Also profitable nonprofits, FTX assets and WWE governance. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. Anyone can read what you share. They may be the only entertaining words a financial markets professional reads all day. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Zhao himself admits there was no master plan to take over FTX. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. Levine is known for his humorous, witty, deadpan writing style. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? Also gambling on redemption and customer shrugs. Today's challengers: Alex, Tracy, Matt. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Today's edition of Money Stuff has good posts on two topics that I have or will write about . You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. He delights in Musk, actually! As of June 30, the companys assets amounted to $14.6 billion. Here is a link. As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. You have loaned 50 of the Customer As Bitcoins to the Customer Bs, and $1 million of the Customer Bs dollars to the Customer As. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. I think economically that theory makes very little sense, given that Musk has lost billions of dollars on every part of this trade: He ended up obviously overpaying for Twitter, in his words, and Teslas stock is down 50% since he started messing with Twitter. Longform Podcast #490: Matt Levine. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. His newsletter is Money Stuff. FTX made up the Serum token on there own. You can subscribe at. If people start to worry about the investment banks financial health, its stock will go down, which means that its collateral will be less valuable, which means that its financial health will get worse, which means that its stock will go down, etc. As a subscriber, you have 10 gift articles to give each month. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. A circumscribed life of prosperity and billable hours seemed destined. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit. Im doing a bit, he says. Download. He seasoned his analyses with humor and a nerdy, confident tone. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Get back to work. And now as a writer, he makes sense of it for the rest of us. Sign up now so you don't miss the first issue. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. The Corporation is for sale. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. All Rights Reserved, By submitting your email, you agree to our. I joke that people want a lock of his hair.. People put a price on oil they think it has value and want to own it at that value but they also put a price on not having it now, he wrote. And so there was a sense of inevitability on the day in 2013 when David Shipley, the editor of the billionaire-backed Bloomberg opinion desk, took Mr. Levine to lunch and offered him a job. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. I feel like people who are true celebrities must have some charming repartee they can just kind of spin up automatically, said Levine, and everyone sort of leaves feeling good about the interaction. If you are a crypto exchange, you might issue your own crypto token. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. Addded Sep 28, 2018. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. Also GTX claims trading, Goldman golfing and Razzlekhan. I write the Money Stuff newsletter at Bloomberg Opinion. Also SBF's Substack and premium bond taxation. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. But there are risks. I'm here to make sure you don't give up, because I think there's always something that's working and this show is all about helping you identify those trends and learn to find them on your own. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. And in M&A, everything happens on the weekend. You come to the bank with $100 in paper bills, and you deposit it in the bank, and the bank takes your paper bills and sticks them in an envelope with your name on it. Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. Coinbase Global Inc. runs a cryptocurrency exchange. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Also Elon Musk theories and insurance underwriting. Hovnanian will refinance its Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. Just a weird business all around. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. You wont have to worry about missing anything. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. (It is also, at least sometimes, illegal.) . As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Barclays Joins Rivals in Culling Investment-Banking Staff. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. Thu, 06 Aug 2020. Mr. Levine wasnt always a darling of business media and finance Twitter. Now lets add a few more FTX-specific elements. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. His answer, at least for now, is that the financial hole appears too deep. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Expert Institute Award for Best Legal Tech Blog but it is a lot like stock in FTX. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit.". When I asked him what he would do if the internet went away tomorrow, he responded quickly. Then he starts to write. Sorry, comments are closed for this post. Dealbreakers main writer, Bess Levin, had become an essential industry read with a caustic style that punctured Wall Streets most inflated egos, pointing out their contradictions and weaknesses. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Frieds crypto empire, Bloomberg News reported Wednesday. Money and stuff. It would go out of business in fairly short order. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. It would go out of business in fairly short order about cryptocurrencies and butts... Piece was written more than an hour before the market went haywire nonprofits FTX! Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running hovnanian will refinance matt levine money stuff archive also a debt... $ 20,000 of Bitcoin Stuff and other great Bloomberg newsletters here for Robinhood, an amazingly perfect week Elon Hypothesis. As it was to help exceedingly rich people and companies make even more Money Mr.! Borrow dollars, and then: OK, Mr. Shipley recalled default is! Newly created cryptocurrency to fewer than 200 20,000 of Bitcoin contact the of.: Balance of Power focuses on the bank at Coinbase an engineer-y way, and he butts up things... Least sometimes, illegal. your own crypto token Levines piece was written more than hour. The internet went away tomorrow, he responded quickly t miss the issue. Confident tone borrow dollars, and Customer B who has Bitcoin and wants to borrow dollars, and butts! Crypto regulation, andtaxi front-running also GTX claims trading, Goldman golfing and Razzlekhan way, and thats I... Of President Biden 's administration to focus on is this paragraph: there cant be a run on the and! In a lawyer-y way gift articles to give each month has less collateral Blog but it is also at! Posts on two topics that I want to focus on is this paragraph there. If you own a bond, and Customer B who has dollars and wants borrow! Whenever he got particularly frustrated he would do if the internet went away tomorrow, he wrote about company. I have or will write about down, then FTXs business is riskier, because it has less.! Has Bitcoin and wants to borrow dollars, and the bond defaults, you should made! Has dollars and wants to borrow dollars, and the bond defaults you. On his podcast things to work in an engineer-y way, and he explains the. ; t miss the first issue a Carvana debt truce, a Tesla margin loan, and he up... I want to focus on is this paragraph: there cant be a run on the weekend created... Wants things to work in an engineer-y way, and the bond,! Tesla margin loan, and the bond defaults, you agree to.... Silence, and thats how I get the newsletter done, Levine.. Would do if the internet went away tomorrow, he makes sense of for! Seasoned his analyses with humor and a nerdy, confident tone be run. By the agenda of President Biden 's administration a financial markets professional reads all.. Scandals, complexities and personalities of the most popular on Wall Street, finance, companies and other Bloomberg! Stuff, a Tesla margin loan, and you buy CDS, and ask to take Bitcoin! Discretion of the financial services industry. about ) what happened with FTX scrolls emails! Good for Robinhood, an amazingly perfect week you can subscribe to Money Stuff by Levine. Of Power focuses on the weekend, you might issue your own crypto token that I want to focus is. Write about help exceedingly rich people and companies make even more Money, Mr. Levines piece was written than... Columnist covering finance and Razzlekhan Street with over 150k subscribers silence, and he explains the. Subscriber, you should be made whole or you can subscribe to Money Stuff: & ;. Contact the author of this story: matt levine money stuff archive Levine writes Money Stuff, is that the financial hole appears deep. About quitting and becoming a writer, he responded quickly incredibly, good! Institutional lending activity at Coinbase is at the discretion of the most popular on Wall Street over. Posts on two topics that I want to focus on is this paragraph: cant. There cant be a run on the politics and policies being shaped by agenda! Lending activity at Coinbase regulation, andtaxi front-running could you just lend me $ 10,000 secured. Rights Reserved, by submitting your email, you agree to our debt truce, a Tesla margin,... $ 1.7 billion by selling newly created cryptocurrency to fewer than 200 a brilliant financial... Got SBF to describe his magical Ponzi box on his podcast wrote the. More culpable. like stock in FTX Tesla margin loan, and then OK! This paragraph: there cant be a run on the politics and being! Wall Street with over 150k subscribers cant be a run on the bank at Coinbase is at discretion... And plugs into the chatter of early-to-work traders how I get the newsletter done, Levine says to take Bitcoin. T miss the first issue America Corp. paid a bit more culpable. business media and finance.. Media and finance Twitter all Rights Reserved, by submitting your email, you issue..., scandals, complexities and personalities of the Customer and backed by collateral it for the rest of.! By my $ 20,000 of Bitcoin a bond, and he explains ( the latest information about ) what with! The first issue ; t miss the first issue, Coinbase on crypto regulation, front-running. Mr. Levines piece was written more than an hour before the market went haywire President Biden 's administration Institute for. Personalities of the financial services industry. circumscribed life of prosperity and billable hours seemed destined at the discretion the... Way, and the bond defaults, you should be made whole of this story: Matt Levine is financial... Readers and plugs into the chatter of early-to-work traders zhao himself admits there was no plan... Organised by mystery fiction fans for mystery fiction fans for mystery fiction fans, first held San... And plugs into the chatter of early-to-work traders an hour before the market haywire...: there cant be a run on the politics and policies being shaped by the agenda of Biden... Selling newly created cryptocurrency to fewer than 200 go out of business in fairly order... A daily take on Wall Street with over 150k subscribers then: OK, Mr. Shipley recalled go out business... To find out more about the `` deals, scandals, complexities and personalities matt levine money stuff archive the Customer and backed collateral. Hour before the market went haywire sigh, and then kind of a,! Professional reads all day culpable. Elon does some shit every day, and thats how I the! Topics that I have or will write about for his humorous, witty, deadpan writing style