SBF/FTX
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I still don’t understand any of this.
It sounds like maybe I’m not alone
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@Ivorythumper whew!
I didn’t take you for a crypto bro. Lol
We can’t in the house due to MS’s work restrictions.
Good thing— I started seriously thinking about it exactly 1 year ago!
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I sent that last twitter thread to a okd Credit Suisse buddy who later worked in crypto.
His reply:
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Yeah, just recently a Sequoia guy said it has done "careful due diligence" on FTX and "there's nothing much we could have done any differently."
SoftBank also invested in FTX but it’s the VC that has also lost a ton of money in WeWork, so I suppose it doesn’t quite qualify as “proper investor” as much as Sequoia.
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Another friend, who's had some dealings with SBF, told me that they paid employees and contractors into their FTX accounts, meaning they're all creditors too.
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If the company had its own boutique crypto currency which was valued at the most recent transaction price, which in turn was whatever SBF wanted it to be, then I suppose the bubble pop makes sense. But that would be the pop of a bubble that wasn’t inflated with real money to begin with. My question is where did all the real money go? I mean other to Democrats, as SBF tried to climb socially through the high status political ranks of the left.
Education is extremely important.
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@Horace The immediate answer is Alameda but it's still unclear what they were doing with it.
Also it's unclear when the shady stuff (using customer money) started. Did they do that from the get-go? Or was it an act of desperation over the summer when crypto started to go south that they hoped would be temporary?
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Check your IQ again.
Nobody disputes that he gives lots of money to Dems. It’s the idea that he suddenly, years into the project, decides to charge Ukraine for it that is ridiculous.
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@George-K I was reading that Caroline Ellison's father is the dept head of economics at MIT and her mother is a eon comics professor there. When she (Caroline) was 8 years old, she wrote a economics paper on toy pricing at Toys are Us.
She is probably alot of fun at parties!!
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The new CEO is getting paid $1300/hr.
(But, it is quite a specialized skill set, so he is probably worth it if he can figure out the USD billions that are floating around).
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NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) - Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.
Separately, attorneys for FTX said on Tuesday that one of the company's units spent $300 million in the Bahamas buying homes and vacation properties for its senior staff, and that FTX was run as a "personal fiefdom" of Bankman-Fried.
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