Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

FTX to file for U.S. bankruptcy, CEO resigns

reuters.com

Post reply on HN
Print view View original

271–280 of 1001 posts

Re: FTX to file for U.S. bankruptcy, CEO resigns

#271

Post by kebman »

tppiotrowski wrote: post #268

I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…

Ah, the magic of loaned funds with little or no demands tied to it. And you wonder why real estate prices are so high? It's largely the same principle, except the regulation is way, wayyy tighter. But in sum, the effect it has on markets is unquestionable.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#272

Post by bitcharmer »

tptacek wrote: post #166
Imnimo wrote: post #158

Earlier quoted context omitted.

It's like that scene in The Big Short: "I don't get it, why are they confessing?" "They're not confessing - they're bragging".

Right. But (1) The Big Short was not a very good movie, and (2) it was about the collapse of the entire housing market. This is about the collapse of an abstract metaPonzi scheme.

It's an amazing movie and for a good reason. It explains the complexities involved in the 2008 market crash using simple and humorous analogies making the problem comprehensible.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#273

Post by halfmatthalfcat »

friend_and_foe wrote: post #264
nemo44x wrote: post #72

This whole thing is just the .com crash all over again. Super Bowl ad’s the same year of the crash even. I happened to be at a hotel earlier this year that was hosting a crypto conference and the attendees looked like the kinds of people a multi-level marketing scheme attracts. Very different from a few years ago.

You must not have been following cryptocurrency for that long. This sort of thing happens every 2-3 years. This isn't a wild, unforseen crazy market calamity, this is your run of the mill downturn, this ones mild so far actually. You're only hearing more "bloodbath" talk because the news covers it nowadays, and the news loves to exaggerate bad things and make them sound worse because that's how they keep the lights o…

The previous dips though haven't been this leveraged though. Over the past couple years the amount of opaque and highly leveraged instruments against crypto has ballooned. There's a lot more on the line this time around imo.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#274

Post by strikelaserclaw »

tppiotrowski wrote: post #268

I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…

most of crypto/segments of wallstreet are a giant scam using mathematics to make money, any pr is good for them. It is like that wall street movie quote "You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal."

Re: FTX to file for U.S. bankruptcy, CEO resigns

#275

Post by ftx_no_name »

I'm one of customers that have money on FTX international which I cannot withdraw. (yup i know. bad decisions etc, but i knew the risk).

Do you guys know, what will happen with the funds? Will I as a customer get any of my money back? (do you know if I'm a secured creditor?)

Re: FTX to file for U.S. bankruptcy, CEO resigns

#277

Post by Scoundreller »

strikelaserclaw wrote: post #274
tppiotrowski wrote: post #268

I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…

most of crypto/segments of wallstreet are a giant scam using mathematics to make money, any pr is good for them. It is like that wall street movie quote "You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal."

> "You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal.

Might make sense to tax the people doing the work less and the people owning stuff more. Should be a homerun policy in any democracy.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#278

Post by whimsicalism »

memish wrote: post #4

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…

This is a silly post. It's easy to draw a 3rd degree connection from anyone who went to an elite school and important politicians.

You're saying: SBF's coworker's dad's former coworker is now the SEC head and that is the trick?

Getting hired by a firm like Jane St is a pretty strong signal that you are likely capable.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#279

Post by gonehome »

shockeychap wrote: post #263
triceratops wrote: post #260

Earlier quoted context omitted.

Other than resigning, what more responsibility can someone take for a professional failure?

In this case, jail. He openly talked about how the whole thing was a Ponzi scheme. https://youtu.be/KZYqL79GDXU?t=1277

That’s not what he’s saying in that clip.

From Levine’s column yesterday:

> “People on Twitter now are like “he admitted that FTX is a Ponzi!” but of course that’s not true. He conceded a certain validity to my claim that some crypto businesses — not his — are Ponzis. He is just in the business of trading their tokens.

“In fact, I came away from that conversation bullish on FTX and Bankman-Fried. My view was, and is, that if you talk to a crypto exchange operator and he is like “crypto is changing the world, your old-fashioned economics are just FUD, HODL,” then that’s bad. A wild-eyed crypto true believer is not the person to operate an exchange. The person you want operating an exchange is a clear-eyed trader. You want someone whose basic attitude to financial assets is, like, “if someone wants to buy and someone wants to sell, I will put them together and collect a fee.” You want someone whose perspective is driven by markets, not ideology, who cares about risk, not futurism. A certain cynicism about the products he is trading is probably healthy.”

Re: FTX to file for U.S. bankruptcy, CEO resigns

#280

Post by bitcharmer »

kodah wrote: post #114
jddil wrote: post #74

Earlier quoted context omitted.

Ding ding, winner winner chicken dinner. Quick reminder that we're on a VC board that has participated in this shell game; this fraud that has stolen money from naive people. And before I get downvoted to oblivion or moderated by @dang I hope a few people read this comment and realize how much was stolen from you so the sand hill gang can play monopoly ... it was a lot.

There's no summon feature on this website so your @ is pretty futile.

You must be new on HN. @ is very commonly used here to denote a user handle.
Post reply on HN