Bankman-Fried and his cadre were all what’s known as “effective altruists” .. the basic idea is believing in getting rich mainly so you can then give it all away for the better good.
SBF gave/threw away so much money, often not even knowing where it was going per Lewis’ book.
But he did knowingly try to buy elections, often giving candidates money who he’d never met … and in some cases the candidate had no idea where the money even came from. Hundreds of millions of dollars. That was most shocking to me.
Threat to democracy and buying elections aspect of the FTX story not getting enough attention.
@iamjakestream@typesfaster@balajis I think we’ve found that the nuance of bonds vs loans, AFS vs HTM accounting and bank capital requirements does not find fruitful conversation on this app
There’s a reason bank finance was considered nerd work
@mwoodski@brendan_mcaleer@ToastyDecline 💯 Doran’s first Z was one of the only Nismo-built bodies-in-white
If I find pics I’ll share, probably on an old phone
@kupat__ This isn’t all - need to discuss the stability mechanism was to sell more LUNA to support UST - that’s why it lost way more than the $2.5B reserve, and LUNA/UST crashed together
Careful with high-level takes, that’s how people ended up buying these things in the first place
@theOlliePickard I do think kinematics would be intuitive for many people
But the world is complex enough I also think most people don’t care how things work, just that they do work (your followers notwithstanding)