founder and executive chairman Trevor Miltons house? we shouldnt have needed such a lesson, after 2008at least he mentions CDOs and tranches and all Two pages later, the con-man has made off with the old misers money. For one thing, theyre more careful and technically adept, so theyre less likely to lose your Bitcoin. Archive - Matt Levine Money and stuff. Sign up now so you dont miss the first issue. etc. The first 7 minutes are a great compressed explanation of what constituted the 2008 bustup but you might want to skip that. I keep wanting Any other offers are likely to draw the process out for a lot longer and adding years to this drama is the last thing investors need, especially as Toshibas financial health shows few signs of improvement. Often those stories are interesting and illuminating and, especially, funny., The articles final judgement echoes the liturgical refrain weve heard shouted down to us from cryptos pulpits and rarefied peaks for over a decade. JIP and its partnersdidnt just show up to rescue it they were courted. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. @matt_levine + Get alerts for Matt Levine A decent rule of thumb is that all cryptocurrency exchanges are doing crimes, and if youre lucky your exchange is doing only process crimes. It is a bracing read in the present day, standing as it does for a remarkable lack of progress, particularly in the United States, which seems to be the crucible of such matters. The utility for criminal transactions is just a transitory leap in the for one side in the cat&mouse game with law enforcement. I saw a tweet (forget who) that explained this with one diagram: a box marked crypto with an arrow to a box marked fiat with another arrow going back to the crypto box. >>Unlike tokens, share price is supported by a companys underlying cash flow. But the broad strokes are all there. Speculators and industry insiders are still trying to onboard fiat liquidity so that they can steal even more from the public. Not trying to pick on your kids here and I know that even my own daughter does not appreciate the value of money in terms of how it may not always be there. All that electricity, hardware and labor has to be paid for for the system to even begin. Im reading Melvilles The Confidence-Man at the moment. Just How Dangerous Are Indias Generic Drugs? To those familiar with cryptos landscape, whether skeptic or true believer, I very much recommend reading The Crypto Story. Of course you'd expect that the executives would be criminally Levine took several months off in 2020 for parental leave after the birth of his second child. A statistical examination [7] that Levine cited in Money Stuff [8] showed that his newsletter has been released 4 minutes later each month since 2015 and has gotten progressively longer over time. the only inelastic demand that crypto has is in service of criminal activity Will be forwarding the link around.

You can subscribe at this link, or read the archive at this link. Hes very careful to never commit to scenarios in his own speculation. My sense is that presently central banks are now in the process of creating an infrastructure (Central Bank Digital Currency) which in reality will be retail deposit accounts offered by your favorite central bank, meaning, in turn, that the major regulator will now be in direct competition with the regulated (all banks both small and large) ending in ever-greater centralization of political and economic power (fewer and fewer small banks)Can or should this process be stopped? The agency noted in a report last month that the conglomerates financial situation will materially deteriorate if the process is implemented. This kind of desperation is why State lotteries are popular too, but nobody puts their savings into lottery tickets because it is easy to understand how foolish that would be. Levine identifies whats good for the economy and he points out that crypto doesnt do these good things, but he never manages connect the two facts and just say out loud that crypto is bad for the economy and for the civilization that depends on people doing useful things. That asset then became the leverage used to get loans to fund his Alameda investments, perhaps along with some or all of the fiat paid by the rubes buying the FTT coins. Until that part happens, theres no rich. 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 cant get $100 of cash, help, and the central bank will help. said no.). His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. lol. The author is blind to the fact that Crypto is simply copying an insight that Wall Street has leveraged for years. Ive been musing on how this particular characteristic might sustain crypto.

He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Levine's analysis in his column have been widely covered by other newspapers. [1] [4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. On the other hand, I enjoy Matts writing, and some of his insights are valuable and informative, one of my favorites is from the section on trust: Crypto is in a way about rejecting the institutions of society, about being trustless and censorship-resistant. string them up and eat the rich. respectively, for the provision of solar installation services to I know thats not a real answer to your request, but bear it in mind ALL THE TIME when looking at things like WeWork, Uber, and other bezzles. The word confidence, in the sense of trust, is repeated, typically by people who inspire no trust themselves, and resonates like a hammer blow every time it is read.

