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The Sam Bankman-Fried empire crumbled. What happened?

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Re: The Sam Bankman-Fried empire crumbled. What happened?

#91

Post by KptMarchewa »

eftychis wrote: post #47
lkrubner wrote: post #30

Earlier quoted context omitted.

"US culminating in the crash in 2011" The official date given by NBER says that the recession began in December of 2007, which put the economy into a fragile state, which was intelligently managed for another 9 months, before circumstances went beyond anything that could be managed. Then the financial meltdown began in September of 2008.

And to amend a bit, to give the whole perspective: And one of the triggers started when around 2005 the FED started raising interest rates. Which it had lowered more dramatically due to 9/11. https://www.bankrate.com/banking/federal-reserve/history-of-... Let that sync in, is my 2c. (Extra:The FED interest rates takes 2 years to kick in to Adjustable Rate Mortgages which where the first to fall.)

Back then large percent of mortgages were adjustable rate, the amount of those now is a single digit.

https://i2.wp.com/financialsamurai.com/wp-content/uploads/20...

Re: The Sam Bankman-Fried empire crumbled. What happened?

#92

Post by [deleted] »

seertaak wrote: post #78
akgerber wrote: post #22

Earlier quoted context omitted.

Reminds me of the documentary Weiner, which was supposed to be a comeback film about Anthony Weiner's run for NYC mayor but instead became an intimate portrait of a man's life (as well as that of his unfortunate wife) utterly collapsing.

True, only that Weiner was surprisingly endearing in that documentary. Despite at the time being a staunch republican, it's hard not to like the guy, and when the fall comes you're almost rooting for him. But SBF? The last interview I saw him give was I think with Levine; it was shocking because SBF was describing whence crypto derives its value. And Levine remarked that SBF was describing a Ponzi scheme. For me, tha…

[deleted]

Re: The Sam Bankman-Fried empire crumbled. What happened?

#93

Post by acjohnson55 »

seertaak wrote: post #78
akgerber wrote: post #22

Earlier quoted context omitted.

Reminds me of the documentary Weiner, which was supposed to be a comeback film about Anthony Weiner's run for NYC mayor but instead became an intimate portrait of a man's life (as well as that of his unfortunate wife) utterly collapsing.

True, only that Weiner was surprisingly endearing in that documentary. Despite at the time being a staunch republican, it's hard not to like the guy, and when the fall comes you're almost rooting for him. But SBF? The last interview I saw him give was I think with Levine; it was shocking because SBF was describing whence crypto derives its value. And Levine remarked that SBF was describing a Ponzi scheme. For me, tha…

I don't think he lacks morals, but he seems to have a Lex Luthor "ends justify the means" way of thinking. If you're whole moral framework is effective altruism, then as long as the good you do with the money you accumulate is greater than the harm caused in its accumulation by a ratio that exceeds your alternatives, you're all good.

Re: The Sam Bankman-Fried empire crumbled. What happened?

#94

Post by lovehashbrowns »

stusmall wrote: post #54
rideontime wrote: post #24

Earlier quoted context omitted.

Should I buy some? What can I do with FTT?

The crypto community is wild. Literally in a thread about how the wheels are coming off the cart, the project frozen withdraws and possibly mishandled user funds there is the question "Should I buy in?" Also I love that the question of "What value does this provide?" comes after the question about buying it. At least the question came at all.

It’s all from that buy the dip meme. I saw something similar where people were asking if they should buy that LUNA coin thing during its meteoric collapse. I think that coin is still in the dumpster so..

Re: The Sam Bankman-Fried empire crumbled. What happened?

#96

Post by adamisom »

acjohnson55 wrote: post #93
seertaak wrote: post #78

Earlier quoted context omitted.

True, only that Weiner was surprisingly endearing in that documentary. Despite at the time being a staunch republican, it's hard not to like the guy, and when the fall comes you're almost rooting for him. But SBF? The last interview I saw him give was I think with Levine; it was shocking because SBF was describing whence crypto derives its value. And Levine remarked that SBF was describing a Ponzi scheme. For me, tha…

I don't think he lacks morals, but he seems to have a Lex Luthor "ends justify the means" way of thinking. If you're whole moral framework is effective altruism, then as long as the good you do with the money you accumulate is greater than the harm caused in its accumulation by a ratio that exceeds your alternatives, you're all good.

One remark I have on anti-"ends justify the means" is they always ignore the ends. The "ends" might literally be saving real people's lives, whose lives have value. I'm sure there are good arguments against the idea, but you must engage with the ends that you propose we forsake, or you're just not serious.

Re: The Sam Bankman-Fried empire crumbled. What happened?

#97

Post by jjulius »

jrmg wrote: post #61
dabeeeenster wrote: post #14

https://twitter.com/SBF_FTX/status/1590709172936798208 "5) The full story here is one I'm still fleshing out every detail of, but as a very high level, I fucked up twice. The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower." Amazing

At the end of the thread: NOT ADVICE, OF ANY KIND, IN ANY WAY I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING. That’s quite the (ad-hoc) disclaimer…

If you have to slap such a poorly-written disclaimer at the end, maybe you shouldn't have said anything...

Re: The Sam Bankman-Fried empire crumbled. What happened?

#98

Post by nickfromseattle »

akgerber wrote: post #22
siftrics wrote: post #6

Michael Lewis, author of The Big Short, was in the process of writing a book about the success of FTX and SBF. He personally went to the Super Bowl with them and visited them in the Bahamas multiple times. Someone on Twitter said, "he just got his perfect ending." It's gonna be a fantastic book.

Reminds me of the documentary Weiner, which was supposed to be a comeback film about Anthony Weiner's run for NYC mayor but instead became an intimate portrait of a man's life (as well as that of his unfortunate wife) utterly collapsing.

There is also a documentary about a timeshare property mogul building the one of the biggest/most expensive personal home ever, I believe costs were over $100 million.

Filming was in 2007, the 2008 financial crisis hit, and the documentary devolves into watching this mogul go bankrupt.

I remember a quote from the mogul, something like "I have nothing but the business. I've re-invested nearly every dollar I've ever earned."

https://en.wikipedia.org/wiki/The_Queen_of_Versailles

Re: The Sam Bankman-Fried empire crumbled. What happened?

#100

Post by dibt »

kzzzznot wrote: post #90
dibt wrote: post #83

Earlier quoted context omitted.

>How would blockchain be used to fix this? All of the things that are being reported on this situation would not have been possible on a DEX. Decentralized exchanges (DEX) exist on-chain. They incorporate automatic market making (AMM), not a third-party market maker with an association to the exchange. The DEX does not have custody of user funds, and it would be impossible to hide a multi-billion dollar hole in an ex…

Do they work in practice?

Yes.

https://uniswap.org/ and https://curve.fi/ are the most popular, and have similar 24 hour volume to established exchanges like Coinbase.

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