Munger Says Crypto Is Rife With Fraud and Delusion and Praises Tesla's Success a "Minor Miracle"

Markets Insider2022-11-15

Charlie Munger ripped into cryptocurrencies, saying fraud and delusion are common in the industry.Regulators overlooked crypto's risks and should have banned it, Warren Buffett's business partner said...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

吉慶
2022-11-16
吉慶
Short and useful article.
HelloKitty55
2022-11-16
HelloKitty55
Ok
Ilovecats
2022-11-16
Ilovecats
$Tesla Motors(TSLA)$ [Sly]
jllwang
2022-11-16
jllwang
Well said
K74
2022-11-16
K74
Yeah
- K74:
  Haha
- K74:
  Ha
- K74:
  Usd58
- K74:
  To
- K74:
  Crash
robot1234
2022-11-16
robot1234
From $32 billion to criminal investigations: How Sam Bankman-Fried’s empire vanished overnight. Here’s how the biggest collapse in crypto history went down. The year was 2017, and the ex-Jane Street Capital quant trader noticed something funny when he looked at the page on CoinMarketCap.com listing the price of bitcoin on exchanges around the world. Today, that price is pretty much uniform across the exchanges, but back then, Bankman-Fried previously told CNBC that he would sometimes see a 60% difference in the value of the coin. His immediate instinct, he says, was to get in on the arbitrage trade — buying bitcoin on one exchange, selling it back on another exchange, and then earning a profit equivalent to the price spread. “That’s the lowest hanging fruit,” Bankman-Fried said in Se
- robot1234:
  Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads
- HelloKitty55:
  ok
- nautiann:
  ok
- KiRa:
  [Happy]
- Squ00:
  Ok