Centralized exchanges are responsible for the majority of the fiat money being ingested by crypto. The very same people setting token prices that determine market cap have a vested interest in seeing the value of these tokens increase by as much as possible. Even excluding the money extracted from the public by exchange owners through the sale of personal crypto holdings or outright embezzlement, greater valuations serve as a recruitment tool to ingest more fiat liquidity, and more marks (customers) result in more fees. informative, unlike what you would get from, say, Twitter, or even There has to be a Greater Fool to buy your crypto, unlike with for instance, a national currency which that government will always require residents to use to pay taxes. few months, as he would be on paternity leave. Initially, it stated the tender offer price was considered the best price that can be expected, noting that its hard to say whether it will reach a level that can be clearly recommended to shareholders.

Yes, crypto came out of a libertarian rebellion against traditional money and banking regimes (as in aside, they are finding they need to recreate all the pieces of old fashioned banking, and often less efficiently, witness for instance transaction speeds). It is illegal to run a crypto derivatives exchange in the US without registering it with the CFTC, and its not exactly easy to do that either; if you have a crypto derivatives exchange abroad but have not registered it in the US,it is illegal to let US customers trade on it. However, I would say we can include these behaviors the negative economic activity column. I dont think Levine is parroting disinformation intentionally, but whether its intentional or not, it should be called out. The Chainsmokers Are Dancing Through the Silicon Valley Downturn, Tough Times for Equity Offerings Bring Back the Art of Winks and Nudges, Why Ugandas LGBTQ Community is Under Renewed Fire, King Charles Backs Research Into British Monarchys Links to Slavery, Heres Some Good News About the Planet for a Change, Texas State Bill TargetsLocal Tenant Protections Against Eviction, Chicagos Transit Chief Says Crime Is Hurting Ridership Rebound.

Sound about right to anyone else, or am I missing something? That would be an odd use of time. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. His newsletter is Money Stuff. The Gattling gun. back concerning whether Kelly Loeffler improperly traded stocks on I think there should be further investigation into that bit of the crypto narrative. Waiting for that Too-Much-Discussed Ukraine Counteroffensive, The GOPs Big Bold Plan to Bring Back Child Labor, How Union Workers Are Fighting to Save Americas Beleaguered Health Care System, Warning Lights Flashing Red for Italian Economy, Your Political Rivals Arent as Bad as You Think Heres How Misunderstandings Amplify Hostility, The Shambolic Criminal Case Against Donald Trump, The Only Crypto Story You Need?

But it quietly free-rides on peoples deep reservoir of trust in those institutions..

WebI think most people in finance or finance-adjacent spaces have heard of Matt Levine's newsletter Money Stuff - it's a 3-5x per week email* discussing various interesting $36,000. After establishing that going private was the only effective option, the firm went looking for domestic sponsors, presumably those who could offset the foreign interest and draw in local equity partners. This too is debatable, since the transactions are all public and traceable. It's thought that many planetary bodies in our solar system contain liquid water deep below their icy surfaces. Subscribe Sign in. WebYour browser is: WebKit 534. Painting the tape is a common enough occurrence with standard crypto tokens, but I didnt think it was possible to talk about NFTs and avoid the subject of wash trading entirely. Its as if someone wrote a comprehensive biography about the life of Rick Astley without ever letting the words Never Gonna Give You Up touch the page.

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Crypto has a reputation as a money laundering tool. @matt .

Wall Street just like crypto, is constantly scheming to push up or crash prices in order to profit. The stated goal for the piece is to convince the reader that crypto is interesting, that we can learn from it, that it has potential. The author and I agree on the first two points. The real world came first, then finance, then the more complicated epiphenomena of finance. Other theory become negative, and for short time in April, it did: If the ETFs oil futures go to -$37.63 a barrel, as some futures did

That is what is giving me most pain now. ], [ Addendum 20221204: This article about the balance sheet circulated by FTX WebMatt Levine Money Stuff I write the Money Stuff newsletter at Bloomberg Opinion. My goal is to convince you that crypto is interesting, that it has found some new things to say about some old problems, and that even when those things are wrong, theyre wrong in illuminating ways.. Estimates put the number of unrecoverable tokens, tokens that can never be sold, at anywhere from 10% to 25%, but even if you could sell all 19M tokens, the demand for the tokens doesnt exist because its based on finding a greater fool.

Not correct. Second, they are sometimes bought by other companies. That is to say, while fiat produces value, crypto does not. 2) The arrow from crypto to fiat is never bigger than the fiat-to-crypto arrow. Disinformation is dangerous and harmful not just because its dishonest, but because its deceptive. It attempts to implant falsehoods into the unconscious mind of the victim. If successful, the perception of reality shifts, and the target is more easily manipulated. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. Of course, this only applies if Tether is a criminal enterprise and their reserves are fraudulent. So take what I said with a grain of salt, but you start to understand why people are so interested in the details of Tethers holdings and business operations.

