On happiness:
Last year, when @SBF_FTX announced that Caroline and I were Alameda's co-CEOs, the goal for all involved was to bring titles in line with reality -- the two of us had been acting as CEOs for quite some time, and we wanted our outside image to reflect that.
It's with the same goal that I'm announcing today that I am stepping down as co-CEO of Alameda Research -- @carolinecapital will continue on as Alameda's CEO. I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company.
Over the past few months, I have significantly reduced my role at Alameda. This happened gradually, and has most recently involved a lot of time not really working at all -- and certainly not acting as the company's CEO.
The reason for that is pretty simple -- I can't personally continue to justify the time investment of being a central part of Alameda. Everyone works really hard here, and spending a "normal" amount of time at work is tricky -- especially when you're trying to be a leader.
Alameda is an awesome place -- the problems we solve here remain the most interesting I am aware of, and the team remains the most impressive I've ever known. It's an environment where so much is going on that work can easily become your life -- and for a long time, I LOVED that.
For years, I couldn't think of anything more worthwhile to do with my time than to give it to Alameda. It's honestly been a thrill to be a part of, despite being difficult and exhausting and consuming. But I've reached a point in life where I have to prioritize other things.
What other things? I'm really not sure, exactly. Lately I've been really happy, spending a lot of time traveling, visiting friends and family, working on "myself" and whatnot. Also I bought a boat, that's been cool. I needed to relax, and I'm really, really happy.
I can't 100% remove myself from crypto without going into withdrawal, so I'll probably still be around here to some extent. I don't currently have other "projects" lined up or anything, but I wouldn't rule anything out in the future once I feel more "recovered."
I guess that's about it. My time at Alameda has been the most formative of my life. I've learned how to think, I've found out how far I can push myself, and I've been gifted the incredible experience of being in the trenches with lifelong friends -- and *winning*.
I'll miss all of it -- I genuinely will. But if I've learned anything at Alameda, it's how to make good decisions -- and this is the right one for me.

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More from @AlamedaTrabucco

Jul 20
Reminder, “sold” and “will sell” are not the same just like “bought” and “will buy” are not the same; typical discourse around this kind of thing tends to be almost totally flipped (not investment advice etc etc)
When people hear “X bought” they tend to have thoughts like “buying means UP” (and sometimes follow-on effects exist! so it’s not all wrong) but they tend not to remember “oh and maybe they’ll sell eventually”
Position closing doesn’t have that latter effect so I tend to think of it as basically nothing in terms of expected move for fundamental reasons
Read 4 tweets
Jul 5
why can't every game that has:
- creatures / minions / characters / etc.
- health / toughness / etc.
- power / attack / etc.
just pick one of those terms to use industry-wide?

@StorybookBrawl has joined the ranks of games which plague me in this specific way
creature / attack / health is definite the best combo but i'm not sure any game uses all 3 of them
i couldn't actually tell you though because i can never remember which it's called in a given game
Read 4 tweets
Mar 22
There's been some chatter about the recent @StargateFinance auction, and I wanted to clarify a few things about Alameda's involvement.
First off: we did indeed buy all the tokens. We love the team and what they're doing, and we believe this space and the technology they're building is really important.
The cross-chain asset management opens up a wide array of possible DeFi use cases, makes capital allocation for firms like Alameda more seamless, and aids in making the crypto markets more efficient -- among many other benefits @StargateFinance is creating.
Read 7 tweets
Mar 9
Let's dig a bit deeper into this -- why did the market react the way it did, and what makes it "inefficient" exactly?

A thread about news.
Obviously, the big story lately has been Russia/Ukraine -- I don't have anything new to say about the conflict itself, but global markets, including crypto, have mostly revolved around this for the past few weeks.
So any price impact from Biden's executive order does need to be considered in context:
- it's important to separate out price impact from e.g. crypto's SPY beta
- it's important to consider how Russia/Ukraine might have influenced the EO (and opinion of it)
Read 16 tweets
Feb 23
I initiated a wire and @Chase canceled it and locked my account due to suspicious activity until I call them, and the wait time is 90 minutes! I'm so happy my funds are protected.
Update: they called me back after 80 minutes, immediately transferred me to a 20 minute-long hold, and when someone answered they immediately hung up.
Part of their identify verification process was me giving them a phone number and then them sending a code to the number I just told them? What?
Read 4 tweets
Dec 8, 2021
Quick thoughts on the congressional hearing that's wrapping up.

A thread about the "future of finance."
Not investment advice.
Back in 2018, there were congressional hearings about crypto, too. Congresspeople had a lot of rudimentary questions. A lot of the questions were basically antagonistic, clearly coming from the perspective of "this is probably a scam, my goal is probably nixing it."
Read 11 tweets

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