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FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

businessinsider.com

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Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#61

Post by ZeljkoS »

There are some golden statements in the original Sequoia article: https://web.archive.org/web/20221027181005/https://www.sequo...

For example, Sam's opinion on books:

“Oh, yeah?” says SBF. “I would never read a book.”

I’m not sure what to say. I’ve read a book a week for my entire adult life and have written three of my own.

“I’m very skeptical of books. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that,” explains SBF. “I think, if you wrote a book, you fucked up, and it should have been a six-paragraph blog post.”

So there you have it: Books are for losers.

I guess that explains a lot.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#63

Post by sam345 »

belter wrote: post #48
ElfinTrousers wrote: post #31

Earlier quoted context omitted.

No, he stole from the rich. They'll track him down and make an example of him.

You are so correct. Bernie Madoff was exemplary convicted and in record time. And incredibly almost all funds were recovered by pressuring his business associates, even when the fault of some of these associates was not clear cut.

unfortunately funds recovery probably not going to happen here.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#64

Post by kebman »

No wonder. The last tweets from SBF has been lies. In particular he's stated that Alameda Research would stop trading on FTX. This is glossing over the fact that Alameda Research is a major liquidity provider for FTX, meaning that if they stop trading there, there will be no party to take the other side of trades anymore. With a completely illiquid exchange, trading becomes all but impossible and you risk extreme slippage as a consequence of it.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#65

Post by bookofjoe »

midislack wrote: post #2

He will get away clean.

"Theranos founder Elizabeth Holmes should spend 15 years in prison and pay $800 million in restitution to investors defrauded in the blood testing start-up, U.S. prosecutors recommended late on Friday.

"The Department of Justice recommendation, made in a court filing, came as Holmes prepares to be sentenced next week."

https://www.reuters.com/world/us/us-seeks-15-years-elizabeth...

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#66

Post by VHRanger »

kebman wrote: post #64

No wonder. The last tweets from SBF has been lies. In particular he's stated that Alameda Research would stop trading on FTX. This is glossing over the fact that Alameda Research is a major liquidity provider for FTX, meaning that if they stop trading there, there will be no party to take the other side of trades anymore. With a completely illiquid exchange, trading becomes all but impossible and you risk extreme sli…

I think he meant theyd stop trading but keep market making

Or he just lied yeah

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#67

Post by conradfr »

bitcharmer wrote: post #58
pmorici wrote: post #51

Earlier quoted context omitted.

They were all inexperienced is maybe the most plausible explanation. There was reported to be no board of directors and the CEO of the related proprietary trading firm Alameda was only a couple years out of school with one prior year of work experience as an entry level employee at Jane Street.

This is Alameda's CEO. https://youtu.be/aW6SqLXw944 Un fucking believable.

Mike Judge should do a Silicon Valley spinoff, they don't even need writers at this point.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#68

Post by pclmulqdq »

pmorici wrote: post #51
wslh wrote: post #33

I don't get how the directors, councelors, and compliance people at the company didn't raise their hand. Jail isn't a nice place to go.

They were all inexperienced is maybe the most plausible explanation. There was reported to be no board of directors and the CEO of the related proprietary trading firm Alameda was only a couple years out of school with one prior year of work experience as an entry level employee at Jane Street.

I know some people who worked with SBF at Jane Street, and their opinion was that he was both very smart and extremely risk tolerant. And this comes from a company where people regularly bet thousands of dollars with each other on trivial things (one guy I know lost $10000 on coin flips at one party).

It turned out that FTX itself was just one giant leveraged trade, not the legitimate exchange business we all thought.

SBF did the kimchi arbitrage back in 2017, which also shows an immense tolerance for risk and a disregard for the exact definitions of rules.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#70

Post by codetrotter »

shp0ngle wrote: post #21
hbbio wrote: post #20

For strange reasons, the archive link to that very interesting story was flagged yesterday: https://news.ycombinator.com/item?id=33554271

I think all archive links are auto-flagged, I guess as spam prevention.

> I think all archive links are auto-flagged

https://news.ycombinator.com/from?site=archive.org

Plenty archive links not flagged. I think the hypothesis that archive links are auto-flagged is likely incorrect

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