In the final act of what some are calling “the greatest waste of wealth in human history” the crypto exchange FTX filed for chapter 11 bankruptcy yesterday. Part of me wonders what the titles of the first 10 chapters are, but I digress. I know I previously said I wouldn’t wade into the crypto issue since I’m not i̶n̶f̶o̶r̶m̶e̶d̶ ̶o̶n̶ ̶t̶h̶e̶ ̶m̶a̶t̶t̶e̶r̶ a nerd, but as the juicy details continue to roll out, my jaw continues to drop. The sheer temerity on display is truly appalling, and the only thing better than watching dumb guys think they’re smarter than you is watching them reap what they’ve sown.
This article does a wonderful job explaining exactly what took place over the past week for Sam Bankman-Fried or SBF if you’re a cool guy who spends too much time online. Basically, as with SO many other crypto experiments, it turned out to be a scam where money invested was being used without the proper knowledge of those who invested. In short it looks like ~$16BILLION in user funds were affected, including maybe a large chunk of Tom Brady’s fortune? It’ll take some time to assess who exactly suffered and just how badly this scam affected them, but safe to say it’s alot. At the very least, thousands of people lost a significant or life-changing amount of money this week thanks to the hubris of a 30-year old gamer.
SBF was certainly the subject of alot of hype, he was also the subject of what I can confidently describe as the most pitiful excuse for a glowing profile I’ve ever read. In this profile (which I’ll warn you is not a short read, but is worth every painful second), SBF says words that should always be seen as a red flag. Like if you ever encounter someone who says things like this, run away from them as fast and as far as you can.
“I would never read a book. I’m very skeptical of books. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you fucked up, and it should have been a six-paragraph blog post.”
SBF, who just last week was seen as a billionaire genius, now probably trying to avoid being stuffed into a barrel full of acid somewhere
Side Items
Biden & Pelosi at COP27: The true faces of democracy made an appearance at the climate conference in Egypt this week, where their withering political bodies made false promises of a “low-carbon future” (whatever that means). Meanwhile, no word on negotiations for Alaa Abd El Fattah, the activist unjustly on the brink of death in an Egyptian prison
Twitter’s Beautiful Collapse: There might not be much time left for the social media giant, but some impersonating users are making the most of these final days or weeks. This is kinda what I imagine 1970’s New York City to be like; everybody bankrupt or on their way there, widespread lawless behavior, idiots around every corner looking to make a quick buck, it’s a thing of beauty
World Cup Preview
Serbia: This team’s got all the Vic’s (pronounced vitch, it was funnier in my head). Led by an attacking duo of Alexander Mitrovic and Dusan Vlahovic, the Serbs are a solid dark horse team to make a deep run in this tournament. The real question will be their ability to score goals and win games in a group featuring the mighty Brazilians. If they’re able to stay healthy and avoid losing to Brazil too badly, this team could make some noise, keep an eye out
Morocco: As an Egyptian with no team to support in this tournament, I’m challenging myself to overcome decades of pride against cheering for the success of my North African brethren. Grouped alongside Belgium, Croatia, and Canada, it’s tough predicting who will survive, other than probably Belgium…and likely Croatia now that I think about it. But maybe Morocco can sneak in a win or two, who knows
Denmark: This World Cup marks the emotional return of Danish star midfielder Christian Eriksen, who suffered a terrifying cardiac episode on the field less than two years ago. Eriksen is one of the most creative minds on this team and indeed in world soccer today, and they’ll need him at his very top form if they hope to survive a group featuring the defending champions from France, a motivated and sturdy Tunisian team, and Australia (lol g’day mates)