Sam Bankman-Fried Wiped Out in Days (FTX)

11-15-2022, 10:28 AM

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#121

ElArteSuave
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Originally Posted By gwg77⏩

hoe looks like billy from american dad loooool

https://americandad.fandom.com/wiki/...Billyroots.png

11-15-2022, 11:48 AM

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#122

yewotm8
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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.

Unfortunately that's not primarily what he was doing. That's still a useful function because it helps lower the price difference between the two markets and helps fulfill demand. The problem is that price difference in the first place, which for currency itself could only exist due to regulation (gay).

He was leveraging his own coin, which he could arbitrarily print more of like the federal reserve, as the collateral. It was always bound to fail.

11-15-2022, 02:20 PM

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#123

gwg77

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-$900m of liquid assets against $ 9 billion liabilities
-$7m holding of "TRUMPLOSE" (I heard he was taking bets against Trump in 2024)
-NO bitcoin assets despite $1.4 billion bitcoin liabilities

Video of Ken Griffin:

11-15-2022, 08:27 PM

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#124

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The Definitive Thread on FTX

61 tweet thread. Link starts on 3rd tweet, so just scroll up to see the first couple tweets. Still reading it, it's pretty interesting. This guy has a lotta knowledge of FTX since inception.

11-15-2022, 08:33 PM

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#125

128
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11-15-2022, 08:35 PM

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#126

ispy
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Originally Posted By gwg77⏩

The Definitive Thread on FTX

61 tweet thread. Link starts on 3rd tweet, so just scroll up to see the first couple tweets. Still reading it, it's pretty interesting. This guy has a lotta knowledge of FTX since inception.

unrolled version on one page:https://threadreaderapp.com/thread/1...873825794.html

and youtube:

🟩🟩🟩🟩 I am Jack's complete lack of surprise. 🟩🟩🟩🟩

11-15-2022, 08:40 PM

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#127

DeadlyStriker
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This is literally every crypto. It's all a Ponzi scheme. It doesn't exist. It's just numbers on a screen. The "decentralized" aspect of it is even more ludicrous because you have no idea who is controlling it, for what purpose and what will happen.

Either way bitcoin is shackled via the derivatives market now so it ain't pumping to anything.

Most people got anally raped being greedy trying to get 10x their money by betting on meme coins and the majority of Joe schmo's got fisted. BRUTAL.

11-15-2022, 08:46 PM

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#128

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Originally Posted By DeadlyStriker⏩

This is literally every crypto. It's all a Ponzi scheme. It doesn't exist. It's just numbers on a screen. The "decentralized" aspect of it is even more ludicrous because you have no idea who is controlling it, for what purpose and what will happen.

Either way bitcoin is shackled via the derivatives market now so it ain't pumping to anything.

Most people got anally raped being greedy trying to get 10x their money by betting on meme coins and the majority of Joe schmo's got fisted. BRUTAL.

People want a decentralized and unregulated currency but they don't realize there is a reason why currency is regulated..so chit like this can hopefully be avoided lol

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.

11-15-2022, 08:47 PM

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#129

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Originally Posted By gwg77⏩

Fukking LOL, on spread.

She's the kind of girl in your electrical engineering classes who starts looking really cute when it's just her and 50 male ****** No doubt billionaire brah ran into something similar, hanging out with fukking autistic crypto lords all day and she's like the one girl who shows up.

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11-15-2022, 08:53 PM

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#130

Dave22reborn
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Originally Posted By notbadnotbrad⏩

Lmao has anyone ever heard this queers voice?

And what did this elite, rich soy infused ****ggot do during the pandemic? Did he preach about the lockdown, the masks, the vaccines, and then take private trips to places that weren't shutdown?

11-15-2022, 09:07 PM

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#131

Destor
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Originally Posted By FA*******⏩

Fukking LOL, on spread.

She's the kind of girl in your electrical engineering classes who starts looking really cute when it's just her and 50 male ****** No doubt billionaire brah ran into something similar, hanging out with fukking autistic crypto lords all day and she's like the one girl who shows up.

The one girl who shows up and she’s also into amphetamines and polyamory

I think Charlie Munger would call this wretched excess while referencing Sodom and Gomorrah

11-15-2022, 09:10 PM

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#132

jackamo2887
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Someones gotta go to jail for this ****..right?

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.

11-15-2022, 09:13 PM

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#133

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Plant the trees in whose shade your grandchildren will play

11-16-2022, 06:24 AM

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#134

128
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^^^^ but they're the good guys!

Can someone link to people, particularly Redditors telling us how much they lost?

11-16-2022, 06:51 AM

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#135

kengriffeyjr24
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Originally Posted By 128⏩

^^^^ but they're the good guys!

Can someone link to people, particularly Redditors telling us how much they lost?

https://www.reddit.com/r/FTX_Officia..._did_you_lose/

https://www.reddit.com/r/FTX_Officia...om_my_ftx_but/

https://www.reddit.com/r/FTX_Officia...lost_my_money/

11-16-2022, 07:25 AM

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#136

TBO1313
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Originally Posted By TomWanks⏩

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.

That could describe half of the US economy especially financial markets

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11-16-2022, 08:11 AM

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#137

sooby
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easily digestible cliffs on what happened for those not too familiar with cryptofinance?

I only had a few hundred dollars in crypto, lost around half of it so was no biggie for me.

also SBF looks like he could be a miscer

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11-16-2022, 08:22 AM

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#138

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And he looked poised to leverage his fortune — $26 billion at its peak — to shape the world, donating millions to Democrats

Found the problem.

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11-16-2022, 08:48 AM

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#139

greenleaf
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LOL. What's there to testify? They mean to arrest him and lock him up before he flees?

House lawmakers call Sam Bankman-Fried, other executives, to testify at hearing on FTX collapse

https://www.cnbc.com/2022/11/16/hous...-collapse.html

11-16-2022, 09:21 AM

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#140

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Originally Posted By 128⏩

^^^^ but they're the good guys!

Can someone link to people, particularly Redditors telling us how much they lost?

This is gold..latest wsj article

"One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money. A company lawyer quit via a harsh text message to then-Chief Executive Sam Bankman-Fried. A top salesman who had bet big on FTX equity saw most of his wealth evaporate overnight.

What started as a dream job turned into a nightmare for employees of FTX, the crypto exchange that imploded in spectacular fashion last week.:

11-16-2022, 09:25 AM

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#141

RusselRestHaven
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Originally Posted By MustardTiger17⏩

No idea what any of this means

i never have and im afraid i never will

11-16-2022, 10:35 AM

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#142

gwg77

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Holy shіt, check out this Vox.com headline. These people have no shame.

11-16-2022, 10:41 AM

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#143

Kiop

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source:

Spoiler!

11-16-2022, 10:44 AM

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#144

gwg77

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Originally Posted By kengriffeyjr24⏩

This is gold..latest wsj article

"One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money. A company lawyer quit via a harsh text message to then-Chief Executive Sam Bankman-Fried. A top salesman who had bet big on FTX equity saw most of his wealth evaporate overnight.

What started as a dream job turned into a nightmare for employees of FTX, the crypto exchange that imploded in spectacular fashion last week.:

All of the FTX employees got rekt, too. Sam let them invest in the company at a 50% discount and pressured them relentlessly to put their money into the company. They lost everything.