4256
4257

The crypto industry did the damage to the crypto industry.

4258

All the best damage is decentralized.

4259

The prototypical face of crypto is young, white, techy, and male, but perhaps no other demographic group has been harder hit by the crypto bust than Black Americans, who are half as likely to own stocks as their white counterparts but significantly more likely to own cryptocurrencies. Because Black investors piled into the crypto market at or near its most recent top, many of those investors are now in the red.

4260

It doesn’t matter what color you are, if you got into crypto anytime near it’s top you were crazy. Anytime in the last year or two. You might as well have bought a bridge in Brooklyn.

Why would you risk your money there just because you aren’t happy the way the traditional system treated you?

4261

I think a lot of the people who got caught holding the bag were new to the space, didn’t know it was near the top, and were influenced by millions and millions of dollars worth of advertising that they were getting in early.

4262

I thought this was interesting:

Billionaires know they can be a media darling and popular in certain circles by appearing progressive, altruistic, and enlightened. But you don’t know what they are doing and not disclosing.

4263

Fox News will hate that. His donating to Dems has been a big talking point for weeks.

4264

Did you mean to say Fox News will ignore that?

4265

They’re unlikely to let the truth get in the way of their narrative, sadly.

4266

To give the explanation Fox would surely give for why they won’t report it: there’s no paper trail (by design) and the only person claiming this is known to be a liar (i.e. SBF himself.)

4267

I am not sure anyone can believe a damn word SBF says at this point. He is completely full of shit and will be playing the “I didn’t know, I just made a mistake…” card from here to to bitter end. Whatever he is saying now is going to be tailored to support that narrative in some way, shape or form. Maybe he thinks admitting to donating to GOP as well tips the balance of a future GOP controlled government (SEC, FTC, DOJ, etc) not pursuing FTX in some way, shape or form.

Source of that info can be found here, btw, coffeezilla has the abridged version but credits and links to Tiffany Fong’s interview.

4268
4269

Reminder

4270

I thought this editorial was interesting: “Sam Bankman-Fried doesn’t read. That tells us everything.”

[SBF said] “I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. … If you wrote a book, you f—ed up, and it should have been a six-paragraph blog post.”

Now, this is paragraph five of this column, so we’re running short on worthwhile words. But this means-to-an-end worldview might be the key to understanding SBF’s character, and his career. The point for SBF, it seems, isn’t the book itself but what he takes away from it — the instrumental knowledge that, presumably, he can gather more efficiently from a SparkNotes version of any opus than from the work itself. … The trouble is, if you don’t care about what you do, if part of you disdains what you do, your only concern is what the work gets you.

Hmmm, a touch of laziness, a lack of interest in detail, and a belief that only the ends matter. Sounds like someone I want to give my life savings to!

4271

Was he playing LoL while he gave that interview?

4272

Or if you want your country to leave the EU, he sounds like your man.

4273

I strongly dislike these people whose worldview is such that the arts have little value. Anyone who thinks a book is better boiled down to six paragraphs is one of these cretins.

I believe there was a time when even many people in the business world still saw value in the humanities. I guess that’s long past.

4274

This guy was hardly a member of “the business world” though. He was a con man.

4275

I had a friend who used to do one-sentence summaries of famous books, as a kind of joke. Things like “a man kills his landlady but then he feels bad” for Crime and Punishment. It’s completely true, that summary, but it probably misses something.