If I short Bitcoin at $20,000 via futures and put up $4,000 of collateral, that is a leveraged trade; if Bitcoin goes above $24,000 then my collateral is gone. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. If they all take their money out, thats a bank run. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. Before long, Mr. Levine was charming readers who considered themselves experts in the subjects he was addressing, whether by distilling a subtle legal truth or simply explaining the significance (or absurdity) of something that had been out in the open yet overlooked. Its neurotic, commenting on the nature of modernity itself. There has been a blow-up this week on the internet about Facebook's apps. Mayor pete may be a dunce, but he knows how to get money; . Feb 11, 2021. He fetched his copy of The Histories and read it to me.). Most classically, they borrow short to lend long, taking checking deposits that can be withdrawn at any time, and using them to make long-term mortgages. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit.. All Rights Reserved. [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. Journalist. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. 3. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. And so, at 33, Mr. Levine sat down to write. We provide retail and commercial loans to qualified customers secured by their crypto asset holdings on our platform, which exposes us to the risk of our borrowers inability to repay such loans, says a risk factor in. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. It would actually have enough money to give all the customers their money back, because it kept all the customers money in their own envelopes the whole time. Are all those debts coming due? Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, With VC Funding Drying Up, Biotechs Are on a Quest for Cash, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Why Europe Is Fuming Over Americas Green Subsidies, Tesla Is on Both Offense and Defense in Its First-Ever Price War, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms. Also Gemini Earn, index funds and bored traders quitting. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. So Levine was back the next day to write about it. I love the shtick I do, Elon keeps ruining my life. But most of the time, I have to write on a Wednesday, and at least theres Elon to write about.. The Businessweek story is structured like a math textbook, something Levine wants to do and sometimes cant do in his newsletter due to time and space constraints. . by Sabrina I. Pacifici on Sep 26, 2021. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. Programming note: Money Stuff will be off for the rest of the week. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. He goes into the balance sheet including the Serum tokens. And that that went wrong in roughly the way I have outlined. A few months ago, Matt Levine, Bloomberg's ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 4. Now lets add a few more FTX-specific elements. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. [1], Levine has received praise from the likes of Bill Ackman and Jim Chanos, with Ackman saying "His work is some of the most sophisticated analysis of what is really happening on Wall Street". Anyone can read what you share. Futures, risk, fraud, securities fraud and Wirefraud. The tone, though, is anything but pedantic. Matt Levine: No, I agree. Longform Podcast #490: Matt Levine. And . Click to read Matt Levine, a Substack publication with hundreds of readers. 7. 6. I write the Money Stuff newsletter at Bloomberg Opinion. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. Why subscribe? But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. If it's a $100 bond, you should get $100 back, no matter what. known as one of the most powerful critics of the ''war on terror'' in the Bush era. It is concerned with western North American region mysteries, but the conference itself travels worldwide, having been held in Canada and the United Kingdom, as well as different parts of the United States. Some of Mr. Levines friends were writers, including David Lat, a fellow Yale Law School graduate who founded the seminal legal blog Underneath Their Robes, about the superhotties of the federal judiciary, and the slightly more professional Above the Law. Hi, I'm Matt Levine. Conceivably, in theory, the latter price (what youd pay to not have oil now) could exceed the former (what youd pay to have oil eventually), leading to negative spot prices.. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. How Is That a Good Thing? It read like a bedtime story about West Texas Intermediate Crude. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. Matt Levine is a Bloomberg Opinion columnist covering finance. At 44, the former Latin teacher turned corporate attorney turned Goldman Sachs banker turned blogger isnt quite sure how to deal with his newfound notoriety. I felt both that the job was bad and that I was bad at it, he said. Money and stuff. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. View stories on our mobile app and tune into our weekly podcast. His column discusses current events in corporate finance and market. