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FTX’s Sam Bankman-Fried cashed out $300M during funding spree

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Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#81

Post by shapefrog »

thepasswordis wrote: post #42

Just a general statement on people commenting on this saga: Sam wasn't doing effective altruism. He was lying about doing effective altruism. It's weird to me that people talk about this as an indictment of EA...but this rings similar to me as claiming that this is an indictment of DeFi or cryptocurrency generally. Sam/Caroline weren't doing DeFi, and neither were they really doing anything related to cryptocurrency.…

He said "I'm doing EA" - the EA community said "He is amazing he is doing the best EA"

What makes you think that he wasn't doing effective altruism

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#82

Post by hcurtiss »

thepasswordis wrote: post #42

Just a general statement on people commenting on this saga: Sam wasn't doing effective altruism. He was lying about doing effective altruism. It's weird to me that people talk about this as an indictment of EA...but this rings similar to me as claiming that this is an indictment of DeFi or cryptocurrency generally. Sam/Caroline weren't doing DeFi, and neither were they really doing anything related to cryptocurrency.…

Nobody has tried actual communism.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#83

Post by rglover »

vrc wrote: post #80
thepasswordis wrote: post #42

Just a general statement on people commenting on this saga: Sam wasn't doing effective altruism. He was lying about doing effective altruism. It's weird to me that people talk about this as an indictment of EA...but this rings similar to me as claiming that this is an indictment of DeFi or cryptocurrency generally. Sam/Caroline weren't doing DeFi, and neither were they really doing anything related to cryptocurrency.…

Just the capitalized term EA to me reads like a scam. It’s a new term created to explain some behavior that is simply injurious to the broader population, claiming that its for their benefit. I’m just not sure I buy it.

Especially when the definition of what is "effective" is totally subjective and up to the adherents belief system(s). Which sadly appears to have been funneling "donations" to bog standard NGO/political nonsense, not impactful things like making sure kids can eat or caring for veterans who've been disposed of.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#84

Post by balozi »

Tenoke wrote: post #43
thepasswordis wrote: post #42

Just a general statement on people commenting on this saga: Sam wasn't doing effective altruism. He was lying about doing effective altruism. It's weird to me that people talk about this as an indictment of EA...but this rings similar to me as claiming that this is an indictment of DeFi or cryptocurrency generally. Sam/Caroline weren't doing DeFi, and neither were they really doing anything related to cryptocurrency.…

How was he not doing EA? He was lying AND donating to causes. I'm very pro-EA but that's a weird claim.

Doesn't altruism literary mean selflessness-ism? Can you be selfless with stolen property?

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#85

Post by thesausageking »

slap_shot wrote: post #5

> the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals. The most fascinating part of this whole story to me is just how few checks and balances there were in this company. Even without a board, did major investors not get his quarterly financials? If the leaked balance sheet was any indication of their level financial engineering cap…

Part of my wonders if it was intentional on Sequoia's part to not take a board seat or get too involved. If they had and Alfred Lin were a director of FTX, he would've been pulled into the bankruptcy and all of the lawsuits, as well as all of the bad press.

By being a passive investor, they can write off their investment and move on.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#87

Post by Tenoke »

rglover wrote: post #83
vrc wrote: post #80

Earlier quoted context omitted.

Just the capitalized term EA to me reads like a scam. It’s a new term created to explain some behavior that is simply injurious to the broader population, claiming that its for their benefit. I’m just not sure I buy it.

Especially when the definition of what is "effective" is totally subjective and up to the adherents belief system(s). Which sadly appears to have been funneling "donations" to bog standard NGO/political nonsense, not impactful things like making sure kids can eat or caring for veterans who've been disposed of.

That's not really an accurate characterization. The most promoted cause by EA has been the Against Malaria Foundation because it saves the most money per $ spent. If you donate to GiveWell (a basic recommended way to donate in EA) they mostly donate to Malaria and similar causes. Obviously, some members do a lot more but Political causes aren't the standard, that stuff is.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#88

Post by tppiotrowski »

SBF sold a portion of his shares in the company for $300M instead of selling other outstanding shares. This meant he got to cash out before investors which is frowned upon because it signals that SBF believed that a $300M investment in another place was more valuable than keeping his $300M invested in FTX.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#89

Post by AustinDev »

tppiotrowski wrote: post #88

SBF sold a portion of his shares in the company for $300M instead of selling other outstanding shares. This meant he got to cash out before investors which is frowned upon because it signals that SBF believed that a $300M investment in another place was more valuable than keeping his $300M invested in FTX.

I wouldn't say it's frowned upon. I think that determination depends on the context.

Re: FTX’s Sam Bankman-Fried cashed out $300M during funding spree

#90

Post by gilleain »

hackerlight wrote: post #64
Tenoke wrote: post #43

Earlier quoted context omitted.

How was he not doing EA? He was lying AND donating to causes. I'm very pro-EA but that's a weird claim.

Because EA is about overall impact. (At least that's one strand of thought in EA, for those that lean more towards utilitarianism.) He hurt so many people and caused so much distrust that his overall impact is negative. It is therefore against the principles of EA. That's not the No True Scotsman fallacy.

That's convenient. So when EA has a positive impact, it's EA.

When it has a negative impact it's definitely NOT EA. Do I have that right?

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