381–390 of 500 posts
Earlier quoted context omitted.
Maybe he's gonna give up CZ and that house of cards.
If I was a prosecutor, I’d definitely be wanting 100% disclosure of all the dirty stuff he knows others are engaging in. For sure, CZ is probably regretting not having followed through with the purchase of FTX, which he could have then swept under the rug.
I wish we, as a society, could decide whether M is thousand or million and then only use it to represent that one concept. From the headline I initially assumed his bail was only $250,000 and I don’t think I’m the only one in this thread to have made that mistake.
If it's US-centric, especially if talking about amounts of money, it's million. Always.
David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…
Should be denied access to the internet too, like most internet related criminals are on bond conditions.
Earlier quoted context omitted.
>both are just bits of paper, backed by some guarantee the government will ensure their value. LOL, it really is FTX all over again!
Do you not understand the concept of a secured promise or bond? These things have been around long before crypto, before money was funny, and possibly before money at all. The entire finance, banking, and trading and contract systems of the modern world are built around this. The reason FTX was a scam is not because they weren't sending gold bars to investors.
This is one of the rare instances where general population outrage at this deal (read the NYTimes comments) is warranted. There are tons of poor folks who sit around wasting in jail, waiting for their trial, because they can't make bail. But this appears to be the case where the bail is "nominally" $250 million, but nobody had to guarantee that with reasonably equivalent collateral. I could be misunderstanding what collateral was put up, but the only thing that was mentioned was his parents house (which even in Palo Alto isn't $250 million).
Earlier quoted context omitted.
>both are just bits of paper, backed by some guarantee the government will ensure their value. LOL, it really is FTX all over again!
Do you not understand the concept of a secured promise or bond? These things have been around long before crypto, before money was funny, and possibly before money at all. The entire finance, banking, and trading and contract systems of the modern world are built around this. The reason FTX was a scam is not because they weren't sending gold bars to investors.
FTX said: "Don't worry we have collateral ... lol jk!"
SBF's parents said: "Don't worry we have collateral ... lol jk!(?)"
Your bit about "but fiat isn't real either" is true to some extent, and you could even go deeper and argue that nothing is real because we don't know if the universe is real or whatever. But honestly, in a practical context, there's a huge difference between:
I have 100 million in the bank; source: bank statement.
and
I think I have 100 million in the bank; source: trust me.
David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…
Earlier quoted context omitted.
The Daily Mail has more info on this: "His parents, Stanford Law professors Barbara and Alan Bankman-Fried, have agreed to put up the equity they own in their $4million California home, where he will live during his house arrest, as part of the bail requirement. Two other people - one relative and one non-relative - will fulfil the rest of the bond. It remains unclear if he is required to pay the full $250million or…
Bail is virtually always a bond , guaranteed by a bail-bonds agency. The bailee typically puts up 10% of the value of the bail, so here, $25 million.
https://www.reuters.com/business/how-did-bankman-fried-secur...>
Paywall: https://archive.vn/bvFbS>
Earlier quoted context omitted.
Do you not understand the concept of a secured promise or bond? These things have been around long before crypto, before money was funny, and possibly before money at all. The entire finance, banking, and trading and contract systems of the modern world are built around this. The reason FTX was a scam is not because they weren't sending gold bars to investors.
I think the issue, though, is that nobody put up anywhere near $250 million to secure the bond (at least from my read of it). This is one of the rare instances where general population outrage at this deal (read the NYTimes comments) is warranted. There are tons of poor folks who sit around wasting in jail, waiting for their trial, because they can't make bail. But this appears to be the case where the bail is "nomin…
Earlier quoted context omitted.
At least the news items don't seem to discuss the mechanics of large-figure bail. Just establish instances of same. (I've yet to dive into the PDFs.)
The PDFs especially the first are more instructive in this regard.
Informative though, thanks.