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FTX Future Fund

ftxfuturefund.org

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Re: FTX Future Fund

#41

Post by floodyberry- »

exdsq wrote: post #8
oldstrangers wrote: post #3

Anyone else oddly skeptical of FTX? They seemingly came out of no where with ungodly amounts of money, and began slapping their name on anything and everything.

No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.

"good things" is someone who claims to want to give his money away yet keeps getting richer, and is also getting a lot of his wealth by running an ethically dubious crypto exchange that is plastering its name on anything that will take their money?

Re: FTX Future Fund

#42

Post by qeternity »

vmception wrote: post #25
wmf wrote: post #9

Earlier quoted context omitted.

Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.

Crypto exchanges make a lot of money. Just from trading fees. Margin calls don't typically have their own special fees, although the perpetuals products (that one can get margin called on to begin with) typically have daily fees. Coinbase did a direct listing of its shares at a $100bn valuation, with extremely low revenue numbers, which are still great numbers. Anyone that: A) Has similar volume B) Has similar growth…

> Margin calls don't typically have their own special fees

Liquidations, not margin calls, are where the money is. And they definitely do have their own special fees.

Re: FTX Future Fund

#43

Post by beefman »

We'd love to see thoughtful plans for how to spend $1-100B to make humanity's future as good as possible. We might learn a great deal from these plans, even when we don't put them into action—and in some cases, we might do that too!

... We'd be excited and grateful to see rigorous criticisms of our priorities and concerns.

Ok, how do we contact you about this? None of the forms here seem appropriate

https://ftxfuturefund.org/apply/

Re: FTX Future Fund

#44

Post by xur17 »

floodyberry- wrote: post #36
SparkyMcUnicorn wrote: post #28

Earlier quoted context omitted.

It's hard to look at this founder and say he isn't extremely well intentioned. For a very young guy in this scene you'd expect expensive watches and cars, but instead he drives a budget car, is giving away a great majority of his wealth, and seems to truly care. The reason he's keeping FTX open is to earn more money to give away to environmental, socioeconomic, and health organizations and research. His track record…

> The reason he's keeping FTX open is to earn more money to give away to environmental, socioeconomic, and health organizations and research. There is no way you posted that with a straight face.

It's worth giving this a read [0].

[0] https://80000hours.org/stories/sam-bankman-fried/

Re: FTX Future Fund

#45

Post by exdsq »

JumpCrisscross wrote: post #33
exdsq wrote: post #14

If people are interested in where these ideas come from, please look at these links: https://www.givingwhatwecan.org https://80000hours.org https://www.effectivealtruism.org If you're thinking about how you can contribute more than you currently are but don't want to leave a comfy FAANG job, I highly recommend reading a little about giving what we can. Disclaimer: I pledged with GWWC and am involved in some EA groups…

If you're in the New York City, this is the philosophy the Robinhood Foundation [1] pursues. [1] https://www.robinhood.org

Cool, thanks for the link! :)

Re: FTX Future Fund

#46

Post by exdsq »

Shindi wrote: post #38
JumpCrisscross wrote: post #33

Earlier quoted context omitted.

If you're in the New York City, this is the philosophy the Robinhood Foundation [1] pursues. [1] https://www.robinhood.org

I'm actually curious what makes you say the philosophies are similar? I see that the robinhood foundation site says "Last year, we invested $172 million in over 900 of the most impactful nonprofits across New York City, including over $80 million for COVID-19 relief." One idea I see expressed in Effective Altruism circles a lot is that a life overseas in some poor country is worth as much as a life here (in NYC where…

> One idea I see expressed in Effective Altruism circles a lot is that a life overseas in some poor country is worth as much as a life here (in NYC where I live).

Exactly this - it's not a perfect science but it is also a little more complex taking into account QALYs which are quality adjusted life years. Given two options for your $100 donation where one would give 100 QALYs in a poorer country, that is give 100 years of good quality life in total, verses 1 QALY in the West EA argues you should go for the former. It's hard though because people like charity they can see (local) and feel an obligation to donate to their own areas first (which I totally get and feel myself).

I view it the same way I view my stock investments - how do I get the most bang for my dollar, how do I get the most QALYs for my charitable giving. There is huge room for error here but the differences tend to be in orders of magnitude so you can be fairly certain the option is 'better' when you compare, but it gets really complex when you start to speculate on what that person might then do (for example thought experiments like wether you should save the lives of 10 children or one old philantrophist who is about to make a huge donation that will save 10,000 children but whose family won't make that donation if he dies).

Re: FTX Future Fund

#47

Post by jallen_dot_dev »

floodyberry- wrote: post #41
exdsq wrote: post #8

Earlier quoted context omitted.

No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.

"good things" is someone who claims to want to give his money away yet keeps getting richer, and is also getting a lot of his wealth by running an ethically dubious crypto exchange that is plastering its name on anything that will take their money?

He keeps getting richer because he owns a large stake in a company that's grown massively in a few years. He's given away millions of dollars by age 29.

Your criticism is he isn't giving away his money fast enough? Get a grip.

Re: FTX Future Fund

#48

Post by exdsq »

floodyberry- wrote: post #41
exdsq wrote: post #8

Earlier quoted context omitted.

No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.

"good things" is someone who claims to want to give his money away yet keeps getting richer, and is also getting a lot of his wealth by running an ethically dubious crypto exchange that is plastering its name on anything that will take their money?

He does give money away but it's hard to give quickly unless you just spray and pray which is against his ideals. And I don't agree that FTX is dubious, I think they're a genuine legit exchange. I take from your comment that your issue is with crypto, which is fine, but people are making money in that space and if someone wants to use that to their advantage to make a load of money for charitable causes I'm all for it.

Re: FTX Future Fund

#49

Post by space_rock »

oldstrangers wrote: post #3

Anyone else oddly skeptical of FTX? They seemingly came out of no where with ungodly amounts of money, and began slapping their name on anything and everything.

Their growth was reasonably organic if you were following the popularity of exchanges

Re: FTX Future Fund

#50

Post by PretzelPirate »

y0ssar1an wrote: post #16

textbook greenwashing. if they want to make the world a better place, shut down FTX and stop enabling the insane, planet incinerating, fraud enabling, money laundering, rogue regime financing, fake tech breakthrough called "crypto". crypto companies like FTX should be viewed with the same disdain as Big Oil and Big Tobacco. this is like investing with ExxonMobil to stop climate change. don't fall for it. https://corp…

> planet incinerating

FTX pushes Solana, a PoS coin, very hard. Blockchain doesn’t need to use PoW.

Solana has other issues around scalability, reliability, and decentralization, but it isn’t “planet incinerating”.

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