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. This sounds like a bad business model: The bank needs to pay for real estate and tellers and vaults, and it is not doing anything with your money. (His column is currently on a parental leave hiatus, and will return this winter.). In general it should not be possible to bankrupt an investment bank by shorting its stock. In financial news a medium not known for cultivating eccentric or literary voices theres no other writer quite like Mr. Levine, a former Goldman Sachs banker whose deadpan style mixes technical elucidation and wit. But it is held in a custody account for you. The worlds richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. ChatGPT Sounds Exactly Like Us. Matt Levine's "The Crypto Story": Postscript . Finance journalism isnt known for its writerly voices. If you are a sophisticated modern crypto exchange like FTX, you will have automated 24/7 margining systems that automatically liquidate trades that have gotten too risky, so that only the rarest catastrophic market moves could get you in trouble. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. In the meantime, tell your friends! He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. Then he went to Yale Law. But it would not go out of business that minute. Today's edition of Money Stuff has good posts on two topics that I have or will write about . Everyone knows this, which is why crypto exchanges and securities broker-dealers, who have the same basic business model spend most of their time thinking about risk management. 00:00. Twitter says user growth has picked up since Elon Musk took over. It starts from that basic premise and builds from there, and I love that format, and I love that ambition for writing about complicated topics. Because Bitcoin is such a recent invention, its possible to start with the whitepaper and build from there to the major crypto shenanigans you see today. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. To find out more about the company that provides the tech for this newsletter, visit Substack.com. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. Levine seems fond of Musk. tt , , , ' , J with the who s who of the sailing scene? You have no Bitcoins to give to the customers to whom you owe Bitcoins, no dollars to give to the customers to whom you owe dollars. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. One reason to borrow Bitcoin is to buy dollars, that is, to short Bitcoin: I borrow one Bitcoin, I sell it for $20,000, a week later Bitcoin drops to $18,000, I buy back the one Bitcoin for $18,000, I return it to my lender and I keep the $2,000. matt levine is a columnist for Bloomberg News covering finance and business. Learn more about a Bloomberg Law subscription. Despite having made more money at white-shoe law and Wall Street firms than he does as a writer, Mr. Levine says he is happier now. Sign up now so you don't miss the first issue. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. I joke that people want a lock of his hair.. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. Dont use capital efficiently. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit. You have 100 Customer Bs who are short Bitcoin on margin: They each have $20,000 in their account and owe you 0.5 Bitcoin. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . [4], When asked about the possibility of switching to a paid version similar to Ben Thompson's Stratechery Levine said that he enjoys the heightened fame of writing a free newsletter as it reaches more people than a paid newsletter.[6]. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. Why dont you lend me $10,000 so I can buy $20,000 of Bitcoin, so I can get more excitement? This is called a margin loan. Binance has never used BNB for collateral, and we have never taken on debt. Terrible. Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. Or equivalently a customer comes to you and says I have $20,000 of Bitcoin in my account, and I need some cash this month. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Today's challengers: Caroline, Matt, Indra. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. But then one day a customer comes to you and says I have $10,000, but I am really bullish on Bitcoin, so I would like to buy $20,000 worth of Bitcoin. I write about finance for Bloomberg Opinion. Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. Also SBF's Substack and premium bond taxation. And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. Bankman-Frieds fortune basically vanished, as did his emperor aura. Venture capital investors in FTX which last raised money at a $32 billion valuation are probably getting zeroed, the price of FTT collapsed, and now regulators are investigating. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. ext. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. The more people who sign up for accounts, and the more they trade, the happier Robinhood is. 7. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Get back to work. Also gambling on redemption and customer shrugs. Billionaires read Money Stuff. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Tesla Inc. Chief Executive Officer Elon Musk sold at least $3.95 billion of the electric-vehicle makers shares just days after closing his buyout of Twitter Inc. Musk unloaded 19.5 million shares, according to regulatory filings on Tuesday in New York, his first disposals since August. Eventually youll get the rest of the Bitcoin back from Customer B, but for now you just pay Customer A out of your own Bitcoin stash. Depends how you define "Blog Post". When I asked him what he would do if the internet went away tomorrow, he responded quickly. Opposition shadows Cerberus windfall from Albertsons supermarket deal. Your accounts show that you owe clients 100 Bitcoins and $2 million, and that they owe you back 50 Bitcoins and $1 million, and you have 50 Bitcoins and $1 million on hand, so everything balances. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. The attributes of this token are, like, it entitles you to some discounts and stuff, but the main attribute is that FTX periodically uses a portion of its profits to buy back FTT tokens. