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re: Can we have a Money Talk Discussion about the FTX Mess?
Posted on 11/15/22 at 9:53 pm to igoringa
Posted on 11/15/22 at 9:53 pm to igoringa
quote:
One in the same when you are pushing a completely made up asset. Its entire value is based upon agreed upon faith. There is nothing else.
I understand being a critic of crypto, but you also just described fiat currency.
0
Posted on 11/15/22 at 10:51 pm to tenderfoot tigah
quote:
Why? the US dollar is complete crap with massive printing and inflation.
Massive printing and inflation and yet the USD is by far the best performing currency of 2022
Back on topic. This seems to be pure theft of customer funds to cover failed bets, but digging into it it looks like Alameda made an abnormal amount of investments in a short amount period into other upstart companies. Did they even do any trading or just invest into venture stage capital startups?
This post was edited on 11/15/22 at 10:52 pm
Posted on 11/16/22 at 12:42 am to Jag_Warrior
A bit of background on Ellison, as well as the complete weirdness of the whole FTX/Alameda crew. Apparently there was a whole bunch of freaky-deaky goin’ on down yonder in the Bahamas. 
Carolyn Ellison Blog
Carolyn Ellison Blog
This post was edited on 11/16/22 at 2:22 am
Posted on 11/16/22 at 6:12 am to Jag_Warrior
Interesting read on the psychopharmacology effects of the drugs SBF and others may have been taking. LINK
Posted on 11/16/22 at 6:46 am to LSUFanHouston
Posted on 11/16/22 at 6:48 am to LSUFanHouston
quote:
I'm not a crypto person but this seems to me more of a fraud issue than a cryoto issue.
I agree. Straight up fraud and theft. It’s not a crypto viability issue. I don’t own any crypto but if people want to give something value like crypto, that’s their decision. Give value to a particular car, metal, stone, stock, or line of code. It’s all the same. Just hope that other people continue to give it the same value or greater in the future.
Posted on 11/16/22 at 7:07 am to Dirtyboro
quote:
The most confusing part to me is Caroline Ellison. She’s really unattractive, but I still want to see her in a pron
She is quite the kinky little sprite. A millennial version of Dr Jill Biden in aggressive carnality.
Posted on 11/16/22 at 7:21 am to Meauxjeaux
I don’t get how anyone reasonably intelligent could ever invest money with these two. He’s a freak kid who’s obviously on the spectrum and she’s a dumbass.
Posted on 11/16/22 at 10:28 am to Jag_Warrior
quote:
He can say that he didn’t do that. But how likely is it that he’d be caught? And even if he was caught in a lie, he’d probably think… so what?
Wouldn’t put it past him. I have never trusted CZ and the more he tries to publicly personify himself as this humble benevolent “do gooder” the less we should all trust him. Like, where have we seen this same act before…
Posted on 11/16/22 at 11:24 am to Dirtyboro
quote:
The most confusing part to me is Caroline Ellison. She’s really unattractive, but I still want to see her in a pron
quote:
Dirtyboro
name checks out
Posted on 11/16/22 at 12:06 pm to RATeamWannabe
Whoever stole the money from FTX accounts is trading their crypto.
The thief is now #35 largest holder of ETH
The thief is now #35 largest holder of ETH
Posted on 11/16/22 at 1:28 pm to TigerintheNO
Inside job
Posted on 11/16/22 at 4:55 pm to prplhze2000
Has anyone seen this Vox piece where the author shared her DMs she just had with SBF? It’s absolutely bonkers, and probably just made investigators’ jobs so much easier. Here are just a few of the messages.
Sam Bankman-Fried tries to explain himself
Here is admitting is Effective Altruism views were mostly a front:
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202637/Screen_Shot_2022_11_16_at_7.33.21_AM.png)
Sometimes life just creeps up on you:
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202675/Screen_Shot_2022_11_16_at_7.42.05_AM.png)
FTX didn’t have its own account and deposited basically went to Almeda? Seems bad:
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202784/Screen_Shot_2022_11_16_at_7.32.22_AM.png)
The world isn’t black and white. So deep:
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202799/Screen_Shot_2022_11_16_at_7.36.28_AM.png)
Anywhere there is a bunch more so I recommend reading it.
Sam Bankman-Fried tries to explain himself
Here is admitting is Effective Altruism views were mostly a front:
Sometimes life just creeps up on you:
FTX didn’t have its own account and deposited basically went to Almeda? Seems bad:
The world isn’t black and white. So deep:
Anywhere there is a bunch more so I recommend reading it.
