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If I invest in something that ends up being a fraud I should not just lose my investment but face criminal liability? What
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SBF Arrested by Bahamian Authorities
241–250 of 886 posts
Re: SBF Arrested by Bahamian Authorities
#242Say it with me: Blockchains mathematically prevent fraudulent misuse of deposits Yes, on/off ramps are an issue. Yes, blockchains do not prevent physical threats of violence or profound custodial negligence. No, SBF would not have been able to defraud millions of depositors on a blockchain where everyone self-custodied.
Say it with me: Blockchains never had a chance. It was designed to be a ponzi from the start. If you took it as something more than that then the joke is on you.
Please don't start this hellish, repetitive flamewar up again. The ongoing SBF hellthread is bad enough as it is.
https://news.ycombinator.com/newsguidelines.html
https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...
Re: SBF Arrested by Bahamian Authorities
#243Say it with me: Blockchains mathematically prevent fraudulent misuse of deposits Yes, on/off ramps are an issue. Yes, blockchains do not prevent physical threats of violence or profound custodial negligence. No, SBF would not have been able to defraud millions of depositors on a blockchain where everyone self-custodied.
> Blockchains mathematically prevent fraudulent misuse of deposits > SBF would not have been able to defraud millions of depositors on a blockchain where everyone self-custodied. Does the TerraUSD count? People self-custodied, but the blockchain was built in such a way that it went to 0 easily enough. Was that profound custodial negligence? It seems like blockchains that fail in such a way are a dime a dozen, and the…
How were deposits fraudulently misused on Terra?
Sure, it blew up. We should totally criticize Terra for that.
But it succeeded in preventing Do Kwon and everyone else in the entire world from fraudulently misusing deposits.
You wrote valid criticism of blockchains, but you failed to state how SBF could have done what he did on a blockchain where everyone self-custodied.
Re: SBF Arrested by Bahamian Authorities
#244Earlier quoted context omitted.
No, it says the US is likely to request extradition - but has not yet. SBF was scheduled to appear remotely (Zoom or similar) before congress tomorrow. It also says the US has filed criminal charges, which is the first I'm hearing of this. As an aside - anyone else think it makes congress appear weak to still be allowing people to remotely testify? They supposedly are the most powerful and important legislative body…
You just can't give the current administration anything can you? It's like a mental block
Congress is not the current administration. I have no idea where this comment came from...
Congress is in session - meeting in person. Why should people be allowed to remotely testify at this point? It's congress - show up in person, it's important.
Re: SBF Arrested by Bahamian Authorities
#245For all the struggles facing the democratic world, it's nice to know there is a stream of justice that prevails. In certain other large counties, this man would either be protected or jailed depending on what party he aligns to. Sure, you can say the same for USA, but with far less immediacy. Over time things tend to sort themselves out.
Tell that to Assange.
Assange assisted with criminal activity. It would be cool to see it argued in court but somebody seems hell bent against examination.
Re: SBF Arrested by Bahamian Authorities
#246Say it with me: Blockchains mathematically prevent fraudulent misuse of deposits Yes, on/off ramps are an issue. Yes, blockchains do not prevent physical threats of violence or profound custodial negligence. No, SBF would not have been able to defraud millions of depositors on a blockchain where everyone self-custodied.
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Re: SBF Arrested by Bahamian Authorities
#247Earlier quoted context omitted.
It's clear Caroline Ellison has turned against him. Stephanie Avakian, former SEC enforcement chief, is representing her in NY. I'm guessing they wouldn't have been able to file charges this quickly without Caroline becoming a cooperating witness.
Hm... does that mean she gets away scot-free? Not sure that's fair, she seems very complicit.
I'm sure SBF has plenty of dirt on her as well, and he'll start talking much sooner than anticipated. She will go to jail, definitely.
Re: SBF Arrested by Bahamian Authorities
#248From blockchain to chains and a cell block.
Sam Bankrun Fraud Chained to the cell block
Re: SBF Arrested by Bahamian Authorities
#249Surprising amount of support for him in some of these comments.
Re: SBF Arrested by Bahamian Authorities
#250This article has some context, including this part about possible penalties if found guilty:
> Legal experts told CNBC that if the federal government pursues wire or bank fraud charges, Bankman-Fried could face life in prison without the possibility of supervised release. Such a severe punishment would be unusual but not extraordinary. Ponzi scheme mastermind Bernie Madoff was sentenced to 150 years in prison, an effective life sentence, for his massive ponzi scheme. ...
https://www.cnbc.com/2022/12/12/ftx-founder-sam-bankman-frie...