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FTX’s SBF had a secret 'back door' to transfer billions off the books

cnbc.com

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Re: FTX’s SBF had a secret 'back door' to transfer billions off the books

#121

Post by lostmsu »

danaris wrote: post #111
lostmsu wrote: post #110

Earlier quoted context omitted.

> However, the rest of us have a name for "bypassing government regulations" - we call it "crime". Yeah, like hiding Jews during Holocaust was a capital offense. Pretty dumb argument.

Congratulations! You have managed to both post the same argument they just refuted ("some governments in the past were bad, therefore we need to be able to avoid all governments forever"), and invoke Godwin's Law at the same time! Pretty impressive, I'd say.

> the same argument they just refuted

They didn't refute the argument. They treated "crime" and "wrong" as an implication, and my Godwin invocation fits well to show it is absurd.

Re: FTX’s SBF had a secret 'back door' to transfer billions off the books

#122

Post by chrisco255 »

throwoutway wrote: post #115
chrisco255 wrote: post #39

Earlier quoted context omitted.

This has happened in tradfi more times than anyone can count. Lehman, Enron, Madoff, etc. Far more scams in tradfi.

Far more times? Haha. No… crypto space did a speed run of 150years of traditional finance in under a decade. For every one example you have in traditional finance, there’s 10 more in cryptocurrencies

Things blow up quicker in crypto because it's transparent and people can withdraw billions of dollars from an exchange in a single afternoon (not possible in a trad fi bank). Tradfi has had 1000x more financial scandals than crypto. You are woefully ignorant on the subject and the scale of the crises is worse in tradfi. From Railroad Panics to Prohibition to Great Depression to Savings & Loan Crisis to the Tequila Crisis to Weimar Republic to Stagflation to Enron / Worldcom to Dotcom Bubble to Japanese Lost Decade to Great Financial Crisis to the current bubble to on and on and on. Read a history book.

Re: FTX’s SBF had a secret 'back door' to transfer billions off the books

#123

Post by chrisco255 »

KptMarchewa wrote: post #106
chrisco255 wrote: post #39

Earlier quoted context omitted.

This has happened in tradfi more times than anyone can count. Lehman, Enron, Madoff, etc. Far more scams in tradfi.

Yet every example you gave was over 10 years ago and there has been regulation enacted to prevent that kind of exploit. Meanwhile every week some crypto scam blows losing some people billions, hundreds of millions or just tens if it's a good week.

For a more recent example, how about $100B in Covid Relief Funds stolen:

https://www.cnbc.com/2021/12/21/criminals-have-stolen-nearly...

The crypto market blowups pale in comparison to even dotcom era exuberance, and the recovery from bear market conditions has been much more rapid (usually less than 3 years to recover to previous levels). Crypto rebuilds quicker, and grows more resilient with every passing year.

On-chain exchanges like Uniswap can't be hacked, can't misrepresent funds or exchange rates, and are fully open source. This is the future we're working towards. Not centralized scam operations like FTX.

Re: FTX’s SBF had a secret 'back door' to transfer billions off the books

#124

Post by KptMarchewa »

chrisco255 wrote: post #123
KptMarchewa wrote: post #106

Earlier quoted context omitted.

Yet every example you gave was over 10 years ago and there has been regulation enacted to prevent that kind of exploit. Meanwhile every week some crypto scam blows losing some people billions, hundreds of millions or just tens if it's a good week.

For a more recent example, how about $100B in Covid Relief Funds stolen: https://www.cnbc.com/2021/12/21/criminals-have-stolen-nearly... The crypto market blowups pale in comparison to even dotcom era exuberance, and the recovery from bear market conditions has been much more rapid (usually less than 3 years to recover to previous levels). Crypto rebuilds quicker, and grows more resilient with every passing year. On-…

...and provides 0 economic value, while those exploits are nothing compared to 100 trillion dollar world economy.
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