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This article was not only educational, but entertaining. Some of my faves: > As I put it at the time, "Haha what? Just because you mumble the word 'blockchain'

This article was not only educational, but entertaining. Some of my faves: > As I put it at the time, "Haha what? Just because you mumble the word 'blockchain' doesn't make otherwise illegal things legal." > But the basic illegality of Sand Hill was covered in thick doughy layers of other, stranger illegality. For instance: The blockchain stuff was fake! > overdetermined illegality It's an interesting spin to see their situation described by multiple layers of compound illegal activity.

phdp 11y ago
> It's an interesting spin to see their situation described by multiple layers of compound illegal activity. Can you describe how this was NOT illegal? They were illegally selling derivative contracts and illegally creating fake trade history.
- stephengillie 11y ago
  Oh, I wholeheartedly agree. It delights me to see this situation described not only as very illegal, but in layers of illegality, like an ogre.
  - phdp 11y ago
    Ah, I was thrown off by the word spin. I assumed it had a negative connotation towards the writing in the Bloomberg article.
  - imc 11y ago
    Beautiful reference.
harryh 11y ago
If you enjoyed this you should read more of Matt Levine's writing. He is consistently both educational and entertaining!
markbnj 11y ago
My favorite: >> Tech is an industry of moving fast and breaking things. Finance is an industry of moving fast, breaking things, being mired in years of litigation, paying 10-digit fines, and ruefully promising to move slower and break fewer things in the future.
davidgerard 11y ago
Here is Elaine Ou's blog: http://elaineou.com/ http://elaineou.com/ After being told not to talk about this stuff, she thought she'd get someone else to guest-blog it for her (which she then published on her blog): https://archive.is/LBBC2 https://archive.is/LBBC2 The arrogance and lack of self-awareness of these "creative entrepreneurs" defies belief.

phdp 11y ago

> It's an interesting spin to see their situation described by multiple layers of compound illegal activity. Can you describe how this was NOT illegal? They were illegally selling derivative contracts and illegally creating fake trade history.

stephengillie 11y ago
Oh, I wholeheartedly agree. It delights me to see this situation described not only as very illegal, but in layers of illegality, like an ogre.
- phdp 11y ago
  Ah, I was thrown off by the word spin. I assumed it had a negative connotation towards the writing in the Bloomberg article.
- imc 11y ago
  Beautiful reference.

harryh 11y ago

If you enjoyed this you should read more of Matt Levine's writing. He is consistently both educational and entertaining!

markbnj 11y ago

My favorite: >> Tech is an industry of moving fast and breaking things. Finance is an industry of moving fast, breaking things, being mired in years of litigation, paying 10-digit fines, and ruefully promising to move slower and break fewer things in the future.

davidgerard 11y ago

Here is Elaine Ou's blog: http://elaineou.com/ http://elaineou.com/ After being told not to talk about this stuff, she thought she'd get someone else to guest-blog it for her (which she then published on her blog): https://archive.is/LBBC2 https://archive.is/LBBC2 The arrogance and lack of self-awareness of these "creative entrepreneurs" defies belief.