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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?

#141

Post by PaywallBuster »

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…

Evidently he wasn't a "true believer"

he's just one player in the ecosystem, trying milking as much as possible

good job building FTX into one of the largest CEX but.... :)

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

#142

Post by caminante »

vasco wrote: post #111
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…

Rentech is definitely bad [0], not sure about bad-ass but if evading taxes for years and ending up paying $7B is bad-ass, I guess they are. [0] https://www.reuters.com/business/finance/renaissance-executi...

I've always said their tax attorneys contribute the most alpha!

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

#143

Post by coolspot »

woeirua wrote: post #71

SBF just made a tweet thread where he tried to apologize, while also distancing himself from FTX.US. Just more lies. Why anyone would believe him is beyond me. My guess, is he's desperately trying to avoid a run on FTX.US to keep the SEC from coming in like a bull in a china shop. I feel bad for him, he's either going to jail for a very long time, or he'll have an "accident" after losing so many people so much money.

Don’t hold your breath.

Newman, Karpelès and others are alive and free.

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

#144

Post by snowwrestler »

mewse-hn wrote: post #139
labrador wrote: post #42

I'm having a hard time understanding why organizations like the Ontario Teachers’ Pension Plan has money in uninsured crypto funds. Somebody has some explaining to do. Sequoia Writes Off Entire $210MM FTX Investment; Here Are All The Other Funds That Are Losing Billions In FTX https://www.zerohedge.com/markets/here-are-all-funds-are-abo... Edit: 25 billion dollars up in smoke Ontario Teachers’ Pension Plan faces a hi…

He said the investment was part of Teachers’ strategy to learn about the crypto business and whether it gives the right balance of risks and returns. “I don’t think we have the answer to that question yet,” Mr. Taylor said. Holy shit.. they were openly investing in something they don't understand??

Nobody understands crypto from a financial perspective. That's why all the big crypto companies keep dying in new and interesting ways.

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

#145

Post by moralestapia »

seaal wrote: post #28
acyou wrote: post #25

The name Sam Bankman-Fried came up quite a lot in Twitter v. Musk. I wonder if he ended up with a stake in the acquisition deal. If SBF was indeed a sizable backer of the Twitter buyout, this more than anything could take Twitter out at the knees.

SBF passed on the Twitter deal[0] CZ invested $500 million. [0] https://mobile.twitter.com/sbf_ftx/status/158821335713146470...

Not a fan of Musk but a fan of truth.

Elon was the one who passed on them.

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

#146

Post by pcthrowaway »

mrguyorama wrote: post #89

I'm so tired of people who are lauded as geniuses because their lottery ticket bet paid off. Why are people so convinced that being rich means you're smart?

Why does fucking up mean you're not smart? You have to be smart by some metric to get a job at Jane street.

Lots of smart people fuck up in finance, and "dumb" people even strike gold sometimes.

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

#147

Post by pcthrowaway »

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.

The question people have to ask is, "If I'm considering buying now that it's low, how many people will I be having that thought ahead of?"

It's not dumb or even irrational. Or no more than any thought involving crypto is irrational.

Lots of people have made money catching a falling knife right before a big bounce.

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

#148

Post by moralestapia »

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

Does he has absolute no good counselors? Does he get advice from his roomies in the Bahamas?

This twitter thread, plus some others tweets he has deleted now, could get him into some real trouble.

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

#149

Post by idkyall »

zen21 wrote: post #102
saurik wrote: post #35

Earlier quoted context omitted.

Centralized financial exchange markets are at least somewhat regulated and notably FTX.US is supposedly A-OK. Just because some stuff in crypto doesn't have regulations doesn't mean it is a free-for-all.

What does A-OK mean? No exposure at all?

As I understand it, FTX outside the US offered many exotic financial products: e.g. 24/7 traded Tesla stock tokens[1], leverage, etc., which I don't believe US based crypto exchanges are allowed to offer(Coinbase stopped offering leverage in 2020, for example). The acquisition offer yesterday did not include FTX.us[2]

This may mean that the US part of the exchange and the associated customer funds were not lent out, but we shall find out.

[1]https://coinmarketcap.com/currencies/tesla-tokenized-stock-f... [2]https://www.cnbc.com/2022/11/08/binance-offers-to-buy-ftxs-n...

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

#150

Post by noloblo »

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…

which videos please
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