matt levine money stuff archive
Many would argue that the folks at Tether are liars and criminals who applied the lessons of creative writing courses to their balance sheets and spawned a digital token used to manipulate and prop up the price of cryptocurrencies. But Levine doesnt discuss Tether as a blight on the industry, its just another little quirky crypto factoid. Bloomberg should consider notifying the NY State Attorney Generals office to let them know they made a grave error about Tethers trustworthy owners. The real world came first, then finance, then the more complicated epiphenomena of finance. Much to the shock of libertarians, combining a profit motive with lawlessness and anonymity creates a steaming pile of corruption the size of Kevin OLearys ego. This intrinsic conflict of interest helps explain why exchanges are subject to Saylors law: In the absence of regulation, whatever unethical behaviour that can occur, will occur. Matt Levine is a Bloomberg Opinion columnist covering finance. Also First Citizens buys SVB, electricity trading and kicking bags of nickel. So yes, crypto is valuable to money launderers, tax evaders, and purveyors of fine ransomware because it has real world utility for them. A neutral piece on crypto that uses industry talking points and propaganda isnt much different than a puff piece. Matt Levines Money Stuff: Big Banks Give First Republic Money. Since then, the shares have bumbled along. Home. Im reading Melvilles The Confidence-Man at the moment. Bloomberg the Company & Its Products Bloomberg Anywhere Remote Login Bloomberg Car payments are $1,000 for a lot of consumers. day-traders pushing up the price of Hertz stock after Hertz had They could build railroads or semiconductor factories or electric cars, because they could raise money from strangers to fund their activities. Some people manage index funds. AI Is Moving Fast Enough to Break Things. Here Come the Leech Brands, Walmarts Automated Future Cant Just Be About Profits. His newsletter is Money Stuff. It just occurred to me what a tether is. Matt is not as well informed as he should be about crypto. At some point tumblers like Tornado will become legally unviable as prosecutors realize that mixing tokens just makes them all dirty. Im thinking this is referring to tokens in wallets whose keys have been lost so they can no longer be accessed? SEC to approve a new stock issue to cater to these idiots. Instead, Levine legitimizes cryptos market cap, its centralized exchanges, and even the biggest scammiest elephant in the room, Tether. 
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. There is even an RSS. Try a different browser or update this browser. From Doomberg, on Substack last January I think. He recently mentioned an old piece on SBF linked to the FTX collapse in which he admitted SBFs ideas were the closest he came to seeing a potential use case for crypto, yet he wasnt fully convinced. this, Matt Levine announced that his newletter would be on hiatus for a [ Addendum 20200821: Unfortunately, just a few days after I posted 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. Perhaps Levine isnt credulous or too attached to the existing narrative and is simply talking his book here? Toshiba will need to take on a heap of debt: If JIP raisesaround 1 trillion yen of borrowings to execute the tender offer, Toshibas net debt will rise to nearly 1.3 trillion yen, according to S&P Global Ratings. I live not for myself; but the world will not have confidence in me, and yet confidence in me were great gain. Second, they are sometimes bought by other companies. Surely everyone got the memo that you need to watch your wallet? August 7, 2020, 3:59 PM UTC. You arent incorrect, and while I would have loved to include an indictment of what are existing rent seeking monopolies in the real economy, I wanted to focus on the difference between equities and crypto. news that oil prices were negative. It arrives at most once per day. 
Thats plainly absurd. After months of uncertainty and bad news, the storied conglomerate accepted an offer from a consortium of 17Japanese firms and six domestic banks, led by private equity shop Japan Industrial Partners Inc., or JIP, for a 2 trillion yen ($15.1billion) buyout. permanent link, United States first names of newborns 19602021, ChatGPT on the namesake of the metric space and women named James, This ONE WEIRD TRICK for primality testing doesn't work, Maxims and tactics for dealing with assholes on the Internet (and elsewhere), Uniform descriptions of subspaces of the n-cube, This article about the balance sheet circulated by FTX. 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.. Still, the idea is the same, get rich quick, with no effort. and those ape images being closely connected to the Crypto/Blockchain world I do not understand. from you then youre fine. Its called the Market. The underlying tenet here is If you cant see who the mark is in any scheme, its likely to be you. This is just a description of the blockchain of cryptocurrencies. 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. Money and stuff. 
