FTX balance sheet, revealed

Post by skinnymuch » Sun, Nov 13, 2022, 4:09 PM UTC

carlivar wrote: post #229

paulusthe wrote: post #221

Earlier quoted context omitted.

No, they're not. The definition of "Ponzi scheme" is not "something financial I think is a scam" as most people use it. It's a very specific type of financial fraud. "Everything is a Ponzi" is a lazy analysis only made possible by having a lazy definition of what a Ponzi scheme is

Here's the definition: https://www.investopedia.com/terms/p/ponzischeme.asp I think the point is that there are more structures out there like this than we think. Social Security for example. Just do a web search and you'll see it's a rather mainstream question. Also there are so many unfunded public pensions that could meet the definition. Perhaps the difference is transparency. We know these public programs are cur…

Post by skinnymuch » Sun, Nov 13, 2022, 4:10 PM UTC

darkerside wrote: post #228

paulusthe wrote: post #221

Earlier quoted context omitted.

No, they're not. The definition of "Ponzi scheme" is not "something financial I think is a scam" as most people use it. It's a very specific type of financial fraud. "Everything is a Ponzi" is a lazy analysis only made possible by having a lazy definition of what a Ponzi scheme is

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Many things from MLM to social security to VC markets can be viewed as a Ponzi scheme.

Post by everybodyknows » Sun, Nov 13, 2022, 4:16 PM UTC

wumpus wrote: post #37

Shank wrote: post #17

The "before this week" column seems to be attempting to draw sympathy by saying "but everything was fine before, seriously!" when in reality it just proved that, even in the best of worlds, they had an extremely optimistic view of the entire crypto ecosystem, including its liquidity. I can't believe they seriously held that much of their total value in their own issued token. That's just preposterous. Imagine if JP M…

Remember the Wirecard collapse, where there was a fake bank account in the Phillipines that allegedly had $2.1 billion USD in it? This is the crypto equivalent.

Post by everybodyknows » Sun, Nov 13, 2022, 4:22 PM UTC

recuter wrote: post #182

ealexhudson wrote: post #165

Earlier quoted context omitted.

But I thought the whole complaint about SBF was the enormous lengths he was going to in order to increase regulation, and effectively pull up the drawbridge behind him? I think the whole point about campaign financing is well made, but the idea (implied) that this was some massive Dem ruse feels incredibly far-fetched, given the various investors and others involved. If you scratch at the senior leadership of many co…

There is no such idea implied, if anything I mean to say the opposite. We have to stop looking at things through a narrow political lens. Whatever noises SBF was making about regulation - what actually appears to have happened is that he was (at best) incompetent and simply playing to whatever audience was listening. Who knows, maybe he even drank his own koolaid. After all he is so virtuous on other matters, surely…

Post by w1nst0nsm1th » Sun, Nov 13, 2022, 4:44 PM UTC

FollowingTheDao wrote: post #234

acdha wrote: post #225

Earlier quoted context omitted.

I think your second paragraph is correct but contradicts the first. It’s not that these aren’t obvious so much as some people really wanting to find ways to ignore that so they can get rich without feeling like a scammer.

What I meant by " Ponzi schemes are not obvious, until they’re totally obvious. That’s why they keep happening." Is that they are totally obvious once they fall apart. No contradiction.