Earlier quoted context omitted.
You also need to factor in the cost of plastic surgery and a new identity because I guarantee that if he 'just' skips to Dubai he won't be safe.
People say this kind of thing all the time but I'm yet to see an internet scammer get their comeuppance. That includes people who have been identified after running exit scamming darknet markets. My guess would be that when it comes to online fraud, people are more willing to swallow it because it doesn't seem so real.
FTX founder Sam Bankman-Fried to be released on $250M bail
391–400 of 500 posts
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#392Earlier quoted context omitted.
It’s usually more about flight risk. “Have nothing to lose” is the phrase that’d be associated with people who can’t afford bail. It’s a tough situation because optimally no one who’s not a flight risk or dangerous should be in jail. They’re all innocent, after all, until they have trial. A financial hostage is just the easiest to implement.
That seems like a deeply weird perspective to me because where I’m from (Germany) bail just isn’t a thing. At all. And we do totally fine. Whether or not someone is held in jail before trial is determined by whether there is a risk that they might flee, destroy evidence or influence witnesses and that judgement has to be taken in a proportional manner (so e.g. if jailing someone before trial would likely put them in…
> "... people without a home are empirically much more likely to be jailed... "
When I was briefly in jail I met several people without a home who had commited petty crimes with the explicit intent of being able to spend a couple days in jail. One fellow I saw return three times with less than 24 hours between each visit.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#393Earlier quoted context omitted.
That seems needlessly cruel. I'm all for getting to the bottom of what SBF did, but he hasn't been convicted of any crime yet. It's important that we go through the process before applying punishments.
I think if his suggested crime involved use of the internet, there's a case for withholding internet from him. Hard to supervise that at a family home, however. Cruel might be a bit of a stretch. He can read and do some sketching. Bit of home maintenance. Have a crafternoon or two.
Spend some time thinking about how to make effective altruism even more effective. And bake some sourdough bread.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#394Earlier quoted context omitted.
> I thought if the bond was $X, that literally means you either (a) give the court $X, cash only or (b) sit in jail until trial. The simple answer is that you are wrong, that's not how bail and bail bonds work, and its much more complicated than that. Essentially, money bail is a pre-declared failure to appear penalty, and bond is whatever the court accepts as a sufficient promise to pay, which can include purchasing…
Consider Joe Average defendant whose bail is set at $25,000 bail. If Joe tells the judge "Your Honor, I'll sign a paper that says I'll be $25,000 in debt if I don't show up, but my family can only come up with $200 right now" the judge will probably tell him to pound sand and sit in jail until trial. If SBF tells the judge "Your Honor, I'll sign a paper that says I'll be $250M in debt if I don't show up, but my famil…
You missed the part where the defendant's lawyers provide the court the necessary evidence to convince the court that the total value of the bond is available to be confiscated if the defendant doesn't show. Which would apply in both cases you mentioned.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#395Earlier 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.
This money is "funny" because: 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…
You're claiming the court accepted the collateral from the parents and these two other allegedly wealthy "individuals" without doing anything to verify it?
If that is what happened then you are right about it being funny money, and hilarious that they duped the court like they did their investors.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#396Earlier quoted context omitted.
It'd be nice to know who and how they got their billions.
Are there any billionaires of whom it is not known how they got their billions?
Well, known by who? More of them are known to journalists and Google than to a proverbial person on the street, but there are supposed to be over 3,000 billionaires in the world.
We probably haven't heard of most of the 99% of billionaires that aren't in the top ten. And if we haven't heard of them, it would not make a lot of sense to be certain that "it is known" of all of them where they got their wealth.
Last year, if you didn't Google them, did you know who Bernard Arnault, Mukesh Ambani, or Gautam Adani were? In the case of Adani, I had never heard even of his company, which apparently is one of the largest in the world.
(The point of this post was mainly to use the phrase "99% of billionaires")
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#397David 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…
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Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#398Earlier quoted context omitted.
This money is "funny" because: 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…
You're claiming the court accepted the collateral from the parents and these two other allegedly wealthy "individuals" without doing anything to verify it? If that is what happened then you are right about it being funny money, and hilarious that they duped the court like they did their investors.
>You're claiming the court accepted the collateral [...] without doing anything to verify it?
Yes, I think that's exactly what happened.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#399Armchair thoughts-- makes you wonder what the game is here-- the prosecutors want a high enough bail that SBF can make, but not so high that he wouldn't pay the bond. For reasons-- 1) It proves he has more funds. 99% odds he will declare bankruptcy once the civil judgements come, so this refutes SBF claims that he only has a few hundred dollars in a bank account somewhere. 2) Making him collect funds from more than o…
I wonder if the bail condition was set this way as a condition of agreeing to be extradited from the Bahamas without resistance.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#400Earlier quoted context omitted.
Should be denied access to the internet too, like most internet related criminals are on bond conditions.
What would this achieve? I think SBF has done a load of financial crime, but I don’t think we are at risk of him spinning up a new token and making millions. Internet is required for a lot of normal shit, making it illegal is a really cruel punitive thing
> I don’t think we are at risk of him spinning up a new token and making millions.
Why not? He has stated that he intends to earn the money again to pay back the creditors.