So latest reports are 70-100 million in political donations to the Democratic Party , Parents with 120 million in real estate , personal withdrew 300 million, and his GFs father being head of SEC
So it was just a typical bribe the government fraud like any other industry ! Who says crypto is any different
From what I read one of the board members also donated up to $30 million to the Republicans.
I'm not sure that results in "printing money forever".
Uh, sure. If you want to be pedantic about it then maybe 'printing money for as long as there is trade volume' would be better.
For reference, even in this low volume time in the market Binance is still at $15 billion USD for 24hr volume and it wasn't strange to see it up around $70B+ 24hr volume earlier in the year. Being an exchange is a great business model. Whether the price is up or down, as long as people are trading there is money to be made.
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"If stupidity got us into this mess, then why can't it get us out?"
Farming referrals and riding the coattails of a CEX is a reasonable money printer as well.
I think I'm at around ~1200 referrals to MEXC and make about $600 USDT a month from them on average. They just bumped me up a tier since I'm in the top 200 referrers so I now take 70% of the trade fees from each trader I've referred.
Uh, sure. If you want to be pedantic about it then maybe 'printing money for as long as there is trade volume' would be better.
For reference, even in this low volume time in the market Binance is still at $15 billion USD for 24hr volume and it wasn't strange to see it up around $70B+ 24hr volume earlier in the year. Being an exchange is a great business model. Whether the price is up or down, as long as people are trading there is money to be made.
I just think that if there is money to be made so easily, as in every market, competition will arrive that drives down costs, until you are at minimal survival utility. Unless you can offer something unique, you are just making the same widget as everyone else selling it just above cost.
His girlfriend's dad wasn't head of the SEC. Her dad had a supervisory role over Gensler when he was in academics, before taking his role with the SEC.
It is a massive fraud, conducted off-chain by centralized players. Apart from the relationships you mention there was also many failures from firms that should have been doing due diligence on their investments in FTX and just weren't doing it. Lots of big players from traditional finance also choosing not to look at the problems because they were just focused on the market opportunity.
If they had actually just played the game straight, they could have been printing money forever with a legitimate business model. Instead, they're bankrupt and pulling other big players down with them despite btc still being worth 4x what it was three years ago and eth being worth 11x what it was three years ago before the last bull run..
The problem with a product that promises to always make you money, can't fail, to the moon baby is it attracts two types of people, the wolves and the idiot sheep that the wolves eat.
I agree there is no reason that crypto like time share vacations couldn't be populated by honest legitimate businessmen who would counsel caution, would clearly spell out the risks and act in an ethical manner, for some reason though they aren't, they are both populated by a cesspool of thieving scum trying to capitalize on the mostly ridiculous claims of crypto boosters, the other problem is if crypto was an ethical market where potential buyers were honestly cautioned is that at that point crypto, like any other currency, would have no investment value, it would plod along at roughly the normal rate of inflation being used for banking in remote areas like old fashioned travelers cheques, the massive rises and falls of crypto, the fact that you think it's an investment rather than a currency is why the whole industry is populated by shady grifters, any area that promises to get you rich quick with no downside and only upside is always going to be nothing but a cesspool of grift and theft
Nothing strange about this at all. I guess when you collude with the power brokers they won't actually arrest you and instead invite you to do an interview!
Quote:
Former FTX CEO Sam Bankman-Fried has once again attracted the ire of the crypto community — this time over his slated appearance at an upcoming New York City conference on Nov. 30.
Vocal members of Crypto Twitter have questioned why the former CEO of the now-bankrupt exchange continues to walk free, given the events over the last month.
In a Nov. 23 Twitter post, Bankman-Fried announced he will be speaking with The New York Times journalist Andrew Sorkin at the DealBook Summit “next Wednesday.”
The news was confirmed publicly by Sorkin, who said: “There are a lot of important questions to be asked and answered. Nothing is off limits.”
Awww, this is sad. He really wanted to save the world, didn't he? Unreal.
How does someone get away with writing this? He literally scammed billions from people and here the WSJ paints him as a poor soul who unfortunately because he lost all his money can't save the world anymore.
Quote:
Sam Bankman-Fried said he wanted to prevent nuclear war and stop future pandemics. And he publicly pledged to use his vast and growing wealth to do so.
But the collapse of Mr. Bankman-Fried’s firm, FTX, and the revelations that he mixed FTX’s money with that of its customers, have upended those declared lofty philanthropic goals.
Run by self-described idealists spending the wealth of their billionaire patron to make the world a better place, Mr. Bankman-Fried’s FTX Foundation and its flagship Future Fund touted deep pockets, ambitious goals and fast turnarounds.
Now Mr. Bankman-Fried’s fortune has disappeared, and the self-described philosopher-executives running the organizations have resigned. Grant recipients are scrambling for cash to plug the shortfall and fretting about the provenance of FTX’s largess after the company’s lawyers said this week that a “substantial amount” of assets were missing and possibly stolen.
He literally scammed billions from people and here the WSJ paints him as a poor soul who unfortunately because he lost all his money can't save the world anymore.
These softball articles make me understand why many are losing faith in previously respected main stream media outlets. This whole scam is every bit as bad as what Madoff did, yet many are treating it like a little oopsy by a well-meaning rag-tag group of math nerds, instead of the multi-billion dollar crime it is.
Not sure if it's because they are all trying to save face after idolizing SBF just months before (Fortune and Forbes both featured SBF on their cover), or if it's all politically connected (probably a bit of both) but it's pretty shameful journalism.
Last edited by Table 5; 11-27-2022 at 09:47 AM.
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One would think we could all rally behind the idea that this guy scammed billions from people and should be in jail, but no, we're busy getting cushy articles from the NYT, WSJ & Forbes about how this isn't really his fault, and he just wanted to help people.
Some of her defenders, who call her “Queen Caroline,” are followers of Curtis Yarvin, a neoreactionary political theorist and far right darling. Many of the people who have flocked to Ellison’s defense gather on Urbit, a peer-to-peer platform created by Yarvin, one of her online supporters told Forbes. They think Ellison was set up to be the fall person, and claim that former co-CEO Sam Trabucco, who they derisively call “Sam Tabasco," is behind Alameda’s implosion. Trabucco didn’t respond to multiple requests for comment.
“I definitely think she’s innocent,” one said. “I think Caroline can be saved.”
Guys, she's not going to #### you.
Quote:
Years earlier, Ellison had apparently written on Tumblr, with indeterminate seriousness, that after exploring polyamory, she believed that “everyone should have a ranking of their partners, people should know where they fall on the ranking, and there should be vicious power struggles for the higher ranks” — a dynamic she equated to a “imperial Chinese harem.”
European Central Bank officials alleged on Wednesday that bitcoin is “rarely used for legal transactions,” is fuelled by speculation and the recent erosion in its value indicates that it is on the “road to irrelevance,” in a series of stringent criticism (bereft of strong data points) of the cryptocurrency industry as they urged regulators to not lend legitimacy to digital tokens in the name of innovation.
Bitcoin also “does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of bitcoin is therefore based purely on speculation,” they wrote.
