I’ve followed this story with some delight. Apparently Michael Lewis, who wrote The Big Short, has been trailing FTX guy Sam Bankman-Fried around, so we’ll certainly get a kick-ass film out of it someday. Among many, many remarkable facets to the tale is that the crypto market has supposedly lost $2 trillion of valuation this year… and Wall Street has barely flinched.
When Sequoia Capital – allegedly the most intelligent venture capital firm – invested $210 million in FTX last year, it asked to see financial reports and instead was told “we’ll send you a few bullet points.” It’s traditional when investing that much into a firm to have someone on the board, but Bankman-Fried wouldn’t let anyone on the board of directors, which was him, an attorney, and an FTX employee.
For a company “worth” $32 billion at one point.
Zero oversight! What could go wrong?
I’ve followed developing news with Patrick Redford of Defector, who is typically hilarious. But there are several excellent reporters and twitter feeds. Ed Zitron on Twitter is great.
Here, a professor of finance at King’s College splains it to us. He keeps showing photos of Phil Spector for Sam Bankman-Fried, so gotta respect his game:
If Pistol, Danny Boyle’s recent TV series, was the story of a rock band, then this collection is the story of an idea: a collaborative multimedia art project in which Reid and McLaren, who met at Croydon art school, were at least as significant as Johnny Rotten and Sid Vicious. “They all brought their own unique visions and the Sex Pistols was the pot that everyone threw everything into,” Stolper says. Many of the images, ostensibly created to promote gigs and records, hold up as artworks in their own right. You could see them without having heard a note of the Sex Pistols’ music and know that they represented a radically significant moment in British youth culture. “This is all at the service of something else,” Wilson says, “and working out what that something else is is the intriguing part of it.”
This looks pretty good. Renfield, didn’t you play there?
“Nightclubbing” is the first-ever documentary about the renowned New York City nightclub Max’s Kansas City (1965-1981) which had an indelible impact on the worlds of music, fashion, art, culture and the creation of the city’s punk rock scene.
Featuring rare footage of Iggy & The Stooges, New York Dolls, Sid Vicious and Wayne/Jayne County & classic footage from Johnny Thunders/Heartbreakers, unique archival footage and exclusive interviews with Alice Cooper, Jayne County, Billy Idol, Steve Stevens, music journalist/Patti Smith Band guitarist Lenny Kaye, late New York Dolls guitarist Sylvain Sylvain, Warhol superstars Penny Arcade & Ruby Lynn Reyner, Suicide’s Alan Vega, Bad Brains H.R. & Dr. Know,
Stimulators’ Denise Mercedes, Nick Marden (and their then-12-year-old drummer, future Cro-Mag Harley Flanagan), Twisted Sister’s Jay Jay French, D Generation’s Jesse Malin, Blondie’s Frank Infante, Dead Boys’ Jimmy Zero, Stiv Bators’ girlfriend Cynthia Ross, Mickey Leigh, Shrapnel/Monster Magnet’s Phil Caivano, Punk Magazine founder & Ramones album cover illustrator John Holmstrom, Mink Deville’s Louis X. Erlanger, American Hardcore author Steven Blush and a who’s who of New York’s rock scene of the time, including Elliott Murphy, Bob Gruen, Peter Crowley, Neon Leon, Leee Black Childers, Donna Destri, Sonny Vincent, Phillys Stein and the fabulous Jimi LaLumia.
Should you? Whether you do or not, this is fascinating stuff.
Japanese pressings are regarded by many as the best sounding vinyl in the world, but what does it do for The Beatles? Over the decades Japan has issued countless issues of The Beatles albums and there are so many to choose from to collect, but are they worth it?
In this video we take a look at how The Beatles’ original albums were released in the 1960’s and find out which of the subsequent reissued are worth buying and which are not.
Join us on this fascinating trip and do let us know your thoughts about these amazing records.
I’m only about a third of the way through but I’m digging it so far. Man, I miss record stores …
Everyone thinks they know what killed Tower Records: The Internet. But that’s not the story. “All Things Must Pass” examines this iconic company’s explosive trajectory, tragic demise, and legacy forged by its rebellious founder Russ Solomon.
I’ve been watching this and it’s pretty fantastic. Via Amazon Prime Discovery trial, which I will cancel when finished. The producer who had all the letters in storage boxes was Edward Pressman – who produced Phantom of the Paradise. Have you guys ever seen that?
The Justice Department announced today they’d arrested the two people behind the 2016 Bitfinex hack and recovered 94,636 of the 119,754 bitcoins stolen in the heist. That haul is currently valued at more than $3.6 billion, making it the largest financial seizure in United States history.
One of the actual crimes the pair of alleged masterminds are accused of committing is money laundering, which is somewhat redundant given, again, that we are dealing with cryptocurrency. In this case, the feds say Ilya Lichtenstein and Heather Morgan successfully laundered 21 percent of their bitcoin plunder through a number of labyrinthine pathways, including setting up fake accounts, swapping BTC for gold, and buying a bunch of PlayStation and WalMart gift cards. The feds found the unlaundered 79 percent just, uh, sitting in Lichtenstein’s cloud storage account, which they pretty easily recovered after getting a search warrant.
Morgan bills herself as a “Surrealist Artist, Rapper” and “Forbes writer” performing under the stage name Razzlekhan.
“Just like her fearless entrepreneurial spirit and hacker mindset, Razz shamelessly explores new frontiers of art, pushing the limit of what’s possible. Whether that leads to something wonderful or terrible is unclear; the only thing that’s certain is it won’t be boring or mediocre.”
Um… right. The interwebs are having a field day with her terrible rapping. You were warned.