NASA is sending a probe, called Europa Clipper, to investigate the potential habitability of one of these ocean worlds. Or does it possibly mean any tokens not available to the public? They was really going on and why. The deal could potentially stumble if a minimum two-thirds of the shares arent tendered a required threshold for the transaction to go through. Capital Allocators Inside the Institutional Investment Industry. Matt Levine is a finance columnist for Bloomberg Opinion . you might think, the sort of activity that benefits

Welcome to Matt Levine by me, Matt Levine. All the costs of that crypto infrastructure, the hardware, energy cost of mining, the office rent, the connectivity, the lawyering, the employees, the investors, the accountants (assuming they exist), the taxes, ultimately have to be paid in fiat even if initially paid in coin. I think they already conceded that they were somehow all Russian. is mostly just links to his newsletter articles. The whole point is to keep the scam running for as long as possible. Duration drives credibility, and credibility drives recruitment. More suckers means more money, which means greater returns, which means more people, which means more money and voil. A beautiful positive feedback loop of value is created. To sustain it we must minimize withdrawals and maximize deposits. If only we werent subject to the limitations of fiat currency that are imposed by reality and the demands for cold hard cash. Enter Tether, stage left. Recommended reading: Matt Levines Money Stuff. That known, everyone would be going into the business, and it would be over-done. They could also trade out-of-the-money call options on GameStop, because thats fun and you can make memes about it, but thats an accidental feature of a financial system that mostly does serious stuff in the real world. Despite identifying all of its pieces, this cruel irony appears to be lost on Levine.

Toshiba approached JIP through a financial adviser in April last year to participate in the bidding process,after the likes of Bain Capital, KKR & Co. and CVC Capital Partners had done the rounds. But there are weird second- and third-order effects too. The article tries to make the case that equities are fundamentally different than equities because the price of equities is a function of future cashflows. If youre running an investment fraud, you have a few problems. And we know all about them because of the various SEC filings that crypto cons can dodge. In the olden days, the stereotype was that a lot of crypto exchanges were run by criminals or incompetent teenagers, or incompetent teenage criminals. be worth more because the counterparties have contracted to buy at the Yes, traditional finance is also a rentier activity if not regulated into being nearly entirely dull and not very profitable. They could build railroads or semiconductor factories or electric cars, because they could raise money from strangers to fund their activities. a Temple Grandin to calm the feedlot wow, nicely stated. With so many exceptional hands tilling cryptos fertile soil, you should pay attention, the future of finance may be blossoming as we speak. Crypto matters, not only for what it teaches us, but for what it might become.

He uses a recent extensive piece by former Goldman lawyer, now Bloomberg columnist Matt Levine as a point of departure. The author is blind to the fact that the secondary market for equities (all shares bought and sold after the IPO) are purely speculative bets on price increases for the asset, just like crypto. Matt Levines witty and engaging The Crypto Story ultimately fails to grasp cryptos fatal flaw. He comes perilously close to revelation, but frustratingly remains mired in illusions and disinformation that have been internalized by the public. Levine, at length, paints the portrait of a new economic frontier. Though early settlers may occasionally be bushwhacked by blockchain bandits on the prairies of digital finance, crypto is blazing a brave new trail westward into untamed lands. The world can come to crypto.. WebMatt Levine is a Bloomberg Opinion columnist covering finance. It just occurred to me what a tether is. A Response to Matt Levines The Crypto Story, Theres even a campaign of political bribery (lobbying) attempting to loosen regulation so new fiat in-flows can be created, greater valuations serve as a recruitment tool to ingest more fiat liquidity, and more marks (customers) result in more fees. else has to come up with the other $37.63 per barrel. Levine has a large public platform, and if hes going to be writing articles which influence public opinion, he needs to up his game.

Instead of being incentivized to make something useful that people want to use, crypto is costly, it demands value from users. The incentive for economic agents in such a system is to onboard as many participants as possible while doing as little real work as is required. Rather than supply side incentives for the production of positive economic output, we get weird distributed corporate bonds (tokens) where, in the case of PoW, the invested value is destroyed instead of transferred to a corporation (as with PoS). Todays letter discusses a The discussion was factual and

WebMatts newsletter, Money Stuff is always fresh and I admire Matts ability to discuss complex topics in fresh and engaging ways. So, Im guessing those ape cartoon tokens may be connected to some digital gaming for their value? Learn More Discuss show and Read the Transcript Join Ted's mailing list atCapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go toCapitalAllocatorsPodcast.com/Podcast.

