> ... by this dumb game we woke westerners play where we say all the right shiboleths and so everyone likes us Sums up much of the world we live in :/
Not really. That’s an incredibly cynical take.
Sam Bankman-Fried tries to explain himself
181–190 of 401 posts
Re: Sam Bankman-Fried tries to explain himself
#182Earlier quoted context omitted.
For FTX's Sam Bankman-Fried, incompetence could be a legal strategy - https://www.axios.com/2022/11/16/ftx-sam-bankman-fried-incom... > Lawyers tell Axios the main criminal risk Bankman-Fried faces is an indictment on charges of fraud — one of the more common charges in white-collar prosecutions. But to convict, prosecutors must prove beyond a reasonable doubt that someone had knowledge or intent to commit fraud, whi…
Judges won't side with him, like, at all. >The point is to argue that he was sloppy or inattentive, not a fraudster. If that's going to be his strategy there's still a lot of laughs to have at his expense. If only it were that easy, "oh I didn't knew I was crossing the border with a hundred pounds of cocaine in my car", like, how come they never thought of THAT? LOL
Is that not a valid defense? It's my understanding it's not uncommon for criminals to plant stuff on a marks car and then secretly grab it after it crosses the border. Possession of something should require your intent to control/keep it or at least knowledge it exists.
Re: Sam Bankman-Fried tries to explain himself
#183It this real? Is he really THAT stupid? His defense against "you took user deposits and gambled the money" is "No, I took user deposits, loaned them to myself and then gambled the money". I mean this is like nested layers of stupidity. You'd be stupid to do this, you'd be stupid to think it's not a major crime, you'd be stupid to think that this was in any way acts as a defense of your crime and you'd be stupid to ac…
For FTX's Sam Bankman-Fried, incompetence could be a legal strategy - https://www.axios.com/2022/11/16/ftx-sam-bankman-fried-incom... > Lawyers tell Axios the main criminal risk Bankman-Fried faces is an indictment on charges of fraud — one of the more common charges in white-collar prosecutions. But to convict, prosecutors must prove beyond a reasonable doubt that someone had knowledge or intent to commit fraud, whi…
I think I might go rob a bank and use the excuse "I wasn't robbing it, I'm just really bad at withdrawals!"
Re: Sam Bankman-Fried tries to explain himself
#184He has to still be on methamphetamine-precursors. (Was confirmed in an image on his desk[0]; selegiline) [0] https://milkyeggs.com/?p=175
Sigh. No. https://astralcodexten.substack.com/p/the-psychopharmacology... Selegiline metabolizes to the inactive isomer of meth: l-methamphetamine. Which is very much not trucker crank—it’s an over-the-counter decongestant. Was he on good ol’ non-meth-amphetamine, in the form of Adderall? Sure. But rather a lot of people are on Adderall, and most of them haven’t created a market-shattering boondoggle.
Thanks for the clarification!
Re: Sam Bankman-Fried tries to explain himself
#185>Bankman-Fried says his No. 1 priority now is to try to raise $8 billion to make account holders whole.
So, basically start up a new Ponzi. Because that's exactly what raising money from new investors to pay off existing investors is. Note he did NOT say "generate $8B in profit".
At this point he needs to STFU, stop posting on social media, stop giving interviews in the media, and do whatever his lawyers tell him to.
Re: Sam Bankman-Fried tries to explain himself
#186Earlier quoted context omitted.
It’s a silly idea that being the second largest donor to a political party in the US buys you special favors? Why else would anyone give that kind of money to politicians without expecting something in return?
> Why else would anyone give that kind of money to politicians without expecting something in return? Because they think the candidates they support will make the world better either personally for you or in a more general sense? Oil companies give money to manchin because they know he agrees with them and if he wins will fight for their legislation, whether they funded him or not.
> Oil companies give money to manchin because they know he agrees with them and if he wins will fight for their legislation, whether they funded him or not.
Neither they or you know that. And nobody but you assumes that Manchin fights for his beliefs, rather than for what benefits him personally. And no, I'm not assuming the opposite. I instead choose not to fantasize about his internal states, or speculate about what he would do if an industry that has always supported him ceased to support him.
Re: Sam Bankman-Fried tries to explain himself
#187From the CEO of NuGenesis network and Metalabs global: - Someone was dumping our coin - We found out it was Alameda - We asked them to stop market making, yet they continued dumping, all on Liquid - We have a lot of proof showing the above - We've known about the FTX scam months and months ago & contacted the SEC - Media did not listen to us - No one was listening because no one wanted to believe FTX & SBF was a scam…
This Mario person is a charlatan who recently deleted the entire contents of his web site because it was publicly advertising that his career is the sale of fake engagement to pump shitcoins
Re: Sam Bankman-Fried tries to explain himself
#188>Bankman-Fried says his No. 1 priority now is to try to raise $8 billion to make account holders whole. So, basically start up a new Ponzi. Because that's exactly what raising money from new investors to pay off existing investors is. Note he did NOT say "generate $8B in profit". At this point he needs to STFU, stop posting on social media, stop giving interviews in the media, and do whatever his lawyers tell him to.
I don't think this is an earnest attempt to help his victims. He must know how ridiculous it is to ask for someone to repay his victims losses with nothing to offer in return. Feels like a legal strategy to mitigate criminal and civil consequences.
Re: Sam Bankman-Fried tries to explain himself
#189>Bankman-Fried says his No. 1 priority now is to try to raise $8 billion to make account holders whole. So, basically start up a new Ponzi. Because that's exactly what raising money from new investors to pay off existing investors is. Note he did NOT say "generate $8B in profit". At this point he needs to STFU, stop posting on social media, stop giving interviews in the media, and do whatever his lawyers tell him to.
To pay off creditors, not investors. The people he owes $8bn did not buy an investment product, they bought claims on dollars for dollars.
Re: Sam Bankman-Fried tries to explain himself
#190Earlier quoted context omitted.
This and the NYT interview are not puff pieces. They are handing SBF the rope to hang himself with, putting his confession on the record. Not sure what what the people pushing this narrative aren’t understanding. If they wanted to protect him they would refuse to interview him and try to convince him not to speak to anyone but counsel about this.
> Not sure what what the people pushing this narrative aren’t understanding They are clouded by anger and frustration, I’d wager, many folks lost money in this fraud. Some maybe caught up in the mob mentality and excitement around taking SBF down. Anything short of absolute demonization is not good enough when you’re mad, I suppose.
I didn't lose anything, maybe I had 10$ in dust on FTX. But yeah I'm pretty mad and I'm even more mad because I believe CZ/Binance are also a super shady time bomb.