Comments on: Here’s a good FTX summary

By: Tyro

Tyro — Mon, 21 Nov 2022 18:45:11 +0000

The arbitrage opportunity B-F exploited was well known at the time and frequently discussed. He hadn’t discovered anything nor did he invent arbitrage.

But that appears to be the primary basis of the claims that he’s a ‘financial genius’. The fact that so many in the financial media seemingly don’t understand what arbitrage is or how and when it’s possible is either a testament to their ignorance or mendacity.

And FWIW 60% spreads were likely a one time affair and probably not with bitcoin but one of the other digital currencies. Situations like that require an unusual liquidity event / conditions. What’s more likely is that he was pursuing a high volume of cross-market trades with much smaller spreads and capitalized appropriately to do that profitably.

By: Skip

Skip — Mon, 21 Nov 2022 11:14:37 +0000

Since his protection was his cover, Leftists hardly ever investigate Leftists, somehow thinking maybe he and consort will go away eventually that will be the end and nothing else will come of billions disappearing.
Hey it was all for a ‘good’ cause so what’s the harm?

By: Richard Aubrey

Richard Aubrey — Mon, 21 Nov 2022 03:24:48 +0000

“patina”
Excellent choice of words.

By: Barry Meislin

Barry Meislin — Sun, 20 Nov 2022 15:49:39 +0000

Love that link…
…especially the quote…
“…While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.”

I wonder if the above epitomizes the Japanese sense of humor…i.e., even more so than all those dreadfully hilarious Godzilla flicks….?
(Well, at least someone still has one….)

By: Barry Meislin

Barry Meislin — Sun, 20 Nov 2022 15:38:56 +0000

“…MMT…”
Well perhaps, but I was “wondering”/wandering along the lines of that historically profound statement by “Biden”—whom else?— just over a year ago (IIRC) along the lines that “his” mega-inflationary BBB “policy” could not possibly be an economic burden on anybody (or the country, generally) BECAUSE it would end up paying for itself….

Et voila!, there’s this “endless stream” of ponzi-cash available via FTX (and who knows what other flim/flam outfits running similar schemes/scams??—actually, I exaggerate, it’s not “endless”; maybe “open-ended”, though!)—

(Though to be fair to “Biden”, “he” may have meant that BBB wouldn’t be an economic burden on anybody because “he”‘d just be raising taxes and/or raiding long-term savings accounts/investment instruments and portfolios and/or demanding kickbacks (I mean heart-felt donations) from corporations “of means”…etc/)

And so, BBB (actually, BS-BS-BS) pays for itself…(and then some!..).
Well, at least it pays for SOMETHING…(to someone…).

To be sure, I may not have clearly understood the exquisite subtleties of the operation…so I’ll just think of it as Russiagate (or should that be Nov. 2020?), but in a “financial” context….

File under: The Democrats NEVER fail to impress…

By: miguel cervantes

miguel cervantes — Sun, 20 Nov 2022 15:30:33 +0000

googles do nothing, barry

https://tinyurl.com/5fyrbxwv

By: Barry Meislin

Barry Meislin — Sun, 20 Nov 2022 15:26:29 +0000

“The most obvious one, of course, is that he or one of the other top names at FTX has donated generously to each and every member of the Congressional committee that’s supposed to investigate that boondoggle.”

Yep, the freaks be running the circus.

And, forsooth, it sure looks like the Lover Boy Wonder was ALSO polyamorous with the SEC (in addition to his select gang of moral, etc., preverts)…

By: Cappy

Cappy — Sun, 20 Nov 2022 15:25:46 +0000

If there’s no investigation these will remain only allegations, not facts.

If there’s an investigation, then coverage and opinion can be outlawed under “coordinating harm”

See how that works?

By: miguel cervantes

miguel cervantes — Sun, 20 Nov 2022 14:55:36 +0000

actually it’s parallel with MMT, so much of something, that means nothing

By: Sorta Blogless Sunday Pinup - Pirate's Cove » Pirate's Cove

Sorta Blogless Sunday Pinup - Pirate's Cove » Pirate's Cove — Sun, 20 Nov 2022 14:46:50 +0000

[…] neo-neocon has a simple breakdown of the FTX fiasco […]