bit¢oin$

100k followers lol

fucked around, found out

lmao

FTX CEO pic.twitter.com/y9yfKSpLEw

— Clown World ™ 🤡 (@ClownWorld_) November 12, 2022

i was like what theyre only down $500m but then i realized thats just how much was taken in the "hack" last night

$473 million in assets are missing from the reeling cryptocurrency exchange, which just filed for bankruptcy.https://t.co/w0iKwLWhFR

— CNN (@CNN) November 12, 2022

is it safe to say that FTX is...

https://i.imgur.com/Y7mgHfM.png

outta here?

sorry

in retrospect it was smart to advertise on umpires. baseball crowds _love_ the umpires!

Miami-Dade County and the Miami HEAT have released the following statement pic.twitter.com/ERZo1IsZ2o

— Miami HEAT (@MiamiHEAT) November 12, 2022

don't call it a comeback, but BangBros put in a mere $10M bid for the stadium a few years ago and this country needs a winner

We've officially Submitted our $10,000,000 bid for the naming rights to the Miami Heat Arena. We wish to thank American Airlines for their past support of the @MiamiHEAT We intend to change the name to the BangBros Center aka 'The BBC' #BangBrosCares pic.twitter.com/YbhNattIm7

— BANG BROS (@BangBrosDotCom1) September 12, 2019

meanwhile SBF doing a DBCooper somewhere between the bahamas and buenos aires

in retrospect it was smart to advertise on umpires. baseball crowds _love_ the umpires!

― Karl Malone, Saturday, November 12, 2022 12:13 PM (thirty minutes ago) bookmarkflaglink

lmao yeah odd decision

I’m around if anyone needs me for their 4th of July barbecue. Fire it up @FTX_Official 🇺🇸🔥 pic.twitter.com/Gd27fcN5fx

— Tom Brady (@TomBrady) July 4, 2022

might rewatch ROGUE TRADER (1999) tonight if i can find it somewhere for free

Essentially the plot of this movie where a trader takes down the bank that funded the Louisiana Purchase

not the first time for rhymes https://t.co/QXRA4dvAwF

— 🧈Margarine_Call☎️ (@Margarine_Call) November 12, 2022

Lol I keep thinking about that guy who claims you can’t get more than $10,000 out of a bank. Some of these people behave like they literally were born yesterday.

have you seen the finance thread?

Lol of course Brady's dumb ass was affiliated

say it ain't so

https://www.youtube.com/watch?v=k8CXNZSSKZc

https://pbs.twimg.com/media/FhadnADXwAEgiG_?format=jpg&name=medium

🚨 FTX TRADING LTD BALANCE SHEET IN FULL 🚨

Spreadsheet was dated Thursday, the day before FTX Trading (main international exchange), FTX US, and Alameda were put into bankruptcy protectionhttps://t.co/NAfRS2gpW4 pic.twitter.com/uw0Funqgmv

— kadhim (＾ｰ^)ノ (@kadhim) November 12, 2022

God, give me Grace to accept with serenity the things I wish I could do differently than I did
Courage to represent the poorly labeled bank internal bank account and the size of customer withdrawals during a run on the bank
and the Wisdom to distinguish the one from the other

@fiat is latin for "let's go do some crimes"

crimecoin™

three arrows capital guy with a weepy lil thread

The universe works in mysterious ways. Over the past year, I’ve seen the highest high and lowest low of my life. I know many reading this have as well.

Humanity, community, happiness are worth it. Love.

— Kyle Davies 🔺 (@KyleLDavies) November 13, 2022

all my pancakes gone

pic.twitter.com/P55cRX9COE

— web3 is going just great (@web3isgreat) November 13, 2022

BREAKING: A potential bank run on https://t.co/SCDLOM8zTW may be in progress.

