2min chapter

Risk of Ruin cover image

The Disrespected

Risk of Ruin

CHAPTER

The Legend of SPF

The legend of SPF probably benefited from the fact that it involved crypto, which traditional finance people both don't understand and also are terrified to admit that they don't. The cornerstone of the SPF myth was a cross-border arbitrage trade that took advantage of disparities in Bitcoin pricing between Korean exchanges and Western exchanges. Mark: "When you really dig into it, it was impossible to do anything he said"

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