121–130 of 255 posts
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>It's all just a little joke. Super funny to every single person who lost money to the person "getting in the record books for 'most money lost by a single individual'".
Well, if you're going to roll the dice with an unregulated securities market because you want massive profits, it helps to have a sense of humour about it.
/s
She’s the queen of wallstreetbets. I think she’ll hold the yolo record for a long time. I wish we knew what the fateful market play was that sunk her ship. She mentioned she’s not a fan of stop losses, so I wonder if she went to bed with an open market position and woke up to negative three billion. Also I wonder if the entity on the other side of that trade realized they were making someone insolvent. It’ll be inter…
Strange (re: The Guardian, not HN). By today's 24-hour news cycle standard, this is arguably "old news". These documents have been available for at least 24h. I know because I submitted them to HN yesterday. Ellison's Plea Agreement https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/r478tCuj... CTFC v SBF, Ellison and Wang Amended Complaint https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rRCRC2hQ... Wang's Plea…
Not particularly strange. There are whole web pages devoted to the "right time of day" to submit something to this site to catch the most early up votes.
"Who's Who in the FTX Inner Circle"
https://www.coindesk.com/layer2/2022/11/22/the-whos-who-of-t...
She’s the queen of wallstreetbets. I think she’ll hold the yolo record for a long time. I wish we knew what the fateful market play was that sunk her ship. She mentioned she’s not a fan of stop losses, so I wonder if she went to bed with an open market position and woke up to negative three billion. Also I wonder if the entity on the other side of that trade realized they were making someone insolvent. It’ll be inter…
I think you are assuming way too much here. She's not the queen of anything, she's a fraudster that will spend a long time in jail and that has probably much less understanding of the mechanisms involved than you give her credit for. If she did she wouldn't be in the position she's in. The last thing we really need is for people to start lionizing her.
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Leniency is a relative term. It's relative to the size of the harm, number of victims, her centrality to it, etc. If there's a for sure bet to be made here, it's that she will be spending many years in prison for this. Just not her whole life. That's what leniency here means.
I think she'll probably do 36 months or so. Not nothing but also not life-destroying.
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Two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Maximum sentence of 110 years.
I have always wondered why "x" and "conspiracy to commit x" are different counts.
It's a way to let a prosecutor get ahead of an unsuccesful, and basically a freebie in terms of sentence amplification.
I wonder if something similar will eventually happen to the Tether people? To my understanding they're printing money (USDT) which they claim is backed 1:1 by USD but really isn't. These USDTs can then be spent to pump up various other crypto assets. Seems a very shady business.
My conspiracy theory is that USDT is actually well backed, but the Tether people intentionally make it look shady so they can buy the dip and arbitrage against panic selling. Some volatility would actually increase their ability to profit.
And given the current interest rates, they could just be parking it all in short term US treasuries, and slowly fixing the issue. If they play their cards right, they can migrate to something that is both fully backed, and highly profitable.
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>It's all just a little joke. Super funny to every single person who lost money to the person "getting in the record books for 'most money lost by a single individual'".
I've been trying to find an account of anyone who had a large portion of their wealth in FTX and not just some highly speculative investment they could afford to lose. Was anyone actually trusting these people with their life savings?
Most don't want to talk about it now since it's embarrassing but look at the trading firms with writes down of 50% or more.
For small timers, they are just under reported like with Luna, there are probably a fair amount of suicides, but govts don't reveal details to avoid emotional group contagion