Given that running a Bitcoin exchange is a figurative license to print money, and Bitfinex has conceded in court that they self-approved a literal license to print money, the Straussian reading of this is “We’re trying to grab every penny we can to keep past from killing us.” https://twitter.com/mdudas/status/1168605893115727874 …
-
This Tweet is unavailable.Show this thread
-
c.f. Lying for Money: the inexorable math of frauds causes them to need to grow larger over time, at a CAGR by necessity larger than that of quickly growing legitimate businesses.
3 replies 1 retweet 10 likesShow this thread
A sketch of the math: suppose risky legitimate businesses are growing at 10% a year. A fraud offers 20%, because it needs to attract assets. It does. It now a) can’t offer 6% (the assets will leave) and b) needs to hit >>> 20% if it wants to go legit, b/c 20% wasn’t real.
1:37 AM - 3 Sep 2019
0 replies
2 retweets
14 likes
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.