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(Here's the link to that Matt Levine interview: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levi

(Here's the link to that Matt Levine interview: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm... )

piva00 4y ago
I remember listening to that interview and this part always got me: > Matt: (27:13) > I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good. I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. I hope the late 2010s-early 2020s will be remembered as the dot-com era of extremely dumb money...
- lotsofpulp 4y ago
  > I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. Because they thought they could make money by finding a bigger fool, or by finding someone who thought they could find an even bigger fool.
  - eternalban 4y ago
    > Because they thought they could make money by finding a bigger fool $10B "somehow" "gone" is QED that someone did find their marks. More interesting is how none of these guys are seeing the inside of a jail and doing the jailhouse orgies. I wonder if 'defenestration' will become a meme in crypto world too.
- AlexandrB 4y ago
  Forget VCs. This interview snippet went semi-viral, I don't understand how FTX's customers didn't try to pull all their money out right then and there.
- bananapub 4y ago
  > I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. yes you do - because they're at best amoral and know their position and connections means they can make money out of shit like this by ensuring there's a series of bigger fools waiting to buy them out.

piva00 4y ago

I remember listening to that interview and this part always got me: > Matt: (27:13) > I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good. I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. I hope the late 2010s-early 2020s will be remembered as the dot-com era of extremely dumb money...

lotsofpulp 4y ago
> I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. Because they thought they could make money by finding a bigger fool, or by finding someone who thought they could find an even bigger fool.
- eternalban 4y ago
  > Because they thought they could make money by finding a bigger fool $10B "somehow" "gone" is QED that someone did find their marks. More interesting is how none of these guys are seeing the inside of a jail and doing the jailhouse orgies. I wonder if 'defenestration' will become a meme in crypto world too.
AlexandrB 4y ago
Forget VCs. This interview snippet went semi-viral, I don't understand how FTX's customers didn't try to pull all their money out right then and there.
bananapub 4y ago
> I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on. yes you do - because they're at best amoral and know their position and connections means they can make money out of shit like this by ensuring there's a series of bigger fools waiting to buy them out.