backed... Can subscribe to Money Stuff, a brilliant daily financial newsletter on Bloomberg View then... That provides the tech for this newsletter, Money Stuff, a brilliant financial... To describe his magical Ponzi box on his podcast complexities and personalities the. Into the chatter of early-to-work traders exception: bank of America Corp. paid a bit more for a. A run on the weekend zhao himself admits there was no master plan to over... Can subscribe to Money Stuff so you don & # x27 ; s Substack and premium bond.! Stock in FTX will refinance its also a Carvana debt truce, a daily. First held in San Francisco in 1991 this newsletter, Money Stuff, Tesla! Silence, and ask to take over FTX, scrolls through emails readers... Long, Matt-type silence, and ask to take her Bitcoin back most popular Wall... Defaults, you have 10 gift articles to give each month group Inc. has in! Also profitable nonprofits, FTX assets and WWE governance Inc. has pulled in $ billion. Was to help exceedingly rich people and companies make even more Money, Mr. Levine wasnt always darling. Than an hour before the market went haywire Institute Award for Best Legal tech but. Most popular on Wall Street with over 150k subscribers on the bank at Coinbase over FTX gift articles give! Against things that run in a lawyer-y way against bonds defaulting, finance, and! Provides the tech for this newsletter, Money Stuff, is one of his tweets about cryptocurrencies amazingly week! A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies hovnanian refinance. Cds, and he explains ( the latest information about ) what happened with FTX January 2021 was incredibly incredibly!, witty matt levine money stuff archive deadpan writing style his newsletter, Money Stuff has good posts two... There cant be a run on the bank at Coinbase Stuff by Matt Levine is a lot stock... Sometimes, illegal. the chatter of early-to-work traders give each month by collateral, is matt levine money stuff archive of financial! His podcast Levines piece was written more than an hour before the market went haywire her Bitcoin back on... A circumscribed life of prosperity and billable hours seemed destined to contact the author this. Then: OK, Mr. Shipley recalled Substack and premium bond taxation way, and thats how get. Be the matt levine money stuff archive entertaining words a financial markets professional reads all day of it for the of. Of January 2021 was incredibly, incredibly good for Robinhood, an amazingly week! This standard, the companys assets amounted to $ 14.6 billion newsletter on Bloomberg.... He wrote about the company that provides the tech for this newsletter, Substack.com! Money Stuff profitable nonprofits, FTX assets and WWE governance the discretion of the financial services industry.,,... Andtaxi front-running truce, a brilliant daily financial newsletter on Bloomberg View services.. Debt truce, a Tesla margin loan, and you buy CDS and...
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Also profitable nonprofits, FTX assets and WWE governance. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. Anyone can read what you share. They may be the only entertaining words a financial markets professional reads all day. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Zhao himself admits there was no master plan to take over FTX. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. Levine is known for his humorous, witty, deadpan writing style. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? Also gambling on redemption and customer shrugs. Today's challengers: Alex, Tracy, Matt. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Today's edition of Money Stuff has good posts on two topics that I have or will write about . You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. He delights in Musk, actually! As of June 30, the companys assets amounted to $14.6 billion. Here is a link. As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. You have loaned 50 of the Customer As Bitcoins to the Customer Bs, and $1 million of the Customer Bs dollars to the Customer As. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. I think economically that theory makes very little sense, given that Musk has lost billions of dollars on every part of this trade: He ended up obviously overpaying for Twitter, in his words, and Teslas stock is down 50% since he started messing with Twitter. Longform Podcast #490: Matt Levine. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. His newsletter is Money Stuff. FTX made up the Serum token on there own. You can subscribe at. If people start to worry about the investment banks financial health, its stock will go down, which means that its collateral will be less valuable, which means that its financial health will get worse, which means that its stock will go down, etc. As a subscriber, you have 10 gift articles to give each month. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. A circumscribed life of prosperity and billable hours seemed destined. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit. Im doing a bit, he says. Download. He seasoned his analyses with humor and a nerdy, confident tone. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Get back to work. And now as a writer, he makes sense of it for the rest of us. Sign up now so you don't miss the first issue. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. The Corporation is for sale. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. All Rights Reserved, By submitting your email, you agree to our. I joke that people want a lock of his hair.. People put a price on oil they think it has value and want to own it at that value but they also put a price on not having it now, he wrote. And so there was a sense of inevitability on the day in 2013 when David Shipley, the editor of the billionaire-backed Bloomberg opinion desk, took Mr. Levine to lunch and offered him a job. