I see a new song coming: Bahamian Rhapsody
"Mamaaa, life had just begun, But now I've gone and thrown it all away"
SBF Arrested by Bahamian Authorities
821–830 of 886 posts
Re: SBF Arrested by Bahamian Authorities
#822It'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.
Or they could fund the war on Afganistan for few days/week? I like how nobody mentions real trillions lost there for no REAL REASON. Not even counting casualties. Let's just keep being irrational. We are just writing comments, not sharing real information.
People mention it all the time (you just di). It's just not what this conversation was about.
Re: SBF Arrested by Bahamian Authorities
#823Earlier quoted context omitted.
The theory of six degrees of separation states that everything and everyone are no more than six steps away from being introduced to anyone. That may have been revised down to 3 from 6...
That number is 2. Ellison's dad was known to be friendly with Gensler when they were on the faculty in MIT's economics department together.
No post body was provided.
Re: SBF Arrested by Bahamian Authorities
#824Earlier quoted context omitted.
Half (probably 3/4) of silicon valley is on the same cocktail... also popular in schools, college campus, law, banking, politics and even recent presidents had the same cocktail of pills ...
That’s not true even if you think he was just taking Adderall, but there was also that picture with Selegiline patches on his desk…
I am aware of plenty of people on both of the above. Hardly "designer"
Re: SBF Arrested by Bahamian Authorities
#825Having "Wirefraud" as the name of your group chat on Signal is something that the prosecutors are going to love when proving intent...
I'm eagerly awaiting the LegalEagle video on this. I'm doubtful it's actually as bad for him as it looks to the uninformed observer.
Re: SBF Arrested by Bahamian Authorities
#826Earlier quoted context omitted.
Maybe they don't need a cooprerating witness or special deals. Apparently the companies were really badly run, with lots of clear-cut violations, making it very easy to file charges. From The Verge article about the arrest of Bankman-Fried ( https://www.theverge.com/2022/12/12/23506483/sam-bankman-fri... ) : John J. Ray III, who has taken over for Bankman-Fried as CEO of FTX and whose credentials include supervising…
Maybe all the evidence they need is on chain. That would be interestingly ironic.
One of the problems of these centralized exchanges is that so much stuff happens off-chain. The DEX don't have these problems (some of them have other problems)
Re: SBF Arrested by Bahamian Authorities
#827Earlier quoted context omitted.
I don't buy this 'bitcoin saves you from tyranny' argument. Tyrannical governments are able to threaten your physical security. All the tokens in the world are no good if they've imprisoned you. As this Sam character has just learned, the hard way.
Yes but it improves the odds of escaping with your livelihood. Good luck getting your assets out of the legacy financial system. It's much harder than memorizing a seed phrase or transporting minuscule hardware.
For most people including myself, carrying your entire net worth in the form of gold concealed on your person is easy.
Re: SBF Arrested by Bahamian Authorities
#828Earlier quoted context omitted.
Okay. People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Billions of dollars worth of assets are stored on blockchains. Unless you have a mathematical argument against the properties of a blockchain, I will continue to believe the properties are true.
Let's steelman your argument here. >People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Tomorrow morning, the US government announces that any US citizen in possession of cryptocurrency is committing a crime. Using it in a transaction is an even bigger crime. What happens to the value of crypto? Your faux-decentralized cur…
Funny you suggest this as a nightmare scenario, since the US government did that with gold, while debasing the currency by 40%:
https://www.history.com/this-day-in-history/fdr-takes-united...
Re: SBF Arrested by Bahamian Authorities
#829Earlier quoted context omitted.
Madoff confessed and was arrested immediately. SBF confessed and went on a PR tour for a month
Has he confessed? I though his line was still "I'm not a fraudster, I've just been colossally incompetent"[1]. Although if he really believes that, he's going to be disappointed when its pointed out to him that some of his incompetence led to him defrauding people... [1] Then following that admission with "and if people just give me another 8 billion dollars, I can fix everything" does perhaps point to him being a bi…
True that he didn’t confess per se.
But his admissions and the public and transparent nature of the fraud are effectively equivalent. Anyway, now that action is being taken I’m placated :)
Re: SBF Arrested by Bahamian Authorities
#830Earlier quoted context omitted.
well he has no more money to give, so of course they are happy to arrest him now. they just didnt bother investigating the fraud until after it collapsed for some reason..
> they just didnt bother investigating the fraud until after it collapsed Nope. The investigation was opened months before FTX collapsed. It’s not like they’re going to announce it in advance! https://www.bloomberg.com/news/articles/2022-11-21/us-prosec...
yeah i’m sure, they just happened to wait till after the election and after he was out of money, and after it was early enough to prevent people from losing their life savings