Sam Bankman-Fried Wiped Out in Days (FTX)

11-16-2022, 07:26 PM

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#151

gwg77

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SBF spoke to a Vox reporter last night via Twitter DMs. He is an acquaintance of her through their Effective Altruism. Ugly girl Caroline is also friends with the author. SBF also donated money to one of Vox's projects, hence the puff piece they wrote on him I posted a few posts back.

This chick posted all his DMs in the article. There are a lot of them, so you can click on the link to read them all, but the tweet below is a brief summary.

https://www.vox.com/future-perfect/2...s-philanthropy

11-16-2022, 07:55 PM

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#152

FAPhaggot
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Originally Posted By gwg77⏩

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11-16-2022, 07:59 PM

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#153

jackamo2887
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Put this kid in front of the same Judge that gave Dread Pirate Roberts his sentence.

Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.

11-16-2022, 08:05 PM

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#154

OliverHeldens

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Originally Posted By TomWanks⏩

It sounds like this was some merchant-tier horsechit so I'm glad he went bankrupt.

BRB they "leveraged pricing differences for different cryptos in different countries," so it sounds like they created a derivatives FOREX market whereby they could buy BTC for $X and sell it for 1.1X Euro and this is how they made their money.

That delivers no value to the consumer is a purely extractive. It removes capital from capital markets and deposits it into the pocket of the merchant.

Yes, this was their entire business model for Alameda. Buying Bitcoins and selling them in Japan and taking advantage of pricing arbitrage. Really basic chit, but apparently they were doing like $25M in transactions per day and just printing money at one point.

He really just needed to have self control and not be a gambler. But obviously he's 30 and has no idea about market downturns and why banks are regulated, so he couldn't even imagine a market that isn't propped up and could have bank runs.

11-16-2022, 08:31 PM

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#155

Destor
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I still can’t wrap my head around people operating at this level while being apparently totally unable to help themselves on social media like Twitter

11-16-2022, 09:50 PM

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#156

gwg77

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He was under the impression those Twitter DM messages with the Vox reporter were not supposed to be published. What an idiot! And he still keeps tweeting away today, too!

Also, did anyone notice he has no CFO? He raised over $2billion in VC, and never brought in the adults to help run the company despite the perception to the outside world that he was the "adults in the room" in the crypto space. I had to google who the CFO was after never hearing any mention of, and found this article below. Also, there was a balance sheet put together for investors before the bankruptcy that the Financial Times got a hold of, and they said the metadata show that SBF put it together.

The document, shared with prospective investors before the bankruptcy, provides a detailed picture of the financial hole in the FTX crypto empire and suggests customers of FTX international may face steep losses on cash and crypto assets they held on the exchange.

Metadata on the Excel file suggests it was created by Sam Bankman-Fried himself. It seems reasonable therefore to assume that the informal comments are his.

11-16-2022, 09:52 PM

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#157

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Originally Posted By gwg77⏩

He was under the impression those Twitter DM messages with the Vox reporter were not supposed to be published. What an idiot! And he still keeps tweeting away today, too!

Also, did anyone notice he has no CFO or finance staff? He raised over $2billion in VC, and never brought in the adults to help run the company despite the perception to the outside world that he was the "adults in the room" in the crypto space. I had to google who the CFO was after never hearing any mention of, and found this article below. Also, there was a balance sheet put together for investors before the bankruptcy that the Financial Times got a hold of, and they said the metadata show that SBF put it together.

Permanently on spread.

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11-16-2022, 10:03 PM

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#158

gwg77

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Originally Posted By FA*******⏩

Permanently on spread.

If you haven't read those DMs yet, they are an absolute doozy. He admits that all the constant talk about ethics was a total sham meant only for public perception. All his talk in Washington over regulation was bullsh*t, and he really didn't want any.

He admits his main guys, Gary and Nishad, already left the company. Gary is scared, while Nishad feels ashamed and guilty. Meanwhile, SBF comes off as if he has no remorse, shame or guilt for anything that has transpired. Truly remarkable.

Edit: Meanwhile his mother:

11-16-2022, 10:32 PM

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#159

dabbmw2002
Trolling the trolls.....

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Post deleted by user

Original Ruckus

11-16-2022, 11:00 PM

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#160

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WaPo tweets out another puff piece. Poor SBF can't stop the next pandemic now.

