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:
After 40+ years, this still might be the strangest cover version I’ve ever heard of anything. The re-worked lyrics, where I can understand them, are hilarious. I know only two things about the Residents: they were from San Francisco, and they had a guitarist called Snakefinger. Perhaps former Bay area Bastards can add something. According to the comments, the animation is by Ivan Maximov, a Russian. I don’t know anything about him either. As far as I know, the song and animation are unrelated, but they make a perfect match. Beyond that, words fail me on this one.
“The weird is a way to connect with the world around us and make sense of it.”
So they say at the H.P. Lovecraft festival, held recently in Providence, R.I. There were film screenings, readings, academic presentations, concerts, live podcasts, walking tours of Lovecraft’s Providence, gaming, hardly any cosplay, and a Cthulhu Prayer Breakfast.
Hopefully no one here watches the sportsballs, as recently you would have seen this ad ad nauseum.
Periodically I enjoy trying to make sense of speculative digital currency, most of it not even underpinned by scarcity. It makes my brain hurt.
Bitcoin, Ethereum, NFT – sounds like electronica I’m too old to fathom.
And apparently it’s terrible for the environment: a single Bitcoin transaction consumes the same amount of power that an average American home uses in a month.
Twitter, please roast this clown:
I can just not stop laughing that Matt Damon’s pitch for crypto is “Be like a brave explorer, invest your life savings in crypto.”
This commercial where Matt Damon compares buying $5 in ElonAssCoin to the Wright Brothers inventing flight or astronauts exploring space really hypes me up!