Posted on 11/16/22 at 6:06 pm to buckeye_vol
If this is real god help his lawyers
Posted on 11/16/22 at 8:09 pm to buckeye_vol
Wow.
Like holy shite.
Like holy shite.
Posted on 11/16/22 at 8:28 pm to SlowFlowPro
I’m starting to think SBF is for sure a government (CIA or something) actor. He was apparently spotted at a convenience store today. My thinking is this blatant disregard to justice is to really ratchet up the public outcry and give politicians all the ammunition to regulate the hell out of crypto.
Wild West might be coming to an end. What’s going on right now is very similar to what banks did in the 20s before regulation. And some are starting to even say what he did is obvious unethical but not necessarily illegal.
Wild West might be coming to an end. What’s going on right now is very similar to what banks did in the 20s before regulation. And some are starting to even say what he did is obvious unethical but not necessarily illegal.
Posted on 11/16/22 at 8:34 pm to buckeye_vol
I saw a reply to that somewhere that said something along the lines of "you know it's a good interview when they literally just post the transcript as the article and nothing else." Like, does he not have a lawyer tied to him 24/7? Where are his lawyer parents? Someone take the damn phone away from him.
Posted on 11/16/22 at 9:32 pm to BottomlandBrew
I would not want to be an employee of their audit firm. What a fricking nightmare it’s going to be explaining their audit methodology and conclusions to regulators.
Posted on 11/16/22 at 10:38 pm to TigerDeBaiter
An essay I found that nearly identical to what SBF just did.
Banking Panics of 1930-31
It’s pretty long, but I’ll highlight a couple points.
Sounds very similar to the bullshite Crypto.com was doing the other day when they transferred nearly all their ETH to gate.io who subsequently immediately did an “audit of reserves”
Alameda and FTX… enough said.
Hmmmmm
Welp. Here we are….
They history doesn’t necessarily repeat but often rhymes. Or maybe we’re just in a simulation after all.
Banking Panics of 1930-31
It’s pretty long, but I’ll highlight a couple points.
quote:
One cause was the practice of counting checks in the process of collection as part of banks’ cash reserves. These ‘floating’ checks were counted in the reserves of two banks, the one in which the check was deposited and the one on which the check was drawn.2 In reality, however, the cash resided in only one bank. Bankers at the time referred to the reserves composed of float as fictitious reserves. The quantity of fictitious reserves rose throughout the 1920s and peaked just before the financial crisis in 1930. This meant that the banking system as a whole had fewer cash (or real) reserves available in emergencies
Sounds very similar to the bullshite Crypto.com was doing the other day when they transferred nearly all their ETH to gate.io who subsequently immediately did an “audit of reserves”
quote:
These problems turned the collapse of Caldwell and Company into a painful financial event. Caldwell was a rapidly expanding conglomerate and the largest financial holding company in the South. It provided its clients with an array of services – banking, brokerage, insurance – through an expanding chain controlled by its parent corporation headquartered in Nashville, Tennessee. The parent got into trouble when its leaders invested too heavily in securities markets and lost substantial sums when stock prices declined. In order to cover their own losses, the leaders drained cash from the corporations that they controlled.
Alameda and FTX… enough said.
quote:
The failures of these institutions triggered a correspondent cascade that forced scores of commercial banks to suspend operations. In communities where these banks closed, depositors panicked and withdrew funds en masse from other banks. Panic spread from town to town. Within a few weeks, hundreds of banks suspended operations. About one-third of these organizations reopened within a few months, but the majority were liquidated
Hmmmmm
quote:
Panic began to subside in early December. But on December 11, the fourth-largest bank in New York City, Bank of United States, ceased operations. The bank had been negotiating to merge with another institution. The New York Fed had helped with the search for a merger partner. When negotiations broke down, depositors rushed to withdraw funds, and New York’s superintendent of banking closed the institution. This event, like the collapse of Caldwell, generated newspaper headlines throughout the United States, stoking fears of financial panics and currency shortages like the panic of 1907 and inducing jittery depositors to withdraw funds from other banks.
Welp. Here we are….
They history doesn’t necessarily repeat but often rhymes. Or maybe we’re just in a simulation after all.
Posted on 11/16/22 at 11:14 pm to TigerinOkieHell
What is wrong with Coffeezilla?
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