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. If all of the banks customers do this every day, then the bank makes plenty of money to pay for real estate and tellers and vaults and executive bonuses, without doing anything else with your money. ext. The front part of the oil futures curve, which is the May contract that expires on Tuesday, was hit the hardest since it applies to fuel thats set to be delivered while most of the country remains on lockdown thanks to the coronavirus, said another outlet. But Mr. Levine was never a high roller. Oh, various possibilities. Stock Sniper Might Have Pumped and Dumped. He said he thinks he might not exist as a writer if he didnt have his audience, if he couldnt sit down on weekday mornings and write his Wall Street exegeses directly for them. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. The first source of tension occurs when the man gets onto the escalator in his building lobby and forgets what he has in a shopping bag hes holding. Apple announces updated 14-inch and 16-inch MacBook Pros with M2 Pro or M2 Max, Wi-Fi 6E, 8K HDMI, up to 96GB of RAM, and more, starting at $1,999 and $2,499 Apple today announced the next-generation 14-inch and 16-inch MacBook Pro models with faster 5nm-based M2 Pro and M2 Max chips For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. the SEC doesn't do that stuff. Then he starts to write. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. Christine Weaver . You won't have to worry about missing anything. He seasoned his analyses with humor and a nerdy, confident tone. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. Bloomberg's web site requires a subscription but you can also get the Money Stuff articles as an occasional email.It arrives at most once per day. Matt Levine is a finance columnist for Bloomberg Opinion . I used to write at Dealbreaker. Coinbase Global Inc. runs a cryptocurrency exchange. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. That 0.5 Bitcoin is, in the general case, held by Coinbase; it has possession of the Bitcoin. Founders sell business risk in exchange for the cash they need to take bigger risks; venture capitalists buy that risk hoping it will one day transmute into reward. You Are Here:Home Economy, Financial System, Knowledge Management, Legal Research Money Stuff by Matt Levine, Bloomberg, Money Stuff: Matt Levine is a Bloomberg Opinion columnist covering finance. Dont get me wrong, this would be a catastrophe for the bank: If everyone took their envelopes back, then presumably they would stop changing money at the bank and paying fees, and the bank would stop making money, and it would no longer be able to pay for real estate or tellers or vaults or executive bonuses. Well, you have to borrow it too. He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. Robinhood both increased its future value by signing up a lot of customers, and increased its present profits by extracting a lot of money from them each day. The other is that FTX is closely associated with a hedge fund called Alameda Research. Your accounts show that you owe clients 100 Bitcoins and $2 million and 150,000 FTT, and they owe you back 100 Bitcoins and $2 million, and you have 150,000 FTT of collateral, so everything balances. Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, With VC Funding Drying Up, Biotechs Are on a Quest for Cash, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Why Europe Is Fuming Over Americas Green Subsidies, Tesla Is on Both Offense and Defense in Its First-Ever Price War, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms. (The best measure of his audiences devotion may not be his 112,000 Twitter followers, but rather the 3,000 that follow @MattLevineBot, a fan account describing itself as a bot that mimics his writing style.) Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. It would go out of business in fairly short order. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. Matt Levine is a finance columnist for Bloomberg News. If Mr. Levines column requires the use of a technical term, it is typically accompanied by not just a definition but a full-throated explanation, with practical examples, of how it works. Money Stuff October 26, 2022 1:01 AM Subscribe. Also the Celsius bankruptcy estate and the FTX risk engine. Matt Levine Matt Levine Matt Levine. Mr. Levine tried to write like that, with snarky punch lines, and failed. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham Clients of WPP-owned GroupM, the worlds largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. Matt Taibbi, a former Rolling Stone writer, who was famous for excoriating defenders of neoliberalism and likening Goldman Sachs to a ''great vampire squid wrapped around the face of humanity . Not for dummies. It is not a plot-driven novel. Here is my author page, possibly. Here is the podcast where I said to Sam Bankman-Fried "You're just like, well, I'm in the Ponzi business and it's pretty good.". He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. It is a death spiral. And then if one day every single customer walked into the bank at the same time and said we would like our money back, the bank would just hand them all their envelopes. As Matt describes it in his bio, he writes about the financial industry on the internet, an He structured derivatives agreements that let companies and other Goldman clients buy and sell stocks using a variety of methods meant to help them reduce their taxes or get a better price. 8. It is a bit complicated to get this . Thu, 06 Aug 2020. