TurinTur
4094
It was always going to climb up to 18k once the storm passes by, the question is, will it return to 19-21k?
I didn’t know I was leveraged is certainly a hot take from SBF.
Canuck
4096
My teachers’ union pension fund unfortunately. A cool 95 million. What the fuck. Fortunately that’s only 0.05% of the funds value.
I think that’s a serious failure of fiduciary responsibility.
sharaleo
4098
Again, people think these tools are the smartest guys in the room and again it turns out most of them have no clothes.
Play League of Legends while casually giving a corporate pitch and people think you’re a genius, but turns out you’re another dude faking it.
0.05% is a pretty small risk. Typically portfolio managers are looking for a range of risks to invest in - some with enormous up and downside.
A more vanilla index investment doesn’t require anyone to oversee. But also has no real upside risk, either.
I haven’t been a portfolio manager, but I was on a company 401k plan management committee, and my understanding of my fiduciary responsibility in that role would have kept me from voting to allow employees to invest anything in this nonsense. I would have hoped actual pension portfolio managers were equally serious about it, but I guess not.
This was my other reaction to that tweet thread above.
So much for “FTX US is totally fine” I guess?
Fiduciary responsibility doesn’t prevent an investment manager from taking risk.
DoubleG
4106
I hadn’t heard about “effective altruism” before today, but it seems incredibly dumb? Like refusing to fund a soup kitchen because it’s more “effective” to fund an organization that purports to safeguard “the trillions of humans who have not yet been born” from runaway AIs.
Aceris
4107
Wow, it look like Effective altruisms most obvious internet facing spaces have been overrun by cryptobros since I last looked. I can see why Ackermann took this view. With the massive influx of technoutopian bullshitter cryptobros into the public internet spaces there’s a lot of nonsense circulating.
I would look at something like Give Well as representing more the original ethos. They do have an interest in global risk mitigation but it’s not all crazy stuff - while they do spend a small amount on “future of AI” research, they also invested in research into mitigating global pandemic risk - which doesn’t look so quixotic in hindsight.
But the focus and most of the funding has always gone on global poverty reduction, particular on potentially high impact schemes that struggle to gain funding through traditional avenues. Their top 4 charity recommendations are 2 malaria prevention schemes, a vitamin A supplement scheme, and routine childhood vaccinations. All Africa focussed because the poorer a region is the more impact a small amount of money will have.
EDIT: I ended up rewriting this post.
EDIT2: There’s a lot of legit criticism of the EA movement but it’s important to remember it only influences a tiny proportion of charitable giving and aid funding - indeed the whole approach is pretty much predicated on that assumption. The “change the world” utopianism sits uncomfortably next to the reality of what they are actually achieving, which is valuable but much more incremental. The truth is they don’t have any magic sauce to hit on “world changing” interventions, and so have ended up funding merely highly useful ones.
I wonder to what extend the cryptobro infusion, who are of course very used to presenting initiatives in a way completely divorced from reality, has worsened this dichotomy. The early book on EA I read was much more relaxed about being in the “incrementalist” space, while holding out hope to find something more transformative.
Timex
4108
Is it just that it’s altruism that attempts to make a more in depth assessment of the actual effectiveness of various approaches to maximizing wellbeing?
That seems smart.
It is similar to the thinking that the best solution to any hard problem is to begin working urgently on a time travel device, so that in the future you will have as much time as necessary to solve the problem.
In an effort to bolster confidence and transparency, Crypto.com has created a dashboard where you can see what the exchange holds. In first place is Bitcoin, with 32% of their reserves - makes sense. In third place is Ethereum, with 17% of their reserves - makes sense. And in second place, with 20% of their reserves is (checks notes) - Shibu Inu coin, a meme coin worth $0.0000009?
As someone said in the Reddit thread where I spotted this: “Well, now we know which exchange has the stupidest customers.”
Looks like FTX is being “hacked” and oops all money is vanishing:
Hahaha. The way this is going down has got to be a massive inside job. SBF will be on his way to a non-extradition country!
