Billy
Sam Bankman-Fried hammered one crypto arbitrage into a $10B fortune
Shaan tells the story of a 29-year-old who left Jane Street, started Alameda Research, and chased the Bitcoin price premium between countries. He passed on the steeper Korean 'kimchi premium' for a 10% daily-compounding Japan premium.
“And what this guy did was he was like, okay, fuck the kimchi premium. He went for the Japan premium, which was far less appealing. It was only 10%. But he's like, still, if I could trade a US Bitcoin for 10% more in Japan every day, I'm making 10% compounding daily.”
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