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The Rise and Fall of FTX

3 pointsby snowypineover 2 years ago

2 comments

akiselevover 2 years ago
<i>&gt; Because the South Korean crypto market wasn’t connected to the rest of the world, the Bitcoin price was on average 4.73% higher in Korean than in the US from January 2016 to February 2018.</i><p><i>&gt; Alameda couldn’t crack the Kimchi Premium either. But SBF quickly turned his sights on other Asian markets. Somehow it all worked. Alameda started raking in a daily 10% return on their starting capital of $50,000.</i><p>Christ the greed: `$50,000 * (1.1) ^ d` where `d` is the number of days they managed that kind of return.<p>When `d` is 30, the total is $872,470. `d` = 60? 15,224,081. `d` = 90 =&gt; 265,651,130. `d` = 120 =&gt; 4,635,453,440<p>What the hell was this moron thinking?
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_shedlife_over 2 years ago
Pretty nuts that this &#x27;wunderkind&#x27; got started with crypto arbitrage...