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re: Can we have a Money Talk Discussion about the FTX Mess?
Posted on 11/17/22 at 6:09 am to prplhze2000
Posted on 11/17/22 at 6:09 am to prplhze2000
This goes back to the whole crypto as a decentralized money concept. We did this whole thing with actual currency once. You can’t have the optimal liquidity, uses, and efficiency of a currency without having regulation or you just end up with all the same shite heads doing this stuff.
You gave BILLIONS of dollars to a bunch of 20 year olds with no board and put it in a country with no regs. How was this going to end any other way?
You gave BILLIONS of dollars to a bunch of 20 year olds with no board and put it in a country with no regs. How was this going to end any other way?
0
Posted on 11/17/22 at 8:42 am to buckeye_vol
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202805/Screen_Shot_2022_11_16_at_8.48.17_AM.png)
That's the most interesting IM exchange from that article to me.
He admits that they didn't really do accounting properly (more in depth in the prior picture), but he says that he would "offboard Alameda from FTX once FTX could live on its own."
So is he saying that FTX was never really viable (or became viable very late in the game) and was initially propped up by Alameda? The "hedge fund" that just got lucky on timing an insane crypto bubble?
After 2008, Steve Eisman said, “They mistook leverage for genius.” Same old shite again. Bubble + margin + arrogance.
OH, and:
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24202689/Screen_Shot_2022_11_16_at_7.31.46_AM.png)
Clever status: [x] confirmed [ ] not confirmed
This post was edited on 11/17/22 at 8:44 am
Posted on 11/17/22 at 2:18 pm to SlowFlowPro
Enron bankruptcy? Piece of cake.
FTX bankruptcy? I’ve never seen a company that is such a mess with the most inexperienced, unsophisticated, and potentially compromised individuals running things.
FTX bankruptcy? I’ve never seen a company that is such a mess with the most inexperienced, unsophisticated, and potentially compromised individuals running things.
Posted on 11/17/22 at 2:43 pm to TigerinOkieHell
Armanino
Top 20 firm
A couple of partners about to have an extended vacation
Top 20 firm
A couple of partners about to have an extended vacation
Posted on 11/17/22 at 3:07 pm to OccamsStubble
quote:
when it was likely the reason for establishing FTX in the first place, that topic becomes hard to ignore.
There is literally zero proof of this. SBF was a flaming liberal. That’s the extent of the proof.
Posted on 11/18/22 at 10:00 am to SlowFlowPro
quote:
Each step was in isolation rational and reasonable, and then when I added it all up last week it wasn't
The slippery slope is not a fallacy.
The slippery slope is undefeated.
Posted on 11/18/22 at 10:59 am to LSUFanHouston
SBF seems pretty nonchalant about the extent of damage he has done. It seems pretty inevitable to me that there has to be a number of organized criminals that lost millions. I wonder if there are people out there who want their proverbial, or maybe literal, "pound of flesh". I have a lot of friends who worked at MCI, and their anger at Bernie Ebbers never diminished in 20 years.
Posted on 11/18/22 at 11:13 am to Bdiddy
I will always believe that Madoff's son was killed by a Mossad agent
This post was edited on 11/18/22 at 11:14 am
Posted on 11/18/22 at 11:16 am to prplhze2000
quote:
Inside job
Bahamas Government says it ordered him to hack the site and given them the remaining $600 million. So he did it. I guess his intention is to never leave the Bahamas.
Posted on 11/18/22 at 12:23 pm to Bdiddy
quote:SBF's mother wrote an article in 2013 titled "Beyond Blame" with the following quote as the opening statement:
SBF seems pretty nonchalant about the extent of damage he has done
quote:
The philosophy of personal responsibility has ruined criminal justice and economic policy. It’s time to move past blame.
LINK
Individual responsibility is the basis of all morality and justice. A society without blame cannot have morality.
Explains SBF.
Posted on 11/19/22 at 7:46 am to Bdiddy
quote:
SBF seems pretty nonchalant about the extent of damage he has done.
He embodies the definition of sociopath.
He truly thinks he did no wrong and it was just bad luck.
After learning about the details, the glaring problem in most of these crypto meltdowns is you have a bunch of tech geeks who don't know finance and accounting. Or who just blatantly ignore it. It's fricking enraging that these idiots have access to billions of dollars and don't even have a proper balance sheet or income statement.
Also, human nature is undefeated and greed is at the root of all of these.
Posted on 11/19/22 at 8:34 am to Ronaldo Burgundiaz
quote:
Individual responsibility is the basis of all morality and justice. A society without blame cannot have morality.
Explains SBF.
See also:
Posted on 11/19/22 at 11:14 am to Ronaldo Burgundiaz
quote:
The philosophy of personal responsibility has ruined criminal justice and economic policy. It’s time to move past blame.
Falls squarely into the definition of a statement so stupid only an intellectual would be likely to speak it aloud.
All rights require responsibilities.
If you declare that there is a human right to food, housing, safety, medical care, or whatever then that requires the voluntary or forcible extraction of labor from other people to provide the "right".
Posted on 11/19/22 at 11:59 am to rintintin
quote:
After learning about the details, the glaring problem in most of these crypto meltdowns is you have a bunch of tech geeks who don't know finance and accounting. Or who just blatantly ignore it. It's fricking enraging that these idiots have access to billions of dollars and don't even have a proper balance sheet or income statement.
Seconded. These aren’t new problems that they’re going through. The fact that they got this big and didn’t bring on at least a couple people to structure things and keep them somewhat on the straight and narrow just illustrates the hubris/ignorance.
It’s honestly mind boggling that a brokerage would go broke. It’s like a casino going broke. It shouldn’t be possible considering you make the rules yourself.
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