FTX/Sam Bankman-Fried
Discussion
SWoll said:
Not stupid, greedy. And this has affected a lot more than rich people.
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..
This.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..
It amazes me how many perfectly normal people, who can't really afford to lose a chunk of cash, get involved in all this stuff. I can only assume it is the gambling and 'get rich quick' aspects of it that attract people. Like sticking your hard earned £1000 on a horse and praying that the outcome changes your life. Same mentality, same attraction.
I was chatting to people in the pub about it all a few months ago, and a guy I know who is a plasterer was showing me his crypto app and he had significant amounts of his money lodged in all kinds of 'currencies' that I have never even heard of.
SWoll said:
Not stupid, greedy. And this has affected a lot more than rich people.
I think it's as much to do with not wanting it to be true and wanting to believe what's put in front of you. People want to believe in other people if they like what they're hawking, even if it's painfully clear that it's a crock of s
t. And herd mentality kicks in too. If x VC thinks this guy is awesome, even though he's a a blatant dunderhead, then maybe I should think that too?
It takes a long time for things like this to finally dawn on people.
I remember when Mt Gox went down. People were saying things like 'no way, it's too big to fail' as if it was HSBC. In reality it was one French autist on a beach ball.
jshell said:
Am I correct in saying that the $billions in Govt Ukrainian aid donations just disappeared with FTX?
I think it was a pure crypto to fiat arrangement so it was sucked out as soon as it went in. I assume other FTX users paid for it. 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.
Well, since his dad's name is Bankman, and his mum's name is Fried, I don't think nominative determinism should be the number one investment consideration.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.
Is there a name he could have had that would have seen you enthusiastically pumping the cash in?
F1 cars are plastered in various crypto sponsorship. But you do assume most of the people crowded on the grid and in the hospitality area are crooks.
I remember the chain letter stuff from 90s workplaces and the increasing pushy nature of people trying to get you involved.
Just happening on an epic global borderless scale now.
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 remember the chain letter stuff from 90s workplaces and the increasing pushy nature of people trying to get you involved.
Just happening on an epic global borderless scale now.
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.
David Scott on UK Column News discussing the 99 second video https://www.youtube.com/watch?v=Ow-MN7qJnIY and Warren Buffett video.
This Ponsi scheme wearing a Crypto mask isn't good news for Digital Central Bank Currencies?
This Ponsi scheme wearing a Crypto mask isn't good news for Digital Central Bank Currencies?
The interesting parts of this go a little deeper - absolutely flew through the regulatory process for approval in the US. Massive donations to political parties and some 'interesting' connections to regulators.
Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
digger_R said:
The interesting parts of this go a little deeper - absolutely flew through the regulatory process for approval in the US. Massive donations to political parties and some 'interesting' connections to regulators.
Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
the exchange aspect wasnt the dodgey bit was it? just a normal exchange. Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
they were yeild farming tokens with deposits then their hedge fund held 14bn of these things, which they then borrowed against for trading. they also ran the fund as the MM but had access to the exchange placed trades so knew where the market was.
digger_R said:
The interesting parts of this go a little deeper - absolutely flew through the regulatory process for approval in the US. Massive donations to political parties and some 'interesting' connections to regulators.
Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
It's political and the global lizard elite overlords are involved?Who knows what the truth is - but I honestly doubt it's some 30 year old mastermind kid scammed everyone.
An exchange doesn't become that big unless doors are opened for it - especially in the USA.
https://www.b
hute.com/video/BJnQPmKtJog/ bloomen said:
jshell said:
Am I correct in saying that the $billions in Govt Ukrainian aid donations just disappeared with FTX?
I think it was a pure crypto to fiat arrangement so it was sucked out as soon as it went in. I assume other FTX users paid for it. 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.
carinaman said:
David Scott on UK Column News discussing the 99 second video https://www.youtube.com/watch?v=Ow-MN7qJnIY and Warren Buffett video.
This Ponsi scheme wearing a Crypto mask isn't good news for Digital Central Bank Currencies?
Regarding CBDCs, I think this gives them extra leverage because it sets up for them to be pushed as safe against the wild west alternatives.This Ponsi scheme wearing a Crypto mask isn't good news for Digital Central Bank Currencies?
egomeister said:
Regarding CBDCs, I think this gives them extra leverage because it sets up for them to be pushed as safe against the wild west alternatives.
Yep, personally I don't see much overlap between CBDCs and crypto, except one might have been the genesis of the idea for the other. 
EddieSteadyGo said:
egomeister said:
Regarding CBDCs, I think this gives them extra leverage because it sets up for them to be pushed as safe against the wild west alternatives.
Yep, personally I don't see much overlap between CBDCs and crypto, except one might have been the genesis of the idea for the other. Third comment under b
hute video seems to agree with your points:'He was the fall guy. They probably did this on purpose so Cryoto can be regulated but in the midst of that they were screwing around trying to launder some money.'
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