He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Levine's analysis in his column have been widely covered by other newspapers. [1] [4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. 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. this, Matt Levine announced that his newletter would be on hiatus for a I dont know crypto. but calling them to say a disaster is coming, sell a tiny bit! In return for providing fake liquidity to the industry, Tether can buy tokens through intermediaries and sell them for real fiat currency, exchanging their funny money for the real thing. trade; if your investment manager sold your stocks without input Sure they were deceived, and sure the stock price was The quarterly reports of publically traded companies are doctored beyond belief and medias hucksterism for investing in stocks is nonstop. One recurring theme in the newsletter is Everything is Securities A major value of crypto was putting a smiley alternative face on the looting of Third World people, sucking in people who would not otherwise have been suckered because these were the smart kids who could read English. I didnt think it was possible to talk about NFTs and avoid the subject of wash trading entirely. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. 52 episodes. Yves here. But even in the 19th century it was recognized the problem of people who know the price of everything and the value of nothing. Because to address it would be to concede that nearly everyone from large media conglomerates to the most respected venture capitalists on the planet to storied hedge funds was duped into believing that all it took to make the private money business viable was a single innovation. The following youtube video about NFTs has received ongoing praise for the clarity and intelligence of its expose. Matt Levine. This is an odd topic to have thought about a lot I admit But like Sal Bayat mentions, Matt Levine is an excellent writer so theres a lot of stylistic choices to think about on top of the subject matter in his columns haha! That asset then became the leverage used to get loans to fund his Alameda investments, perhaps along with some or all of the fiat paid by the rubes buying the FTT coins. The ever-present opportunity to buy out shareholders and take over the company prevents the total value from dropping too much below some notion of its fundamental value. Levine also has a Twitter account but it Yes, crypto came out of a libertarian rebellion against traditional money and banking regimes (as in aside, they are finding they need to recreate all the pieces of old fashioned banking, and often less efficiently, witness for instance transaction speeds). Instead, Levine legitimizes cryptos market cap, its centralized exchanges, and even the biggest scammiest elephant in the room, Tether. This whole FTX thing has got me howling. So perhaps the tone here is indeed representative of agendas that need protecting I wonder how many Bloomberg writers hold crypto? Lots of economic activity; not much trust. To those familiar with cryptos landscape, whether skeptic or true believer, I very much recommend reading The Crypto Story. Scaramuccis SkyBridge Capital Was Spiraling, and Then Came FTX, Sunaks Crypto Plans Are Hit by Reluctant UK Banks. [ Addendum 20200821: Unfortunately, just a few days after I posted Painting the tape is a common enough occurrence with standard crypto tokens, but I didnt think it was possible to talk about NFTs and avoid the subject of wash trading entirely. Its as if someone wrote a comprehensive biography about the life of Rick Astley without ever letting the words Never Gonna Give You Up touch the page. Bloomberg Surveillance, covering the latest news in finance, economics and investments. What Can CitiesDo About the Most Dangerous Drivers? Until that part happens, theres no rich. Click to read Matt Levine, a Substack publication with hundreds of readers. A breakup with JIP et al would cost 2 billion yen, so any offer would have to take this fee into account and make a new deal worth it.. Regardless, its unclear why they went into the nuance because recommended, non-competitivebids rarely failin Japan. As the sages say prosecution futures. Really clever, technically dense, and yet funny in the right places also. That financial system enabled people to do more stuff in the real world. charged, as they have been. ill be out here trying to make things and feed myself and my neighbors. WebMatt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The whole point is to keep the scam running for as long as possible. Duration drives credibility, and credibility drives recruitment. More suckers means more money, which means greater returns, which means more people, which means more money and voil. A beautiful positive feedback loop of value is created. To sustain it we must minimize withdrawals and maximize deposits. If only we werent subject to the limitations of fiat currency that are imposed by reality and the demands for cold hard cash. Enter Tether, stage left. If I accept deposits in a fake currency (Tether) and consider those deposits to be equivalent to fiat, then Im not breaking any laws. Better yet, I dont have to worry about real cash deposits needed to pump my scam and I dont have to move fiat around when wash trading. So Tether fulfils the function of maximizing deposits as well. Not only does it create synthetic liquidity, but by manipulating the prices of tokens skyward, Tether helps create fiat inflows from new suckers. Is anyone else reminded of Galbraiths bezzle? The ETF runs out of money when the futures hit zero; someone law in order to steal money for the shareholders, and when the Levine was there to explain what As it turns out, the important question here is not just how, but who. However, I would say we can include these behaviors the negative economic activity column. