matt levine did a good simple breakdown, i thought.
he’s officially busto. idk how much he cashed out before it went belly up, but he lived a pretty spartan lifestyle. car doors opened up in the boring way, no patek, etc.
that being said i’d be surprised if he didn’t have a secret stash of crypto that nobody officially knows about worth tens of millions
What’s the use case? Fun? It’s the same here.
it costs money to keep games running. it’s a hassle when they break. online poker allows unlimited tables that can break and reform seamlessly in seconds
cliffs: tables
no!! the use case for online poker is to try to make money and/or have fun! it’s NOTHING like crypto/nfts. crypto/nfts are EVIL and BAD NEWS
Which is what gamble, have fun, win or lose money? Sounds a lot like nfts/crypto trading to me, might be why a bunch of us got hooked on it. It’s funny to me that all of the people who are so vehemently opposed to this stuff don’t get that.
Idk about you but the use case for me was being able to play poker in my underwear
Gambled away client deposits. It’s FT 2.0 on a larger scale.
I just right click downloaded this NFT to my computer.
As far as I am concerned. I own it.
Nobody ever didn’t get that. What I never got is gambling in a game that is clearly rigged but not rigged by you.
When the house wins every hand of blackjack for an hour, the table becomes a lot less fun.
I don’t think you understand the game people here were playing. The edges were largely enormous.
SBF ran exchange FTX and also ran crypto hedge fund Alameda.
Alameda had losses earlier this year, big billion dollar losses.
FTX sends billions in client deposits to Alameda to plug those losses.
Alameda uses those funds to invest crypto projects and crypto trading.
Coindesk comes out with an article last week that showed half of Alameda assets are in FTX issued coins which causes concern in crypto community.
Owner of Binance uses this opportunity to dump his entire FTX coins in a very public way which causes everyone at FTX to withdraw their money. FTX doesn’t have the money to redeem client deposits since they sent billions of it to Alameda months ago.
FTX goes bankrupt.
The question that everyone is asking is what the fuck those billions sent to Alameda from FTX went towards in terms of trading / investments in crypto firms, and why such a massive multi billion dollar hole. We will probably find out when bankruptcy accountants scour everything and SBF and Caroline (his ex-GF and CEO of Alameda) is put under oath.
SBF and all the other crypto scamers need to be put in prison. Part of the problem is we stopped prosecuting white collar criminals in this country 15 years ago and so there is a sense of invinceability from people in general and in the crypto space especially.
Probably not. FTX was raking in millions in profits a week by some estimate.
I’m sure he has millions hidden away in some wallets / offshore bank accounts.
He personally did not file for bankruptcy.
The only way to bankrupt him is to give him the Martin Skreli treatment. Drag him through lawsuit after lawsuit and actually put him behind bars.
fyp
Enron and Worldcom say hello. Besides that you are mostly correct.
Seems like textbook fraud
