FTX/Sam Bankman-Fried
Discussion
FourWheelDrift said:
Warren Buffet and Charlie Munger on crypto currencies in 2018.
https://twitter.com/Stephen_Geiger/status/15915024...
Buffet right on it.https://twitter.com/Stephen_Geiger/status/15915024...
"someone else trading turds and you can't be left out"
EddieSteadyGo said:
Is this true? The fundamental cause looks to be financial criminality i.e. there are existing laws and regulations which already prohibit these type of abuses, which it appears Sam Bankman-Fried violated.
Yes but the fact a criminal has taken your money doesn't get you a refund.The comparison should be with unregulated crypto and regulated UK banks where the first £80k in each back is protected.
The ultimate backer being the govt. The govt benefits from the country having a healthy banking system. Wht should the govt regulate a crypto currency it has no benefit from.
z4RRSchris said:
exchanges, yield farming, ico, nfts, fractional blocks, etc etc etc.
all a load of b
ks to con people out of their cash, and will all end at zero.
i’m glad the sec are starting to treat some of it like securities and going after people
Agree amazing how people fall for the marketing hype. all a load of b
ks to con people out of their cash, and will all end at zero. i’m glad the sec are starting to treat some of it like securities and going after people
z4RRSchris said:
exchanges, yield farming, ico, nfts, fractional blocks, etc etc etc.
all a load of bks to con people out of their cash, and will all end at zero.
i’m glad the sec are starting to treat some of it like securities and going after people
Depends how you approach it IMO.all a load of b
ks to con people out of their cash, and will all end at zero. i’m glad the sec are starting to treat some of it like securities and going after people
I don't care about all the "religion" side of it about it being the future but if I can make money out of it it's worth a punt with a small amount which is what I've done.
Nothing I can't afford to lose and it might go down to zero.
Last time I sold my car the guy at WBAC was telling me he had pretty much everything in crypto it was the future it'll go to $100K any day now bro all that stuff.
That scares the s
t out of me.ReverendCounter said:
In custody/being held in the Bahamas apparently.
Any source? I can only find this from 7 mins ago - https://www.telegraph.co.uk/business/2022/11/13/ft...
cc3 said:
Agree amazing how people fall for the marketing hype.
it’s very strong marketing, EVERYONE is making money doing nothing and you are missing out. and it’s so f
king volatile the success is ultra quick. bit like unregulated spread betting, the same suckers have probably moved from that to crypto
Petrus1983 said:
Any source? I can only find this from 7 mins ago -
https://www.telegraph.co.uk/business/2022/11/13/ft...
Trying to get to UAE with Gary Wang, Nishad Singh, as is Caroline Ellison who is apparently in Hong Kong.https://www.telegraph.co.uk/business/2022/11/13/ft...
bhstewie said:
hstewie said:cc3 said:
Hardly a surprise if you invest in this type of asset class you have got to expect to lose your shirt. Even in areas with better regulation we see events of clients being defrauded so no surprise in the Wild West crypto it’s going to be as bad or worse
I put £500 in Bitcoin as a literal punt as it's money I'm quite prepared and "happy" to lose as part of my investments.Honestly it scares the s
t out of me the kind of amounts people seem to be into crypto for and how an event like this could impact them.Can only hope he wasn't invested in FTX as it's not going to be fun to lose everything including your house etc
irc said:
Yes but the fact a criminal has taken your money doesn't get you a refund.
The comparison should be with unregulated crypto and regulated UK banks where the first £80k in each back is protected.
The ultimate backer being the govt. The govt benefits from the country having a healthy banking system. Wht should the govt regulate a crypto currency it has no benefit from.
This is the basic problem with crypto - it started out initially attracting the nerds and intellectual curious, then it attracted the criminals and tax evaders who liked the "privacy" advantages. Now it has attracted plenty of gullible 'investors' who want to get rich quick. The advantages of blockchain technology (like providing a distributed ledger) is interesting, but solves a problem many people just don't have (and that doesn't justify the value of crypto anyway). The comparison should be with unregulated crypto and regulated UK banks where the first £80k in each back is protected.
The ultimate backer being the govt. The govt benefits from the country having a healthy banking system. Wht should the govt regulate a crypto currency it has no benefit from.
But the fundamental risk (imo) isn't another dodgy exchange ripping off their customers, but (ironically) it's the threat of regulation - if and when crypto ever looks likely to be actually useful (for buying and selling regular things on an everyday basis) the need to regulate it properly will be extreme - a healthy society can't function if a large enough percentage of the population choose not to abide by the same rules as everyone else - which rather shoots the crypto fox.
