Hacker News: colinmhayes

New comment by colinmhayes in "Money Creation in the Modern Economy – Its a Wonderful Lie"

colinmhayes — Tue, 15 Nov 2022 01:07:20 +0000

What happens when the person withdraws the million dollars? The bank only has 100k.

New comment by colinmhayes in "Amazon is said to plan to lay off thousands of employees"

colinmhayes — Mon, 14 Nov 2022 16:52:00 +0000

They’re probably selling every unit at a loss. A big part of the Amazon smart home stuff also has to be the data it collects and the way it integrates with ordering off the retail site which might not have been counted here.

New comment by colinmhayes in "Amazon is said to plan to lay off thousands of employees"

colinmhayes — Mon, 14 Nov 2022 16:23:27 +0000

1,500,000 includes all the hourly workers but my understanding is that the 10,000 is corporate. Still only 3% of corporate workers which is less than they pip every year

New comment by colinmhayes in "The collapse of FTX and Sam Bankman-Fraud is looking quite spicy for journalism"

colinmhayes — Mon, 14 Nov 2022 14:22:12 +0000

But no one knew ftx had written the shitty loans until last week. You can speculate that he was risking billions in depositor funds but there wasn’t really any evidence.

New comment by colinmhayes in "The collapse of FTX and Sam Bankman-Fraud is looking quite spicy for journalism"

colinmhayes — Mon, 14 Nov 2022 14:20:13 +0000

Read levines last newsletter. He goes over how your interpretation of what was said is wrong.

In fact he says he came out of that podcast bullish on SBF and ftx.

New comment by colinmhayes in "Money Creation in the Modern Economy – Its a Wonderful Lie"

colinmhayes — Mon, 14 Nov 2022 14:18:20 +0000

The bank only has 100k though. They can’t loan out 1m because they don’t have 1m to give out.

New comment by colinmhayes in "The collapse of FTX and Sam Bankman-Fraud is looking quite spicy for journalism"

colinmhayes — Mon, 14 Nov 2022 14:00:54 +0000

FTX was never doing a ponzi. All the threads are about how everyone was ok with SBF ponzi’ing because the money went to a good cause but that’s just not the case. EA proponents thought SBF was just running a normal exchange, if that was true I don’t see what’s morally wrong with supporting him.

New comment by colinmhayes in "One of the UK’s Largest Pig Farms Closes Down Following Animal Welfare Breaches"

colinmhayes — Mon, 14 Nov 2022 13:53:05 +0000

The reality is most people don’t give a shit about animal welfare and unfortunately a huge percentage of the population would have no problem eating tortured meat if it was a bit cheaper.

New comment by colinmhayes in "FTX faces potential hack, sees mysterious outflows totaling more than $600M"

colinmhayes — Sat, 12 Nov 2022 14:56:00 +0000

The government is losing money on I bonds

New comment by colinmhayes in "FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried"

colinmhayes — Sat, 12 Nov 2022 14:47:36 +0000

Most EA’s are just donating to givewell(global health and poverty). The long termists are a small portion of the movement and ai safety even smaller.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Fri, 11 Nov 2022 13:52:51 +0000

Eventually the other bank will ask for settlement. Maybe it’s because you owe them a billion dollars and they have a liquidity crisis. Whatever the reason is, you can’t just go on forever “oweing” then money.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Fri, 11 Nov 2022 13:47:00 +0000

You are wrong. Without existing deposits the bank has no money to loan out. They can write numbers on screens, but eventually the money they loaned out will be transferred and the bank that it was transferred to will ask for settlement.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Fri, 11 Nov 2022 13:43:45 +0000

Not before giving away hundreds of millions of dollars

New comment by colinmhayes in "CRISPR cancer trial success paves the way for personalized treatments"

colinmhayes — Fri, 11 Nov 2022 01:57:17 +0000

Obviously not op, but it sounds like the issue is that the cure makes you sick in the short term which requires expensive care. If the sickness is inherent to the solution it’s hard to see how this gets cheaper.

New comment by colinmhayes in "FTC restores rigorous enforcement of law banning unfair methods of competition"

colinmhayes — Thu, 10 Nov 2022 22:29:24 +0000

breaking a law is not an uncivilized act. Everyone breaks laws all the time

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Thu, 10 Nov 2022 22:03:40 +0000

Well he's in the bahamas, not the US.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Thu, 10 Nov 2022 19:50:36 +0000

He wasn’t, he was just loaning them to his other company.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Thu, 10 Nov 2022 19:45:53 +0000

The entire point of FTX is that Americans were barred from using it. Now Americans certainly ignored that rule by using vpn’s, but I’m not sure that gives the sec jurisdiction. The Americans using the exchange were explicitly breaking the TOS

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Thu, 10 Nov 2022 19:42:14 +0000

So my understanding is that alameda needed more capital to fund its operations that had a track record of success, so sbf created ftx and gave customer assets to alameda to invest. So the business thesis here isn’t “use new user money to pay old users” it’s “steal all the users money to invest and hope the investments continue to be profitable.” I guess they started ponzi-ing once alameda went bust but that wasn’t the original plan, although that’s probably true for most ponzi’s.

New comment by colinmhayes in "FTX tapped into customer accounts to fund risky bets, setting up its downfall"

colinmhayes — Thu, 10 Nov 2022 19:38:32 +0000

Bill hwang didn’t even take investor money. How did you come to the conclusion that his behavior was ponzi adjacent?