Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences • Hacker News Board

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#161

Post by AlbertCory » Sat, Dec 24, 2022, 1:03 AM UTC

jjulius wrote: post #60

sillysaurusx wrote: post #38

Earlier quoted context omitted.

But she’s highly regarded! It’s all just a little joke. Check out https://www.reddit.com/r/wallstreetbets . Also https://m.youtube.com/watch?v=jg85H26wyLk She certainly earned her sentence, and I have no sympathy for her. But isn’t it hard not to be at least a little impressed with the sheer scale of her losses? Getting in the record books for “most money lost by a single individual” is a hard thing to do in general.

>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'".

You should watch the episode of Downton Abbey where Lord Crawley talks about this fellow in America named "Ponzi" who offers these great returns.

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#162

Post by smegger001 » Sat, Dec 24, 2022, 1:04 AM UTC

jjulius wrote: post #112

pretendscholar wrote: post #68

Earlier quoted context omitted.

Yes it is quite funny when people get surprised that a get rich scheme isn’t real.

Even those who aren't informed enough to know better than to be taken advantage of?

if you go investing in new unregulated chaotic markets without doing due diligence to at least research what your investing in you are at least somewhat culpable for your own losses. Don't invest in thing you don't understand.

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#163

Post by gnicholas » Sat, Dec 24, 2022, 1:05 AM UTC

Is it a coincidence that CE and SBF were both raised by professors at elite institutions (MIT/Stanford)? Or are these just two people who were academically successful and parlayed that success into what looks to be a massive fraud?

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#164

Post by vkou » Sat, Dec 24, 2022, 1:06 AM UTC

gnicholas wrote: post #163

Is it a coincidence that CE and SBF were both raised by professors at elite institutions (MIT/Stanford)? Or are these just two people who were academically successful and parlayed that success into what looks to be a massive fraud?

People who went to elite schools hang out with other people who went to elite schools.

This isn't particularly surprising.

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#165

Post by gnicholas » Sat, Dec 24, 2022, 1:08 AM UTC

vkou wrote: post #164

gnicholas wrote: post #163

Is it a coincidence that CE and SBF were both raised by professors at elite institutions (MIT/Stanford)? Or are these just two people who were academically successful and parlayed that success into what looks to be a massive fraud?

People who went to elite schools hang out with other people who went to elite schools. This isn't particularly surprising.

I was referring to the hubris that is presumably required to even attempt a fraud on this scale. Were the uniquely able to get away with this because of their bona fides, or were they uniquely predisposed to attempt this, due to the circumstances of their upbringing?

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#166

Post by TylerE » Sat, Dec 24, 2022, 1:11 AM UTC

ChuckMcM wrote: post #104

sillysaurusx wrote: post #38

Earlier quoted context omitted.

But she’s highly regarded! It’s all just a little joke. Check out https://www.reddit.com/r/wallstreetbets . Also https://m.youtube.com/watch?v=jg85H26wyLk She certainly earned her sentence, and I have no sympathy for her. But isn’t it hard not to be at least a little impressed with the sheer scale of her losses? Getting in the record books for “most money lost by a single individual” is a hard thing to do in general.

I think Elon threw his hat in the ring for "most wealth lost by and individual in a single year." And I agree, it is a really tough game to play. And now the table stakes are basically unreachable by most.

Are either in even the same ballpark as the SoftBank guy? Didn’t he light something like $40b on fire one year?

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#167

Post by maxbond » Sat, Dec 24, 2022, 1:16 AM UTC

roland35 wrote: post #75

ummonk wrote: post #67

Earlier quoted context omitted.

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.

That's crazy. I'm thinking Hanlon's razor applies here, there is absolutely no evidence that tether is legit.

We need a razor that says, "if you think someone is playing chess with additional dimensions, they're probably just making a series of blunders and the consequences haven't yet manifested."

A lesson I've taken from the last few years is that consequences can take a very, very long time, but that doesn't mean their strategy is working even if the tactics seem to be succeeding in the short term.

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#168

Post by anigbrowl » Sat, Dec 24, 2022, 1:16 AM UTC

antonvs wrote: post #37

jacquesm wrote: post #30

Earlier quoted context omitted.

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.

“Queen of wallstreetbets” is (presumably) not a compliment, it’s a reference to the idiots on the subreddit of that name, notorious for their irrational support of companies like Gamestop, and completely disconnected from any actual understanding of market behavior.

disconnected from any actual understanding of market behavior

Kind of assumes markets yield truth when left alone. It's equally true that a small but well-coordinated swarm can shape market behavior when directed at the right target, even if the swarm's activity is not correlated with anything like underlying asset value or earnings.

I am not a fan of WallStreetBets but I don't think of them as idiots; more that they're making the argument (by demonstration) that their open and shameless manipulations are just a less polite version of what already happens behind the respectable facade of financial institutions staffed by well-credentialed traders in nice suits. Having spent a lot of time around trading desks (from tiny funds to private banks) I don't think they're wholly wrong. Although they epitomize the greatest weaknesses of crowd/swarm behavior as well its strengths, they are typically playing with their own money rather than collecting 2% to do the same thing with client funds.

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#169

Post by jjulius » Sat, Dec 24, 2022, 1:22 AM UTC

smegger001 wrote: post #162

jjulius wrote: post #112

Earlier quoted context omitted.

Even those who aren't informed enough to know better than to be taken advantage of?

if you go investing in new unregulated chaotic markets without doing due diligence to at least research what your investing in you are at least somewhat culpable for your own losses. Don't invest in thing you don't understand.

I don't disagree, but to laugh at ignorance?

Re: Caroline Ellison, CEO of Alameda Research, pleads guilty to seven offences

#170

Post by ilyt » Sat, Dec 24, 2022, 1:23 AM UTC

sillysaurusx wrote: post #38

jacquesm wrote: post #30

Earlier quoted context omitted.

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.

But she’s highly regarded! It’s all just a little joke. Check out https://www.reddit.com/r/wallstreetbets . Also https://m.youtube.com/watch?v=jg85H26wyLk She certainly earned her sentence, and I have no sympathy for her. But isn’t it hard not to be at least a little impressed with the sheer scale of her losses? Getting in the record books for “most money lost by a single individual” is a hard thing to do in general.

> Getting in the record books for “most money lost by a single individual” is a hard thing to do in general.

Putin would beat that easily if you add lossess to business and business opportunities lost