Leave a comment

473

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2283292775?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-11-15 22:54","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2283292775","market":"us","top_or_hot":-1,"title":"Munger Says Crypto Is Rife With Fraud and Delusion and Praises Tesla's Success a \"Minor Miracle\"","media":"Markets Insider","content":"<div>\n<p>Charlie Munger ripped into cryptocurrencies, saying fraud and delusion are common in the industry.Regulators overlooked crypto's risks and should have banned it, Warren Buffett's business partner said...</p>\n\n<a href=\"https://markets.businessinsider.com/news/currencies/charlie-munger-warren-buffett-crypto-ftx-sbf-regulation-musk-fed-2022-11\">Source Link</a>\n\n</div>\n","source":"marketsinsider","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Munger Says Crypto Is Rife With Fraud and Delusion and Praises Tesla's Success a \"Minor Miracle\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMunger Says Crypto Is Rife With Fraud and Delusion and Praises Tesla's Success a \"Minor Miracle\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-15 22:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://markets.businessinsider.com/news/currencies/charlie-munger-warren-buffett-crypto-ftx-sbf-regulation-musk-fed-2022-11><strong>Markets Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger ripped into cryptocurrencies, saying fraud and delusion are common in the industry.Regulators overlooked crypto's risks and should have banned it, Warren Buffett's business partner said...</p>\n\n<a href=\"https://markets.businessinsider.com/news/currencies/charlie-munger-warren-buffett-crypto-ftx-sbf-regulation-musk-fed-2022-11\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4533","symbol_name":"AQR资本管理(全球第二大对冲基金)","start_time":0,"source_url":"https://markets.businessinsider.com/news/currencies/charlie-munger-warren-buffett-crypto-ftx-sbf-regulation-musk-fed-2022-11","article_id":"2283292775","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2283292775","pubTimestamp":1668524093,"sourceInfo":{"source_id":"marketsinsider","name":"Markets Insider"},"weMediaInfo":null,"summary":"Charlie Munger ripped into cryptocurrencies, saying fraud and delusion are common in the industry.Regulators overlooked crypto's risks and should have banned it, Warren Buffett's business partner said","collect":0,"end_time":0,"defaultTopTitle":"businessinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4555":"新能源车","LU0056508442.USD":"贝莱德世界科技基金A2","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4527":"明星科技股","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2063271972.USD":"富兰克林创新领域基金","BK4550":"红杉资本持仓","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4574":"无人驾驶","BK4551":"寇图资本持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4581":"高盛持仓","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLA":"特斯拉","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4099":"汽车制造商","BK4534":"瑞士信贷持仓","BK4511":"特斯拉概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4548":"巴美列捷福持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD"},"translate_title":"芒格说加密充斥着欺诈和错觉，并称赞特斯拉的成功是一个“小奇迹”","themeId":"cfecf21601444bb3902f9b21e0971993","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":1},"content_text":"Charlie Munger ripped into cryptocurrencies, saying fraud and delusion are common in the industry.Regulators overlooked crypto's risks and should have banned it, Warren Buffett's business partner said.Munger also contrasted the Fed with the Bank of Japan, and praised Elon Musk and Tesla.Warren Buffett's business partner has torn into cryptocurrencies once again, declaring the space is rife with fraud and delusion, and regulators have dropped the ball by not outlawing bitcoin and other digital assets.Charlie Munger, a billionaire investor and the vice-chairman of Buffett's Berkshire Hathaway, also suggested the Federal Reserve is far less aggressive than the Bank of Japan. Moreover, he underscored Tesla's unlikely success and praised Elon Musk.Here's what Munger told CNBC in an interview aired on Tuesday. He spoke days after Sam Bankman-Fried's digital-asset exchange, FTX, filed for bankruptcy:\"It's partly fraud and partly delusion — that's a bad combination,\" Munger said about the crypto industry. \"People think this is a real asset, it's not a real asset,\" he added about the coins themselves.The 98-year-old investor bemoaned the growing acceptance of crypto by Wall Street banks and hedge funds, and suggested financiers are far too eager to buy into the latest fad.\"It pains me that in my own country I see people that once were regarded as very reputable people helping these things exist,\" he said. \"There are people who think that you've got to be on every deal that's hot.\"Munger added that it's \"crazy\" and \"demented\" to think someone can mint a new token that can turn a 12-year-old into a billion are overnight.Buffett's right-hand man also suggested the novelty of crypto has meant regulators have failed to grasp its dangers. He criticized authorities for not banning crypto early on.\"The danger flags are wagging so clearly,\" he said. \"None of this stuff should ever have been allowed.\"Munger has previously compared crypto to a \"venereal disease\" and an \"open sewer,\" and said he wouldn't want someone in the space to marry into his family.The Fed, Elon Musk, and TeslaThe world needs competent central banks, but the Fed is a \"mouse that hardly tries to do anything\" compared to the Bank of Japan, Munger said.\"If we get in the kind of trouble Japan was in, of course we'll do the same damn thing,\" he said. The Japanese central bank has cut interest rates below zero in an effort to shore up economic growth in recent years.On another note, Munger said he was surprised by Tesla's outsized success, and felt far more positively about Elon Musk's company than he does about bitcoin.\"Tesla has made some real contributions to civilization,\" he said. \"Elon Musk has done some good things that other people couldn't do.\"\"We haven't had a successful new auto company in a long, long time,\" Munger added. \"What Tesla has done in the car business is a minor miracle.\"US-China tiesMunger underscored the value of a friendly US-China relationship, arguing America shouldn't be so threatened by the rise of the world power.US purchases of Chinese imports helped the country grow and contributed to pulling over a billion people out of poverty, he said. A warm relationship between the two countries should be mutually beneficial, and the US should focus on keeping things friendly and striking win-win deals instead of fearing China's progress, he continued.\"Why should a great civilization like ours care if a new civilization rises?\" Munger asked. \"It's always a mistake to envy people who are doing well.\"","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9963382271,"gmtCreate":1668595793094,"gmtModify":1676538081974,"author":{"id":"4115816057337392","authorId":"4115816057337392","name":"吉慶","avatar":"https://community-static.tradeup.com/news/738daceb8088f8f40462fe504a021532","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":3,"crmLevelSwitch":0},"htmlText":"Short and useful article.&nbsp;","listText":"Short and useful article.