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Saifedean Ammous Profile picture
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Nov 4 • 5 tweets • 3 min read
I'm not an accountant or a shitcoinologist, but can someone explain to me how Alameda can have more FTT shitcoin listed as an asset on its balance sheet than there is FTT in existence?

cc: @BitcoinIsSaving
#RunTheNumbers
Could they be counting tokens that are not circulating as an asset? The obvious problem here is that releasing them for circulation increases the supply & depresses the price of the rest of the tokens.
That explains it, then. Alameda creditors will be alright as long as FTX's ~120 users buy ~$3b of FTT in order to get discounted trading fees & referral fees.

CORRECTION: my estimate of 120 FTT users seems to be inaccurate. It's more like 180-200
dirtybubblemedia.substack.com/p/is-alameda-r…

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More from @saifedean

Saifedean Ammous Profile picture
Nov 3
In the latest podcast, ⁦⁦@AlexEpstein⁩ joins us to discuss his excellent new book, Fossil Future, which makes a powerful case for why fossil fuels are essential for human flourishing, and why restricting them is the real crisis facing humanity saifedean.com/podcast/139-fo…
Alex explains how overhyped the supposed ‘alternatives’ to fossil fuels are, and how fossil fuels remain completely essential for our modern standards of living, and why their use is constantly growing.

Why do fossil fuels represent the only realistic alternative to poverty and early death for everyone on earth? Why do carbonhysterics only focus on the supposed negative impacts of fossil fuels, but never their benefits?

open.spotify.com/episode/4Ypiem…
Read 5 tweets
Saifedean Ammous Profile picture
Nov 3
You can try to cover the Earth with leather, or simply wear shoes. Demanding all 300,000,000 Twitter users hand in their government IDs is the former. Liberally using the block button is the latter.
If Twitter would show who blocked you on your profile like it shows who follows you, you'd think twice before tweeting stupid bullshit at people. I think this is the only moderation policy Twitter needs.

Read 4 tweets
Saifedean Ammous Profile picture
Nov 1
If you invested $10,000 in iShares US Treasury Bond ETF 10 years ago, and reinvested all yields, you would have $10,478 today.

This is the 'risk-free' bedrock of the portfolio of all the idiots who call bitcoin a scam
If you were a more long-term oriented idiot, and invested $10,000 in iShares 20+ Year Treasury Bond ETF 10 years ago, and reinvested all yields, you would today have $9,811.
Bitcoin critics are all complete morons because they think bitcoin competes against an ideal imaginary money that appreciates without volatility, not against broken govt money & bonds optimized to rob the holder & finance govt to kill foreigners, buy elections & enrich banksters
Read 5 tweets
Saifedean Ammous Profile picture
Oct 31
The cowardly criminal cattle who ruined your livelihood & took away your kids' childhood because they were scared by their TV have an even dumber idea now: forget & forgive & treat them like human beings again.

Cry harder @ProfEmilyOster Image
Never forgetting or trusting the hysterical cattle who were manipulated into violence against you because their TV scared them is not holding a grudge & it's not bitterness; it's basic common sense self-defense.
Notice that these cattle demand forgiveness now but they do not tell you what they are going to do when they get programmed to get mad about bad weather & demand to shut off your heating & take away your car & beef to fix the weather, do they?
Read 7 tweets
Saifedean Ammous Profile picture
Oct 30
Is anthropogenic climate change just 'basic physics'?

I ask Princeton Professor Emeritus in Physics, William Happer in a fascinating discussion on the impact of CO2 on the Earth's climate and the state of modern science.

saifedean.com/podcast/138-cl…
Does CO2 control Earth's temperature? Or does temperature drive CO2? What does the fossil record tell us about ancient climate? Is current warming unprecedented?

So many important questions that Youtube has already given us a misinformation warning!
Why don’t scientists study the evidence of prehistoric forests in the Arctic, and what it implies for historical temperatures?
Why is there little focus on the enormous benefits of CO2?
What is the evidence for CO2 driving ocean acidification?
open.spotify.com/episode/0ADg46…
Read 5 tweets
Saifedean Ammous Profile picture
Oct 27
When money is a shitcoin, everything becomes a shitcoin.
I'd guess most Amazon stock is held by people who have no business investing in Amazon, or anything. They have no investment thesis or understanding of financial statements. They buy stocks because they know cash is trash & they have to choose something or their wealth melts away
This isn't a slight against Amazon or its investors; the problem is the broken shitcoin they have to use. Most people should have no business investing & if money was hard, they'd focus on earning money & just hold it & know their wealth is safe.
Read 5 tweets

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