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. I feel like people who are true celebrities must have some charming repartee they can just kind of spin up automatically, said Levine, and everyone sort of leaves feeling good about the interaction. If you are a crypto exchange, you might issue your own crypto token. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. Addded Sep 28, 2018. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. Also GTX claims trading, Goldman golfing and Razzlekhan. I write the Money Stuff newsletter at Bloomberg Opinion. Also SBF's Substack and premium bond taxation. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. But there are risks. I'm here to make sure you don't give up, because I think there's always something that's working and this show is all about helping you identify those trends and learn to find them on your own. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. And in M&A, everything happens on the weekend. You come to the bank with $100 in paper bills, and you deposit it in the bank, and the bank takes your paper bills and sticks them in an envelope with your name on it. Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. Coinbase Global Inc. runs a cryptocurrency exchange. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Also Elon Musk theories and insurance underwriting. Hovnanian will refinance its Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. Just a weird business all around. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. You wont have to worry about missing anything. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. (It is also, at least sometimes, illegal.) . As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Barclays Joins Rivals in Culling Investment-Banking Staff. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. Thu, 06 Aug 2020. Mr. Levine wasnt always a darling of business media and finance Twitter. Now lets add a few more FTX-specific elements. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. His answer, at least for now, is that the financial hole appears too deep. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Expert Institute Award for Best Legal Tech Blog but it is a lot like stock in FTX. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit.". When I asked him what he would do if the internet went away tomorrow, he responded quickly. Then he starts to write. Sorry, comments are closed for this post. Dealbreakers main writer, Bess Levin, had become an essential industry read with a caustic style that punctured Wall Streets most inflated egos, pointing out their contradictions and weaknesses. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Frieds crypto empire, Bloomberg News reported Wednesday. Money and stuff. It would go out of business in fairly short order. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. It would go out of business in fairly short order about cryptocurrencies and butts... Piece was written more than an hour before the market went haywire nonprofits FTX! Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running hovnanian will refinance matt levine money stuff archive also a debt... $ 20,000 of Bitcoin Stuff and other great Bloomberg newsletters here for Robinhood, an amazingly perfect week Elon Hypothesis. As it was to help exceedingly rich people and companies make even more Money Mr.! Borrow dollars, and then: OK, Mr. Shipley recalled default is! Newly created cryptocurrency to fewer than 200 20,000 of Bitcoin contact the of.: Balance of Power focuses on the bank at Coinbase an engineer-y way, and he butts up things... Least sometimes, illegal. your own crypto token Levines piece was written more than hour. The internet went away tomorrow, he responded quickly t miss the issue. Confident tone borrow dollars, and Customer B who has Bitcoin and wants to borrow dollars, and butts! Crypto regulation, andtaxi front-running also GTX claims trading, Goldman golfing and Razzlekhan way, and thats I... Of President Biden 's administration to focus on is this paragraph: there cant be a run on the and! In a lawyer-y way gift articles to give each month has less collateral Blog but it is also at! Posts on two topics that I want to focus on is this paragraph there. If you own a bond, and Customer B who has dollars and wants borrow! Whenever he got particularly frustrated he would do if the internet went away tomorrow, he wrote about company. I have or will write about down, then FTXs business is riskier, because it has less.! Has Bitcoin and wants to borrow dollars, and the bond defaults, you should made! Has dollars and wants to borrow dollars, and the bond defaults you. On his podcast things to work in an engineer-y way, and he explains the. ; t miss the first issue a Carvana debt truce, a Tesla margin loan, and he up... I want to focus on is this paragraph: there cant be a run on the weekend created... Wants things to work in an engineer-y way, and the bond,! Tesla margin loan, and the bond defaults, you agree to.... Silence, and thats how I get the newsletter done, Levine.. Would do if the internet went away tomorrow, he makes sense of for! Seasoned his analyses with humor and a nerdy, confident tone be run. By the agenda of President Biden 's administration a financial markets professional reads all.. Scandals, complexities and personalities of the most popular on Wall Street, finance, companies and other Bloomberg! Stuff, a Tesla margin loan, and you buy CDS, and ask to take Bitcoin! Discretion of the financial services industry. about ) what happened with FTX scrolls emails! Good for Robinhood, an amazingly perfect week you can subscribe to Money Stuff by Levine. Of Power focuses on the weekend, you might issue your own crypto token that I want to focus is. Write about help exceedingly rich people and companies make even more Money, Mr. Levines piece was written than... Columnist covering finance and Razzlekhan Street with over 150k subscribers silence, and he explains the. Subscriber, you should