Today amongst our tech supergeniuses
By 
Everyone, I’m afraid Crypto may not be an entirely safe investment:
Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.
FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, one of the people said.
All in all, FTX had $16 billion in customer assets, the people said, so FTX lent more than half of its customer funds to its sister company Alameda.
This may look like an old-fashioned bank run, but don’t worry, it’s a SUPERCYCLE! As always, the only safe crypto investment is LOOMCOIN, accept no substitutes.
Meanwhile, Elon still doing a bust-out with his own money:
On Wednesday morning, amid mounting concerns from advertisers that the new Twitter would not prove to be a safe home for brands, Elon Musk held an hour-long Spaces call designed to reassure them.
Joining Musk on the call were his head of trust and safety, Yoel Roth, a seven-year veteran of the company who had served as a steady hand during a tumultuous transition; and Robin Wheeler, the company’s de facto head of sales, who had spent a decade selling ads for the company across several key roles.
On the call Musk performed his usual routine, offering a scattershot set of product announcements that were almost certainly news to the people who would soon be called upon to build them. Soon the timeline would comprise mostly tweets from paid subscribers, he said, with the rest relegated to a zone comparable to Gmail’s spam filter. The site would soon enable … longer video downloads?
And, of course, Twitter would remain brand-safe: pressuring users to subscribe, he said, would (somehow) reduce the number of bots and spam on the site, making the service more welcoming to advertisers.
A day later, Roth and Wheeler were gone, the company’s new verification scheme had introduced a variety of serious new brand risks onto the platform, and a company that had already been battered by massive layoffs had lurched into a fresh crisis.
I like the dramatic presentation of this story in the thread that begins here:
guy brings in two podcasters and a right wing troll
he says, “ok so first things first, we set up a war room and tell everyone building the platform that they suck. then wink at trolls so they flood in hate speech
then say comedy is legal now, remember that it’ll come up later”— Jonathan Howard (@staringispolite) November 8, 2022
I dunno, we may want to consider the possibility that wealth and management competence may not be perfectly correlated.
No one should ever have imposter syndrome ever again.— Mike Masnick (@mmasnick) November 10, 2022