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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

#171

Post by UncleEntity »

causality0 wrote: post #117
lumost wrote: post #109

Earlier quoted context omitted.

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?

The dude who owns the company I work for is (probably) a billionaire and people who work here generally like him.

I don’t know if I’d go so far as to say beloved but he doesn’t really do anything that would make people dislike him.

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

#172

Post by seydor »

stephc_int13 wrote: post #52

What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…

People who have very elitist backgrounds should simply be avoided by savvy investors

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

#173

Post by stephc_int13 »

stephc_int13 wrote: post #52

What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…

Who can believe this narrative?

https://twitter.com/The_Prologuist/status/158967849854920704...

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

#174

Post by plumeria »

memish wrote: post #153
stephc_int13 wrote: post #52

What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…

It's a remarkable veneer. The nepotism and elite corruption is bold faced. SBF's parents are Stanford lawyers who specialize in compliance and ethics. Alameda CEO's dad runs the economics department at MIT, where the current head of the SEC was a professor. "I'm a big advocate for Sam because he has two parents that are compliance lawyers. If there's ever a place I can be where I'm not going to get in trouble, it's g…

> I'm a big advocate for Sam because he has two parents that are compliance lawyers

When authority bias hits too hard.

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

#175

Post by lotsofpulp »

fourstar wrote: post #155
seydor wrote: post #104

Another Theranos. How many until SV investors lose credibility?

Madoff would be more appropriate. Most normal people weren't affected by Theranos.

I cannot imagine most normal people are affected by FTX.

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

#176

Post by UncleMeat »

colinmhayes wrote: post #116
UncleMeat wrote: post #95

Earlier quoted context omitted.

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.

In terms of volume of people, definitely. In terms of big thought leaders in the community and famous voices in the tech gazillionaire circles? They've definitely moved on to this weird new thing. And its clear that they are just making it up as they go along rather than engaging with any actual intellectual heritage here.

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

#177

Post by eternalban »

stephc_int13 wrote: post #52

What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…

https://img.nzz.ch/2022/11/10/fe6acded-6a7c-4557-a2ad-cc5be2...

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

https://nationalfile.com/wp-content/uploads/2022/11/clinton-...

I have a bridge over Dneiper (solid soviet construction) to sell. Wanna buy?

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

#178

Post by eternalban »

memish wrote: post #153
stephc_int13 wrote: post #52

What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…

It's a remarkable veneer. The nepotism and elite corruption is bold faced. SBF's parents are Stanford lawyers who specialize in compliance and ethics. Alameda CEO's dad runs the economics department at MIT, where the current head of the SEC was a professor. "I'm a big advocate for Sam because he has two parents that are compliance lawyers. If there's ever a place I can be where I'm not going to get in trouble, it's g…

I was about to p.s. a comment to same OP to basically say "this is what corruption in high places looks like".

The key question to ask here is how is this possible in a nation governed by rule of law? And, what is the impediment that permits this "bold faced" corruption. And finally, what needs to be done to remove this impediment.

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

#179

Post by mmcwilliams »

themihai wrote: post #8
qprofyeh wrote: post #3

Earlier quoted context omitted.

IANAL. What's his defense?

Crypto investors should not hold their funds in custodial wallets(i.e centralised exchanges). Sam did a great service to the crypto world. As far as I'm concerned they've got what they deserved. Hopefully Binance'll show them the empty bag as well and finnally the myth of centralised crypto is busted.

It's unfortunate that this is a lesson that is re-taught pretty regularly. I vividly remember this coming up when the Mt. Gox hack happened in 2014. Since many people are using crypto to speculate and day trade, exchanges will be the most convenient place for most people to keep their coins unless something changes this in a major way.
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