&nbsp;","text":"Short and useful article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963382271","repostId":2283292775,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963301327,"gmtCreate":1668581128869,"gmtModify":1676538079702,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963301327","repostId":2283292775,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963931040,"gmtCreate":1668562879480,"gmtModify":1676538076250,"author":{"id":"4100265120033250","authorId":"4100265120033250","name":"Ilovecats","avatar":"https://static.tigerbbs.com/a60dbe5ba6d9edf9d4cf42c8c9e2eea1","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":3,"crmLevelSwitch":0},"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Sly]&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Sly]&nbsp;","text":"$Tesla Motors(TSLA)$ [Sly]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963931040","repostId":2283292775,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963907232,"gmtCreate":1668561165626,"gmtModify":1676538075864,"author":{"id":"3567745604737709","authorId":"3567745604737709","name":"jllwang","avatar":"https://static.tigerbbs.com/366d7ae96d4681048d49130306d50c5d","vip":1,"crmLevel":8,"crmLevelSwitch":0},"htmlText":"Well said","listText":"Well said","text":"Well said","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963907232","repostId":2283292775,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963906102,"gmtCreate":1668560772206,"gmtModify":1676538075694,"author":{"id":"3574026189533561","authorId":"3574026189533561","name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":19,"repostSize":0,"link":"https://ttm.financial/post/9963906102","repostId":2283292775,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104821426,"gmtCreate":1668561002374,"gmtModify":1668561015014,"authorId":3574026189533561,"author":{"id":3574026189533561,"authorId":3574026189533561,"name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963906102,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Haha</span>","text":"<span class=\"s1\">Haha</span>","html":"<span class=\"s1\">Haha</span>"},{"id":104821422,"gmtCreate":1668560997294,"gmtModify":1668561010112,"authorId":3574026189533561,"author":{"id":3574026189533561,"authorId":3574026189533561,"name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963906102,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Ha</span>","text":"<span class=\"s1\">Ha</span>","html":"<span class=\"s1\">Ha</span>"},{"id":104821419,"gmtCreate":1668560981714,"gmtModify":1668560991614,"authorId":3574026189533561,"author":{"id":3574026189533561,"authorId":3574026189533561,"name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963906102,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Usd58</span>","text":"<span class=\"s1\">Usd58</span>","html":"<span class=\"s1\">Usd58</span>"},{"id":104821408,"gmtCreate":1668560962080,"gmtModify":1668560974695,"authorId":3574026189533561,"author":{"id":3574026189533561,"authorId":3574026189533561,"name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963906102,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">To</span>","text":"<span class=\"s1\">To</span>","html":"<span class=\"s1\">To</span>"},{"id":104821403,"gmtCreate":1668560954013,"gmtModify":1668560966540,"authorId":3574026189533561,"author":{"id":3574026189533561,"authorId":3574026189533561,"name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963906102,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Crash</span>","text":"<span class=\"s1\">Crash</span>","html":"<span class=\"s1\">Crash</span>"}],"langContent":"EN"},{"id":9963051321,"gmtCreate":1668557373864,"gmtModify":1676538074754,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1},"htmlText":"From $32 billion to criminal investigations: How Sam Bankman-Fried’s empire vanished overnight. Here’s how the biggest collapse in crypto history went down. The year was 2017, and the ex-Jane Street Capital quant trader noticed something funny when he looked at the page on CoinMarketCap.com listing the price of bitcoin &nbsp;on exchanges around the world. Today, that price is pretty much uniform across the exchanges, but back then, Bankman-Fried previously told CNBC that he would sometimes see a 60% difference in the value of the coin. His immediate instinct, he says, was to get in on the arbitrage trade — buying bitcoin on one exchange, selling it back on another exchange, and then earning a profit equivalent to the price spread. “That’s the lowest hanging fruit,” Bankman-Fried said in Se","listText":"From $32 billion to criminal investigations: How Sam Bankman-Fried’s empire vanished overnight. Here’s how the biggest collapse in crypto history went down. The year was 2017, and the ex-Jane Street Capital quant trader noticed something funny when he looked at the page on CoinMarketCap.com listing the price of bitcoin &nbsp;on exchanges around the world. Today, that price is pretty much uniform across the exchanges, but back then, Bankman-Fried previously told CNBC that he would sometimes see a 60% difference in the value of the coin. His immediate instinct, he says, was to get in on the arbitrage trade — buying bitcoin on one exchange, selling it back on another exchange, and then earning a profit equivalent to the price spread. “That’s the lowest hanging fruit,” Bankman-Fried said in Se","text":"From $32 billion to criminal investigations: How Sam Bankman-Fried’s empire vanished overnight. Here’s how the biggest collapse in crypto history went down. The year was 2017, and the ex-Jane Street Capital quant trader noticed something funny when he looked at the page on CoinMarketCap.com listing the price of bitcoin on exchanges around the world. Today, that price is pretty much uniform across the exchanges, but back then, Bankman-Fried previously told CNBC that he would sometimes see a 60% difference in the value of the coin. His immediate instinct, he says, was to get in on the arbitrage trade — buying bitcoin on one exchange, selling it back on another exchange, and then earning a profit equivalent to the price spread. “That’s the lowest hanging fruit,” Bankman-Fried said in Se","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":15,"repostSize":0,"link":"https://ttm.financial/post/9963051321","repostId":2283292775,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104834881,"gmtCreate":1668640658584,"gmtModify":1668640672329,"authorId":3561596430587504,"author":{"id":3561596430587504,"authorId":3561596430587504,"name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963051321,"type":1,"supId":0,"prevId":0,"content":"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads","text":"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads","html":"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads"},{"id":104827273,"gmtCreate":1668581139738,"gmtModify":1668581153689,"authorId":3587095479419511,"author":{"id":3587095479419511,"authorId":3587095479419511,"name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.07%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963051321,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"},{"id":104822151,"gmtCreate":1668563537776,"gmtModify":1668563551069,"authorId":4096290696818350,"author":{"id":4096290696818350,"authorId":4096290696818350,"name":"nautiann","avatar":"https://static.tigerbbs.com/a773bda7c34b34bda324420f93842a2d","vip":1,"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963051321,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"},{"id":104822135,"gmtCreate":1668563516809,"gmtModify":1668563530346,"authorId":4088785319346820,"author":{"id":4088785319346820,"authorId":4088785319346820,"name":"KiRa","avatar":"https://community-static.tradeup.com/news/fb37b93eb5d8921da561e3ae363acbe8","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963051321,"type":1,"supId":0,"prevId":0,"content":"[Happy]","text":"[Happy]","html":"[Happy]"},{"id":104822137,"gmtCreate":1668563517226,"gmtModify":1668563529966,"authorId":3581921108389483,"author":{"id":3581921108389483,"authorId":3581921108389483,"name":"Squ00","avatar":"https://community-static.tradeup.com/news/c532dee28e4fc99a9cc34fb3b9649140","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963051321,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Ok</span>","text":"<span class=\"s1\">Ok</span>","html":"<span class=\"s1\">Ok</span>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":473,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2283292775"}