81–90 of 251 posts
I'm pretty sure he already saw this coming and moved his assets into his family circle. In addition he probably also set out to destroy incriminating evidence and contacting political proponents to call in favors.
A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admired in elite circles. Consider:
* SBF attended MIT, an institution that is valued and admired in elite circles.
* At MIT, SBF majored in Physics and Math, two difficult subjects that require hard work, academic rigor, and high intelligence -- all qualities that are valued and admired in elite circles.
* Both of his parents are prominent professors at Stanford, so they are also valued and admired in elite circles. Presumably, over the years they tried to instill in SBF the values and behaviors that are most prized by other members of the elite -- including honesty.
* By all accounts, SBF truly could understand and could explain the distributed consensus protocols and algorithms that enable crypto-assets -- abilities that are valued and admired in elite circles.
* By many accounts (before FTX's implosion), it seemed that SBF actually believed in his own slogan, "effective altruism" -- the kind of inspiring idea that is valued in elite circles.
It's sort of curious that this SEC action is to protect the venture capital investors like Sequoia who invested in FTX shares directly. If I were a retail investor who lost my savings in FTX, I might be feeling upset that the government is rushing to action in defense of billion-dollar funds whose own due diligence failed massively, while seemingly nothing is being done to help those who invested in crypto based on F…
Frankly, it seems to me that VCs should be liable for money FTX owes its customers. These are professional investors who didn't insist on very basic things, such as proper financial sheets from a finance company. Frankly, that's gross negligence. Professional investors should have legal responsibility to do at least some due diligence. In addition, they're becoming owners of a company. As owners, why shouldn't they b…
The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…
Also, I’m not sure what you mean by “treated kindly”.
If you’re talking about why he wasn’t arrested yet, it’s obvious because the SEC was building its case, and more so because he was voluntarily going on public forums and publicly admitting increasing levels of guilt.
I never understood the people complaining about why he wasn’t arrested yet. If you’re a prosecutor making a case against someone, why would you stop them from going to the media and publicly boasting about new crimes?
It's sort of curious that this SEC action is to protect the venture capital investors like Sequoia who invested in FTX shares directly. If I were a retail investor who lost my savings in FTX, I might be feeling upset that the government is rushing to action in defense of billion-dollar funds whose own due diligence failed massively, while seemingly nothing is being done to help those who invested in crypto based on F…
Maybe financial companies not founded in the US shouldn't be allowed to advertise to US companies at all.
Theranos and Holmes have agreed to settle the fraud charges levied against them. Holmes agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos by converting her super-majority Theranos Class B Common shares to Class A Common shares.
The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…
SBF didn’t believe in his effective altruism slogan. He basically admitted in the texts to the reporter he thought would be private that the EA stuff was BS. Also, I’m not sure what you mean by “treated kindly”. If you’re talking about why he wasn’t arrested yet, it’s obvious because the SEC was building its case, and more so because he was voluntarily going on public forums and publicly admitting increasing levels o…
I'll just quote part of what I said a month ago :) > And given what's leaked from their balance sheet, I don't see how people avoid jail time. https://news.ycombinator.com/item?id=33608691 I'll also add that SBF going on tour was the stupidest thing he could have done. Every time he spoke, he was giving the government more evidence. Hubris has often been the downfall of the rich and powerful throughout history. What'…
>like Musk and SBF I‘m sorry, but what ? Just to give some perspective that I don’t think HN really gets: most of my friends have increased their twitter usage. If you aren’t aware, whatever the team did there a few days ago really has appeared to cut bots down to almost 0. SBF is an [alleged] criminal who has [allegedly] defrauded people of billions of dollars, and will likely be spending a substantial amount of tim…
The SEC's complaint. It's a brutal read if you're Sam: https://www.sec.gov/litigation/complaints/2022/comp-pr2022-2...
The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…
SBF didn’t believe in his effective altruism slogan. He basically admitted in the texts to the reporter he thought would be private that the EA stuff was BS. Also, I’m not sure what you mean by “treated kindly”. If you’re talking about why he wasn’t arrested yet, it’s obvious because the SEC was building its case, and more so because he was voluntarily going on public forums and publicly admitting increasing levels o…
That's not what I meant.
What I meant is that before FTX's implosion, anything you would read, hear, or see about SBF would make it seem as if he actually believed in it!