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions The author is blind to the fact that Crypto is simply copying an insight that Wall Street has leveraged for years. Scaramuccis SkyBridge Capital Was Spiraling, and Then Came FTX, Sunaks Crypto Plans Are Hit by Reluctant UK Banks. Any other offers are likely to draw the process out for a lot longer and adding years to this drama is the last thing investors need, especially as Toshibas financial health shows few signs of improvement. This kind of desperation is why State lotteries are popular too, but nobody puts their savings into lottery tickets because it is easy to understand how foolish that would be. Two pages later, the con-man has made off with the old misers money. Conversely, I didnt sit down and write 40,000 words to tell you that crypto is dumb and worthless and will now vanish without a trace. Investors may as well take what they can getwhile theres an option available lest JIP and friends have buyers remorse. Money Stuff: Big Banks Trust First Republic With Their Money 19 days ago 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. Levine focuses on the most famous cons and never mentions that cryptos biggest players might currently be engaged in bad behaviour. Exchanges potential involvement in the price manipulation that continues to occur in the crypto ecosystem is never mentioned. Given his shtick is critical analysis made accessible to the average reader, its rare that he mentions anything without pointing out any gaping financial/legal flaws and mocking those involved Yet he includes constant disclaimers and caveats that leave the reader to make up their own mind. They believe there is no such thing as intrinsic value or worth? Some five or six years ago I had a conversation with a man who was a big crypto enthusiast ( If he got out in time he did REALLY well) that ended with Tom, you just dont get it, Crypto is a CONCEPT. 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. 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. WebMicrosoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. The real world came first, then finance, then the more complicated epiphenomena of finance. But, but, in a kind of vertigo, what do youdo you dodo with peoples money? For one thing, some experts offer trenchant arguments against the idea that blockchain constitutes a technology at all, if technology is supposed to be synonymous with true innovation. Pump and dump is how Wall Street has always worked to create massive profits for insiders and Crypto has simply embraced it, Value is determined by Price, not value.. price to dip, then their buy-at-the-end-of-the-day contracts will all Sound Familiar? It's thought that many planetary bodies in our solar system contain liquid water deep below their icy surfaces. Just How Dangerous Are Indias Generic Drugs? And Levine is quoted as saying people have gotten rich buying Bitcoin Well maybe this is a nitpick, but no, no they have not gotten rich by buying bitcoin any more than anyone ever got rich by buying shares of GE. Money Stuff is also very funny. We give labels and fail to separate the wheat from the chaff, or the apple from the grocery store. I found How is the gain made? Investors deeply involved with the company, like Elliott Management Corp., will likely be able to make this a profitable trade.They can take solace in the fact that corporate governance and activism worked (kind of), the Japanese firms misdeeds came to the fore, and a solution is in sight. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions When I read the details of the latter, the scheme the hodlers pulled off using a gamma squeeze made sense and was actually quite brilliant.
Has there ever been a pure liquidity problem at a crypto firm?
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Newsletter money Stuff, a brilliant daily financial newsletter on Bloomberg View that!Bloomberg's web site requires a subscription but Hedge Funds Struggle to Run This Business: Anjani Trivedi, What Does Private Equity See in Football? The noticewas correctedto justify the deep discount. Recommended reading: Matt Levines Money Stuff. If a bank with good assets is facing a liquidity crunch, it can go to the central bank and say we have $200 of assets but we cant get $100 of cash, help, and the central bank will help. said no.). 
Levine has a large public platform, and if hes going to be writing articles which influence public opinion, he needs to up his game.
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