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Sam Bankman-Fried sentenced to 25 years in prison

cnn.com

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Re: Sam Bankman-Fried sentenced to 25 years in prison

#541

Post by [deleted] »

JumpinJack_Cash wrote: post #275
bodiekane wrote: post #181

It's wild that 99% of the "point" of crypto and a Bahamas-based exchange was to avoid all the laws around securities trading, banking, money transferring (anti-money laundering, taxes, etc), etc and yet when things go south, people still expect the government to come in and enforce a tiny subset of the financial laws they've otherwise been operating outside of. This is a weird form of "privatize the profits, socializ…

> > This is a weird form of "privatize the profits, socialize the losses" but with the benefactors being the people intentionally avoiding all the financial laws. It was SBF who put it in the hands of the US by declaring bankruptcy in essentially 3 days instead of playing the long wait game Also SBF who put it in the hands of the US by staying in the Bahamas and essentially waiting to be arrested (and immediately ext…

[deleted]

Re: Sam Bankman-Fried sentenced to 25 years in prison

#542

Post by Dalewyn »

Vicinity9635 wrote: post #490
A_D_E_P_T wrote: post #159

To put this into its proper perspective, see table 7 here: https://www.ussc.gov/sites/default/files/pdf/research-and-pu... In 2022, the average murderer in the Federal Southern District of New York (N = 58) was sentenced to a median of 231 months, which comes out to 19 years and change. No crime of any type had an mean or median sentence higher than 25 years; most were far less than half. So it should be really hard…

"AUSA Nicolas Roos: Samuel Bankman-Fried stole $8 billion dollars. It was theft, from customers spread all over the world. It was a loss that impacted people significantly and caused damage. I want to address a few of the new victim letters" "AUSA Roos: They lost their life savings. A man who lives in Portugal - the day before bankruptcy his daughter was born. He was marred by the ominous specter of financial instabi…

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Re: Sam Bankman-Fried sentenced to 25 years in prison

#543

Post by Vicinity9635 »

Dalewyn wrote: post #542
Vicinity9635 wrote: post #490

Earlier quoted context omitted.

"AUSA Nicolas Roos: Samuel Bankman-Fried stole $8 billion dollars. It was theft, from customers spread all over the world. It was a loss that impacted people significantly and caused damage. I want to address a few of the new victim letters" "AUSA Roos: They lost their life savings. A man who lives in Portugal - the day before bankruptcy his daughter was born. He was marred by the ominous specter of financial instabi…

[flagged]

This wasn't a failure of investment, it was fraud.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#544

Post by philipov »

rootusrootus wrote: post #532
anonu wrote: post #519

Earlier quoted context omitted.

Are you expecting to recover any money from this? I understood everyone would be made whole at some point.

> I understood everyone would be made whole at some point That is only true if you define 'made whole' as giving back each customer the amount of money denominated in USD that they deposited with FTX. That is super convenient for FTX, which has benefited from the spike in BTC value, but not for the customer. To really be made whole, they would need to get back exactly what they deposited. 1 BTC in? 1 BTC out.

When you invest in monopoly money where the main feature is eliminating institutional protections, don't be surprised that institutions refuse to protect the value you pretend it has. The US government has no obligation to recognize BTC as a measure of fungible value.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#545

Post by zarathustreal »

ragazzina wrote: post #474
publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

It is funny - especially when you consider a mugger on the street would need your money much more than SBF ever would.

Money _should be_ the least of the concerns of a mugger on the street. Subjecting yourself to lawlessness exposes you to real danger and kinda detracts from your ability to participate in commerce.

Granted, I haven’t seen any scientific evidence to suggest that a lack of money causes a lack of ability to reason (and thus a lack of responsibility for one’s own actions) but my own anecdotal experience does suggest it

Re: Sam Bankman-Fried sentenced to 25 years in prison

#546

Post by __loam »

freedomben wrote: post #520
__loam wrote: post #509

Earlier quoted context omitted.

I didn't lose a penny and I'm giddy about it. Justice has been done.

> I didn't lose a penny and I'm giddy about it. Justice has been done. How can you be giddy about a human being locked in a cage for 25 years? Would you be giddy if he were being flogged, or hanged? As long as there has been recording, flogging and hangings were common punishments and usually defended as "justice has been done." Incarceration really isn't far from medieval punishments. I'm by no means suggesting that…

> How can you be giddy about a human being locked in a cage for 25 years?

Said human is responsible for the financial ruin of thousands of people. It's entirely likely that some small portion of those people committed suicide.

White collar criminals, especially those as pedigreed as SBF, are rarely held accountable for their actions. The maximum sentence was 110 years so he got off pretty lightly here and it's entirely possible he serves less than 25 years for good behavior.

So yeah, I'm excited to see an at least somewhat positive outcome here. A criminal was held accountable for their actions.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#547

Post by rootusrootus »

freedomben wrote: post #520
__loam wrote: post #509

Earlier quoted context omitted.

I didn't lose a penny and I'm giddy about it. Justice has been done.

> I didn't lose a penny and I'm giddy about it. Justice has been done. How can you be giddy about a human being locked in a cage for 25 years? Would you be giddy if he were being flogged, or hanged? As long as there has been recording, flogging and hangings were common punishments and usually defended as "justice has been done." Incarceration really isn't far from medieval punishments. I'm by no means suggesting that…

Many people see justice served as a win for society, a reason to be hopeful that the future will be better. One life out of billions is valuable only to that person and their immediately family, it would be odd to feel sick over someone else getting punished for defrauding so many others of their life savings.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#549

Post by xmprt »

blululu wrote: post #529
ragazzina wrote: post #474

Earlier quoted context omitted.

It is funny - especially when you consider a mugger on the street would need your money much more than SBF ever would.

Not really. The use of a gun/knife/lethal force implies a much different risk profile (you could easily die or be crippled for life). It's not about the money - it's about the violence.

That's a fair point. With FTX you might feel some sense of responsibility because you voluntarily gave up your money (whether it was fraud by deception or not). But a mugger is infringing on your freedom to walk around at night.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#550

Post by wolpoli »

spxneo wrote: post #528

Been following SBF for a long time and this quote my local rabbi told me once comes to mind: "spxneo, if you deceive people that demands to be deceived, you will be rich. if you are truthful with those people that demands to be deceived, you will become enemies. if you are truthful with people that demands truth, you will be neither friends nor enemies and poor."

If you deceive people that that demands truth, do you become rich and become enemies?
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