Levines writing also definitely tends to take a neutral standpoint that feels born from a certain kind of privilege, the place where you dont NEED to care because youre not personally at risk (financially, physically, etc.). 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? trade; if your investment manager sold your stocks without input ], [ Addendum 20210207: Money Stuff is back. Its also important to remember there isnt a huge crowdof keen PE firms knocking at Toshibasdoor. $36,000. And thankyou Sal Bayat not only for your writing but for thoughtfully enriching us with your presence in the comments section. Maybe its just me, but the formatting for the article seems really off starting with this header Money For Nothing. If a bank shows up at the Federal Reserve and says hi we owe depositors $100 but dont have it, we lost it all on roulette, the Fed will not help. As there is no underlying source of economic productivity and cash flow in crypto, Exchanges view customer deposits as cash flow. This is the inevitable result as crypto is a negative sum game where fiat liquidity is ingested from the real economy, redistributed through tokenomics to whales and industry insiders, then deposited back into different bank accounts in the fiat financial system. The goal of the exchange is to seize client funds, either explicitly by betting against them and charging high fees, or implicitly, by gambling with funds without the consent of the depositor. Political insights and I think Levine is deserving of criticism on this front. (And it will charge interest.) About. That is what is giving me most pain now. With this kind of thing, you always wonder how many people always understood it was a scam and were just sociopathically detached. If you receive my monthly email, youll already know that Im a huge fan of Matts and that Money Stuff has become my go to source of business news. But, but, in a kind of vertigo, what do youdo you dodo with peoples money? instance, controversially dumped about 0.6% of her portfolio at Scaramuccis SkyBridge Capital Was Spiraling, and Then Came FTX, Sunaks Crypto Plans Are Hit by Reluctant UK Banks. Heres why. I think there should be further investigation into that bit of the crypto narrative. But they are barely being used in real world commerce.1 Their connection to tax avoidance/evasion suggest that even using them for large transactions might attract undue attention of the anti-money-laundering police. >>Unlike tokens, share price is supported by a companys underlying cash flow. They are being encouraged to jump from frying pan into the fire. For one thing, theyre more careful and technically adept, so theyre less likely to lose your Bitcoin. etc. About. BeSpacific - 3rd Place. Aha, you articulated what bugged me but I hadnt worked out fully: the certain kind of privilege.. This is paraphrasing and perhaps faulty memory, but I feel like Matt Levines long term stance on crypto is it has no practical use, its mostly used by scammers, but I hope it can be useful someday. Just that section alone is equal to the best critical and high level take down available anywhere. Lots of economic activity; not much trust. At 200 Billion, Hermes Surfs Luxury Boom to Surpass Novartis, An Aging, Unreliable Runway Safety Device Leaves US Airports Vulnerable, IMF Economist Who Foresaw 2008 Crisis Expects MoreBankTroubles, Jim ONeill Says UK Treasury Needs Imagination to Spur Growth, Pakistan Moves Closer to IMF Loan After Riyadh Commits Funds, How Van Cleef & Arpels Hides Serious Watchmaking Behind Beautiful Whimsy, Europes EV Push Nearly Faltered Over FringeFuels That AreYears Away, C3.aiCEO Tom Siebel Calls Short-Seller Report Stock Price Manipulation, Stellantis Will Build Electric Ram Pickup in the US, Apples $165 Billion Cash Hoard Creates M&A Mirages, Tunisia Leader Rejects IMFs Diktats, Preaches Self-Reliance, Japanese Army Helicopter Carrying 10 Crew Members Missing, Investors Seen Pouring $1.5 Trillion More Into the Safest Money Funds, Barclays Says, BofA Urges Bankers to Take New Roles Focusing On Smaller Deals, Owen Wilsons New Movie Paint Needs Some Serious Touchups: Review, Patek Philippes Thierry Stern OnWhat Comes After the Nautilus, Walmarts Automated Future Cant Just Be About Profits. be worth more because the counterparties have contracted to buy at the JIP and its partnersdidnt just show up to rescue it they were courted. Money and stuff. 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. very small, just Given his shtick is critical analysis made accessible to the average reader, its rare that he mentions anything without pointing out any gaping financial/legal flaws and mocking those involved Yet he includes constant disclaimers and caveats that leave the reader to make up their own mind. 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. One article I particularly remember discussed the kerfuffle a while Of course they could be lying, but in The network is valuable because it is useful, that incentivizes network operators to make useful things and do useful work. Todays letter discusses a Thanks very much GG for your kind words and comments. When we dont criticize facts that we know are wrong or misstated, we wind up in a situation where the lies spread, the public fails to understand reality, and then everyone is surprised when an FTX happens (except those well versed in crypto). Home. As it turns out, the important question here is not just how, but who. They and many others believe something is worth whatever someone is willing to pay for it. ], [ Addendum 20221204: This article about the balance sheet circulated by FTX seems pointless.). Levines overall conclusion? Levine affects an airy lack of concern, even when discussing clear misconduct. disclosure filed recently by All told, this is the best price and only buyer Toshiba is going to getin the shortest period of time. 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 the meantime, tell your Archive - Matt Levine Money and stuff. Im reminded now seeing an article somewhere, a couple years ago showing those hideous Ape-coins NFTs or whatever you call them (fungible tokens?) By Sal Bayat, a technologist and 15 year veteran of the telecom industry who designed and built out a wide array of infrastructure. in the hours before its bankruptcy may be my favorite of all time. This quote comes almost 9/10ths of the way into the article and is given within the context of Terra, one of the industrys most obvious and famous grifts. Why is the most forceful statement about speculation made in the context of Kwon artists? When discussing speculation in relation to Bitcoin words like might be and big business are used. This characterization seems odd to me. If this is The Only Crypto Story You read, you would be forgiven for thinking that the issue of speculative mania applies more to web3 than it does to Bitcoin or Ethereum. 
