SBF/FTX
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wrote on 15 Nov 2022, 15:37 last edited by
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wrote on 15 Nov 2022, 15:41 last edited by
Here's 100 year old public intellectual Charlie Munger's take:
98-year old billionaire Charlie Munger, a long time critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX.
“You are seeing a lot of delusion," Munger, vice chairman of Berkshire Hathaway (NYSE:BRK.B), said in a CNBC interview. "Partly fraud and partly delusion. That’s a bad combination."
Bahamas-headquartered FTX filed for Chapter 11 bankruptcy on November 11 after traders rushed to withdraw billions of dollars from the platform in the wake of its multi-billion dollar shortfall.
“This is a very, very bad thing," Munger said. "The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”
The once multibillion dollar exchange is under investigation by the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, and the Justice Department.
“Good ideas, carried to wretched excess, become bad ideas,” Munger told CNBC. “Nobody’s gonna say I got some s*** that I want to sell you. They say – it’s blockchain!”
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wrote on 15 Nov 2022, 16:19 last edited by
Charlie ever make any money?
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wrote on 18 Nov 2022, 00:12 last edited by
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wrote on 18 Nov 2022, 00:19 last edited by
Make the Dems give the money back.
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wrote on 18 Nov 2022, 00:26 last edited by jon-nyc
Everyone he donated money to could be subject to clawback litigation, just like what happened with Madoff. Of course litigants will choose entities with resources to pay back. The remaining assets of his PAC - if there are any - would be subject to clawback, but the money the PAC already spent on behalf of candidates is gone and unrecoverable.
Where this will really matter is with his charitable giving. It won't be very entertaining to watch legit charities being sued, but it's going to happen.
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wrote on 18 Nov 2022, 00:45 last edited by
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wrote on 18 Nov 2022, 00:53 last edited by
Jesus. What did he think he was running, a bodega?
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wrote on 18 Nov 2022, 01:00 last edited by
@Jolly that would be our money, dude.
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wrote on 18 Nov 2022, 01:01 last edited by
I heard they’d approve or reject corporate matters with emojis….
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@Jolly that would be our money, dude.
wrote on 18 Nov 2022, 01:16 last edited by -
wrote on 18 Nov 2022, 01:57 last edited by
@jon-nyc no, I misinterpreted Jolly’s comment.
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@jon-nyc no, I misinterpreted Jolly’s comment.
wrote on 18 Nov 2022, 01:59 last edited by@Ivorythumper whew!
I didn’t take you for a crypto bro. Lol
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wrote on 18 Nov 2022, 02:17 last edited by Doctor Phibes
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
wrote on 18 Nov 2022, 02:35 last edited by Ivorythumper@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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wrote on 18 Nov 2022, 10:31 last edited by
I sent that last twitter thread to a okd Credit Suisse buddy who later worked in crypto.
His reply:
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wrote on 18 Nov 2022, 12:08 last edited by
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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wrote on 18 Nov 2022, 13:40 last edited by
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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wrote on 18 Nov 2022, 13:47 last edited by
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.