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Sam Bankman-Fried Convicted

nytimes.com

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Re: Sam Bankman-Fried Convicted

#811

Post by kaibee »

i_like_pie1 wrote: post #798
pclmulqdq wrote: post #720

Earlier quoted context omitted.

I'm going to go out on a limb here and say that the AUSA's performance here was not particularly impressive. Yes, they constructed an airtight case, but to do that, they handed out immunity deals like candy to all of SBF's co-conspirators. Sure, they got their guy, but it almost looks like they wanted to craft a narrative that puts all of the blame on him. Because of that, several other huge fraudsters here (eg Carol…

had similar POV but changing my mind after talking with someone this AM their POV is that this is net good for society. outcome we want = no crime how to deter? 1/ big punishment for main actor 2/ get complicit actors to cooperate and so by giving plea deals the gov shows that cooperation can save you

Yeah... but otoh, being a lower level peon shouldn't be a get out of jail free card. The incentive is then 'well as long as i flip on the big guy if he gets caught, i can make some nice piles of money in the mean time and maybe i can exit before it blows up anyway'

Re: Sam Bankman-Fried Convicted

#812

Post by permo-w »

Ographer wrote: post #742

A reddit post called out SBF as a fraud 2 years ago and no one on the Bitcoin subreddit believed them! https://www.reddit.com/r/Bitcoin/comments/p1oqqu/the_ceo_of_...

these subreddits are/were absolutely full to the brim with bots/adversarial actors. it's obvious after spending any time on them. the incentive to manipulate is just too high, and the ease with which to do it is too low

Re: Sam Bankman-Fried Convicted

#813

Post by sumtechguy »

SamBam wrote: post #758
zztop44 wrote: post #750

Earlier quoted context omitted.

The whole Sequoia thing is so interesting. Here is an excerpt from their (now taken down) profile of SBF, highlighting the moment he convinced them to invest: > That’s when SBF told Sequoia about the so-called super-app: “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a ban…

I don't know. To the extent that Musk had a plan at all with his $44B Twitter purchase, a big part of his idea seems to be that he wants X to be the next banking app/Venmo. Venmo is valuated at something like 40 billion dollars, and a huge amount of its use is people making $10 payments to each other. I'd hate to live in a world where I conducted all my business on FTX, but you can see why it might be appealing to in…

Musk is copying wechat.

Re: Sam Bankman-Fried Convicted

#814

Post by FFP999 »

jimmydddd wrote: post #793
shever73 wrote: post #589

Earlier quoted context omitted.

> there really is such a thing as a person with a lot of book-learning but less common sense than a sea slug I don't even think SBF had the book-learning, just intellectual arrogance. "I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you f---ed up, and it should have been a six-paragraph blog post."

This is true for many non-fiction and business books. :-)

But on the other hand, I can think of a few books that really might have helped him. The Emperor's New Clothes, and also Extraordinary Popular Delusions And The Madness Of Crowds (dated now, still a good read).

Re: Sam Bankman-Fried Convicted

#815

Post by [deleted] »

pclmulqdq wrote: post #720
hintymad wrote: post #243

I was reading the trial report by Inner City Press. The AUSAs were incredibly thorough and strategic. The evidences were air-tight, the cross-examination was masterfully controlled with precision and incisiveness, and of course the closing argument was forceful. It was a great joy to read the report, as if I was watching an extended episode of The Good Fight. On the other hand, the defense was really weak, quite hand…

I'm going to go out on a limb here and say that the AUSA's performance here was not particularly impressive. Yes, they constructed an airtight case, but to do that, they handed out immunity deals like candy to all of SBF's co-conspirators. Sure, they got their guy, but it almost looks like they wanted to craft a narrative that puts all of the blame on him. Because of that, several other huge fraudsters here (eg Carol…

[deleted]

Re: Sam Bankman-Fried Convicted

#816

Post by _fat_santa »

SkyMarshal wrote: post #507
FFP999 wrote: post #393

> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…

That's been my impression of SBF since FTX collapsed. Quite book smart, but zero experience in building a major service that custodies billions in other peoples' money. Raw intelligence is not enough in that context. Ideally you want to have apprenticed for at least a few years at a real exchange or custodial service. Somewhere you learn all the engineering details about how to architect it with proper financial cont…

IMO his downfall was thinking that he was smarter than everyone else. When you think everyone is a rube, you think you can get out of the mess you are in by just explaining yourself, writing a bunch of blog posts and tweets and going on a media blitz. And in the process of doing all of that he just dug the hole he was in 10x deeper.

Re: Sam Bankman-Fried Convicted

#817

Post by artursapek »

belter wrote: post #678
berniedurfee wrote: post #670

So what’s the final outcome? A long prison sentence or a few years hanging out on appeal followed by a few years in a low security federal penitentiary and a long career doing speaking engagements and appearances? Holmes got 9 years, but her actions had severe real world effects on people. Is that the ceiling for SBF?

Bernie Madoff pleaded guilty and got 150 years in federal prison. Sam Bankman-Fried was smug until the end, both with the Judge and the Jury, but the fraud is 1/6 smaller. I say 15 to 20 years.

It's going to be more than that

Re: Sam Bankman-Fried Convicted

#818

Post by zoklet-enjoyer »

tiahura wrote: post #787
pclmulqdq wrote: post #720

Earlier quoted context omitted.

I'm going to go out on a limb here and say that the AUSA's performance here was not particularly impressive. Yes, they constructed an airtight case, but to do that, they handed out immunity deals like candy to all of SBF's co-conspirators. Sure, they got their guy, but it almost looks like they wanted to craft a narrative that puts all of the blame on him. Because of that, several other huge fraudsters here (eg Carol…

[flagged]

[flagged]

Re: Sam Bankman-Fried Convicted

#819

Post by JustLurking2022 »

reidjs wrote: post #809
Ographer wrote: post #742

A reddit post called out SBF as a fraud 2 years ago and no one on the Bitcoin subreddit believed them! https://www.reddit.com/r/Bitcoin/comments/p1oqqu/the_ceo_of_...

I’m sure there’s a Reddit thread for every cryptocurrency company and founder calling them a fraud.

And statistically, they're virtually all correct.

Re: Sam Bankman-Fried Convicted

#820

Post by LargeTomato »

tiahura wrote: post #787
pclmulqdq wrote: post #720

Earlier quoted context omitted.

I'm going to go out on a limb here and say that the AUSA's performance here was not particularly impressive. Yes, they constructed an airtight case, but to do that, they handed out immunity deals like candy to all of SBF's co-conspirators. Sure, they got their guy, but it almost looks like they wanted to craft a narrative that puts all of the blame on him. Because of that, several other huge fraudsters here (eg Carol…

[flagged]

Hmm I disagree. Commit fraud => go to jail. Commit fraud as much as Caroline? Direct to jail.

I don't think that makes someone an incel and it's unnecessary to attack people for hating women because they clearly have not expressed anything of the sort.

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