I lost money because of pak
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Yeah, that is wild.
(Some more highlights for those who didnât click through)
https://twitter.com/GRDecter/status/1593272138659667969?s=20&t=HEq5zEALSssRmaBTDyszwg
https://twitter.com/GRDecter/status/1593272153234866177?s=20&t=HEq5zEALSssRmaBTDyszwg
https://twitter.com/GRDecter/status/1593272157907320832?s=20&t=HEq5zEALSssRmaBTDyszwg
Billion dollar company being run via emoji and snapchat. Oh, and maybe a few of those âghost employeesâ Elon was looking for.
[Also, I saw earlier itt a reference to the Ontario Teachersâ Pension Fund. I would not be surprised if a few other public pension funds had exposure. They seem like exactly the kind of entities where there is big pressure to generate high returns (b/c local governments promise benefits they donât want to fund out of general revenues) and they are sometimes run by politicians more than finance people (not that the finance people seem to have done very well in this whole thing, either.)]
The Ontario Teachers Pension Plan is not really like US public sector pension plans chasing unrealistic returns to support excessive promises. In their actuarial funding valuations that show the plan is properly funded they only assume an investment return going forward of 4.5%. Thatâs not the kind of goal that requires a lot of risk taking.
Where OTPP and other institutional investors got involved in crypto, it was based on an argument that crypto currencies should provided diversification. So they convinced themselves that their future looking risk/return tradeoff was improved by holding some crypto. OTPP invested $95 million in FTX. that is 0.05% of their fund. If they recoup absolutely none of it the health of the plan will be completely unaffected.
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Thereâs some good info in here, I remember when the Ontario Securities Commission started setting up a regulatory regime for cryptocurrencies. It was kind of funny because the OSC started with the position that cryptocurrencies are securities and all the crypto issuers and exchanges freaked out because they very much do not want to be subject to securities laws. But they also donât want to be treated like currency held at a bank either.
Iâd like to sell the OTPP on diversifying into suzzercoin. What is it? Itâs not your fatherâs stodgy old stocks and bonds, thatâs what it is. Now give me $95m.
Btw, do you know anyone at OTPP who might like a free trip to the Bahamas?
To be fair, almost all of here donât have an accounting department either.
I think you missed the boat on that one.
In the aftermath of the collapse of FTX, authorities should resist the urge to create a parallel legal and regulatory framework for the crypto industry. It is far better to do nothing, and just let crypto burn.
Actively intervening would convey undeserved legitimacy upon a system that does little to support real economic activity.
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Ok Iâll settle for $75m.
I donât have $75 million but I do have 75 million MosdefCoins that I can trade you for 75 million Suzzercoins. According to my financial statements I just wrote on the back of a napkin, we each have $75 million now. That was easy!
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Did either of you trade them for US dollars at any point?
Deal.
Now since you live in Canada, why donât you drive over to OTPP and show them our balance sheets. At those valuations, can they really afford not to diversify?
Hey look I was right that he just stole all of the actual money! Well at least the part he didnât gamble away. Who could have seen that coming.
No you donât understand, this one time a restaurant went out of business on the corner of my street and I stopped eating because it made me believe food was stupid. I almost died!
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https://twitter.com/GRDecter/status/1593272153234866177?s=20&t=uHCAQ-VTVBtwyPYaSdfMpQ
God damnit Musk was onto something 
This is your warning, no name-calling.
do you have any stanley nickels?
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That bankruptcy filing is by far the most insane bankruptcy pleading I have ever read. That reads like the new guy being concerned he might get tangled up in all the criminality and wanting to be transparent with how bad it is to make sure itâs obvious to me.
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And honestly, suzzer seems dead set on staying poor and having no fun whilst doing so, but I kinda want everybody else to take advantage of the next crypto cycle and his stupid ass bullshit doesnât help.
Like, imagine flashing forward 3 years and some poor soul is reading suzzer talk about motley tulips and what not, slowly realizing that they missed it AGAIN.
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And if Iâm being truly forthright, itâs bad financial advice to the point it might be a crime. Suzzer might literally be worse than 10 SBFs. SBF just stole money but suzzer is stealing hopes and dreams.