FTX story is a riot, group of 10-15 living in da penthouse having orgies and wearing transdermal ensam patches. thing about ensam or any drug that increases dopamine is that it also skews your risk threshold (makes you act riskier). when you have that much on the line, being a little riskier can be suicide--like thinking the alameda research/ftx melding was going to be fine. they were all totally cooked, sam was even playing fucking league of legends during an ftx sales pitch and got caught. it's just pure internet person energy, with caroline and her tumblr blog calling herself ex-trad and an advocate of the chinese harem system, these are obviously 4chan kids who had no one to rein them in. even right after the story broke the ftx was going down in flames, sam was on steam playing games lol
Beyond the drugs I'm thinking none of the Alameda Research kids knew how to trade efficient markets.
That firm got big because it began in the crypto period where aggressive triangle arbitrage was common, that's literally how Sam made his first 25 million.
Its funny that they blow up in the 2 years where that stuff is no longer possible.
FTX story is a riot, group of 10-15 living in da penthouse having orgies and wearing transdermal ensam patches. thing about ensam or any drug that increases dopamine is that it also skews your risk threshold (makes you act riskier). when you have that much on the line, being a little riskier can be suicide--like thinking the alameda research/ftx melding was going to be fine. they were all totally cooked, sam was even playing fucking league of legends during an ftx sales pitch and got caught. it's just pure internet person energy, with caroline and her tumblr blog calling herself ex-trad and an advocate of the chinese harem system, these are obviously 4chan kids who had no one to rein them in. even right after the story broke the ftx was going down in flames, sam was on steam playing games lol
Maybe the games were distracting him from all the death threats he's getting
FEAR! FEAR! FEAR! FEAR! FEAR! FEAR!
last edit on
11/19/2022 2:33:52 AM
Beyond the drugs I'm thinking none of the Alameda Research kids knew how to trade efficient markets.
That firm got big because it began in the crypto period where aggressive triangle arbitrage was common, that's literally how Sam made his first 25 million.
Its funny that they blow up in the 2 years where that stuff is no longer possible.
sbf and caroline had only been at jane street for a year if i remember correctly. to your point, i know next to nothing about trading but watching videos of caroline talk about it, i didn't really get a lot of confidence out of her speaking. maybe a bias since i know how everything went
this was a cool video about how the new guy at the helm also handled the enron disaster, and he's been reporting what he's seeing
FTX story is a riot, group of 10-15 living in da penthouse having orgies and wearing transdermal ensam patches. thing about ensam or any drug that increases dopamine is that it also skews your risk threshold (makes you act riskier). when you have that much on the line, being a little riskier can be suicide--like thinking the alameda research/ftx melding was going to be fine. they were all totally cooked, sam was even playing fucking league of legends during an ftx sales pitch and got caught. it's just pure internet person energy, with caroline and her tumblr blog calling herself ex-trad and an advocate of the chinese harem system, these are obviously 4chan kids who had no one to rein them in. even right after the story broke the ftx was going down in flames, sam was on steam playing games lol
Maybe the games were distracting him from all the death threats he's getting
yeah maybe, but if you look at his twitter feed after the story broke, it seems a bit tone-deaf?
Beyond the drugs I'm thinking none of the Alameda Research kids knew how to trade efficient markets.
That firm got big because it began in the crypto period where aggressive triangle arbitrage was common, that's literally how Sam made his first 25 million.
Its funny that they blow up in the 2 years where that stuff is no longer possible.
sbf and caroline had only been at jane street for a year if i remember correctly. to your point, i know next to nothing about trading but watching videos of caroline talk about it, i didn't really get a lot of confidence out of her speaking. maybe a bias since i know how everything went
The short amount of time spent on wall street is kind of what pushed me to this view.
I've watched a lot of old derivative traders talk about what it was like to be a Chicago pit trader back in the day and this whole FTX/Alameda story is a pretty common one, though on dumb money scales.
A classic motif is the guy making lot of money over a few years and then losing it all in a a week. The guy and retards around him thinks he's a genius but really he has a winning strategy for a very specific trading environment but uses no real risk management. Once things change he and is strategy are literally worthless.
Sam and Alameda used a strategy that doesn't actually require a lot of skill, its literally a way to print free money do to things being priced different in two different parts of the world. These price differences used to be really common before big exchanges were a thing, and if you look a lot of big names in crypto started out making that same trade (god I wish I was into finance back then). The thing about that trade is it requires no risk management because it has no risk.
I've seen the Caroline vids, and laughed especially hard when she says they only use elementary school math. They traded a lot of derivatives of crypto which requires pretty hardcore math to do correctly without blowing up. Its crazy that people acting this retarded where given so much money to manage.
