FTX/Sam Bankman-Fried
Discussion
Condi said:
Petrus1983 said:
maybe there’s some embarrassed faces out there.
Softbank can add it to their list of successes. https://techcrunch.com/2022/11/14/softbank-ftx-cry...
Petrus1983 said:
Love the genius reflection... 
darreni said:
It’s important to understand that before you send the money. Not after.
Yeah, I found it funny because he presents it as some kind of profound "road to damascus" discovery, when if you turn it around the other way, he just said he has been investing in businesses he doesn't understand because he had a 'fear of missing out'. Nice, just hopefully not with my money!
Fear of missing out is a strong driver. Before I retired I was an IFA for 25 years & the number of usually sensible, intelligent people that will forgo their due diligence and take leave of their senses because of FOMO is incredible.
Lots just can’t see that what they saw on the net or heard in the pub may nor be 100% true, people lie about their success and failures.
Lots just can’t see that what they saw on the net or heard in the pub may nor be 100% true, people lie about their success and failures.
Petrus1983 said:
Ouch. For sure people will be hurting. I saw a Canadian teachers pension fund had put in $95m - absolutely stupid. Atleast Tom Brady’s divorce wont be as expensive as it was before.
A pension fund put $95m on the equivalent of the favorite in the 2.30 at Haydock. 
Does Canada have a finance regulator?hidetheelephants said:
Petrus1983 said:
Ouch. For sure people will be hurting. I saw a Canadian teachers pension fund had put in $95m - absolutely stupid. Atleast Tom Brady’s divorce wont be as expensive as it was before.
A pension fund put $95m on the equivalent of the favorite in the 2.30 at Haydock. Does Canada have a finance regulator?digger_R said:
Who knows if the truth will ever come out.
I hold Mark Moss's opinion in high regard and I don't disagree with his inferred conclusions this time either:-https://www.youtube.com/watch?v=OYQMcYCN2EA
What I am now interested in is how SBF and the other main players are going to be treated or the story that will be spun around their treatment.
dangerousB said:
I hold Mark Moss's opinion in high regard and I don't disagree with his inferred conclusions this time either:-
https://www.youtube.com/watch?v=OYQMcYCN2EA
What I am now interested in is how SBF and the other main players are going to be treated or the story that will be spun around their treatment.
A little bit of me feels SBF actually hasn’t got a pot to piss in - but externally some people have taken $000’s millions - but he’ll still be the one who ends up in jail. I assume his business partner is safely back in China and untouchable. Bernie Madoff was sentence to 150 years - the feds don’t take this stuff lightly. https://www.youtube.com/watch?v=OYQMcYCN2EA
What I am now interested in is how SBF and the other main players are going to be treated or the story that will be spun around their treatment.
Sixsixtysix said:
EddieSteadyGo said:
Fundoreen said:
..
Dummies need to realize the person imploring them to join in is trying to save themselves.
When people think they are onto a good deal they are very quiet and secretive.
Unfortunately that takes time and experience to know. I have a friend who is about 30 years old and he was (slightly) boasting to me about a new "coin" he was 'investing' in paying something like 10% interest on deposits. He had a large portion of his savings (£30k) into it. Honestly I spent a good amount of time trying to get him to question why would a business pay 10% interest, just on deposits? What were they doing with the money? What was the level of (unregulated) risk he was accepting? That coin turned out to be Luna and look what happened there....Dummies need to realize the person imploring them to join in is trying to save themselves.
When people think they are onto a good deal they are very quiet and secretive.
I even gave him (recent) examples of failed business, like the p2p lending, where the person lending money was taking on a far higher risk than many realised. Couldn't get through to him - just implied I didn't understand it properly ..except he couldn't explain what facts I had misunderstood...
And I'm not against high risk investments - I have quite a lot of money tied up selling derivatives, and that involves very significant risk, but at least I think there it is possible to define the risks and see the value proposition to both sides of the transaction. Not so much with crypto.
dangerousB said:
I hold Mark Moss's opinion in high regard and I don't disagree with his inferred conclusions this time either:-
https://www.youtube.com/watch?v=OYQMcYCN2EA
What I am now interested in is how SBF and the other main players are going to be treated or the story that will be spun around their treatment.
I haven't watched the video - but i said long ago in the crypto thread that my view was that the current crypto cycle was a means to bring in CBDCs and to normalize their use. At the same times as being a very systematic way to fleece users. https://www.youtube.com/watch?v=OYQMcYCN2EA
What I am now interested in is how SBF and the other main players are going to be treated or the story that will be spun around their treatment.
As I say, there is no way with his people skills they got to where they were without a lot of doors being opened and a lot of money coming from high places. Order flow last year showed some very suspect behaviour coming out of FTX.
Can you give a short summary of what he says in there?
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