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naraburns  nihil supernum  1yr ago (text post)   Edited 1yr ago   34398 thread views

Culture War Roundup for the week of November 14, 2022

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This is flogging the FTX crash horse, which if not expired yet is certainly not in the best of health, but I'm currently reading the Chapter 11 declaration by the guy put in charge of putting Humpty Dumpty back together again, and it is prime entertainment.

He is not impressed with how FTX and its web of companies was run, and he makes no bones about it. The recurring refrain all through is "However, because this balance sheet was produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it, and the information therein may not be correct as of the date stated" for all the balance sheets he's quoting. He was the guy put in to handle Enron when it was wound up, and he says (reading between the lines and you don't need to do much of that) that the FTX mess is even worse than that:

I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.

Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.

He throws shade everywhere:

The FTX.com platform grew quickly since its launch to become one of the largest cryptocurrency exchanges in the world. Mr. Bankman-Fried claimed that, by the end of 2021, around $15 billion of assets were on the platform, which according to him handled approximately 10% of global volume for crypto trading at the time. Mr. Bankman-Fried also claimed that FTX.com, as of July 2022, had “millions” of registered users. These figures have not been verified by my team.

(Translation: Bankman-Fried is a lying liar)

The FTX Group received audit opinions on consolidated financial statements for two of the Silos – the WRS Silo and the Dotcom Silo – for the period ended December 31, 2021. The audit firm for the WRS Silo, Armanino LLP, was a firm with which I am professionally familiar. The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.”

Ouch. As if Zuckerberg didn't have enough problems with the Metaverse already. Is this really the kind of PR he wants associated with it? 😁

What really interested me in all this, though, was the interview/transcript of a Twitter conversation with Bankman-Fried that Kelsey Piper published in Vox the other day. I have no idea what Bankman-Fried is trying to achieve here, but it's pretty plain that he is in a state of denial and is not accepting any responsibility for the eventual outcome. He admits he fucked up, but then shifts into blaming others, including his co-founders, and everyone who advised him to file for bankruptcy. Reading Ray's declaration, it sounds less like "I was advised" and more like "I was told do this or else", but whatever; now he is spinning a story (and I don't know if he believes this himself or was just trying it out on Piper) that if he had toughed it out and refused to file for bankruptcy he would have been able to cover most of the debts and settle up within a month or two:

I fucked up. Big. Multiple times. You know what was maybe my biggest single fuckup? The one thing everyone told me to do. Everything would be ~70% fixed right now if I hadn’t. Chapter 11. If I hadn’t done that, withdrawals would be opening up in a month with customers fully whole. But instead I filed, and the people in charge of it are trying to burn it all to the ground out of shame. I might still get there. But after way more collateral damage. And only 50/50.

Considering, according to the filing, that amongst the lawyers he consulted about that, one of them was his dad - ouch again. Sorry Dad, Sonny-boy is lumping you in with the bad advisors who led him astray. But he is in a state of delusion that he could have fixed this, or can fix it. He still can't admit he messed up because he was too greedy and not as smart as he thought he was, and all that rationalist woo about risk and utility maximisation was only a cover for bad decisions and fraud.

At the same time, negotiations were being held between certain senior individuals of the FTX Group and Mr. Bankman-Fried concerning the resignation of Mr. Bankman-Fried and the commencement of these Chapter 11 Cases. Mr. Bankman-Fried consulted with numerous lawyers, including lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP, other legal counsel and his father, Professor Joseph Bankman of Stanford Law School. A document effecting a relinquishment of control was prepared and comments from Mr. Bankman-Fried’s team incorporated. At approximately 4:30 a.m. EST on Friday, November 11, 2022, after further consultation with his legal counsel, Mr. Bankman-Fried ultimately agreed to resign, resulting in my appointment as the Debtors’ CEO. I was delegated all corporate powers and authority under applicable law, including the power to appoint independent directors and commence these Chapter 11 Cases on an emergency basis.

I would definitely recommend reading this document to get a picture of what was going on. There is no way, unless he's trying to set up for an insanity plea or operating under impairment due to drugs/mental health problems, that Bankman-Fried can deny it was all down to him. He pretty much owned or controlled every entity that was going on, it was him and literally about three others who made all the decisions, and they seem to have treated the interlocking parts as their own private piggy-bank (e.g. "three loans by Alameda Research Ltd.: one to Mr. Bankman-Fried, of $1 billion; one to Mr. Singh, of $543 million; and one to Ryan Salame, of $55 million"). Then read the Vox article to see how he is admitting all his EA/altruism talk was basically telling them what they wanted to hear so he'd be popular and well-liked and they'd trust him, because getting people to like you is winning and winning is all that counts.

