Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. 2. Programming note: Money Stuff will be off for the rest of the week. Jun 23, 2021. colleen@latitude38.com. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? I write the Money Stuff newsletter at Bloomberg Opinion. Thanks! Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. @matt_levine + Get alerts for Matt Levine Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. I wrote a story about crypto for Bloomberg Businessweek. (His column is currently on a parental leave hiatus, and will return this winter.). There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. To contact the editor responsible for this story: Archive. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. @matt . Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. There is even an RSS. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. 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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. Here is my author page, possibly. It was actually about the Persians, he said. But it sure has been a distraction! Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Levine's analysis in his column have been widely covered by other newspapers. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. He makes readers feel in on the savage joke that is late capitalism. On that note: Changpeng Zhao moved fast when Sam Bankman-Frieds FTX.com was on the brink, offering to take it over and stem any further crypto contagion. He goes into the balance sheet including the Serum tokens. So how could this happen? 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Just a weird business all around. Customer B owes them to you ultimately youre good for it but you dont have them now. Many banks and financial institutions use customer funds for commercial purposes including lending and trading, meaning that they often hold only a fraction of their customer assets at any given time. He is doing exactly what he has long wanted to do. In modern US stock markets, buybacks are the principal way of returning profits to shareholders, meaning that the connection between stock prices and corporate profits is in practice when there are profits the company buys back stock just like with FTT. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. (It is also, at least sometimes, illegal.) I type really fast! Levine says. Also gambling on redemption and customer shrugs. If you go to an investment bank and say lend me $1 billion, and I will post $2 billion of your stock as collateral, you are messing with very dark magic and they will say no. Each day, Levine publishes Money Stuff, a widely read, free newsletter. Dont go put all your money in Coinbase because I said so or anything! 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. Then he went to Yale Law. Receive a summary of the day's top tech newsdistilled into one email. Now, he's accelerating his move from player to team owner. Archive - Matt Levine. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Longform Podcast #490: Matt Levine. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Matt Levine's "The Crypto Story": Postscript . [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. 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. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. We have talked a few times recently about Hovnanian Enterprises Inc., which got favorable financing from Blackstone Group's GSO Capital Partners through some credit-default-swap market machinations. All Rights Reserved. I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. I dont have that.. His answer, at least for now, is that the financial hole appears too deep. Oh, various possibilities. Never miss an update. 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.. Do you think that there is a big financial firm in the US that got through the entire pandemic without any employees doing any business over WhatsApp or text messages from their personal phone? There is even an RSS. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. There are web pages / articles I still read - I'll check out things by Derek Sivers, Patrick McKenzie/Bits About Money, Money Stuff by Matt Levine, all by local HN recommendations. saving money or hanging out which in itself is a fantastic offer. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. The reason for a run on FTX is that you think that Alameda is, in my terminology, Customer C. The reason for a run on FTX is if you think that FTX loaned Alameda a bunch of customer assets and got back FTT in exchange. articles a month for anyone to read, even non-subscribers! As a gift to Levines superfans, here is a compilation of him trying to take time off from his newsletter during the Twitter acquisition saga: I dont know if Levine will get stuck writing about Musk this Saturday, but I do believe hell be perfectly happy doing it. 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. 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. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. Billionaires read Money Stuff. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. By uncritically mentioning crypto's multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. They may be the only entertaining words a financial markets professional reads all day. 2. It is not a plot-driven novel. Levine insists the interruptions werent a big deal. I just hope he doesnt get poached by some deep-pocketed mainstream news organization which will end up stifling the very thing hes best at.. What is he doing with the money? Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Part of the problem was that he couldnt really access a contempt for Wall Street titans. Finance journalism isnt known for its writerly voices. And . Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? He just has so much else going on. Matt Levine: No, I agree. October 7th, . Research updates provided daily since 2002, with an emphasis on primary sources. I used to write at Dealbreaker. 00:00. No actual bank works that way. Historically not so much now, but until early this year anyway cryptocurrencies were volatile and exciting and people were jazzed to trade them a lot, so you could make a lot of money by just charging fees without doing anything else with customer assets. 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. 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. In the olden days the values were all different! The show's format pits 3 contestants against . All Rights Reserved. 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The last time Ilooked at Yahoo, in December, I calculated that the after-tax equity value of its actual businesses, outside of Alibaba and Yahoo Japan, was about $1.7 billion. 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 And so, at 33, Mr. Levine sat down to write. I'm hoping to rely on loyal readers rather than erratic ads. If everyone knows that you are in this situation that you have a lot of Bitcoin collateral and Bitcoin prices are falling people will expect you to have to liquidate your Bitcoin collateral, so they will expect Bitcoin prices to fall, so they will sell Bitcoin, which will cause Bitcoin prices to fall, which will cause your long-Bitcoin customers to default, which will cause you to liquidate Bitcoin at lower and lower prices, etc., until you are bankrupt. 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. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . So the more people who sign up for Robinhoods service, and the more they trade, and the more volatile the stocks that they trade are, the more money Robinhood makes. Sorry, comments are closed for this post. Today's challengers: Alex, Tracy, Matt. 7. He delights in Musk, actually! He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. 3. You can subscribe at. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. The popular messaging app Telegram has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter. Happy Thanksgiving! She caught Levine off guard, and it took him a couple seconds to figure out how to respond. Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. [1][4], After graduating Harvard, Levine was a high school Latin teacher. By on December 16, 2021, 10:24 am. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. In the meantime, tell your friends! 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. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. February 4, 2016. 8. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. Matt Levine, the author of Money Stuff, is an oddball exception. 7. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. Our own Sparky Abraham and Lyta . Your dollar loan to Customer A is now underwater: You loaned her 50% of the value of her Bitcoin, but Bitcoin fell by 90%, so she owes you more than her collateral is worth. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Never miss an update. Financial regulators are looking at the biggest private equity firms use of WhatsApp and other messaging apps for work, in a signal that the US is ramping up its push to police Wall Streets electronic communications. Matt Levine is a Bloomberg Opinion columnist covering finance. Today's episode title: "Trivia, Smarts & The Melodica". On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Frieds crypto empire, Bloomberg News reported Wednesday. And they both pay you interest. 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.. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Mr. Levine tried to write like that, with snarky punch lines, and failed. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . FTX's Balance Sheet Was Bad - by Matt Levine. Simply selling billions of dollars of Tesla stock would have upset his fans, driven down the stock price and undermined his image as a committed true believer. The fine is $200 million per bank (SEC and CFTC combined). I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. He knows his stuff, Mr. Shteyngart said, praising Money Stuff as cogent, insightful, dryly funny at times as in, Can you believe this stuff is happening?. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . 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. 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. Learn more about a Bloomberg Law subscription. In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an emergency sale of the shares in case he was forced to close the Twitter acquisition and struggled to bring in additional equity partners. Then he starts to write. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. That is, the problem is not a timing mismatch, in which FTXs customers asked for their cash back but FTX did not have enough ready cash because it had long-term but money-good loans out. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. The Difference Is That Biden Gave the Documents Back, That Giant Sucking Sound Is theExit From US Stocks, Europe Is Winning the Winter War by Sheer Luck, For Ukraine to Win the Maneuver War, Germany Must Move First. One group of news consumers got a more comprehensible take. It is called The Crypto Story. In general it should not be possible to bankrupt an investment bank by shorting its stock. 5. It is an FTT whale, and FTT is now worthless. Lets start with Coinbase. All Rights Reserved, By submitting your email, you agree to our. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. WhatsApp, everyone pay $200 million. Okay. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. Actually thats the best outcome. A bond plus CDS should be a (credit-)risk-free combination. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line Theres Nowhere to Put the Oil.. The problem with this is that it is wrong-way risk. but it is a lot like stock in FTX. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. Now lets add one more crypto element. 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. 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. When I asked him what he would do if the internet went away tomorrow, he responded quickly. 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.". I write the Money Stuff newsletter at Bloomberg Opinion. It is a death spiral. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. Matt Levine is a columnist for Bloomberg News covering finance and business. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Money Stuff. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. Also a Twitter markdown and a SPAC CFO YOLOs GME. Log in to access all of your BLAW products. Thu, 06 Aug 2020. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. I wrote a story about crypto for Bloomberg Businessweek. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. He once took a term that appeared in a lawsuit a cash-settled forward purchase agreement for Citigroup shares with downside protection in the form of a put option at the same price as the forward and gave it the acronym CSFPAFCSWDPITFOAPOATSPATF. Journalist. But the timing problem is also connected to a real economic risk. Within hours, he was forced to reconsider. To contact the author of this story:Matt Levine at mlevine51@bloomberg.net, To contact the editor responsible for this story:Brooke Sample at bsample1@bloomberg.net. 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. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. Matt Levine Matt Levine Matt Levine. As Matt describes it in his bio, he writes about the financial industry on the internet, an 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. Also profitable nonprofits, FTX assets and WWE governance. If you are a crypto exchange, you might issue your own crypto token. by Sabrina I. Pacifici on Sep 26, 2021. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. He fetched his copy of The Histories and read it to me.). The co-founders of Instagram, which Facebook Inc. bought in 2012, quit on Monday (Sep. 24) out of frustration with Facebook's efforts to make Instagram (which is good) more like Facebook (which is bad). . As a subscriber, you have 10 gift articles to give each month. Addded Sep 28, 2018. [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". Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. Also WWE governance, VC shame and the origins of the jury. Matt Levine. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. But Mr. Levine was never a high roller. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . 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. Mr. Levine, of course, is not a conventional writer. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? But it is also a crypto token, which means that a customer can come to you and post $100 worth of FTT as collateral and borrow $50 worth of Bitcoin, or dollars, or whatever, against that collateral, just as they would with any other token. Sabrina is also the solo Editor, Publisher and Founder of, Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002, Searchable Database Over 45,000 Postings. 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. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. 4. You won't have to worry about missing anything. Also the Celsius bankruptcy estate and the FTX risk engine. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 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. 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. Also GTX claims trading, Goldman golfing and Razzlekhan. And a surprising subset of them will email me. Levine's coverage and analysis of the 2012 JPMorgan Chase trading loss was featured in the Columbia Journalism Review's anthology "The Best Business Writing 2013. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. A coverage banker an investment banker whose job was to know companies and advise them on financial topics would bring me to a meeting with the chief financial officer of one of her companies to talk about convertible bonds. But it would not go out of business that minute. It seems somewhat unlikely. It wasnt the case that the cost of a barrel had fallen to some scary-low number. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. chris@latitude38.com . By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. 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