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Sam Bankman-Fried tries to explain himself

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Re: Sam Bankman-Fried tries to explain himself

#41

Post by oldgradstudent »

OMG. "The dog ate my homework" would have been a better excuse.

> like, "oh FTX doesn't have a bank account, I guess people can wire to Alameda's to get money on FTX"

> ....3 years later...

> 'oh fuck it looks like people wired $8b to Alameda and oh god we basically forgot about the stub account that corresponded to that and so it was never delivered to FTX'

So they "basically" forgot about $8B not transferred to FTX.

But somehow FTX customers saw the funds deposited in their accounts, otherwise they would have complained.

Re: Sam Bankman-Fried tries to explain himself

#43

Post by TheLoafOfBread »

delusional wrote: post #33
monero-xmr wrote: post #22

A programmer who helped create Tornado Cash rots in a Dutch jail cell (not charged, might I add) while SBF, Do Kwan, Elizabeth Holmes, and Trevor Milton still remain free. SBF is actually in a $30 million penthouse playing League of Legends. Clown world

I'd rather have an FTX scandal than Tornado Cash. I'd rather someone does some fraud than actual funneling of money to terrorists, druglords, gangs, and other problematic organizations.

So can we expect also arrest of people from Binance, who were helping to bypass sanctions for Iran?

https://www.reuters.com/business/finance/exclusive-crypto-ex...

Re: Sam Bankman-Fried tries to explain himself

#44

Post by jaywalk »

SevenNation wrote: post #23

> Bankman-Fried has maintained that FTX has never invested the deposits of crypto account holders on the exchange. I pressed him on that point via Twitter, and while he continued to insist that FTX did not directly use account money in this way, he said that Alameda — which he also owns — had borrowed far more money from FTX’s balance sheet for investments than he had realized, which ultimately left FTX vulnerable to…

FTX loaned the deposits to Alameda, and Alameda invested them. It's totally different from FTX making the investments themselves!

/s

Re: Sam Bankman-Fried tries to explain himself

#45

Post by jeffbee »

cliftonk wrote: post #26

to be clear: - he lent his own hedge fund $8b collateralized by tokens he controlled issuance of (FTT, SRM, MAPS, OXY). At full size, the liquidation price of these tokens was 0 (he also purchased billions worth of FTT off the market when he could print them himself for free?). - Sensing alameda was insolvent and customer funds were misappropriated, customers withdrew until they ran out of liquidity. - Withdrawals we…

You kind of went off the rails there in the final sentence. Are you saying that any of this adds credence to the silly idea that Democrats are beholden to SBF campaign money?

Re: Sam Bankman-Fried tries to explain himself

#46

Post by Guthur »

delusional wrote: post #33
monero-xmr wrote: post #22

A programmer who helped create Tornado Cash rots in a Dutch jail cell (not charged, might I add) while SBF, Do Kwan, Elizabeth Holmes, and Trevor Milton still remain free. SBF is actually in a $30 million penthouse playing League of Legends. Clown world

I'd rather have an FTX scandal than Tornado Cash. I'd rather someone does some fraud than actual funneling of money to terrorists, druglords, gangs, and other problematic organizations.

Wasn't FTX supporting war?

Re: Sam Bankman-Fried tries to explain himself

#47

Post by adynaton »

delusional wrote: post #33
monero-xmr wrote: post #22

A programmer who helped create Tornado Cash rots in a Dutch jail cell (not charged, might I add) while SBF, Do Kwan, Elizabeth Holmes, and Trevor Milton still remain free. SBF is actually in a $30 million penthouse playing League of Legends. Clown world

I'd rather have an FTX scandal than Tornado Cash. I'd rather someone does some fraud than actual funneling of money to terrorists, druglords, gangs, and other problematic organizations.

Username checks out (I'm sorry)

Re: Sam Bankman-Fried tries to explain himself

#48

Post by leesalminen »

nailer wrote: post #37
delusional wrote: post #33

Earlier quoted context omitted.

I'd rather have an FTX scandal than Tornado Cash. I'd rather someone does some fraud than actual funneling of money to terrorists, druglords, gangs, and other problematic organizations.

Tornado Cash is private banking. The writer of the code did nothing wrong by writing it.

Open source code should be considered protected speech. The fact that it’s not should scare the daylights out of any OSS contributor.

Also, privacy should be a human right.

If you disagree with the above, you might be a fascist.

Re: Sam Bankman-Fried tries to explain himself

#49

Post by monero-xmr »

delusional wrote: post #33
monero-xmr wrote: post #22

A programmer who helped create Tornado Cash rots in a Dutch jail cell (not charged, might I add) while SBF, Do Kwan, Elizabeth Holmes, and Trevor Milton still remain free. SBF is actually in a $30 million penthouse playing League of Legends. Clown world

I'd rather have an FTX scandal than Tornado Cash. I'd rather someone does some fraud than actual funneling of money to terrorists, druglords, gangs, and other problematic organizations.

Encrypted messaging also helps terrorists, child sex abusers, arms dealers, and all manner of crime. It would be 100% safer if all messages were funneled through government servers for scanning.

However, as a society a choice we made was to enable individuals to message secretly with each other over encrypted communications, even if there are significant and documented harms to society.

Tornado Cash did not rob from 1 million retail customers, while FTX did. I think your argument is far too simple.

Re: Sam Bankman-Fried tries to explain himself

#50

Post by ravenstine »

monero-xmr wrote: post #22

A programmer who helped create Tornado Cash rots in a Dutch jail cell (not charged, might I add) while SBF, Do Kwan, Elizabeth Holmes, and Trevor Milton still remain free. SBF is actually in a $30 million penthouse playing League of Legends. Clown world

One person is a threat to multinational regal order and the other benefits it. That's the difference. Not clown world so much as the world isn't what the 20th century told us it was.
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