And this set-up was having billions of dollars in investment funding thrown at it, and it was less well-organised than a school bake sale when it came to handling and keeping track of what money was coming in and where it was going.

I had always wondered what would happen if you hooked up 4chan boys with tumblr girls. It turns out that it creates an autism singularity with the power to destroy global financial markets. Allegedly there’s a sex tape set to be released tomorrow. A week ago I would have dismissed this as utter horseshit, but at this point I wouldn’t be surprised. We know their cybersecurity was godawful, so if a sex tape exists, it’s getting leaked.

I precommit to the sex tape not being real, although I'll certainly post it on rdrama if it is. TheMotte prediction markets when?

TheMotte prediction markets when?

My money is on Sam being the only one who has to face criminal charges. Ellison is going to take the Thielbucks and we’ll start seeing Dark Caroline show up at backroom Bay Area parties with Curtis Yarvin.

EDIT: Holy shit, I got scooped by Forbes. I swear I didn’t read that article before posting this.

I'm loving all the recent Forbes pieces on this entire steaming mess. They are so bitter that they were slapping all these jabronis on their "Thirty Under 30" lists before the ugly truth came out, so now they're getting their revenge 🤣

EDIT: Yes, I'm a bitch. But I love this snippet from the link in the Forbes article to a Sequoia piece titled "Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too" (ROFL about that, it aged like milk didn't it?)

Not long before interning at Jane Street, SBF had a meeting with Will MacAskill, a young Oxford-educated philosopher who was then just completing his PhD. Over lunch at the Au Bon Pain outside Harvard Square, MacAskill laid out the principles of effective altruism (EA). The math, MacAskill argued, means that if one’s goal is to optimize one’s life for doing good, often most good can be done by choosing to make the most money possible—in order to give it all away. “Earn to give,” urged MacAskill.

...His course established, MacAskill gave SBF one last navigational nudge to set him on his way, suggesting that SBF get an internship at Jane Street that summer.

The same MacAskill I was informed didn't have kids because they would distract from the work he was doing for the good of the world? Like - giving advice to fraudsters, Will? Yeah, great decision making there, friend!

EDIT EDIT Yes, I'm a bitch Part Deux: The amount of Schadenfreude I am getting from the names of all the Great and the Good being dropped in that Sequoia piece who are now going to have the splashes of the mud spattered on Bankman-Fried ending up on their faces is off the charts. The boot-licking adulation is gold, especially the 'precocious kid' bit which is a standard in "I became an atheist at a young age because I was smart enough to figure out how dumb religion was even as a kid" stories, this time round abortion:

One of SBF’s formative moments came at age 12, when he was weighing arguments, pro and con, around the abortion debate. A rights-based theorist might argue that there aren’t really any discontinuous differences as a fetus becomes a child (and thus fetus murder is essentially child murder). The utilitarian argument compares the consequences of each. The loss of an actual child’s life—a life in which a great deal of parental and societal resources have been invested—is much more consequential than the loss of a potential life, in utero. And thus, to a utilitarian, abortion looks more like birth control than like murder. SBF’s application of utilitarianism helped him resolve some nagging doubts he had about the ethics of abortion. It made him comfortable being pro-choice—as his friends, family, and peers were. He saw the essential rightness of his philosophical faith.

Phew! Good job he didn't, like, come to a different opinion on abortion than his friends, family and peers, huh? He might have been subjected to ostracism and shunning for badthinking and denial of what is a human right! How very convenient that he logicked his way to the conclusion he had been brought up in!

Still, when SBF analyzed the bright future that lay before him, something wasn’t right. He was, he realized, too secure. SBF’s mind had been trained almost from birth to calculate. As a schoolboy the hedonic calculous of utilitarianism had him trying to maximize the utility function (measured in “utils,” of course) for abortion. During his teenage gaming years, his mathematical abilities allowed him to sharpen his tactics—and win. And, of course, every trade SBF ever made at Jane was the subject of a risk/reward calculation. All of it boiled down to expected value. The formula is fairly simple. If the amount won multiplied by the probability of winning a bet is greater than the amount lost multiplied by the probability of losing a bet, then you go for it—irrespective of units. Utils, euros, dollars were all subject to the same reckoning.

I gotta stop rolling around the floor so much, the floorboards are gonna give out under the convulsions of laughter I'm experiencing here.

Oh man, that Sequoia piece is pure gold, gold, I'm telling you!

Ellison is a freckle-faced redhead with a personality that splits the difference between bubbly and nerd-ball. She’s partial to a pair of designer frames that make her look a bit like Edna Mode, the superhero stylist in The Incredibles.