Nearly 90,000 unique transactions have been processed in the last few hours, suggesting that users are scrambling to get their funds off the exchange 👇#CryptoCom pic.twitter.com/5XRELFgmyC

— The Chainsaw (@chainsawdotcom) November 14, 2022

This, from an interview with Sam Bankman-Fried (whose crypto exchange has just imploded) is very funny. That loser Tolstoy. Think of the time he could have saved. pic.twitter.com/esRKWwDSfy

— Tom Sutcliffe (@tds153) November 13, 2022

easiest way to spot a dumb guy

lol was mattY aware of that quote, or would that be unreasonable skepticism of tech

Michael Lewis' next book is about Sam Bankman-Fried. Email from CAA confirms he has been embedded with him for last 6 months; note below was first sent to potential buyers for filmed rights. Scoop @TheAnkler https://t.co/VcFEmeCAIM pic.twitter.com/ZrioMu7qbb

— Janice Min (@janicemin) November 13, 2022

will read

If Sammy had deigned to read a book, he could’ve read The Journalist and the Murderer before he agreed to spend six months letting Michael Lewis hang out at his polycule penthouse or w/e

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2

— CZ 🔶 Binance (@cz_binance) November 14, 2022

need to prop up the strong pretend money projects that might just be experiencing a lack of real money

rip the brave

It is now too late to withdraw from crypto dot com.

There’s still time to withdraw from Binance.

There’s still time to withdraw from Bitfinex.

There’s still time to get rid of your tethers.

Do it. pic.twitter.com/IudKThODpv

— Bitfinex’ed 🔥 Κασσάνδρα 🏺 (@Bitfinexed) November 14, 2022

today's money stuff is pretty 🔥

lol yeah hes on one

Crypto scams are what happens when you defund the police. Virtually everything in cryptocurrencies was unlawful, there just aren't enough cops to enforce the law.

— Matt Stoller (@matthewstoller) November 14, 2022

So not gonna happen

https://d1e00ek4ebabms.cloudfront.net/production/7c35a1c5-5ed7-48ab-9567-40008dca452d.jpg

can we buy an NFT of this crypto crash somewhere?

all fall down

Crypto Lender BlockFi Prepares for Potential Bankruptcy, Sources Say --WSJ

— *Walter Bloomberg (@DeItaone) November 15, 2022

ah well, nevertheless

good stuff from Matt Levine

Bloomberg

Binance bailout fund
Has there ever been a pure liquidity problem at a crypto firm? Like what I have in mind is this:

A crypto firm owes $100 (in crypto I guess) to somebody (customers, lenders) who can demand their money back on short notice.
The firm has $200 worth of stuff (crypto assets I guess).
The customers or lenders demand their $100 back all at once.
The firm’s $200 worth of stuff is not immediately accessible for some reason: It is in long-term crypto-denominated mortgages, say. Or it is in locked crypto tokens. Or it is in crypto tokens and there is, for some reason, a temporary lack of liquidity in the market for those tokens. Or it is a large quantity of some crypto token that could be sold for $200 over the course of a week or two, but if you sell it in an hour or two — to give people their money back all at once — that will crash the price.
The firm cannot raise $100 to pay back its customers or lenders, and implodes.
But it had $200 worth of stuff! Very unfair.
This, to be clear, is the standard story of bank runs in traditional banking. It is the Diamond-Dybvig model that won a Nobel Memorial Prize this year. The standard problem is “the assets are good but long-term, and the customers want their money now.” It is the problem that central banks are set up to solve. The solution is fairly straightforward: You have a central bank with lots of money (ideally, in modern central banking, the ability to print money). If a bank with good assets is facing a liquidity crunch, it can go to the central bank and say “we have $200 of assets but we can’t get $100 of cash, help,” and the central bank will help. It will help by “lending freely, against good collateral, at a penalty rate,” as Bagehot’s famous formula goes: The central bank will lend the bank $100 to pay its depositors, but first it will make sure that the bank really has $200 of good stuff. (And it will charge interest.) If a bank shows up at the Federal Reserve and says “hi we owe depositors $100 but don’t have it, we lost it all on roulette,” the Fed will not help.[1]

