Binance is buying FTX.com: How did it happen and what are the implications?

post by Caerulean · 2022-11-08T17:14:47.380Z · LW · GW · 2 comments

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    4 jefftk
    2 AllAmericanBreakfast
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Sources: SBF's Twitter thread, in the news.

In particular, I'm interested how will this influence SBF's wealth and thus activities such as Future Fund.

Answers

answer by DirectedEvolution (AllAmericanBreakfast) · 2022-11-08T19:26:58.724Z · LW(p) · GW(p)

Bloomberg tracks SBF's wealth on a daily basis. Currently it's at $15.6 billion, on an increasing trend despite/because of this news, though down from his March peak of $23 billion. Note that Bloomberg's graph makes the horrendous choice of putting the X axis at the historical minimum of his wealth rather than at zero.

EDIT: I am not sure if they've updated it to reflect this news, actually.

↑ comment by Neel Nanda (neel-nanda-1) · 2022-11-08T22:40:06.060Z · LW(p) · GW(p)

I do not think that that link is a helpful resource for figuring out the implications of the news right now. I would be very surprised if Bloomberg were that on the ball!

Replies from: AllAmericanBreakfast

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comment by romeostevensit · 2022-11-08T17:39:32.362Z · LW(p) · GW(p)

No idea on details but hedge funds aggressively attack each other over discovered vulnerabilities all the time and this sounds like such a hostile takeover what with Binance selling FTT in a (supposedly) maximally damaging way to FTX liquidity.

comment by Mitchell_Porter · 2022-11-08T22:00:12.844Z · LW(p) · GW(p)

I don't follow crypto, and have not been anywhere near these large sums of money that are supposedly now available in the world of effective altruism and AI safety. But I keep hearing that SBF has become the biggest individual patron of EA, and now it sounds like his main business enterprise went broke and was sold to a rival. So my working hypothesis is that there won't be any more donations from him for a long time. 

EA forum seems to think it's bad news. [EA · GW]