So FTX down the pan, other exchanges also giving cause for concern - yet launching this month, November:
"Schwab, Citadel Securities, Fidelity, Other Wall Street Firms Start Crypto Exchange EDX Markets"
'The exchange will be led by CEO Jamil Nazarali, formerly a senior executive at Citadel Securities, billionaire Ken Griffin's massive trading operation.
Other high-profile EDX backers include trading firm Virtu Financial (VIRT) and venture-capital firms Sequoia Capital and Paradigm.'
...BlackRock (BLK), the world's largest asset manager ... will give its institutional clients a way to invest into cryptocurrencies. '
"Schwab, Citadel Securities, Fidelity, Other Wall Street Firms Start Crypto Exchange EDX Markets"
'The exchange will be led by CEO Jamil Nazarali, formerly a senior executive at Citadel Securities, billionaire Ken Griffin's massive trading operation.
Other high-profile EDX backers include trading firm Virtu Financial (VIRT) and venture-capital firms Sequoia Capital and Paradigm.'
...BlackRock (BLK), the world's largest asset manager ... will give its institutional clients a way to invest into cryptocurrencies. '
Edited by ReverendCounter on Sunday 13th November 18:23
https://web3isgoinggreat.com/
A good site that aggregates the cr@p show that has been, is and will continue to be crypto.
A good site that aggregates the cr@p show that has been, is and will continue to be crypto.
https://hiddenforces.io/podcasts/sam-bankman-fried...
Another very good interview with Marc Cohodes about FTX who has, quite rightly, got a massive bee in his bonnet about what's gone on there.
There is far more to this than "chancer starts exchange and goes bust". Lots of logical questions he's asking that (to date) have no answers.
Grabbing myself a massive bag of popcorn!
Another very good interview with Marc Cohodes about FTX who has, quite rightly, got a massive bee in his bonnet about what's gone on there.
There is far more to this than "chancer starts exchange and goes bust". Lots of logical questions he's asking that (to date) have no answers.
Grabbing myself a massive bag of popcorn!
Fell down a massive rabbit hole about this yesterday, amazing stuff.
But the one thing you take away from this is.... REALLY!!
REALLY! You couldn't see this was a con? You couldn't take one look at their staff and think "they're the kind of people I want looking after my millions!" You didn't think the completely invisible Chinese sleeping partner was not even a slightly dodgy set up? You didn't even look at his name and think "Bankman-Fried?? Hmm??? He's a Bankman and fried in American slang means "out of your head on dope"... That didn't raise any alarm bells at all? Not even a tiny bit?
Jesus, some rich people are just unbelievably stupid.
But the one thing you take away from this is.... REALLY!!
REALLY! You couldn't see this was a con? You couldn't take one look at their staff and think "they're the kind of people I want looking after my millions!" You didn't think the completely invisible Chinese sleeping partner was not even a slightly dodgy set up? You didn't even look at his name and think "Bankman-Fried?? Hmm??? He's a Bankman and fried in American slang means "out of your head on dope"... That didn't raise any alarm bells at all? Not even a tiny bit?
Jesus, some rich people are just unbelievably stupid.
The Hypno-Toad said:
Fell down a massive rabbit hole about this yesterday, amazing stuff.
But the one thing you take away from this is.... REALLY!!
REALLY! You couldn't see this was a con? You couldn't take one look at their staff and think "they're the kind of people I want looking after my millions!" You didn't think the completely invisible Chinese sleeping partner was not even a slightly dodgy set up? You didn't even look at his name and think "Bankman-Fried?? Hmm??? He's a Bankman and fried in American slang means "out of your head on dope"... That didn't raise any alarm bells at all? Not even a tiny bit?
Jesus, some rich people are just unbelievably stupid.
Not stupid, greedy. And this has affected a lot more than rich people.But the one thing you take away from this is.... REALLY!!
REALLY! You couldn't see this was a con? You couldn't take one look at their staff and think "they're the kind of people I want looking after my millions!" You didn't think the completely invisible Chinese sleeping partner was not even a slightly dodgy set up? You didn't even look at his name and think "Bankman-Fried?? Hmm??? He's a Bankman and fried in American slang means "out of your head on dope"... That didn't raise any alarm bells at all? Not even a tiny bit?
Jesus, some rich people are just unbelievably stupid.
Many of the the "influencers" on social media have been pushing FTX hard for a while now and funnily enough are all now on apology tours..
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