{"id":116143,"date":"2023-10-23T16:50:00","date_gmt":"2023-10-23T20:50:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=116143"},"modified":"2023-10-27T10:28:14","modified_gmt":"2023-10-27T14:28:14","slug":"sam-bankman-fried-alameda-research","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/sam-bankman-fried-alameda-research\/","title":{"rendered":"Sam Bankman-Fried: Alameda Research & the Quest for More"},"content":{"rendered":"\n

Why and how did Sam Bankman-Fried build his cryptocurrency empire? Why did his managers and half of his employees quit?<\/p>\n\n\n\n

According to biographer Michael Lewis, Sam Bankman-Fried\u2019s financial empire began with Alameda Research. Lewis explains why and how Bankman-Fried started the quantitative cryptocurrency trading firm.<\/p>\n\n\n\n

Read more to learn about the development and rise of Sam Bankman-Fried\u2019s Alameda Research.<\/p>\n\n\n\n\n\n\n\n

Sam Bankman-Fried & Alameda Research<\/h2>\n\n\n\n

According to Lewis, Sam Bankman-Fried realized it was unlikely that his position at Jane Street Capital was maximizing<\/a> his value to the world, as effective altruism required. Moreover, cryptocurrencies were booming in 2017, with a billion dollars of crypto traded daily, even though traditional trading firms like Jane Street wouldn\u2019t touch them.<\/p>\n\n\n\n

So, Bankman-Fried realized that he could likely earn (and thus give) substantially more\u2014by his estimation, potentially $1 million a day\u2014by trading in the inefficient crypto market. For this reason, Bankman-Fried left Jane Street in 2017 to start his own quantitative cryptocurrency trading firm: Alameda Research. <\/p>\n\n\n\n

As Lewis relates, Sam Bankman-Fried’s Alameda Research grew from a small group of effective altruists to a firm generating upwards of a billion dollars in annual profit by 2020. <\/strong><\/p>\n\n\n\n

Alameda\u2019s beginning wasn\u2019t seamless, however. Lewis writes that, although Bankman-Fried had convinced wealthier effective altruists to loan him $170 million, by February 2018, the trading system that he had implemented was losing half a million dollars daily<\/em>. Moreover, tensions started to mount with his employees\u2014a small group of 20 effective altruists\u2014as Bankman-Fried refused to take their concerns seriously, even playing video games during key one-on-one meetings with his team. These tensions culminated in April of 2018 when his entire management team and half his employees quit in protest. <\/p>\n\n\n\n

(Shortform note: Bankman-Fried\u2019s struggle to retain employees is a common experience among startup founders, as employees at startups often jump ship for a variety of reasons<\/a>. For instance, startups are notoriously volatile and unstable, leaving many employees tempted to work elsewhere with more long-term certainty. Moreover, employees at startups are often forced to work long hours because of the additional work needed at the beginning of a startup, leaving them burnt out.)<\/p>\n\n\n\n

Lewis reports that with nobody left to challenge him, Bankman-Fried made the bold decision to turn on Modelbot<\/em>, an automated trading program that exploited international cryptocurrency price disparities to earn quick profits. Modelbot might, for example, notice that Bitcoin was selling for $5,000 in the US and $5,100 in Taiwan, and automatically purchase it in the US and sell it in Taiwan to guarantee a profit. Ultimately, Modelbot was a massive success: Alameda made a profit of $30 million in 2018, even after the initial investors withdrew most of their funds when Bankman-Fried\u2019s entire management team quit. And, as Lewis relates, these profits grew larger over time, with Alameda making $100 million in 2019 and $1 billion in 2020.<\/p>\n\n\n\n

(Shortform note: Although Modelbot earned money consistently in early-to-mid 2018 by exploiting price disparities between the US and Japanese cryptocurrency markets, its success was short-lived: By the end of 2018, these arbitrage opportunities had vanished as both markets became more efficient<\/a>, leaving the price of cryptocurrencies identical in both markets.)<\/p>\n","protected":false},"excerpt":{"rendered":"

Why and how did Sam Bankman-Fried build his cryptocurrency empire? Why did his managers and half of his employees quit? According to biographer Michael Lewis, Sam Bankman-Fried\u2019s financial empire began with Alameda Research. Lewis explains why and how Bankman-Fried started the quantitative cryptocurrency trading firm. Read more to learn about the development and rise of Sam Bankman-Fried\u2019s Alameda Research.<\/p>\n","protected":false},"author":9,"featured_media":54442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,39,33],"tags":[1298],"class_list":["post-116143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneurship","category-history","category-people","tag-going-infinite","","tg-column-two"],"yoast_head":"\nSam Bankman-Fried: Alameda Research & the Quest for More - Shortform Books<\/title>\n<meta name=\"description\" content=\"Sam Bankman-Fried's Alameda Research grew from a small group of effective altruists into a billion-dollar firm. 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