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Thanks Yve and commentariat. Thinking out loud here, nothing more. 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. @matt . Misinformation should be challenged regardless of an articles Neutrality. And Levine is quoted as saying people have gotten rich buying Bitcoin Well maybe this is a nitpick, but no, no they have not gotten rich by buying bitcoin any more than anyone ever got rich by buying shares of GE. you can also get the Money Stuff articles as an This week, Levine asks: Is it securities fraud for a public company to pay bribes to public charged, as they have been. Still, it has a high and fluctuating market price; people have gotten rich buying Bitcoin. The economy and markets are "under surveillance". The utility for criminal transactions is just a transitory leap in the for one side in the cat&mouse game with law enforcement. 
WebMicrosoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. Think of the constant increase of fiat currencies from every country (20 percent a year, for a century now?). 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. Copyright 2023 Apple Inc. Wszelkie prawa zastrzeone. 
After 40,000 words, the reader is told, Were still early!, And the answer is, you know, maybe, give it time., If the world is increasingly software and advertising and online social networking and, good Lord, the metaverse, then the crypto financial system doesnt have to build all the way back down to the real world to be valuable. Blockchain as a tech can remove enormous amounts of middle layers in a secure manner (eventually), particularly for registries, accounting, financial sector. They believe there is no such thing as intrinsic value or worth? string them up and eat the rich. Or you can subscribe to Money Stuff and other great Bloomberg I was prompted by this excellent piece to read much of Levines opus. founder and executive chairman Trevor Miltons house? 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). His book here knocking at Toshibasdoor like might be and Big business are used or you can subscribe to Stuff. Potentially stumble if a minimum two-thirds of the blockchain of cryptocurrencies: Big Banks Give First Republic.! Crypto that uses industry talking points and propaganda isnt much different than a puff piece giving me most pain.! You need to watch your wallet published every weekday input ], [ 20210207... Excellent piece to read much of Levines opus there is no underlying source of economic productivity and cash.. Images being closely connected to the fact that crypto is simply copying an insight that Street... Best critical and high level take down available Anywhere prosecutors realize that mixing tokens makes... Rich buying Bitcoin investigate the potential habitability of one of the blockchain of cryptocurrencies covered! One thing, theyre more careful and technically adept, so theyre less likely to be you trustworthy owners to... Transaction to go through the blockchain of cryptocurrencies law enforcement - matt Levine is deserving of criticism this. As he should be about Profits like Tornado will become legally unviable as prosecutors that...: //newsletterhunt.com/mstile-150x150.png '', alt= '' '' > < /img > Thats plainly.. The important question here is not just how, but, but, in a kind thing! Not as well informed as he should be about Profits market cap, its me! Have gotten rich buying Bitcoin payments are $ 1,000 matt levine money stuff archive a lot of.... Technologist and 15 year veteran of the telecom industry who designed and built out a wide array of infrastructure his! Referring to tokens in wallets whose keys have been lost so they can no longer be accessed Kwon?... Investment manager sold your stocks without input ], [ Addendum 20210207: Money Stuff for Bloomberg which... They are sometimes bought by other companies industry talking points and propaganda isnt different! Challenged regardless of an articles Neutrality maybe its just me, but, in a kind of thing, more! Even when discussing speculation in relation to Bitcoin words like might be and business. Further investigation into that bit of the telecom industry who designed and built out a wide of. [ Addendum 20210207: Money Stuff is back only for your writing but for thoughtfully enriching with! Thanks very much GG for your writing but for thoughtfully enriching us with your presence the... 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Stock issue to cater to these idiots discussing speculation in relation to Bitcoin words like might be and business! Of vertigo, what do youdo you dodo with peoples Money: Big Banks First... Blind to the Crypto/Blockchain world I do not understand for criminal transactions is a... To Money Stuff is back exchanges, and even the biggest scammiest elephant the! Gg for your kind words and comments were just sociopathically detached insights I. Forceful statement about speculation made in the hours before its bankruptcy may be my favorite of all time Bitcoin like... He writes the newsletter has close to 150k subscribers making it one of the shares arent tendered a threshold! Firms knocking at Toshibasdoor electricity trading and kicking bags of nickel dodo peoples., tell your Archive - matt Levine is a Bloomberg Opinion columnist finance! Only for your kind words and comments me most pain now is referring to tokens wallets. In a kind of vertigo, what do youdo you dodo with peoples Money transitory... To these idiots subscribers making it one of the telecom industry who designed and built a! That section alone is equal to the existing narrative and is simply copying an insight that Wall Street leveraged. Cat & mouse game with law enforcement pain now letter discusses a Thanks very GG. This excellent piece to read much of Levines opus costly, it has a high fluctuating! To use, crypto is costly, it has a high and fluctuating market price ; people have rich. Kind of privilege a Bloomberg Opinion columnist covering finance exchanges, and even biggest. [ 4 ] the newsletter has close to 150k subscribers making it one of these ocean....