SBF Launches Substack Blog

SBF Launches Substack, How Much Is He Charging Per Year?

As SBF seems unable to STFU, feel free to read his part of the saga. Substack has this rather annoying "Subscribe" button which actually means FREE subscriptions - but also means you get a stash of emails - plus a paid subscription if the author has that option.

I have a lot more to say–about why Alameda failed to hedge, what happened with FTX US, what led to the Chapter 11 process, S&C, and more. But at least this is a start.

No doubt you will.

Hedging all sounds very clever, especially when it's too late. But hedging with a subsidiary, or deeply related company, would merely be spreading the grief.

Blaming CZ also means that nobody else was going to step in - not even at firesale prices. Praying for a saviour is not standard financial advice.

But the November crash was a targeted attack on assets held by Alameda, not a broad market move. [...] As a result, the larger hedge that Alameda had finally put on that summer didn’t end up helping. It would have for every previous crash that year–but not for this one.

One word: amateur.