11-16-2022, 11:06 PM

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#161

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Post deleted by user

Original Ruckus

11-16-2022, 11:12 PM

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#162

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Originally Posted By dabbmw2002⏩

"Democracy Dies in Darkness"

fuking pg@gggots

NYTimes and WaPo shillling hard for him.

11-17-2022, 04:52 AM

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#163

EDcellent
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We need a French Revolution, but include journalists for the guillotine as well.

11-17-2022, 05:04 AM

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#164

Serenadium
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Always struggled putting 'freedom of press' in the same basket as the civil rights/liberties below.

1. Free speech
2. Rule of law
3. Freedom of assembly
4. Body sovereignty
5. Freedom of belief

I suppose 'freedom of press' where large corporate organisations push agendas is better than oppressive governments doing it. Chit sandwich either way.

11-17-2022, 10:14 AM

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#165

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11-17-2022, 10:30 AM

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#166

kengriffeyjr24
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Originally Posted By gwg77⏩

How is this allowed. Nytimes pushes so much sjw forced diversity stuff on the, but is fine having 4 white people of a religion that is .0025% of the world headline events?

I don't care If they want to have all jewish or all mormon or all seventh day Adventist panels, corporate governance at the nytimes...but you cannot do that and then write and propagate forced diversity puff pieces like the times does.

11-17-2022, 10:36 AM

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#167

gwg77

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Some of the DMs from the Vox Article:

11-17-2022, 10:46 AM

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#168

ninetynine8
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Originally Posted By gwg77⏩

Some of the DMs from the Vox Article:

this guy is autistic af and has 0 idea how to make himself look better

he's just a puppet whose purpose is to get crypto 'regulated'. That's what all of this is

11-17-2022, 10:50 AM

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#169

gwg77

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With the No CFO, I was waiting to hear how bad the internal controls were. Here it is...

Thread:

Continued in next post

11-17-2022, 10:51 AM

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#170

mesobuild
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Originally Posted By gwg77⏩

"There's no one really out there making sure good things happen and bad things don't"

Maybe not among those whose existence is defined by carpetbagging anyone who recognizes Jesus

11-17-2022, 10:51 AM

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#171

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Continued from post 175

11-17-2022, 10:56 AM

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#172

RocknRollMuscle
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i'm still laughing at all the sheep who went all in on crypto cuz they saw others doingh it and read biased website articles. Glad these idiots lost their money. They don't deserve to have it anyways.

democrats - morals and values? yeah right lol

Weight Loss: Go carnivore or keto/low carb. Create calorie deficit. Buy packaged healthy meals if needed. Meat is good and heals, stop being lied to.

Youtube Dr. Shawn Baker to change your life today.

11-17-2022, 10:57 AM

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#173

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Continued from post 177

11-17-2022, 11:00 AM

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#174

BraneyGumble
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If someone's bored/interested, full Chapter 11 filing can be read here, 30 pages:

https://pacer-documents.s3.amazonaws...2020648197.pdf

Here's a particularly juicy part.

65. The FTX Group did not keep appropriate books and records, or security controls, with respect to its digital assets. Mr. Bankman-Fried and Mr. Wang controlled access to digital assets of the main businesses in the FTX Group (with the exception of LedgerX, regulated by the CFTC, and certain other regulated and/or licensed subsidiaries).

Unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds, the secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol, and the absence of independent governance as between Alameda (owned 90% by Mr. Bankman-Fried and 10% by Mr. Wang) and the Dotcom Silo (in which third parties had invested).

Yes, that means that Alameda literally couldn't lose money on its trades and that they have used customer funds to cover their asses.

The new CEO seems to be quite livid

Also the thing goes deeper. Possible repost.

11-17-2022, 02:08 PM

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#175

gwg77

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SBF went to Chamath for an investment. Chamath gives his team a 2 page write-up on suggestions so they can move forward, like setting up a Board of Directors, etc.

SBF's team gets back to him and simply says: "Go fuсk yourself."

Short clip of Chamath telling the story:

Reuters headline:

Meanwhile, the media is trying to pin the blame on China:

11-17-2022, 02:24 PM

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#176

markkillerings
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It's just a coincidence.

11-17-2022, 02:24 PM

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#177

jackamo2887
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This dude better go to jail for a longggg time for fraud.

If he doesn't, i'll be convinced this was all setup from the start to be a slush fund for the Democrats.

Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.