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

"Maverick boy genius that shatters conventional wisdom" is a well-established media trope, with decades worth of films and TV shows priming people into thinking that is plausible.

Women's stories as told in the media often come with a "unrecognized in her time" narrative that isn't quite as gripping.

Combine that with the hero worship common among the "college is a scam / audit the Fed" demographic AND their Dunning-Krueger multiplier effect of social media-based marketing, and you've got yourself a very distorted picture of reality.

Bankrun Fraud

> ... he was playing Poker with politicians and his competitors.

With his competitors certainly. And Binance, which may or may not be as corrupt as FTX, called FTX's bluff. If CZ is a scammer too (I don't know about that [1]), he wouldn't go down while handling the market to another scammer. So poker with Binance: I agree.

Poker with Coinbase (which I think and hope are legit) too, who patiently waited, with higher fees and way less promises, while the Luna/Terra/BlockFi were offering 8% APY returns "because geniuses".

But saying: "playing poker with politicians" while they received $40 m is a very gentle way to put it. He was very likely downright bribing politicians and several people at the SEC and (ex-)CTFC (which a US congressman is saying allegedly happened).

These "elites" should be behind bars.

That's the real story here.

> Why? This is not the first time. > > Enron, Worldcom, Theranos, Madoff, Nikola, to name a few...

Exactly. It's not about cryptocurrencies. It's not something Satoshi Nakamoto planned.

A thousand years ago these politicians and SEC officials would have been hanged, drawn and quartered for high treason towards the state. Nowadays, because we live in in a modern society were justice reigns, these politicans and SEC officials are going behind bars.

Except it's not going to happen.

In french there's an old saying: "En prison, en prison pour incompetence".

Which means: "In jail, in jail for incompetence".

Even if these politicians and officials play the "I didn't know" card, I still think they should be behind bars for their sheer ineptitude.

It's an impossible task to be ruled by such dumbasses.

From what I’ve seen of Vitalik Buterin‘s stuff he goes deep diving into subjects and doesn’t leap until it’s clear to him it isn’t going to blow up in a spectacular fashion.

I don’t particularly care about what he gets up to but I don’t think he has any bad intentions behind what he does.

On the other hand, having an adversity to risk might be a positive thing if you’re illegally investing other peoples’ money.