FTX/Sam Bankman-Fried

[digger_R]

ReverendCounter said:

Seems there's a lot of evidence of FTX allowing market makers/hedgefunders to use their tokenized stocks as collateral/locates.

Even more so - pretty much anyone trading it in detail over the last 18 months knew there was extremely suspect order flow coming out of the exchange. market makers/hedgefunds whoever it was behind it. There was massive volume from a completely new player on the scene, liquidity runs and much more. Alarm bells all around. Who knows if the truth will ever come out.

[dvs_dave]

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.

I think you may have gone a little too deep into that hole and started finding things that you wanted to find.

I don’t disagree with your general sentiment, but some of those “facts” seem fit for the conspiracy theory threads.

[Sixsixtysix]

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....

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.

The bit in bold sounds like the cryptobros in the cryptocurrency thread on the Finance forum here.

[ReverendCounter]

dvs_dave said:

I don’t disagree with your general sentiment, but some of those “facts” seem fit for the conspiracy theory threads.

Are you referring to the anonymous warning, from a now deleted account, left in a comments section about the very first wrapped GME FXT token transaction that "this is a rug pull machine.. please be aware!" on January 26th 2021?

For anyone interested, here is that transaction which the comment was referring to:

https://etherscan.io/tx/0x2a893a8a6ea8ecb1a4654c06...

[CallThatMusic]

Sixsixtysix said:

https://www.youtube.com/watch?v=zTFhnpf-IE0

A good watch.

Excellent!
Thanks for sharing….

[dvs_dave]

ReverendCounter said:

dvs_dave said:

I don’t disagree with your general sentiment, but some of those “facts” seem fit for the conspiracy theory threads.

Are you referring to the anonymous warning, from a now deleted account, left in a comments section about the very first wrapped GME FXT token transaction that "this is a rug pull machine.. please be aware!" on January 26th 2021?

For anyone interested, here is that transaction which the comment was referring to:

https://etherscan.io/tx/0x2a893a8a6ea8ecb1a4654c06...

No I’m not. I’m referring to the post I responded to, not your subsequent unrelated one.

Invisible silent Chinese partner, hidden meaning behind SBF’s name, etc. Sounds like bilge….and that “anonymous warning” you’re talking about I’ve no idea. Although that also comes across as unrelated BS made to fit the subsequent events and the tinfoil woo-woo-rati.

Edited by dvs_dave on Monday 14th November 17:01

[ReverendCounter]

dvs_dave said:

No I’m not. ... Invisible silent Chinese partner, hidden meaning behind SBF’s name, etc. Sounds like bilge….and that “anonymous warning” you’re talking about I’ve no idea. Although that also comes across as unrelated BS made to fit the subsequent events and the tinfoil woo-woo-rati.

Sounds like a YES to me!

[dvs_dave]

ReverendCounter said:

dvs_dave said:

No I’m not. ... Invisible silent Chinese partner, hidden meaning behind SBF’s name, etc. Sounds like bilge….and that “anonymous warning” you’re talking about I’ve no idea. Although that also comes across as unrelated BS made to fit the subsequent events and the tinfoil woo-woo-rati.

Sounds like a YES to me!

Erm, ok. Only as courtesy to your subsequent unrelated post. Weirdo.

[ReverendCounter]

dvs_dave said:

Erm, ok. Only as courtesy to your subsequent unrelated post. Weirdo.

Oh, I see, you're not prepared to give me the benefit of doubt that I could have misinterpreted your comment - just going straight in for the insult.

As you were.

Meanwhile I'll read up a little on Project Hamilton, as homework re: financial conspiracy rabbit holes.

[Condi]

Matt Levine's email is good today if anyone subscribes.

[honest_delboy]

Carl_Manchester said:

honest_delboy said:

SpeckledJim said:

Is there a name he could have had that would have seen you enthusiastically pumping the cash in?

Sam Solid-Goldyield

"Hello, Mr. Honest Delboy, my name is Sam Solid-Goldyield, I am calling from Stratton Oakmont in New York. How are you today?"

[Carl_Manchester]

brilliant

[carinaman]

Tom Brady tweeted the Mercedes Petronas F1 on their success at the Brazilian GP. FTX sponsored that F1 team.

That Storey chap that involved with the Rich Energy drink looks like a Walt compared to this FTX scam.

[williamp]

He is also a big funder of the Dems in American politics

https://nypost.com/2022/11/14/sam-bankman-fried-br...

This could get very sticky...

[carinaman]

williamp said:

He is also a big funder of the Dems in American politics

https://nypost.com/2022/11/14/sam-bankman-fried-br...

This could get very sticky...

Nice to see Greta mentioned towards the end of the article.

Other material on this said that FTX made money on getting tokens/funds into Ukraine and the money FTX made on that helped fund the Democrats.

[hidetheelephants]

loafer123 said:

Crypto is a great way of destroying lots of the capital created through QE.

The money gullible people buy crypto with is money and remains money after the crypto vendor receives it and spends it on coke, hookers, fast cars and a private jet; no capital was harmed during the making of this nonsense, although the crypto may not buy you a bag of Haribo afterwards.

carinaman said:

williamp said:

He is also a big funder of the Dems in American politics

https://nypost.com/2022/11/14/sam-bankman-fried-br...

This could get very sticky...

Nice to see Greta mentioned towards the end of the article.

Other material on this said that FTX made money on getting tokens/funds into Ukraine and the money FTX made on that helped fund the Democrats.

FTX also donated to the GoP, just like every other business seeking political leverage in the US.

[wisbech]

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.

Stable coins are laughing to the bank. They are money market funds, that don't pay interest.

Circle today (USDC)

Cash

$11.0B

Short-duration U.S. Treasuries

$32.2B


At 3.83% overnight US interest rates - they are making a float of at least 1.25 billion (more, if the cash is earning them anything) I would reckon 1.5 bn a year. And they get to keep it. Nice

[Petrus1983]

It’s almost like Sam Bankman-Fried watched the Anna Delvey ‘documentary’ on Netflix and said “hold my beer”.

I’m finding it hard to have any sympathy though. At so, so many points it should have rung mega alarm bells.

https://amp.theguardian.com/technology/2022/nov/15...

[Condi]

Petrus1983 said:

It’s almost like Sam Bankman-Fried watched the Anna Delvey ‘documentary’ on Netflix and said “hold my beer”.

I’m finding it hard to have any sympathy though. At so, so many points it should have rung mega alarm bells.

https://amp.theguardian.com/technology/2022/nov/15...

You mean it's not normal for the CEO of a $32bn company to play League of Legends during investor calls? Who would have thought...

[Petrus1983]

Condi said:

You mean it's not normal for the CEO of a $32bn company to play League of Legends during investor calls? Who would have thought...

It’s things like this. And older, wealthier investors thought “oh, that’s cool”. I’m surprised the whole thing isn’t bigger news - maybe there’s some embarrassed faces out there.