In this episode, we talk about Matt's career shift from banking to blogging from Goldman Sachs, huge FTX plainly and deliberately attacked its position. Im a retired, Parkinsons-addled old school risk analyst who did a stint in subprime (where we made successive record profits every year off our halt-and-lame lawful prey). Theres no one trying to push him off the fence hes sat on, so he can comfortably sit on it while he follows amusing stories of large scale fraud. The public has been made desperate from decades of stagnating or declining real wages, and Cryptovangelists have been quick to inculcate the flock and prepare the faithful for a good fleecing. JIP was the only legally binding (and essentially real) proposal Toshiba received. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Some five or six years ago I had a conversation with a man who was a big crypto enthusiast ( If he got out in time he did REALLY well) that ended with Tom, you just dont get it, Crypto is a CONCEPT.

Not only does he understand that providing utility to a market is what underpins value, but Levine even identifies HOW crypto undermines productive economic output. Its network effects have NOTHING to do with being useful, and everything to do with demanding money up front! 1) The arrow going from fiat to crypto has to come first. I was shocked they were worth real money. classified coronavirus-related intelligence that she received in her But theres no realization that crypto is a weaponization of the forces in our economy that extract value without providing meaningful utility. The truth is that society is impoverished when we allow monopoly rents to be extracted by the already fabulously wealthy. Rampant economic inequality destroys aggregate societal wealth.

But have you missed the joke? A breakup with JIP et al would cost 2 billion yen, so any offer would have to take this fee into account and make a new deal worth it.. Shareholdersnickle-and-diming their way out at this point isnt worth it. If they can get the close-of-day There are no accusations that Binance is stealing customer money, or even taking big risks with it, which makes Binance look better than some other crypto exchanges I could name. I read Matt Levines Money Stuff newsletter with extreme regularity (mostly for outsider looking in entertainment value and to keep up with finance news headlines) and I have to say I wonder how edited the crypto story was, it felt almost gentle by his standards. Levine affects an airy lack of concern, even when discussing clear misconduct. Given the uncertain macro environment, rising interest rates and a weak leveraged buyout loan market, the special board committee(1)wanted shareholders to decide for themselves, rather than pre-judging.It doesnt see things changing for the foreseeable future. Bayat takes a dim view of the entire crypto enterprise. ], [Other articles in category /ref] Money Stuff is also very funny. I continue have major dubiety over crypto. Its not insider trading if you dont The money out is never greater than the money in. The author comes close when they note that there is an ever greater distance between the financial economy and the real economy, which seems to imply an awareness that the connection of an equitys price to underlying value is tenuous. Levines overall conclusion? It Needs a Net, Trumps Tale of Two Cities: The Worst of Times.

Because to address it would be to concede that nearly everyone from large media conglomerates to the most respected venture capitalists on the planet to storied hedge funds was duped into believing that all it took to make the private money business viable was a single innovation. The Crypto Story is a comprehensive tour de force and an excellent general overview of cryptos past and present, however, its view on cryptos future is at best naive, and at worst potentially harmful to the unaware. Despite all of Levines warnings, mockery, and colourful language, the failure to identify and highlight crypto disinformation puts those unfamiliar with the industrys fundamental flaws at risk. Though I do not think Levine intended it, his portrayal of crypto as the early days of an innovative new technology could cause members of the public to invest money into an industry whose collapse is inevitable. While I appreciate his humor, a central tennet of it is the constant bewilderment at people making the same mistakes over and over without deriving from these observations any kind of empathic or moral drive to help change this reality. For another thing, though, theyre big companies, regulators are aware of them, and they try to be good corporate citizens.. As far as any future political/economic vision do you believe that it is possible to create a polity which is both decentralized and capable of doing public good? Youre missing the point of the whole thing. Easy, unload 20% of your contracts at a bizarre low price, to make the What Can CitiesDo About the Most Dangerous Drivers? Is this so, is it scalable, does this mean it might have real world utility? Sound Familiar? It will help by lending freely, against good collateral, at a penalty rate, as Bagehots 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. Neither provides a public utility. Maybe its just me, but the formatting for the article seems really off starting with this header Money For Nothing. High-frequency trader registration. from me is a good defense!

Nowhere in The Crypto Story is the concept of crypto market cap challenged or explained in detail. By uncritically mentioning cryptos multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. Levine remarks: But its striking how little effect the loss of $2 trillion of crypto wealth had on anything else.. are not trying to beat the market, they are trying to match the index. declared bankruptcy, and how Hertz diffidently attempted to get the Ive listened to pundits on youtube describe, there is clear evidence FTX was largely