851–860 of 1001 posts
I’ve defended crypto countless times here and I still believe in the ideology and the decentralized mission But man…what a clownshow.
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Even Coinbase?
I feel perfectly fine having my crypto stored on Coinbase’s end. As far as I know their business model makes perfect sense and they don’t take the weirdly big risks all of these falling dominoes have. Also, if Coinbase goes bankrupt and takes everyone’s crypto with them I feel everything will crash to essentially 0.
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Sounds like he forgot about the principle of diminishing returns. If you have $1B to your name, it's stupid to put it all on red, even if your expected return is positive.
Diminishing returns don't apply for SBF - his life's goal is to fund effective altruist charities, so each billion is as valuable as the last as long as there are good projects to fund. I don't think people are comprehending how tragic this whole situation is (acknowledging that it's SBF's fault). This collapse put the brakes on a powerful force for good, and lives that would have been saved won't anymore.
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I made a comment on that video elsewhere. It’s pretty clear they were way out of their league in more ways than one. They’re the type of people that are too smart for their own good where they can’t even see how idiotic they’re being. Or maybe they’re just spoiled. Or maybe they just think they’re smart. It’s interesting to me that Jane Street prides themselves on their hiring process, but they apparently hire folks…
I agree, it reflects VERY poorly on Jane Street. They like to give the impression they hire Ultra Mega Geniuses who have done the IMO (who cares if you did the IMO at age 17...?)
If your thesis is "they were inexperienced and operating without sufficient supervision" then that's a big part of what the structure of a place like Jane Street gets you.
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In this case, jail. He openly talked about how the whole thing was a Ponzi scheme. https://youtu.be/KZYqL79GDXU?t=1277
That’s not what he’s saying in that clip. From Levine’s column yesterday: > “People on Twitter now are like “he admitted that FTX is a Ponzi!” but of course that’s not true. He conceded a certain validity to my claim that some crypto businesses — not his — are Ponzis. He is just in the business of trading their tokens. “In fact, I came away from that conversation bullish on FTX and Bankman-Fried. My view was, and is,…
That's a pretty funny statement. Markets are ideology.
I’d love to get ahead of the ball on this one so if anyone here has any, and I mean any, FTX swag you somehow have picked up over the years, I’m a very motivated buyer. I’d also do unspeakable things for swag from any one of the subsidiaries on that absolutely ludicrous flow chart I’ve seen floating around.
I’m serious.
And whatever you do, don’t sell it to /u/filmgirlcw, she is also a collector of deadco swag, and thus my competition here.
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Coinbase appears now to be relatively boring, highly regulated, and compliant with US laws. I think they'll be fine.
So was FTX US.
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Diminishing returns don't apply for SBF - his life's goal is to fund effective altruist charities, so each billion is as valuable as the last as long as there are good projects to fund. I don't think people are comprehending how tragic this whole situation is (acknowledging that it's SBF's fault). This collapse put the brakes on a powerful force for good, and lives that would have been saved won't anymore.
> Diminishing returns don't apply for SBF - his life's goal is to fund effective altruist charities, so each billion is as valuable as the last as long as there are good projects to fund. Let's be honest: we don't know what his life goals are. He said that his goal is to fund charities, but that's a pretty common thing for wealthy people in the U.S. to say because saying so gives you a lot of social status at no cost…
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Diminishing returns don't apply for SBF - his life's goal is to fund effective altruist charities, so each billion is as valuable as the last as long as there are good projects to fund. I don't think people are comprehending how tragic this whole situation is (acknowledging that it's SBF's fault). This collapse put the brakes on a powerful force for good, and lives that would have been saved won't anymore.
Well he failed miserably at that. If he had stuck with his original supposed $1 billion, he could have given almost all of it away and still lived a very comfortable life. As it stands now, his charitable foundation has pledged far less than $1 billion (at it remains to be seen just how much it pledged actually gets paid out). Perhaps if he had spent more time donating money (his stated aim) rather than inventing con…
I've seen some comments saying that this is all delayed fallout from the Luna/Terra collapse last spring, it's just that FTX had the means (its own token that it could pump and move around its own entities) to paper over the hole in its balance sheet until now. Can anyone more familiar with the situation elaborate? How much further will the contagion spread?