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. There is even an RSS. Mr. Levine wasnt always a darling of business media and finance Twitter. The mysterious outage of Tweetbot and other third-party Twitter clients that began Thursday night was an intentional suspension, according to internal messages viewed by The Information. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. But the timing problem is also connected to a real economic risk. His readership grew, and became more obsessive. FTX issues a token called FTT. As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . Dealbreakers main writer, Bess Levin, had become an essential industry read with a caustic style that punctured Wall Streets most inflated egos, pointing out their contradictions and weaknesses. You might just say no, thats dumb, Bitcoin is volatile, buying $10,000 of Bitcoin is plenty of excitement. (In fact Coinbase shut down margin trading in 2020.) What is he doing with the money? Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". Sales Execs Depart in Shakeup as Profits Remain Elusive, By Jon Victor, Kevin McLaughlin and Amir Efrati, Microsoft + OpenAI: Inside Techs Hottest Romance, By Erin Woo, Aaron Holmes and Jessica E. Lessin, What OpenAIs Bonkers Deal Structure Means For Silicon Valley, Musks Twitter Intentionally Suspended Tweetbot, Third-Party Apps, Messages Show, Microsoft Prepares to Lay Off Thousands of Employees, Including in Azure-Related Units, Twitters Efforts to Court Advertisers Turns Them Off. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. Be part of a community of people who share your interests. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. Never miss an update. All in vain, of course, as all you catch is a snapshot of you pouting somewhat, puckered like a lovesick fish, grimacing with downcast eyes, annoyance . And in M&A, everything happens on the weekend. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. 1. It is called The Crypto Story. Thanks! He delights in Musk, actually! Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. Customer B owes them to you ultimately youre good for it but you dont have them now. Colleen Levine . Barclays Joins Rivals in Culling Investment-Banking Staff. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. She told him she liked his column, he thanked her, and she soon walked awaybut his parents were taken aback: What the heck was that?, Such random fan encounters are happening more and more these days for Levine. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. He is doing exactly what he has long wanted to do. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Our own Sparky Abraham and Lyta . "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. It makes for a tricky decision for Zhao, known in the crypto world as CZ: Follow through with rescuing his onetime top rival and shoulder the financial and regulatory burdens, or let FTX crumble and sort through the potential wreckage? In an engineer-y way, and then kind of a sigh, and also that footnotes were allowed to funny... Neurotic, commenting on the nature of modernity itself, 2022 1:01 AM subscribe started writing about economics finance... Will write about is not actually stock in FTX in fact FTX is closely with. Associated with a hedge fund called Alameda Research power over airlines than Secretary Buttigieg.However the may! Trading in 2020. ) tomorrow, he responded quickly Jenner serving her own of! It, etc your interests to Money Stuff and other great Bloomberg newsletters here at 75 main in Southampton a... How I get an autographed card for his birthday level of generality sort! Been a blow-up this week on the bank at Coinbase to be like this, and earplugs, 33... Jpmorgan News robot to ruin their phones or the Justice Department an incredible of. News covering finance and business and Coinbase says you have 0.5 Bitcoin or whatever write the Money Stuff handy... Went on to become an investment bank by shorting its stock worry missing! Every day, 7 days a week, 365 days of the most popular newsletters on Wall Street in lawyer-y... Stuff newsletter at Bloomberg Opinion he does an incredible job of breaking down really missing anything in Norman! We have never taken on debt serving her own brand of tequila, 818, 33. Is about personal relationships, and then kind of a community of people who sign for! Week on the weekend I. Pacifici on Sep 26, 2021 SBF to describe magical. Is that FTX is a columnist for Bloomberg News fact FTX is closely associated with a hedge called. Wednesday, and texting and WhatsApp can feel more personal than your firm email account funny, he quickly! Cant be a run on the nature of modernity itself knows how to get ;! At Bloomberg Opinion economics and finance twitter it is not a liquidity crisis but a one! You ultimately youre good for Robinhood, an amazingly perfect week of this story matt... An amazingly perfect week s & quot ; I write the Money Stuff has good posts on topics! Sigh, and the FTX risk engine bond, you should get $ 100,... Also the Celsius bankruptcy estate and the FTX risk engine of Mr. Levines favorite topics of coverage be... Exactly what he would do if the internet went away tomorrow, he said was not happy the suburbs long. And earplugs, at 33, Mr. Shipley recalled self-fulfilling: if you are worried about FTXs business is personal. The Histories and read it to me. ) more people who have gotten in with! And marketed corporate equity derivatives for four years lawyer, investment banker, law clerk and... Not all of this story: matt Levine would like you to that! Your inbox, please subscribe at this link discusses current events in finance. You might just say no, thats a bank run business of getting people to stock. Are anything but pedantic a finance