As an aside, isn't it a little weird for a legal document such as this to use his initials over something more formal like "Mr Bankman-Fried"?
SBF Arrested by Bahamian Authorities
751–760 of 886 posts
Re: SBF Arrested by Bahamian Authorities
#752This is good for Crypto. Seriously. Because SBF is probably going to help the US make their case against Binance and that will flush out all the bad actors. Many coins will go to zero. The entire ecosystem will wither and die, but if Crypto survives it will be because there is some fundamental value to it besides digital beanie babies.
This flush out theory is so funny.
First because it seems that everything needs to be flushed out. FTX was highly regarded. Binance is the largest exchange. What shouldn’t be flushed by that logic? Bitcoin? Maybe Ethereum?
It also makes a weirdly naive distinction, between the « good actors », people who are selflessly coding and building things for the good of humanity (and who also don’t exist), and the « bad actors », who are there for hidden motives.
Why is crypto the only place where people make this distinction? We don’t make it for banks, or coffee shops, or car makers, with fantasmatic and ephemeral « good actors» (where nobody agrees on which they are) and bad self-interested bad actors.
And secondly because it doesn’t work like that. Bad things don’t get flushed until the good remains. Newer bad things come and replace them, on and on, until things get regulated.
Re: SBF Arrested by Bahamian Authorities
#753Earlier quoted context omitted.
Oh please, just watch the NYT interview with him. It takes the definition of a puff piece to new heights: https://www.youtube.com/watch?v=IyoGdwVIwWw
They ask about the real estate purchases, they ask about the transfers, they ask about conflicts of interest and criminal liability. How can a live unedited interview with those questions be a puff piece?
Except that only a moron would ask those questions in a vacuum like Sorkin did without a single follow up. He didn't challenge a single one of his answers when there is so much evidence against the lies he spewed. It's really not that hard to understand, but sure go ahead deny this was anything but grade-A journalism, if you're a NYT fanboy you'll find a way.
It's as if SBF lawyers handed NYT a list of questions to ask and nothing more.
Re: SBF Arrested by Bahamian Authorities
#754Much sooner than I expected. Figured it'd be a couple of years before the AG was secure enough in their case to bring charges. This is MUCH faster than Madoff or Holmes. Then again, he's been much more out in the open about everything. He pretty much laid the prosecution's case out to the public for them.
I kind of had hopes the Bahamas are moving fast. As a tax haven, and arguably black money haven, you cannot have people abusing your lax financial regulations by stealing other peoples money, can you? After all, all the money people are parking at your banks teust you that it will still be there later. Also, in order to keep your freedom you have to keep the US authorities, and the EU, of your back.
Still surprised they moved that fast, I thought they'll wait for a demand from the DoJ.
Edit: According to vice.com, the US asked for his arrest.
Re: SBF Arrested by Bahamian Authorities
#755Hopefully all his fellow colluders will also go to jail. He didn't do this single handedly.
Re: SBF Arrested by Bahamian Authorities
#756Earlier quoted context omitted.
You think the government won't take your Bitcoin?
To take your bitcoin (or monero) they will actually have to show up to your door with weapons. This is much more expensive and prone to failure for the government or other authorities than simply freezing your assets on a bank. Note: I am aware that they can blacklist bitcoins and trace them nearly perfect nowadays, which can make them somewhat useless even if you still own them. With Monero, this is made far more di…
So by that logic monero is a perfect laundering mechanism? If a criminal (ransomware/kidnapper/bloody kleptodictator) simply exchanges dirty money through monero then law enforcement can't prove anything to stop them, so they can create a comfortable life for themselves while continuing the crime right?
Re: SBF Arrested by Bahamian Authorities
#757Earlier quoted context omitted.
People here love to hate the press for some reason.
No, sadly there is a decidedly right-wing mind virus around how SBF is treated with kid gloves because he heavily donated to democrats. Ignoring that he also donated to Republicans. This is all part of that narrative - substantiated or otherwise.
And of course there can't be a mind virus around the mind virus that he heavily donated to democrats on the part of idiot republicans and that only a free-minded savant on HN would know that he also donated to republicans.
Re: SBF Arrested by Bahamian Authorities
#758It's not even as if he was good at it, the scamming. It's like a three stooges, slapstick approach to financial fraud. He went to MIT for God's sake, he could have done something positive and meaningful with his life but instead chose this. So much opportunity cost lost here, we could have built a few bridges and rail lines, done real work with the money he burned.
I'm not for the US. Does being from MIT actually mean anything? In my country we don't really have a university that people would great about or that would how any special status, at least not that I would know of.
Imagine a university that every Venture Capital firm in Silicon Valley looks at and goes "That guy must be good, he dropped out of MIT". It's not only that MIT is a good university, it's that it quite literally opens doors to hundreds of millions of dollars if you choose to build a start up.
Re: SBF Arrested by Bahamian Authorities
#759As an aside, isn't it a little weird for a legal document such as this to use his initials over something more formal like "Mr Bankman-Fried"?
It's not a legal document, it's a press release. There will be legal documents involved in the arrest but we're unlikely to see them.
Re: SBF Arrested by Bahamian Authorities
#760Earlier quoted context omitted.
He commingled bank accounts for two separate companies. It didn’t all go to him buying Lamborghinis
He didn't commingle accounts. He stole from customers to keep Alameda afloat. This is why the money never got converted into actual crypto, and why there are no assets: the money got used, by Alameda, in what must have been some truly cataclysmic trading. It also sounds like alameda's job was to market make the FTX coin, which they presumably did with that money in part. And likely kept doing until they blew up. He's…
> Because being dumb isn't illegal
Nit-pick: it very much can be. Being dumb can lead to gross negligence, which can be criminal.