The MacGuffin, Part 2: The Story Arc of SBF and FTX
November 18, 2022·51 comments
Subscribe Today to Read More
Unlock instant access to this and hundreds of other evergreen essays that explore the world of narrative through hard science and human wisdom.
- Make more informed decisions as an investor and citizen.
- See through the nudges of Big Politics and Big Media.
- Become a better consumer of news.
- Maintain your autonomy of mind in a swarm of narratives.
- Join a community of more than 100,000 truth-seekers.
Looking for Deeper Insights?
Unlock exclusive market intelligence, trade ideas, and member-only events tailored for investment professionals and active investors with Perscient Pro.
VISIT PRO
DISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.
Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
Comments
Pulling all of that together in a few days! If you need another side hustle, Forensic Accountant would suit you. Thanks for adding meat to the bones we had all started piecing together from Twitter, Bloomberg, and other sources.
And, for including the link to Part 4 of Things Fall Apart. Can’t read these foundational thoughts enough.
I hope all your readers get to the last handful of paragraphs, which for me are 100x more important than the fraud story. I find that the narratives which can be summed up by Number Go Up have commandeered the living metaverses of detractors of crypto/btc in an equal but opposite way of how it corrupted many of the supporters. “Forget all that” is 100% right, too bad it is so difficult! The slope of enlightenment for distributed trust systems will be applications that marry the digital and real world in communities where trust >>> money. After the last few weeks many people will think that a future which embraces and benefits from this kind of thinking has gotten more nebulous and further away, but as you hint in those concluding paragraphs it is truly the opposite.
100%. I hope they get there, too!
Great note Ben!
I think I’ve quoted your “too clever by half” note a few too many times to my friends and colleagues at this point.
In tech, I think Crypto (the legal Casino) was seen by a few too many engineers as sort of the “easy way out” to working for yourself.
For anyone looking for some of the OG blockchain coyotes, they went off to think about things like improved public goods funding or making voting mathematically optimal for the public good.
Reminds me of The Bezzle
Fantastic note Ben. Really well done. Please make a PDF available for easier sharing.
Ben,
I have been following your tweets on the topic and although you have pounded into me the importance of narrative and narrative control, looking at the tweets that are coming out I am constantly thinking back to the novel 1984 vs. the law of identity in philosophy. In philosophy the basic law of identity is A = A. In 1984 we are told not to believe what our eyes tell us and that 2 + 2 = 5…Big Brother told us…it’s common knowledge. The audacity of some of these guys that AFTER the fact are still trying to spin a controlled narrative of hey I’m the good guy amazes me.
Thank you for bringing some clarity to this muddy puddle of crypto for me.
HIGH RISK WITH NO RETURNS.
I am blessed with dyslexia, and as God is my witness, this is how my brain actually read that sentence.
Another great post, Ben!
Soooo blockchain voting by 2024 to stop the widening gyre and trustless elections from turning into Civil War 2.0? Or is that mere apophenia?
I’ve been around long enough to have personally witnessed this very similar scam.
Mark Ross Weinberg would borrow money from investors at usuries rates and speculate in commodities. His claim to fame was that he got advance notice of Jimmy Carters grain embargo on Russia from a relative (who I seem to remember worked at the White House, may have been his father) and made a small fortune. When the “rube” who invested would want his money back, Mark would claim that the investor was a “loan shark” and that Mark would sue for treble damages. It all went wrong when he borrowed from the mob who were, indeed, loan sharks. Years later he ran another scheme involving gold.
Continue the discussion at the Epsilon Theory Forum...