About six months after SBF dropped out, Jane Street sent Ellison on a recruiting trip to California, so she decided to call on her old friend. They’d been office buddies at Jane, but they’d also occasionally socialized outside of work, too, being fellow EA acolytes. Ellison wanted to catch up, but from the get-go, SBF was acting uncharacteristically shifty. There were several canceled coffee dates, and when the two finally did get together—at Jumpin’ Java, an old-school Berkeley coffeehouse with hand-painted murals on the wall and whimsical art in the windows—SBF evaded even the most innocuous of questions.

“So,” Ellison asked after joining SBF at a table, “what have you been up to in the last few months?” Ellison, it should be noted, was dressed as a sultry wood nymph—she was on her way to a LARP (Live Action Role Play) party.

Photo here of her in that costume, which if this is your notion of "sultry" then good God you are even more vanilla than I am, and I live under a rock

BorfRebus, plainly you are not the only one whose monkey hindbrain went "yes".

Curious, SBF had started looking into crypto—and almost immediately noticed something strange. Bitcoin was trading at a higher price in Japan and Korea than it was in the U.S. …SBF was incredulous at the numbers he was seeing on his screen. This is probably not real. But then came the second thought: If it is real, then there’s $5,000 just lying on the ground. Instead of wasting time on internal debate, SBF decided to create some accounts on different exchanges and see if he could execute the trade. He couldn’t. But, interestingly, it wasn’t because the arbitrage opportunity wasn’t there—it was. But there was so much red tape with the banking system and currency controls that it was a difficult trade to execute.

…The first job was just getting the money into the system. The operational challenges were huge. Not just anyone can walk into a foreign bank and start wiring money out of the country every day. …Fortunately, SBF had a secret weapon: the EA community. There’s a loose worldwide network of like-minded people who do each other favors and sleep on each other’s couches simply because they all belong to the same tribe. …Figuring he wanted to capture 5 percent of that, SBF went looking for a $50 million loan. Again, he reached out to the EA community. Jaan Tallinn, the cofounder of Skype, put up a good chunk of that initial $50 million.

…There were constant blowups with banks, which are wary of anything crypto. Crypto was so new that regulators in South Korea and elsewhere were constantly changing their mind about regulations—then making those changes retroactive. …After just one conversation with SBF, Singh decided to leave Facebook to take on the more meaningful work of building FTX. Caroline Ellison came, too, quitting Jane Street and moving to California only weeks after SBF described the operation to her over tea. The first 15 people SBF hired, all from the EA pool, were packed together in a shabby, 600-square-foot walk-up, working around the clock. …But it was also the good old days, when Alameda was just kids on a high-stakes, big-money, earn-to-give commando operation. Fifty percent of Alameda’s profits were going to EA-approved charities.

“This thing couldn’t have taken off without EA,” reminisces Singh, running his hand through a shock of thick black hair. He removes his glasses to think. They’re broken: A chopstick has been Scotch taped to one of the frame’s sides, serving as a makeshift temple. “All the employees, all the funding—everything was EA to start with.”

Wow, those stodgy old banks with their red tape and distrust of crypto, putting the brakes on the good FTX could do! Lucky the EA community was there to be behind Sam all the way and get around them, huh?

If I was anyone named in this piece, or anything to do with EA, I'd be fleeing to Bolivia right now, because this does tie Bankman-Fried in tight with the EA community despite all the distancing they've been trying to do, and it makes the movement sound like the most cultish, dodgy set you could hope to meet.

“Everything was rickety—there was no avoiding the ricketiness. Obviously, the line between rickety and shady is a little unclear at times, but the places that seemed like they were going to steal customer funds outright, we didn’t touch,” Singh says. “Even the best players in the space were having big problems.”

Should have been looking in the mirror when it came to shady outfits, Nishad!

He wanted FTX to be known as the respectable face of crypto. This required ad campaigns, sponsorship deals, a charitable wing—and a war chest to pay for it all.

FTX did need money, after all. And it needed that money from credible sources so it could continue to distinguish itself from the bottom-feeders who came to crypto to fleece the suckers.

Oh, gosh. Oh gosh oh gosh oh gosh.

Can Sun, FTX’s in-house legal counsel, tells me that his main job is to cement the many deals SBF makes on a handshake. Ninety-nine times out of a hundred, Sun says, the terms favor the other side. It’s another corporate policy derived from a rigorous logical argument: In an iterated prisoner’s dilemma, the best first move is always to cooperate. And, if the counterparty defects, “it’s better that I know this guy will screw me over now,” Sun says, “rather than later.”

