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BryceC

BryceC

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JustAnotherTimeline said:
The treatment SBF has received from mainstream media has been awful. In some ways SBF is a far worse offender than Madoff ever was. The media has been extremely passive and even sympathetic at times to SBF. Best not to bite the hand that feeds I guess.
Click to expand...

Much worse than Madoff. But Madoff bilked movers and shakers in NYC, and SBF bilked many smaller people, and his scheme is a lot harder to understand.

Also, SBF was a proponent of Effective Altruism, so his outward life is hard to square for some people with what he did.
 
CascadeClone

CascadeClone

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Oct 24, 2009
10,878
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JustAnotherTimeline said:
LOL!!! This is no other point of view, he is a crook. The dude stole billions.
Click to expand...
I am not 100% sure that he is a crook per se, or a scammer (which is the word being used a lot around here).

From what I have read (and in fairness, just following casually), it seems to me like there is at least some possibility he just had zero idea of what he was doing from a business standpoint. Both in terms of what is legal/allowable, and how to be prudent in running a business. But had about 1000x more hubris that was good for him.
  • He just kept buying companies in trouble, and assumed the money tree would fund it all, and he would make it work because he was so smart.
  • When his one company needed billions, he took it from different company and moved it - acting like they were all 100% his and there were no rules on doing that, or other claims on the money. Or that he could break the rules, and just put the money back once the money tree took care of it, and by the time the dust he would just pay a fine.
  • There was no one else involved available to say "hey you can't do that" like, idk, a seasoned CFO or a Board Member to hit the brakes and prevent that kind of egregious violation. Just everyone in charge way too enamored of their own intelligence and infallibility.
So it's possible that it wasn't a scam with malice aforethought.

But all that said, it definitely could be that he knew exactly what was doing and was trying to sneak out as much silverware as possible before the house burned down. If there's some smoking gun stuff out there let me know, I haven't been following that close.

Note- I am talking about SBF particularly, not crypto in general, of which I am very skeptical.
 
BCClone

BCClone

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Sep 4, 2011
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Not exactly sure.
CascadeClone said:
I am not 100% sure that he is a crook per se, or a scammer (which is the word being used a lot around here).

From what I have read (and in fairness, just following casually), it seems to me like there is at least some possibility he just had zero idea of what he was doing from a business standpoint. Both in terms of what is legal/allowable, and how to be prudent in running a business. But had about 1000x more hubris that was good for him.
  • He just kept buying companies in trouble, and assumed the money tree would fund it all, and he would make it work because he was so smart.
  • When his one company needed billions, he took it from different company and moved it - acting like they were all 100% his and there were no rules on doing that, or other claims on the money. Or that he could break the rules, and just put the money back once the money tree took care of it, and by the time the dust he would just pay a fine.
  • There was no one else involved available to say "hey you can't do that" like, idk, a seasoned CFO or a Board Member to hit the brakes and prevent that kind of egregious violation. Just everyone in charge way too enamored of their own intelligence and infallibility.
So it's possible that it wasn't a scam with malice aforethought.

But all that said, it definitely could be that he knew exactly what was doing and was trying to sneak out as much silverware as possible before the house burned down. If there's some smoking gun stuff out there let me know, I haven't been following that close.

Note- I am talking about SBF particularly, not crypto in general, of which I am very skeptical.
Click to expand...
His CFO, from what I remember from the interview,is turning on SBF in a CYA style. She is saying he knew everything he was doing and advised him against it some.
 
  • Informative
Reactions: CascadeClone
JustAnotherTimeline

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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matclone said:
A finance professor weighs in on crypto.

www.nytimes.com

Opinion | The Crypto Collapse and the End of the Magical Thinking That Infected Capitalism (Published 2023)

Dogecoin. WeWork. The Metaverse. It was an era of illusory and ridiculous promises.
www.nytimes.com www.nytimes.com
Click to expand...

cointelegraph.com

One of the largest US colleges has begun teaching students about Bitcoin

A large Texas-based college is the latest school to roll out a new and exciting Bitcoin course for its students, which will center around the key technologies underpinning the Bitcoin protocol.
cointelegraph.com cointelegraph.com
 
flycy

flycy

Well-Known Member
Jul 17, 2008
2,336
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113
Crescent, IA
BryceC said:
Much worse than Madoff. But Madoff bilked movers and shakers in NYC, and SBF bilked many smaller people, and his scheme is a lot harder to understand.

Also, SBF was a proponent of Effective Altruism, so his outward life is hard to square for some people with what he did.
Click to expand...
It is really really easy to give away other people's money. Just ask your congressman/woman.
 
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