Sublime

Cuy Sheffield, head of crypto at Visa, calls this idea “fantasy Hollywood,” drawing an analogy to fantasy football. The model turns fans into active participants, and in this case they are actually in the game, not imagining it.

Everyone in crypto knew Zane, and everyone trusted him. He had a gunslinger’s name

In their willingness to court the wrath of US financial regulators, the crypto exchanges fell into one of at least four categories. A small group of tiny US exchanges listed only bitcoin and ether, the two oldest coins, blessed by the SEC as commodities and openly regulated by the CFTC. (A bit oddly, the older the coin, the more people thought of i

It struck me as an instance of regulatory empire building—a classic Washington maneuver: recognize a new innovation in order to force ever more businesses into the regulatory framework.

However, a hard fork would run counter to what many in the Bitcoin and Ethereum communities felt was the power of a decentralized ledger. Forcefully removing funds from an account violated the concept of immutability. This was exacerbated by the fact that a centralized set of players was making the decision. Many complained of moral hazard, and tha

Crypto is not just a technology; it is a movement. One that offers the possibility of greater choice, independence, and opportunity for all. It can achieve things that our current systems can't even begin to contemplate.

FTX was different from the other exchanges, mainly because the guy who ran it, Sam Bankman-Fried, was different. Every man Natalie Tien had ever met in crypto had been chiefly interested in money and women, and Sam was chiefly interested in neither—though it took her a while to figure out what it was he was chiefly interested in.

In the middle was John Paulson. At the top was Steve Eisman.