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- Binance is not buying FTX now, having reviewed the financials. SBF had transferred >4b from FTX (just cex) to Alameda (trading, arb, market-making). Nearly 15b of Alameda’s book was FTT. FTX saw >6b in withdrawals in 72hrs. Shortfall of 8b. Clearly not just doing custody, since they’re in a liquidity crunch. A bank run can’t happen if you hold 1:1 assets for customer deposits. But here we are, doing a run on a bank that calls itself an exchange.
- Sol impacted (disproportionately) too, close relationship with FTX.
- Another liveaquaria shipment. Tiger Watchman Goby didn’t arrive alive (nor large). Submitted claim. Everything else good: 3x Pajama Cardinalfish, Three Stripe Damselfish, Six Line Wrasse, Fancy Banded Serpent Sea Star, Purple Short Spine Pincushion Urchin.
- Finished Chernobyl. Liked it. The story is more scary than interesting, and it’s very interesting.
- Remember (you do not have the cash, but you have other assets that can be converted into cash) = (illiquid, but solvent). 2 different things. Insolvent is worse.
- Lots of private work. Mostly scheduling.