Meanwhile in crypto I just don’t hear a lot of stories like that? I am not saying it is impossible, or even that unlikely; I am just saying that I’ve never really heard of it happening. Oh I mean I have heard many many stories, in crypto, that have the same rough shape, “run on the bank” stories. But the ones I have heard are all subtly different. They go like this:

A crypto firm owes $100 to customers or lenders.
The firm’s balance sheet shows $200 worth of stuff.
Somebody notices that the $200 worth of stuff is just a piece of paper with the words “this is worth $200” scrawled on it in crayon, and points that out online.
The customers or lenders read this and, sensibly, demand their $100 back all at once.
The firm tries to shop its scrawled piece of paper to raise the $100, and gets bids for it of zero dollars.
The firm cannot raise $100 to pay back its customers or lenders, and implodes.
But it had $0 worth of stuff, so this seems like a pretty reasonable result, though of course bad for customers.
In other words, every crypto liquidity crisis story that I have heard is obviously a solvency crisis. The problem is not that the firm has good assets but cannot, for some reason, convert them quickly into ready money. The problem is that the firm has bad assets and people notice and demand their money back and the money isn’t there. The reasons the money isn’t there will vary. Sometimes the firm just lost money on risky trades. Sometimes the money all went into magic beans and the magic bean market collapsed. (This is the story of TerraUSD and Luna.) Sometimes the money was stolen by hackers, or by the firm’s executives, or both.

But the story is never “this crypto firm took demand deposits and used them to fund 30-year mortgages, and while those mortgages are still paying and are likely to be money-good, the firm doesn’t have the cash right now.” Because that is, uh, not really how crypto works? Compared to banks, crypto firms probably have a bit more carelessness and fraud, but they definitely have a lot more magic beans. Crypto firms tend to have assets that do not have cash flows, and that are highly correlated to confidence in crypto — often highly correlated to confidence in that firm itself — and so when they lose confidence they also tend to lose their assets.

at some point there wont be enough infrastructure to support games theyre playing with bitcoins price and it too will be all gone

i was just cruisin' the internet to see how many famous people are/were being paid by blockfi to try to con people into buying crypto

it's a lot

what is the levine footnote abt roulette, i feel that's what i need to process rn

yeah thats why i think crypto doesnt have another boom in it cause this cycle was the big push for retail investors and now theyre all out of suckers xp

once those superbowl ads aired you know it was only a matter of time

seems kind of obvious that a firm that deals with tokens whose only purpose is to function as a store of value might have this sort of problem

at some point there wont be enough infrastructure to support games theyre playing with bitcoins price and it too will be all gone

― lag∞n, Tuesday, November 15, 2022 1:09 PM (five minutes ago) bookmarkflaglink

if it drops far enough people will start using real money to buy it but then itll prob crash again as whales try to get anything they can for their worthless computer tokens

lol yeah as soon as it became clear they were gonna run Super Bowl ads every smart person I know who follows this stuff said "pull your money out now"

"A monk-like aesthetic extends from his clothes...to his personal life. He shares a penthouse with about 10 roommates and cooks for himself." pic.twitter.com/Cx7QE86Bif

— Eric Levitz (@EricLevitz) November 14, 2022

yeah thats why i think crypto doesnt have another boom in it cause this cycle was the big push for retail investors and now theyre all out of suckers xp

yeah but the new marks are born every day. isn't crypto especially appealing to younger people?

https://i.imgur.com/PoX1Hwa.png
https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/

i just deleted a bunch of misanthropic speculative bullshit but i think we can all think of reasons why

idk at some point the reputation is just too bad

i do think crypto will survive to fulfill its one true use: crime, but it doesnt need to be worth a lot for that, just needs to be worth something

having learned about the hawala system from the excellent Joseph Gordon-Levitt vehicle PREMIUM RUSH (2012), I think cryptocurrency is an unnecessary complication