11–20 of 103 posts
SBF is literally adding one year more year to his sentence in every interview he gives. He should just shut up. (Not legal advice)
SBF is literally adding one year more year to his sentence in every interview he gives. He should just shut up. (Not legal advice)
At this point, I'm very surprised he hasn't been extradited to the US. I suppose these things take time, but he's been given the opportunity to rub salt in the wounds of thousands of people that lost billions. He shows absolutely zero remorse for his actions that have led to several suicides.
-- commonly attributed to Napoleon
The idea that a "bank run" caused this is just silly. FTX is not a bank.
Are you familiar with the adage: The easiest way to rob a bank is to own one?
Here is the thing, FTX may not ave been a registered bank, but it definitely functioned as a fractional reserve bank: and in the end that is what matters most! SBF is so screwed, and a part of me makes me think he wanted to implode all along: despite being born on 3rd base he is still an immense failure, furthermore his perverted notions of effective altruism were revealed to be just another misguided cult like any other used by your run of the mill conman to maximize is ROI from the woke-mob gatekeepers in SV.
SBF is bankrupt in every sense of te word, financially as well as morally. What I can’t tell if it's affluenza or suicidal ideation/depression making him do these interviews.
A very important nuance for everyone following this. SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand. FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (m…
A very important nuance for everyone following this. SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand. FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (m…
It's not just that they were inappropriate, taking assets from FTX to prop up Alameda is fraudulent and should never have happened right? He claimed there was a firewall between the organizations.
A very important nuance for everyone following this. SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand. FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (m…
Is it at all possible that SBF is "merely" inept (yet still culpable)? Or is there any way to know whether SBF knew what he was doing was making FTX insolvent?
If he was actually as skilled as he thought, his strategy could have made him unimaginably wealthy, but he wasn't.
I'd compare it to a magician throwing swords at an assistant on stage. You better be sure that you know what you're doing before you do it.
A very important nuance for everyone following this. SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand. FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (m…
One question is what was in the agreement for FTX users? Can FTX use deposits for investments and to fund his other businesses?
In my view the path to prison for SBF is likely to come in the form of misleading investors rather than customers, but I dont know what the pitch deck told them at the time of funding. It might not even be against the law regarding what he did to customers despite the immense destruction.
Also Coffeezilla's take on the interview with more context: https://www.youtube.com/watch?v=0rL35_WV3lE
I think everyone assumed Alameda were doing something clever. In reality, they were just idiots stealing from and front-running their customers. Lol.
These moments when you see the man behind the curtain, it is just ludicrous and shakes your faith in the "system" (I worked in finance, I remember meeting a fund manager, had made 9 digits selling his company...the guy was an idiot, he had got lucky with some distribution relationships and one stock pick, the company he was trying to hire me for has had absolutely terrible performance since I met him near on ten years ago now...life is really like this sometimes, people making billions doing work they have no business doing, everyone thinking they are genius despite that obviously not being the case).
His explanation and reasoning is that Democrat donations would be treated favorably by the media so those were done publicly, while "reporters would freak the fuck out" about Republican donations. So he made those in the dark.
A very important nuance for everyone following this. SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand. FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (m…
> where he took deposits, put them in completely inappropriate investments It's not just that they were inappropriate, taking assets from FTX to prop up Alameda is fraudulent and should never have happened right? He claimed there was a firewall between the organizations.