[HN Gopher] Founders of $10B Crypto Hedge Fund Have 'Ghosted' Af...
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       Founders of $10B Crypto Hedge Fund Have 'Ghosted' After Bets Go Bad
        
       Author : jriot
       Score  : 22 points
       Date   : 2022-06-17 19:45 UTC (3 hours ago)
        
 (HTM) web link (www.vice.com)
 (TXT) w3m dump (www.vice.com)
        
       | puranjay wrote:
       | This is massive honestly. They were likely $18B. And by most
       | accounts, they were almost entirely trading their own capital.
       | 
       | They were well liked and respected in the industry, having built
       | up their fortunes trading over the years.
       | 
       | A little like Ray Dalio being on the run.
        
         | randomhodler84 wrote:
         | Not that big and not all their own capital. It's the treasury
         | management and VC investment in new projects that could be of
         | concern.
        
       | baxtr wrote:
       | "Smart men go broke three ways - liquor, ladies and leverage." -
       | Charlie Munger
        
         | puranjay wrote:
         | Absolutely baffling how they managed to lose this money.
         | 
         | Zhu Su, one of the co-founders, would talk about the Bitcoin
         | "supercycle" so much that people started calling it
         | "zhupercycle"
         | 
         | Now it appears that they actually drank their own kool aid and
         | went long when market was crashing.
        
           | randomhodler84 wrote:
           | It's all a bit self actualizing. Terra Luna failure was a
           | core issue in the unwinding.
           | 
           | The solution is not less 3ac's but more, so inevitable
           | unwinding does not take out all the players.
        
       | throwaway81523 wrote:
       | In "Liar's Poker" (1998), iirc, this was called an Argentine Put.
       | You'd place a big trade at the end of a day, fly to Argentina
       | that night, and check the newspaper the next day to find out
       | whether you were rich or a fugitive.
        
         | randomhodler84 wrote:
         | Ha! Love it. Plan X (for escape), Long Argentine Puts
        
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       (page generated 2022-06-17 23:02 UTC)