tomorrow I believe you will want to take?
Elon: Will call in about half an hour
Michael: Sam Bankman Fried is why I'm calling https://twitter.com/sbf_ftx/status/1514588820641128452 https://www.vox.com/platform/amp/recode/2021/3/20/22335209/s... https://ftx.us
Elon: ??
Elon: I'm backlogged with a mountain of critical work matters. ls this urgent?
Michael: Wants 1-Sb. Serious about partner w/you. Same security you own
Michael: Not urgent unless you want him to fly tomorrow. He has a window tomorrow then he's wed-Friday booked
Michael: Could do $5bn if everything vision lock. Would do the engineering for social media blockchain integration. Founded FTX crypto exchange. Believes in your mission. Major Democratic donor. So thought it was potentially worth an hour tomorrow a la the Orlando meeting and he said he could shake hands on 5 if you like him and I think you will. Can talk when you have more time not urgent but if tomorrow works it could get us $5bn equity in an hour
Elon: Blockchain twitter isn't possible, as the bandwidth and latency requirements cannot be supported by a peer to peer network, unless those "peers" are absolutely gigantic, thus defeating the purpose of a decentralized network.
Elon: ["disliked" "Could do $5bn ..."]
Elon: So long as I don't have to have a laborious blockchain debate
Elon: Strange that Orlando declined
Elon: Please let him know that I would like to talk and understand why he declined
Elon: Does Sam actually have $3B liquid?
Michael: I think Sam has it yes. He actually said up to 10 at one point but in writing he said up to 5. He's into you. And he specifically said the blockchain piece is only if you liked it and not gonna push it. Orlando referred Sams interest to us and will be texting you to speak to say why he (Orlando) declined. We agree orlando needs to call you and explain given everything he said to us and you. Will make that happen We can push Sam to next week but I do believe you will like him. Ultra Genius and doer builder like your formula. Built FTX from scratch after MIT physics. Second to Bloomberg in donations to Biden campaign.
The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…
> Caroline, Alameda's CEO, also said "My advice for college is that class don't matter that much and friends and networking are really important. Probably the most valuable thing you can do in college is find the coolest people you can and spend lots of time hanging out with them". This is mainstream advice if you're at an Ivy, Stanford, etc. You're learning the same material as the people who go to a state universit…
I got my MS CS from Stanford and this is completely false. I did my BS CS at Georgetown, and even between the two there was a huge difference being at Stanford. The course material pushed me way harder, there were more resources (e.g. robots), a much wider selection of electives, and more consistently brilliant peers. I never felt behind at Georgetown; I certainly had those moments at Stanford, even though I did very well there in the end.
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Yeah, just yesterday SBF tweeted: > This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. https://twitter.com/SBF_FTX/status/1590709195892195329
That’s the one. Thanks for linking it. Was he in denial? Lying? Clueless? I have no idea at this point. He seemed earnest and genuine, but everything he’s saying is the exact opposite of reality. Maybe he was having an anxiety attack. I had one once, and it completely sucks. It ruins your ability to form logical thoughts. (It’s rare to see someone so powerful be so confidently mistaken. The confidence is the part I’m…
Too bad Jonah Hill will be too old once the movie comes out about this whole saga. He would have aced it as SBF.
They made the Theranos series within a year of the trial and she still hasn't been sentenced yet. I think Jonah Hill could still get the part though for some reason I'm thinking Michael Cera?
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To see this all you have to do is interview at a few "prestigious" financial companies. A while back I interviewed with one of the top trading firms. It was for a lower level position that I normally wouldn't take but I was excited about the prospect of working with some truly brilliant quants. Wow was I disappointed. The discussion with the quants quickly relieved that they had absolutely zero interest in their fiel…
I think it really depends to be honest. I don't think what you are saying is generally true of people at prop trading firms, the ones that I know were generally very into math/physics and got lured by the high pay. With prop firms, there is little need to schmooze the rich with fancy degrees
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I am 100% sure he must have siphoned off some sizable part of his net worth in cash or other non-crypto assets.
He will have worked with some accountants and lawyers to move money into untouchable places. There will be someone employed to hold it for him, and dole it out in the future. Sure he will have to keep a low profile, but there will be resources. He will probably have dispersed quite some sums to friends and family, some of that will come back to him in one way or another. Finally, he will be able to go on the celebrit…
Yeah, talking about the power of failure what he learned from it.
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Wow... I thought this was satire. (when talking about trading) 'We don't tend to have stop losses, we don't see those as very good risk management tools' No wonder they're bankrupt... SBF loaned her company 10 billion to trade without basic risk management for trading.
She’s not wrong, stop losses are pretty pointless if you’re running a high volume market maker that is in theory constantly doing tons of volume and reacting to updates. They’re also super dangerous if you have gigantic positions Anyways they wouldn’t save you from collateralizing your loans with shitcoins, taking leveraged bets with money that isn’t yours, having super high exposure to UST and/or Luna, exposed to ha…
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"We don't really use math" Guess their entire trading strategy was hurr durr the coins go up. Completely unsurprising they lost their asses when gasp the coins stopped going up.
She was referring to the type of math that she did to earn a math degree, which I suppose could be true. My math degree did not require any of the kind of math I assume they do at these kinds of exchanges, although I also assume that the whole branch of math that starts getting into modeling and analysis would be very useful in these sorts of companies.
I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…
Here's another guy that was vouching for SBF to get in on the Twitter deal for $5b. Michael Grimes [IBanker at Morgan Stanley]: Do you have 5 minutes to connect on possible meeting tomorrow I believe you will want to take? Elon: Will call in about half an hour Michael: Sam Bankman Fried is why I'm calling https://twitter.com/sbf_ftx/status/1514588820641128452 https://www.vox.com/platform/amp/recode/2021/3/20/22335209…