As they say, comment would be superfluous.

The main point here, to be serious for a moment, is how the jargon is the same rationalist/rationalist-adjacent sort of talk I've seen discussed on here and the other SSC-sites. Bankman-Fried at least absorbed enough to be able to sling it, and it's hard to say how much he meant or believed it. "Not at all" seems to be the current take by people who, naturally, desperately want to disassociate themselves and their movements from anything to do with him.

But it's a failure mode that needs to be addressed. This guy talked all the talk, then turned out to be dodgy as hell. And he seems to truly have believed and operated on all the risk calculation, utility calculation, game theory, prisoner's dilemma scenarios everyone else is talking about and recommending as guides.

It's easy to No True Scotsman Bankman-Fried. But what if he was a Scotsman? And what if it turns out all the fancy jargon about seizing risk is not, in fact, the winning way to operate? What if we stodgy types with our rules and regulations and red tape are, in fact, correct?

EDIT: Okay, returning to "just how far up Bankman-Fried's backside can this reporter fit his head?" times, the excited admiration of what is (at best) extremely rude behaviour from Bankman-Fried does a Thelma and Louise drive off the cliff:

The next day, I finally get a chance to interview Sam Bankman-Fried. We meet in a tiny conference room. I’m prepared with a mic and an MP3 recorder at the ready. SBF comes in with his laptop and opens it to start playing his new favorite computer game, Storybook Brawl, before he even sits down. It’s an obscure title, an “auto-battler”: an emerging genre that combines elements of trading card games (like Magic: The Gathering) with chesslike moves and strategy. The game was released only a few years ago by an equally obscure low-budget “indie” game company, Good Luck Games.

Though we’re face-to-face, SBF makes no eye contact at all—zero, not even a glance. His eyes are glued to his screen. His fingers are tapping on the keys, sometimes furiously, sometimes hardly at all. His right knee is bouncing at 100 bpm: a nervous tic, the result of a forgotten fidget spinner. The interview starts.

I open with a doozy: “Am I,” I ask, “talking to the world’s first trillionaire?”

…This interview has morphed into my own personal economics seminar, and Professor Bankman-Fried is my tutor. He’s as good at explaining the principles of macroeconomics as anyone out there in the world today—and I know this for a fact because I’ve subsequently watched YouTube’s best on the same subject. But SBF teaches me Macro while simultaneously playing round after round of Storybook Brawl.

Wait for it....

…SBF is now interviewing himself. He slows down for a moment, and I assume that’s because of the cognitive load of doing three things at once. He’s asking good questions (my job); he’s formulating answers (his job); and he’s playing Storybook Brawl (no one’s job). But then I hear the tap-tap-tapping from his fingers start to accelerate, and I realize he’s not slowing down under the load at all. Just the opposite, in fact: This guy is in the Storybook Brawl equivalent of a gank!

Are you impressed? Wow, so impressive!

All this is still with not even a glance at me—his true focus is on the screen. He’s playing the video game. But, to be fair, perhaps “playing” is the wrong word here. Perhaps he was play-testing: looking for ways to incorporate crypto into his favorite game because, unbeknownst to me at the time, as we were talking, Good Luck, the indie game company behind Storybook Brawl, was being absorbed into the FTX empire—the latest in a string of FTX acquisitions.

Does this behaviour convince our Star Reporter, one Adam Fisher, that Bankman-Fried is, in fact, talking out of his ass? You be the judge!

…After my interview with SBF, I was convinced: I was talking to a future trillionaire. Whatever mojo he worked on the partners at Sequoia—who fell for him after one Zoom—had worked on me, too. For me, it was simply a gut feeling. I’ve been talking to founders and doing deep dives into technology companies for decades. It’s been my entire professional life as a writer. And because of that experience, there must be a pattern-matching algorithm churning away somewhere in my subconscious. I don’t know how I know, I just do. SBF is a winner.

But that wasn’t even the main thing. There was something else I felt: something in my heart, not just my gut. After sitting ten feet from him for most of the week, studying him in the human musk of the startup grind and chatting in between beanbag naps, I couldn’t shake the feeling that this guy is actually as selfless as he claims to be.

…The FTX competitive advantage? Ethical behavior. SBF is a Peter Singer–inspired utilitarian in a sea of Robert Nozick–inspired libertarians. He’s an ethical maximalist in an industry that’s overwhelmingly populated with ethical minimalists. I’m a Nozick man myself, but I know who I’d rather trust my money with: SBF, hands-down. And if he does end up saving the world as a side effect of being my banker, all the better.

