Edit: What happened at Tilted’s Pony Farm
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ponied by chrisv but this was an extremely good read
one of the commenters is mad that this is washing over this by blaming it on incompetence rather than maliciousness, but at this point, what’s the real difference?
Maybe not malicious, but at some point they made a decision to take billions of customer money and shift it to the other entity and they knew this needed to be kept secret to like 4 people. So, whether they initially lost money due to incompetence, there was some crossing of the Rubicon decision that happened and I think they knew it at the time it was shady and they would be perceived as fraudulent if the world found out.
It is interesting because you have all of these power players like Sequoia who were gushing over this kid (just like with Elizabeth Holmes), and FTX / Alameda being totally incompetent probably reflects worse on those people than if they were maliciously fraudulent. Due diligence, done properly, should uncover this level of incompetence pretty easily.
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We don’t need two threads. People have been proposing and starting duplicate threads for contentious topics for well over a decade and it always ends up exactly like this.
Yea so VC’s being clueless and lacking due diligence isn’t too much a startling revelation I think, at least not to me - someone wrote it elsewhere but VC groups are notorious for having sketchy book keeping practices as well, so it’s not crazy to see the same here.
my mind is still blown by that spreadsheet leaked. like I refuse to believe that’s real. it’s even more incredible that at least $15 billion has disappeared and no one can really seem to explain how and that spreadsheet’s the best accounting of it they can come up with.
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Yeah I don’t know anything about business law in the Bahamas but I expect that at some point SBF and company will need to provide some evidence to some law enforcement agency or bankruptcy court that the money was actually lost/spent during the course of business or unprofitable trades and not stolen into some personal accounts.
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I don’t think so. Most crypto owners are under 45 I think (excluding institutional investors). It would be more on brand for Villages retirees to be paying some clown advisor 3% in asset management fees to invest in stocks and underperform the index, or having all their money in a universal life policy.
It’s generally good for indebted governments if inflation is high. It reduces the real value of their debt burden.
Because Riverman & Suzzer are way more interesting and entertaining than 6ix
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Why not pay some clown advisor 3 percent to invest in crypto?
The bad advisors invest in the products they have on their product shelf, which usually just includes proprietary funds and publicly traded stock/ETFs. They probably don’t have easy access to Bitcoin or other alternative assets .
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how have his lawyers not told him to stop tweeting
because he thinks he’s so smart he declared books as a waste of time lol, no chance he has a real lawyer
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Not listening to the experts made him 16 billion. Gonna be a tough habit to shake
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lol i want to see that calculation including his Serum mark.
The crypto thread was/is about to hit 10k posts, this was just the new thread. Because it’s crapto all the way down.
spoken like a man having fun staying poor
Levine throwing around the P-word to describe FTX/Alameda
On the other hand, there is a technical name, in law and finance, for this sort of thing. It is a bad name. When you have a business that takes money from some customers and uses it to generate trading gains for other customers, that’s just, I am sorry, a Ponzi scheme. I am not sure it’s worse than any other explanation of what happened — in any case, the customer money is missing! — but it’s not good .
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This is why I had to conspire with Jmakin and Clovis to steal your ample roll. Too bad you saw right through our nefarious plot.
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