matt levine money stuff archive

you can also get the Money Stuff articles as an 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. But the important point is that sophisticated modern finance was built up, step by step, from the real world. a Temple Grandin to calm the feedlot wow, nicely stated. articles a month for anyone to read, even non-subscribers! 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. If thats the case, its understandable. Tether is worth discussing in detail because its integral to cryptos dependence on recruitment for new fiat money inflows. Glossing over Tethers effect on crypto is like skipping over the subject of cocaine at a seminar on drug cartels. Welcome to Matt Levine by me, Matt Levine. Yes, all these costs and then just about everything that follows in Bayats piece should produce red flags about the crypto origin story. .

Todays letter discusses a So you can take my explanation of market cap and cash flow as a general statement. Recommended reading: Matt Levines Money Stuff. shareholders found out they sued? from Bloomberg News. WebMatt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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. First, companies can and sometimes even do pay dividends. indeed, I wouldnt be surprised if crypto wasnt started by an intelligence organization, Check out the 1996 NSA white paper How to make a Mint: The Cryptography of Anonymous Digital Cash. This is just a description of the blockchain of cryptocurrencies. law in order to steal money for the shareholders, and when the is mostly just links to his newsletter articles. 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. Hedge Funds Struggle to Run This Business: Anjani Trivedi, What Does Private Equity See in Football? Those relatively few coins were bid up by the punters, and quite possibly with some assistance from insider washing, which if I understand correctly is when a couple people buy and sell the same coin to each other multiple times, driving up the price, until a mark comes in and pays real money. About. Archive. Levine hits it out of the park on that one. 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. Just that section alone is equal to the best critical and high level take down available anywhere. 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.

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. Beyond that, though, the notion of private money at scale, and, more to the point, the notion of private money at scale as an investable proposition, is stupid. THAT was excellent. founder and executive chairman Trevor Miltons house? Money and stuff. 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. Im thinking this is referring to tokens in wallets whose keys have been lost so they can no longer be accessed? His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. In this episode, we talk about Matt's career shift from banking to blogging from Goldman Sachs, huge Overall crime benefits a minority of individuals at the expense of everyone else, it reduces the amount of utility an economy can produce. 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).

Both supported by the greedy and the gullible (for different reasons), and massive infusions of fiat to keep the appearances attractive. A neutral piece on crypto that uses industry talking points and propaganda isnt much different than a puff piece. In effect, executives broke the But its not Levines control of his register or his mastery of arcana that I find frustrating, but his default posture. dip price. The real world came first, then finance, then the more complicated epiphenomena of finance. investment adviser would do without any input from her? Those shares are not purely speculative bets. 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. ill be out here trying to make things and feed myself and my neighbors. Sure, its a lot of steps now. 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. responsible for the demise of Terra stable coin recently. I would add gambling to the pea pod along with crypto. : Matthew Brooker, Matt Levines Money Stuff: The Good Hedge Funds Always Get Paid. Of course you'd expect that the executives would be criminally NASA is sending a probe, called Europa Clipper, to investigate the potential habitability of one of these ocean worlds.

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. Levine has a large public platform, and if hes going to be writing articles which influence public opinion, he needs to up his game. Im reading Melvilles The Confidence-Man at the moment. The glow of US/globalized prestige is real. But IIRC, their liabilities exceed assets. Mergers & Acquisitions Matt Levines Money Stuff: FTX Had a Death Spiral Opinion Nov. 9, 2022, 12:10 PM FTX So how could this happen? High-frequency trader registration. Money Jonathan Bernstein's Early Returns. 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. He understands what the economy and financial system should be, he knows the difference between real wealth and simulated value, but theres some invisible force stopping him from taking the final logical step. context the defense seems pretty plausible. , A financial system is bad if it trades abstract claims in ways that enrich the people doing the trading but dont help anyone else.. They and many others believe something is worth whatever someone is willing to pay for it. Altruism, my face.. From the Heisenberg Report: In the wake of the FTX fiasco, much of the breathless crypto coverage emanating from the financial media (mainstream, alternative and otherwise), seems to intentionally avoid addressing the elephant in the room. My impression is that he wrote a puff-piece intended to sooth a growing global panic and to prevent it from spreading to elite-controlled trust-based exchanges like stocks, bonds, real estate, and banks. Political insights and 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.
Today the US Commodity Futures Trading Commission sued Binance Holdings Ltd., Changpeng Zhaos big crypto derivatives exchange, for letting Americans trade crypto derivatives. Money and stuff. Matt is not as well informed as he should be about crypto.

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. 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. hi @mattelvine It would be great if you could link to the web version of the newsletter, or even to particular parts of it, from within the email version. Levine hits it out of the forces in our economy that extract value without providing meaningful utility, length. 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