Let's hope for his sake that Mr. Fisher did not sink every cent he possessed into FTX trades, else he'll be working till he's eighty to clear off his debts 🤣

Yeah the article is pretty bad. Good thing it was memoryholed so few people will find it heh...

On the other hand SBF must have some insane charisma to be able to get all these people in line. I mean lord, I know some people that are charismatic but it sounds like he is next level. Despite being kinda ugly.

Yeah, I can't figure it out simply by how he looks in photos, but he must be something special in real life so that even when he is being rude (or autistic, take your pick) about avoiding eye contact and playing games while supposedly talking to you, people who should know better because they're dealing with guys who are trying to sell them on get-rich-quick-schemes for years just fall down at his feet in adoration.

On "The Top Ten List Of Things I Regret Writing" in the future for Adam Fisher, this Sequoia article is going to take the Numbers 1-5 slots.

I don't believe there is a sex tape, and if there is, I very much do not want to see it. Apologies to all concerned, but Caroline and Sam are not the most attractive looking people in the world.

I haven't seen many sex tapes, but judging by how bad the thumbnails and screenshots usually look I dunno that people are watching them for attractive people with good camera work. Think it's more like how people (other than furries) share Bugs Bunny x Elmer Fudd porn: "lmao look at this shit, it's that guy/chick from X"

Don't kinkshame please. There are people out there who think ugly people are just the sexiest. This tape will absolutely make their month.

Different people have different 'pinions;

Some like apples and some like inions.

I precommit not to watch the sex tape, nor discuss Bankman's intimate life, beyond what has been said, unless it has clear relation to the central issue.

Bankman's actions, for all their clown world texture, have been serious and highly damaging to a large proportion of people I care about, and he (together with Kelsey Piper and other do-gooders) keeps doing damage and saving the face of the project I believe has largely motivated his actions, which is to say, EA-directed centralized «global governance». It may be that he'll be deemed a hero in the timeline where they succeed. And even if this accusation is unfounded, he is not a kid but a major scoundrel.

I refuse to let this devolve into a parasocial relationship with wacky awkward «polyamorous» autistic microblogging celebrities.

Was the relationship between Justinian and Theodora irrelevant? Of course it’s relevant. The top two figures responsible for this whole fiasco were in a sexual relationship with one another (and possibly others). That matters. It affects incentives. It affects decision making. One of the criticisms of EA is that it’s just a front for nerds to get laid. The fact that the people involved may in fact have been nerds just trying to get laid is a factor that must be taken into account for a proper analysis.

Theodora was a hell of a lot more competent (and allegedly more attractive) than what this lot got up to. I don't think Caroline Ellison actually did much more than "Okay Sam, you want me to sign off on the billion dollar 'loan' to you? Sure thing!" since the bankruptcy filing by John J. Ray is clear that Bankman-Fried was the guy in ultimate control of everything (and boy is Mr. Ray not one bit impressed by Bankman-Fried's comments as reported in Vox):

Finally, and critically, the Debtors have made clear to employees and the public that Mr. Bankman-Fried is not employed by the Debtors and does not speak for them. Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements. Mr. Bankman-Fried, whose connections and financial holdings in the Bahamas remain unclear to me, recently stated to a reporter on Twitter: “F*** regulators they make everything worse” and suggested the next step for him was to “win a jurisdictional battle vs. Delaware”.

I don't imagine Theodora did a lot of "Oh Justinian, whatever you want is fine with me" in ruling the empire.

Everyone seems to be dismissing the idea that Caroline had any influence on Sam. Is it because people think she’s ugly? No one wants to admit it, but she is in fact “nerd hot”. I don’t want to start unironic normies-will-never-understand-the-thrill-of-pinning-the-weaselposting, but I will if I have to.

I am ashamed to say I understand that reference.

Whatever influence she had on Sam, it does not seem to have extended to stopping him from doing what he was doing, or objecting to it, or leaving the entire project. We don't know all the facts, and what part Ellison and others played is going to be very important. But she was, in name at least, CEO of Alameda Research. She seems to have gone along with being a catspaw for him:

Bankman-Fried insisted in an interview with Vox reporter Kelsey Piper that his claim FTX didn’t “invest client assets” was “factually accurate” because Alameda Research, not FTX, actually made the investments.

Bankman-Fried added that he “also thought Alameda had enough collateral to reasonable [sic] cover it.”

While Bankman-Fried exercised ultimate control and only a few people were permitted to do things along with him, that still leaves a lot of "Why did you do things this way? Why didn't you have structures in place? Did you know what was going on? How could you not know, given the tight links between your firm and FTX?" for her to answer.

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