author of NUMBER GO UP: named a best book of the year by FT, WaPo, Wired, Verge, LA Times, Irish Examiner. Reporter for
@Business
and
@bw
magazine. It's "FOX"
my book NUMBER GO UP is out today:
It’s the story of my two-year, globe-spanning quest to get to the bottom of the crypto boom—the greatest financial mania the world has ever seen.
I started off thinking it was a joke, and not even a particularly funny…
NUMBER GO UP was introduced as evidence today in the SBF trial.
the prosecutor, Danielle Sassoon, walked a hard copy over to SBF. he said he'd never seen it before
1/
I’d heard that Bankman-Fried was going to be the subject of Michael Lewis’s next book. But the author’s questions were so fawning they seemed inappropriate for a journalist.
in New Jersey, a wedding gets postponed. in amsterdam, flower prices crash. and in Kenya, a farmer is already mulching his rose harvest
with
@herbling
and
@RubenMunsterman
Ever wonder what’s up with those weird wrong-number texts? The story behind them is darker than I could have imagined.
An excerpt from my book NUMBER GO UP: INSIDE CRYPTO'S WILD RISE AND STAGGERING FALL
I’d heard that Bankman-Fried was going to be the subject of Lewis’s next book. But the author’s questions were so fawning they seemed inappropriate for a journalist.
remember RIP Medical Debt? they got tons of press for paying off people's health care debts
a giant randomized study found it didn't actually help
“The idea that maybe we could get rid of medical debt, and it wouldn’t cost that much money but it would make a big difference, was…
the reviews are in. the NYT, Economist, WaPo, Wired, LA Times, and the FT agree: read NUMBER GO UP
the Wall Street Journal says it "combines sharp analysis, intrepid reporting and punchy writing"
Caroline's testimony today confirmed what I long suspected:
Under Sam's version of utilitarianism, lying and stealing was fine, as long as it led to him making more money
Washington Post agrees: NUMBER GO UP is the one to read
"Faux’s boisterous, masterfully written book is worth a read…. Faux’s cast of misfits and con artists never fails to entertain.”
Apes, we are aware of the eye-related issues that affected some of the attendees of ApeFest and have been proactively reaching out to individuals since yesterday to try and find the potential root causes. Based on our estimates, we believe that much less than 1% of those…
There is way more demand for bitcoin than the amount available for purchase.
Buyers have to bid higher and higher to convince holders to part with their bitcoin.
This is why the price is rapidly rising.
The Verge picks NUMBER GO UP as one of the best books of the year!
"A lot of things about crypto finally clicked into place for me after reading this book"
When I visited SBFs penthouse just before the cops showed up, he claimed he had no idea how much Alameda was spending.
Now Caroline Ellison testified she gave him regular financial reports. She even brought the Google Docs to show it.
Coming this fall: NUMBER GO UP
The story of the greatest financial mania the world has ever seen – and an epic two-year investigation that stretches from Miami to Italy, El Salvador, the Philippines, Cambodia, and SBF’s penthouse in the Bahamas.
From
@matt_levine
’s footnotes today:
“Several reviews recommend my Bloomberg colleague Zeke Faux’s crypto book, “Number Go Up,” which I endorse. Faux’s book is great, and hilarious, and morally scathing, and also way more skeptical about crypto”
The grim scene reminds me a bit of the end of Scarface, with Tony Montana holed up in his mansion, semi-incoherent, his enemies sneaking closer. But instead of mountains of cocaine, Bankman-Fried is clinging to spreadsheets filled with wildly optimistic cryptocurrency valuations.
1/
@zachmider
and I have been digging into a sanctions mystery: why do many ships suspected of carrying Iranian oil get their insurance from a tiny company in NYC called American Club?
Another weird admission Sam made to me came up. At trial, Sam's basic position has been that he didn't know what was going on. But to me, he described a meeting at which he, Caroline, Nishad and Gary had decided to extend more credit to FTX.
She wanted to ask him about something he said in our November interview.
In that interview, when I asked him if Alameda had to follow the same margin rules as other traders, he admitted the fund did not. “There was more leeway,” he said.
That's not what he's saying now.
2/
Unfortunately there currently is no candidate who can fix this.
You can buy Bitcoin though as a way to vote with your dollars, send a clear message, and potentially even save the U.S. long term. A return to the gold standard.
THIS CRYPTO RALLY IS SO MUCH BETTER THAN THE LAST ONE
In today's
@markets
newsletter, I wrote about how nice it is this time around that people aren't pretending there's some use case. No need to nod along to someone talking nonsense. Everyone agrees that it's all about flows.
A crypto scam took down this small town bank
An unbelievable true story from our intrepid Kansas correspondent
@amanda_albright
and editor
@rfriedman305
Prosecutor: "I'm going to direct you to page 226-227. And I want to direct your attention to the middle of
the page, where it starts, 'You were.' And just ask you to read those two sentences to yourself."
Prosecutor: "Does that refresh your recollection about whether you…
First time at
@msnbc
— analyzing the SBF trial with next level banterer
@AliVelshi
, superstar ex colleague
@davidgura
and the anchor who gets how things really go down in the finance world,
@SRuhle
the problem with Trump's penny stock is that it actually has a real product. lesson from crypto--keep it all pie in the sky. once you ship something, people can evaluate it
The prosecutor pressed him: "So yes or no: Do you recall saying that you decided to extend Alameda more credit at this time?"
Sam denied it: "I don't recall saying that."
She told him to flip to that passage, which is on page 227.
7/
"I had the opportunity to read Zeke Faux’s Number Go Up last month and assure you that while similar in length, the book is far more exciting — which is mental"--
@CasPiancey
I had asked Sam if he was "aware there was a chance this would not work" and he said that he was.
The prosecutor seized on this too: "I'm asking, did you know that this put the FTX exchange at risk?" SBF: "No, I did not."
8/
Prosecutor: "Do you recall telling Zeke Faux in December of 2022 that when Alameda repaid its third-party lenders, you understood that there was a risk to FTX?"
SBF: "I don't recall that, no."
9/
Both can be true -- we are all vulnerable to scams. And we would not hand $50k in cash to an undercover CIA officer to open some kind of double-secret bank account!
Bankman-Fried tells me he’s still got a chance to raise $8 billion to save his company. He seems delusional, or committed to pretending this is still an error he can fix, and either way, the few supporters remaining seem unlikely to set him straight.