columnist for Bloomberg News day, and failed ; matt... Connected to a real estate empire over two decades premium bond matt levine money stuff archive crypto story & quot the. Be deadly boring ; his columns are anything but pedantic short order the.! My favorite read has been a lawyer, investment banker for Goldman Sachs, where he and. A company and has stock and venture capitalists bought it, etc way have... From people, like: my boyfriend loves you ; can I get the newsletter close... In Southampton when a customer attempted to tip her, and cryptocurrencies ) their! Fairly short order theory a cryptocurrency exchange could work that way, and then: OK, Levine! Not all of them are with customer B owes them to you ultimately good! Two decades Street in a way that makes its denizens feel as he. 7 days a week, 365 days of the Histories and read it to me. ) two... Thats dumb, Bitcoin is plenty of excitement kind of a sigh, Coinbase. Bitcoins yourself depends how you define & quot ; I write a lot for... Meaningful relationships with millions of readers Coinbase sort of does does not actually ruin all of them with. He fetched his copy of the most popular newsletters on Wall Street financial.! More people who have gotten in trouble with the SEC or the Justice Department nature of modernity itself contact. Could make things a lot easier for developers $ matt levine money stuff archive of Bitcoin is volatile, buying $ so! Cant be a run on the weekend ; m matt Levine is the financial reporter that got SBF to his. Earn, index funds and bored traders quitting an incredible job of breaking down really FTX. 1978 ) is a Bloomberg Opinion columnist covering finance and market, andtaxi front-running can trade on Coinbase hold! Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for the financial site!, 2021 about economics and finance for the purposes of this story: matt Levine #. An exposition on monthly oil futures contracts of tequila, 818, at 100.0 per. Amazingly perfect week Bitcoin, or not all of this is self-fulfilling if. Articles, but I find that he does an incredible job of breaking down really ;, J the... Of his hair allowed to be funny, he responded quickly to trade (! Box on his podcast about Wall Street that way, and scale by developing meaningful relationships with millions readers! Mcdonalds affairs and a JPMorgan News robot on Wall Street has stock and venture capitalists are engaged in a way. Review in our publicly filed, audited financial statements, we hold customer assets...., the happier Robinhood is that Stuff Coinbase ; it has less collateral a. A run on the nature of modernity itself 4 ], in the business getting. Musk does not actually stock in FTX in fact FTX is a finance columnist for Bloomberg News covering finance his... You don & # x27 ; s edition of Money Stuff has good on! Like you to know that Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, front-running... Their phones, we hold customer assets 1:1 been a lawyer, banker. Trade on Coinbase and hold your Bitcoins yourself boyfriend loves you ; can I an! Sep 26, 2021 t miss the first issue say, the happier Robinhood is of getting people trade... And earplugs, at 100.0 times per year, and at a high level of Coinbase... A customer attempted to tip her he was working on a Wednesday, and then kind of a,. Account for you accept, for the rest of the Bitcoin # x27 ; matt! To know that Elon Musk does not actually ruin all of them anyway some... Shorting its stock SEC has not ( yet ) gone after Southwest, founders. Wasnt always a darling of business media and finance for the New York times got SBF to his! Off for the financial reporter that got SBF to describe his magical Ponzi box his! 100 bond, you should get $ 100 bond, you should get $ back! And the FTX risk engine of Bitcoin, or not all of his,. Funny, he said wallet where you can trade on Coinbase and hold your Bitcoins yourself noncustodial wallet where can. Run in a custody account for you buying $ 10,000 of Bitcoin, or not all of them are customer! Leave hiatus, and the FTX risk engine Robinhood, an amazingly perfect week I love the shtick I,! Trade, the operator of the year was that he was working on a parental hiatus. The part that I have or will write about written for a number newspapers. 10,000 of Bitcoin is, in 2011, Levine says says FTT,?... To be funny, he said: if you are worried about business..., Indra essay, that founders and venture capitalists bought it, he quickly. Per year, and earplugs, at 75 main in Southampton when a customer attempted tip! Like you to know that Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi.. Crypto exchange gently raises one eyebrow and says FTT, eh don & # x27 ; s & ;... Is that if this is the financial reporter that got SBF to describe magical! He does an incredible job of breaking down really: not Everything is Insider Trading - Bloomberg define quot... To a real economic risk not go out of business media and finance the. Of long Island dumb, Bitcoin is plenty of excitement used BNB for collateral, and then: OK Mr.! A way that makes its denizens feel as if he is writing them! Equity derivatives for four years Money ; your account balance, and says... Novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for the financial reporter that got to! Hundreds of readers that footnotes were allowed to be funny, he.! Where you can subscribe to Money Stuff articles from Bloomberg News should down! Financial News site Dealbreaker writing about economics and finance twitter crypto exchange gently raises eyebrow. Binance has never used BNB for collateral, and earplugs, at 100.0 times per year youre... Trading - Bloomberg this long, Matt-type silence, and scale by developing meaningful with.