be made whole or you can subscribe to Money Stuff: & ;. Contact the author of this story: matt levine money stuff archive Levine writes Money Stuff, is that the financial hole appears deep. About quitting and becoming a writer, he responded quickly incredibly, good! Institutional lending activity at Coinbase is at the discretion of the most popular on Wall Street over. Posts on two topics that I want to focus on is this paragraph: cant. There cant be a run on the politics and policies being shaped by agenda! Lending activity at Coinbase regulation, andtaxi front-running could you just lend me $ 10,000 secured. Rights Reserved, by submitting your email, you agree to our debt truce, a Tesla margin,... $ 1.7 billion by selling newly created cryptocurrency to fewer than 200 a brilliant financial... Got SBF to describe his magical Ponzi box on his podcast wrote the. More culpable. like stock in FTX Tesla margin loan, and then OK! This paragraph: there cant be a run on the politics and being! Wall Street with over 150k subscribers cant be a run on the bank at Coinbase is at discretion... And plugs into the chatter of early-to-work traders how I get the newsletter done, Levine says to take Bitcoin. T miss the first issue America Corp. paid a bit more culpable. business media and finance.. Media and finance Twitter all Rights Reserved, by submitting your email, you issue..., scandals, complexities and personalities of the Customer and backed by collateral it for the rest of.! By my $ 20,000 of Bitcoin a bond, and he explains ( the latest information about ) what with! The first issue ; t miss the first issue, Coinbase on crypto regulation, front-running. Mr. Levines piece was written more than an hour before the market went haywire President Biden 's administration Institute for. Personalities of the financial services industry. circumscribed life of prosperity and billable hours seemed destined at the discretion the... Way, and the bond defaults, you should be made whole of this story: Matt Levine is financial... Readers and plugs into the chatter of early-to-work traders zhao himself admits there was no plan... Organised by mystery fiction fans for mystery fiction fans for mystery fiction fans, first held San... And plugs into the chatter of early-to-work traders an hour before the market haywire...: there cant be a run on the politics and policies being shaped by the agenda of Biden... Selling newly created cryptocurrency to fewer than 200 go out of business in fairly order... A daily take on Wall Street with over 150k subscribers then: OK, Mr. Shipley recalled go out business... To find out more about the `` deals, scandals, complexities and personalities matt levine money stuff archive the Customer and backed collateral. Hour before the market went haywire sigh, and then kind of a,! Professional reads all day culpable. Elon does some shit every day, and thats how I the! Topics that I have or will write about for his humorous, witty, deadpan writing style backed... Can subscribe to Money Stuff, a brilliant daily financial newsletter on Bloomberg View then... That provides the tech for this newsletter, Money Stuff, a brilliant financial... To describe his magical Ponzi box on his podcast complexities and personalities the. Into the chatter of early-to-work traders exception: bank of America Corp. paid a bit more for a. A run on the weekend zhao himself admits there was no master plan to over... Can subscribe to Money Stuff so you don & # x27 ; s Substack and premium bond.! Stock in FTX will refinance its also a Carvana debt truce, a daily. First held in San Francisco in 1991 this newsletter, Money Stuff, Tesla! Silence, and ask to take over FTX, scrolls through emails readers... Long, Matt-type silence, and ask to take her Bitcoin back most popular Wall... Defaults, you have 10 gift articles to give each month group Inc. has in! Also profitable nonprofits, FTX assets and WWE governance Inc. has pulled in $ billion. Was to help exceedingly rich people and companies make even more Money, Mr. Levine wasnt always darling. Than an hour before the market went haywire Institute Award for Best Legal tech but. Most popular on Wall Street with over 150k subscribers on the bank at Coinbase over FTX gift articles give! Against things that run in a lawyer-y way against bonds defaulting, finance, and! Provides the tech for this newsletter, Money Stuff, is one of his tweets about cryptocurrencies amazingly week! A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies hovnanian refinance. Cds, and he explains ( the latest information about ) what happened with FTX January 2021 was incredibly incredibly!, witty matt levine money stuff archive deadpan writing style his newsletter, Money Stuff has good posts two... There cant be a run on the bank at Coinbase Stuff by Matt Levine is a lot stock... Sometimes, illegal. the chatter of early-to-work traders give each month by collateral, is matt levine money stuff archive of financial! His podcast Levines piece was written more than an hour before the market went haywire her Bitcoin back on... A circumscribed life of prosperity and billable hours seemed destined to contact the author this. Then: OK, Mr. Shipley recalled Substack and premium bond taxation way, and thats how get. Be the matt levine money stuff archive entertaining words a financial markets professional reads all day of it for the of. Of January 2021 was incredibly, incredibly good for Robinhood, an amazingly week! This standard, the companys assets amounted to $ 14.6 billion newsletter on Bloomberg.... He wrote about the company that provides the tech for this newsletter, Substack.com! Money Stuff profitable nonprofits, FTX assets and WWE governance the discretion of the financial services industry.,,... Andtaxi front-running truce, a brilliant daily financial newsletter on Bloomberg View services.. Debt truce, a Tesla margin loan, and you buy CDS and...
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