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It's hard for me to fathom being so privileged and then essentially throwing away your life. I have no idea what they were thinking.
They almost certainly did not think anything they were doing was wrong. Effective altruism and utilitarianism is one helluva drug
SEC Complaint with more details. https://www.sec.gov/news/press-release/2022-234 I have read more SEC complaints this year than in all of my previous years combined. —- Edit 1 Caroline’s guilty plea: https://www.documentcloud.org/documents/23495436-crypto-coop...
110 years! I wonder how many she'll get out of that for being the first out of the woodwork.
Earlier quoted context omitted.
> The idea that there is some agreement for say 5 years recommended is not on the table in this type of situation. That is absolutely the situation. That’s why you take the deal. They got her to plead to seven counts! There’s almost certainly an agreed-upon recommended sentencing.
Please just read the plea deal. https://www.documentcloud.org/documents/23495436-crypto-coop...
Imagine Caroline Ellison on the witness stand. “Ms. Ellison you were looking at charges that could bring 110 years of prison or more, is that correct? And how many years did the prosecutor’s office agree to recommend instead in exchange for your testimony today?” There’s really no good answer, is there? The best answer your witness can give in that situation is something along the lines of “I’m cooperating with the hopes that the prosecution will recommend leniency to the court at my sentencing.” So that’s exactly the situation they’ve put her in. They’re under no obligation, per the agreement, but it’s absolutely on the table. And, assuming she holds up her end of the bargain, they will definitely file a motion with the court to have her sentence drastically reduced. Although the judge will be free to ignore it.
Earlier quoted context omitted.
> In its complaint, the S.E.C. said Ms. Ellison, under direction from Mr. Bankman-Fried, had manipulated the price of a digital currency that FTX created, called FTT, by buying large quantities to prop up its price. Alameda was one of the major firms that was trading FTT and had used the crypto token as collateral for loans it got from other big crypto firms to fund its trading. FTT is on the Ethereum Blockchain.
Yes, just like the FTX website is on the internet. So, do you blame the HTTP protocol for every online scam? Anyone can put scam token on Ethereum, just like anyone can publish a website. It has no relevance to Ethereum whatsoever. What the poster meant was that the FTX, the organization, was not an Ethereum protocol , it was just a centralized financial institution that published some random token.
> Nothing here happened on a blockchain. If it had there wouldn't have been problems.
My response addresses their point exactly. FTT being on the blockchain did not solve the problems, and she is specifically being charged with fraudulent on-chain activity (not just fraud on the edges).
As for the protocols, I don't blame the technology, I blame the culture. The culture that surrounds crypto is uniquely prone to perpetuating scams. That's not the fault of the technologists who started the movement, it's what happened when crypto became a gold rush.
It's hard for me to fathom being so privileged and then essentially throwing away your life. I have no idea what they were thinking.
SEC Complaint with more details. https://www.sec.gov/news/press-release/2022-234 I have read more SEC complaints this year than in all of my previous years combined. —- Edit 1 Caroline’s guilty plea: https://www.documentcloud.org/documents/23495436-crypto-coop...
Interesting: On page 4, there's a section listing out the crimes she will not be further prosecuted for. As you'd expect this includes the 7 counts listed earlier, but there's also an 8th section that's been redacted. Any ideas on what this could be referring to?
SEC Complaint with more details. https://www.sec.gov/news/press-release/2022-234 I have read more SEC complaints this year than in all of my previous years combined. —- Edit 1 Caroline’s guilty plea: https://www.documentcloud.org/documents/23495436-crypto-coop...
Interesting: On page 4, there's a section listing out the crimes she will not be further prosecuted for. As you'd expect this includes the 7 counts listed earlier, but there's also an 8th section that's been redacted. Any ideas on what this could be referring to?
Too bad HBO's Silicon Valley isn't still going. The writers would have had a field day.
I think the actual crypto story lines are too preposterous to be funny. :)
MIT 15.025 | Spring | Graduate Game Theory For Strategic Advantage