I bought some ERX yesterday, DINO $41-$42, VLO $101, MPC $78s. Others too because it looked panicked.
Suddenly today this guys name is being mentioned non stop. What he is doing is perhaps the smartest move ever... or the stupidest. The richest of crypto’s billionaires, Sam Bankman-Fried, is riding to crypto’s rescue, bailing out two teetering firms to the tune of nearly $750 million dollars. In a one-two punch, the CEO of the FTX cryptocurrency exchange backstopped the troubled crypto lending platform BlockFi with a $250 million line of credit on Tuesday (June 21), just days after his Alameda Research trading firm offered up $500 million in cash and cryptocurrencies to Voyager Digital, a crypto broker. Both were rumored to be facing difficulties after crypto lenders Celsius and Babel Financial halted withdrawals, and hedge fund Three Arrows Capital suffered forced liquidations and is reported to be facing insolvency. BlockFi was one of the firms that liquidated Three Arrows’ positions at a huge loss when it couldn’t meet margin calls. Bankman-Fried is attempting to “stem contagion” after a stablecoin’s $45 billion collapse sent financial shockwaves throughout the industry just as the Fed’s inflation-fighting rate hikes sent all markets tumbling, he told NPR on Sunday (June 19). “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves,” Bankman-Fried noted. “Even if we weren’t the ones who caused it, or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what I can help it grow and thrive.” He’s apparently serious about the “loss to us” part, as the Financial Times (FT) reported Tuesday (June 21) that “FTX’s claims on the facility would be subordinate to all client balances,” if BlockFi fails. This isn’t the first time Bankman-Fried has stepped in. Last August, FTX loaned Japanese FinTech and cryptocurrency exchange Liquid Group $120 million after it was hit with a $100 million hack. In February, FTX acquired the company outright on undisclosed terms. “Sam became a lender of last resort,” said Anatoly Crachilov, CEO of fund manager Nickel Digital Asset Management, the FT reported. That isn’t to say he’s handing out loans to all comers — or not acting in his own interest. For one thing, FTX was one of the three exchanges that liquidated Three Arrows. For another, Crachilov noted, “if you have a few Lehman events at the same time, concentrated, then it could impose crypto winter for a very extended period of time. FTX has the balance sheet to support these businesses, and it’s in their long-term vested interest to see this ecosystem survive.” As Visible as His Hair Crypto isn’t the only area where Bankman-Fried is focused on acting as a deep-pocketed savior. In May, he announced plans to spend $100 million to $1 billion to influence the outcome of the 2024 presidential elections. That’s separate from his Washington, D.C., lobbying efforts, where his vast ball of hair has become an increasingly visible sight and influential presence as crypto steps up its attempts to influence both Congress and the Biden administration as they work on creating a regulatory framework that will determine the industry’s future. Well, mostly separate. Despite his protestations that the 2024 campaign contributions — so far mostly focused on supporting Democrats — aren’t crypto-related, nine-figure campaign donations are nearly unprecedented. That kind of checkbook pushes pretty much anything the donor is interested in up to the front of a lot of agendas. More broadly, he has also been stepping up his promotion of the industry publicly, paying $135 million to put FTX’s name on the NBA’s Miami Heat arena and plunking down $6.5 million for a Super Bowl commercial. Unlike fellow advertisers Coinbase and Crypto.com, FTX hasn’t announced big job cuts over the last month.
I did watch first half of “Stranger Things” new season, fun! Kate B owes them after raking in $2.75 estimated royalties. She owns her music, that’s killer! Metallica gets a boost I hear.
I can't watch that thing. It's so fake looking. They go into that underworld, and it looks like the fx crew is using one of those rotating laser light things you put on the outside of your house at Xmas-time. The last episode I watched was where the cop dug the big hole in the pumkin patch, went down into the other-world, and was being eaten by the vines. They save him at the last minute with a pocket knife.
Pay attention Stoney!!! Long lines, cancelled flights, ticket prices way up.... Middle-class America doesn't want to take a family on a friggin vacation that includes going anywhere near an airport... Get with times Stoney! >>>>Staycation<<<< VZ UPGRADE (mentioned earlier) >>>> SIX FLAGS $23.46 The parks are packed beyond belief. I bet it will be their best quarter (Q2) ever. If not, Q3 will be for sure. Revenue wise at least. I don't think they have a problem hiring kids at minimum wage either, so labor issues shouldn't apply. Utilities will be up, and that's about it. $20 looks like a SOLID multi-year floor. Unless I'm missing something, this thing should be at least be $28ish. (20% higher) Earnings should be around 7/28. August straddle @ about 18%.