Earlier quoted context omitted.
It’ll also help to have real estate in UAE.
Unless Emirati or Saudi princes are among those fleeced, in which case bone saws may be taken out of retirement.
Unless the "hack" pays for the "property tax".
FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
111–120 of 196 posts
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#112Earlier quoted context omitted.
No, he stole from the rich. They'll track him down and make an example of him.
On one hand yes BUT on the other he donated something like $40 million to Democratic Party candidates last cycle. 2nd largest donation. https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid...
Yeah, I have a feeling they're not returning his phone calls too quickly these days.
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#113There 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 actual…
skriptonit - polozhenie (slowed + reverb)
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#114Earlier quoted context omitted.
I guess that explains a lot No explanation necessary. Anyone paying attention knew this was a scam. SBF used his well connected parents to start a scam company. He created back doors in his accounting software to hide money flows. He hired his girlfriend (Harry Potter fan in her 20s) to be CEO of Alameda trading and transferred $10 billion in client funds for her to trade like it was their own money. Declared bankrup…
The Harry Potter part is actually one of the few positives. The whole operation was a drug-laden clown show.
Hearing drugs for the first time in this shitshow. Care to elaborate a bit on this?
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#115Earlier quoted context omitted.
There are so many red flags in that article, and that article is coming from Sequoia Capital itself. I can't understand how anyone would have invested anything at all in FTX, let alone an astonishing $1.3 billion in Series B and Series C. Does no-one at these VCs do any form of due diligence (e.g. reading the articles on their own web sites), or are they unfathomably incompetent, or living in some alternate reality f…
They likely thought they'd be able to front run any issues. VCs don't invest to build viable businesses, they invest to make money. You can make a lot of money as an insider to a Ponzi scheme.
If you're planning on front-running any issues, I doubt you'd put articles like that (which publicly exhibit an almost pathological lack of self-awareness) on your website.
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#116Earlier quoted context omitted.
Being an effective altruist doesn't make someone an intellectual. They teach the boy-in-pond thought experiment the first week of any college elective ethics class. They hand out The Life You Could Save to all harvard undergrads in the first week. Locking yourself into a myopic utilitarianism that avoids all structural critiques seems roughly the opposite of an open intellectual perspective.
I think that the very very base level of EA (consider the relative good/efficiency of various charitable giving options; per-dollar things like mosquito nets save lots of lives) is not unreasonable, but the steps beyond are outrageous. You've got people saying that the only ethical giving is to AI organizations so that we either don't create the AI apocalypse or somehow convert all of our minds to digital form and th…
Most EA’s are just donating to givewell(global health and poverty). The long termists are a small portion of the movement and ai safety even smaller.
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#117Earlier quoted context omitted.
A decade of money printing left investors with more money than they knew what to do with, so they threw it at anything related to current thing chasing the next FANG (which by the way, hasn't really happened since the last crash...probably because the startup market is saturated). It was a good thing after the 2008 crash and we needed to revive the economy, but it went on for far far too long and now we have a bunch…
The corollary to this is that the average citizen is likely to believe that the average billionaire cheated their way into money. The recently passed prop 1 in MA is likely just the start of efforts to tax/regulate the activities of wealthy individuals.
Would the average individual be wrong about that? Is there a single billionaire who's beloved by their employees?
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#118Earlier quoted context omitted.
The Harry Potter part is actually one of the few positives. The whole operation was a drug-laden clown show.
Hearing drugs for the first time in this shitshow. Care to elaborate a bit on this?
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#119Earlier quoted context omitted.
He knew that playing friends with people in power was good insurance policy and that he could trick them.
Seems to have worked for him so far. Will be interesting to find out what his personal assets are and how much he gets to keep. If he was smart, he bought everyone in his family a nice house at least a year ago.
> If he was smart, he bought everyone in his family a nice house at least a year ago.
Then not smart enough to realize all that can be clawed back.
Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried
#120No 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
The head of an exchange would know that "Market Making" is a subset of "Trading".