721–730 of 1001 posts
I don't understand why we need to put this guy in jail for 25 years. Similarly, Bernie Madoff, whose crimes were far worse, was sentenced to 150 years. For stealing money! Given that the risk of repeat offense is low, I just don't see the point of these sentences. I think they're mostly about notoriety. Meanwhile murderers and rapists get less time, and they're at high risk for re-offending.
I sincerely wish every centralized exchange had their own SBF to burn them down. The negative impact of "investors" has been terrible for crypto. They've turned what should have been a trustless medium into a caricature of traditional banking with all of its downsides and none of the benefits. Whats the point of computing all the hashes if you end up handing your coins to some guy who pinky promises to pay them back…
That would be nice, but what are the other on-ramps from fiat that are usable for mainstream folks? (Genuinely asking)
I don't understand why we need to put this guy in jail for 25 years. Similarly, Bernie Madoff, whose crimes were far worse, was sentenced to 150 years. For stealing money! Given that the risk of repeat offense is low, I just don't see the point of these sentences. I think they're mostly about notoriety. Meanwhile murderers and rapists get less time, and they're at high risk for re-offending.
For a second thing, I’m not so sure the chance of a repeat offense is low.
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…
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…
I don't understand why we need to put this guy in jail for 25 years. Similarly, Bernie Madoff, whose crimes were far worse, was sentenced to 150 years. For stealing money! Given that the risk of repeat offense is low, I just don't see the point of these sentences. I think they're mostly about notoriety. Meanwhile murderers and rapists get less time, and they're at high risk for re-offending.
For one thing, retribution is accepted in American law as a justification for punishment is my understanding. For a second thing, I’m not so sure the chance of a repeat offense is low.
In terms of the chance of repeat offense...who would invest money with SBF at this point? It's not like he was mugging people, they voluntarily gave him their money.
Earlier quoted context omitted.
I'm an indirect victim via BlockFi (headed by Zach Prince), which did business with FTX and lost my money as a result. I held 33 ETH in a BlockFi BIA account, and only recently got 4 ETH back. I don't know if I will ever recover the rest of my funds. I don't know what your financial situation is but I'm not rich, and it is extremely painful to look at ETH trading at above $3000 and realizing my rainy day fund has bee…
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That means every tenth person in line at the DMV (a decent cross-section of society) is worth over a million dollars, and if you're in a major metropolitan area, much more.
I don't understand why we need to put this guy in jail for 25 years. Similarly, Bernie Madoff, whose crimes were far worse, was sentenced to 150 years. For stealing money! Given that the risk of repeat offense is low, I just don't see the point of these sentences. I think they're mostly about notoriety. Meanwhile murderers and rapists get less time, and they're at high risk for re-offending.
I don't understand why we need to put this guy in jail for 25 years. Similarly, Bernie Madoff, whose crimes were far worse, was sentenced to 150 years. For stealing money! Given that the risk of repeat offense is low, I just don't see the point of these sentences. I think they're mostly about notoriety. Meanwhile murderers and rapists get less time, and they're at high risk for re-offending.
risk = size of punishment * probability of being caught.
So how do you deter a potential criminal who is unlikely to get caught? You have to jack up the size of the punishment to compensate for that low probability.
Economist Gary Becker started this school of thought in the 60s and it's been implemented and debated in a million ways since then. Example: https://masonlec.org/site/rte_uploads/files/JEP/Readings/But...