GBA Presents: RADIO SAVANT-!

stonedinvestor · Nov 11, 2022

stonedinvestor said:
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.
More...

Way back July 7 I saw the problem developing...

stonedinvestor · Nov 11, 2022

$16 Billion lost and no affect on our tech stocks...

Bankman-Fried’s Assets Plummet From $16 Billion to Zero in Days

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Bankman-Fried’s Assets Plummet From $16 Billion to Zero in Days

Fri, November 11, 2022, 3:03 AM

stonedinvestor · Nov 11, 2022

Toast price target raised to $32 from $27 at Needham 07:33 TOST Needham analyst Mayank Tandon raised the firm's price target on Toast to $32 from $27 and keeps a Buy rating on the shares. The company's Q3 results topped expectations as demand for restaurant-tech solutions remained strong, with "robust" ARR growth of 60%, live location growth of 42%, and Gross Payment Volume growth of 53%, the analyst tells investors in a research note. The stock is trading at enterprise value to recurring revenue multiple of 6.25-times, and risk-reward for this "powerful secular grower" is favorable, Tandon adds.

Toast, Inc. (TOST)
NYSE - NYSE Delayed Price.
20.00+2.36(+13.38%)
At close: November 10 04:00PM EST
22.33+2.33(+11.65%)<--------------
Pre-Market:08:18AM EST

stonedinvestor · Nov 11, 2022

GBA CELEBRATES VETERANS

Anthem for Doomed Youth

What passing-bells for these who die as cattle?
— Only the monstrous anger of the guns.
Only the stuttering rifles’ rapid rattle
Can patter out their hasty orisons.
No mockeries now for them; no prayers nor bells;
Nor any voice of mourning save the choirs,—
The shrill, demented choirs of wailing shells;
And bugles calling for them from sad shires.

What candles may be held to speed them all?
Not in the hands of boys, but in their eyes
Shall shine the holy glimmers of goodbyes.
The pallor of girls’ brows shall be their pall;
Their flowers the tenderness of patient minds,
And each slow dusk a drawing-down of blinds.

stonedinvestor · Nov 11, 2022

That folks, is high-end poetry.
Wilfred Owen

stonedinvestor · Nov 11, 2022

Best scene ever in a war movie. From one master to another..

stonedinvestor · Nov 11, 2022

Cramer playing it very close to the vest. Sort of blesses rally says yesterday was for real forgot about the 8% he left behind + yesterday-- I need an update on this guys health before I decide to blast him again...

stonedinvestor · Nov 11, 2022

I'm close to putting a GBA SHORT on AMZN.-

stonedinvestor · Nov 11, 2022

GUMMY POTENTIAL

Safe-T Group Ltd (SFET)
NasdaqCM - NasdaqCM Real Time Price.
3.6200+0.5800 (+19.08%)
At close: November 10 04:00PM EST
3.7701 +0.15 (+4.15%)
Pre-Market: 09:25AM EST

stonedinvestor · Nov 11, 2022

stonedinvestor said:
Compass sees Q4 revenue $1.15B-$1.30B, consensus $1.41B 16:23 COMP Sees Q4 Adjusted EBITDA ($50M)-($80M).
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Opened Down slightly!

Compass, Inc. (COMP)
NYSE - Nasdaq Real Time Price.
2.9000+0.4700 (+19.3416%)<-------$$$$$$$$$$$$$$$$$$
As of 09:40AM EST. Market open.