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I always curious how this crime starts. You’re already presiding over a popular exchange with billions in customer funds. Surely you could just run that legitim

by aqme28 4y ago

I always curious how this crime starts. You’re already presiding over a popular exchange with billions in customer funds. Surely you could just run that legitimately and still make a ton of money?

AdmiralAsshat 4y ago
Greed.
- JumpCrisscross 4y ago
  > Greed This is often thrown out as a shorthand for systemic failures, e.g. renters blaming individual landlords for rising rents. But I think it applies here. Short-term optimisation at the expense of long-term value. Optimising for the margin at the risk of the whole. Irrational, self-destructive maximalism: greed.
KiranRao0 4y ago
A book named "How will you measure your life?" by Clayton Christiansen that dives pretty deeply into the topic, among other things. The theory presented was called "The Trap of Marginal Thinking". On the margin, it may appear to make sense to do something or push some boundary or take on some more leverage because it, on the margin, is most likely going to work out. But by doing so, we end up putting ourselves and companies in a dangerous position when looking at the whole.
- Bakary 4y ago
  I agree with his view overall, but the current atmosphere seems to reward boundary-pushing more and more. There's never been a better time to be a stress-resistant psychopath or its company equivalent.
  - maerF0x0 4y ago
    > never been a better time when we define better as financially compensated. It's still very much at a net loss to humanity, but for personal (or small group) gain. IE it's become very profitable to shrink the pie
api 4y ago
This assumes that you have a legitimate business at all. A lot of these ventures quickly discover that there's just not much there, that all of crypto is just people gambling on number go up. At that point what do they do? Go down with the ship or exit scam?
spaetzleesser 4y ago
Greed or hubris? Bernie Madoff had a legitimate successful business before he started his Ponzi scheme.
outworlder 4y ago
Most people don't preside over popular exchanges with billions in customer funds. It's a self-selected group.
danans 4y ago
Some - not all - very wealthy people don't feel constrained by what is legal, moral, or enough. Being very wealthy can mean you don't derive your security from your community moral standing, but instead by purchasing security. And they are not necessarily wrong in the logical sense, because as a society, we have allowed much financial crime to go unpunished or mildly punished so there is low deterrence effect for such people.
bombcar 4y ago
It all starts with making a mistake. To cover for the mistake, you make another gamble, and if it doesn't pay off, then the whole process begins. This is why when you make the mistake, you open up and own it.
shagymoe 4y ago
I think many people are programmed to seek a continual sense of improvement and accomplishment to feel our life is progressing and not regressing or staying static. If you already have a billion dollars and everything you could possibly want, how do you achieve that feeling? Maybe through altruistic work, but that's not your MO. Your MO is making money, so the answer is: 2 billion.
- papito 4y ago
  That's an achievement just as much as starting the next bottle of bourbon after finishing the first one is an achievement. There is happiness hiding in that SECOND bottle/billion.
legohead 4y ago
Presumably he started with ill intentions. Let's see.. 125mil right now, or 1mil over the next couple years.
JohnFen 4y ago
Because greed knows no limits.
sam_goody 4y ago
Pigs get slaughtered. Example: Carlos Ghosn was simultaneously CEO of Renault, Nissan, and Mitsubishi. He turned two of those from bankruptcy into the 4th-largest auto group in the world. He met all the world's leaders and spoke in all the high places. And made probably $10M/month. And he stole $8M. Was caught, lost all his positions, and is living the life of a fugitive. Had to be smuggled out of Japan in a box. Don't be a pig. [Note, story is from memory, might have some details fuzzy - but easy to research.]

by aqme28 4y ago

I always curious how this crime starts. You’re already presiding over a popular exchange with billions in customer funds. Surely you could just run that legitimately and still make a ton of money?

AdmiralAsshat 4y ago

Greed.

JumpCrisscross 4y ago
> Greed This is often thrown out as a shorthand for systemic failures, e.g. renters blaming individual landlords for rising rents. But I think it applies here. Short-term optimisation at the expense of long-term value. Optimising for the margin at the risk of the whole. Irrational, self-destructive maximalism: greed.

KiranRao0 4y ago

A book named "How will you measure your life?" by Clayton Christiansen that dives pretty deeply into the topic, among other things. The theory presented was called "The Trap of Marginal Thinking". On the margin, it may appear to make sense to do something or push some boundary or take on some more leverage because it, on the margin, is most likely going to work out. But by doing so, we end up putting ourselves and companies in a dangerous position when looking at the whole.

Bakary 4y ago
I agree with his view overall, but the current atmosphere seems to reward boundary-pushing more and more. There's never been a better time to be a stress-resistant psychopath or its company equivalent.
- maerF0x0 4y ago
  > never been a better time when we define better as financially compensated. It's still very much at a net loss to humanity, but for personal (or small group) gain. IE it's become very profitable to shrink the pie

api 4y ago

This assumes that you have a legitimate business at all. A lot of these ventures quickly discover that there's just not much there, that all of crypto is just people gambling on number go up. At that point what do they do? Go down with the ship or exit scam?

spaetzleesser 4y ago

Greed or hubris? Bernie Madoff had a legitimate successful business before he started his Ponzi scheme.

outworlder 4y ago

Most people don't preside over popular exchanges with billions in customer funds. It's a self-selected group.

danans 4y ago

Some - not all - very wealthy people don't feel constrained by what is legal, moral, or enough. Being very wealthy can mean you don't derive your security from your community moral standing, but instead by purchasing security. And they are not necessarily wrong in the logical sense, because as a society, we have allowed much financial crime to go unpunished or mildly punished so there is low deterrence effect for such people.

bombcar 4y ago

It all starts with making a mistake. To cover for the mistake, you make another gamble, and if it doesn't pay off, then the whole process begins. This is why when you make the mistake, you open up and own it.

shagymoe 4y ago

I think many people are programmed to seek a continual sense of improvement and accomplishment to feel our life is progressing and not regressing or staying static. If you already have a billion dollars and everything you could possibly want, how do you achieve that feeling? Maybe through altruistic work, but that's not your MO. Your MO is making money, so the answer is: 2 billion.

papito 4y ago
That's an achievement just as much as starting the next bottle of bourbon after finishing the first one is an achievement. There is happiness hiding in that SECOND bottle/billion.

legohead 4y ago

Presumably he started with ill intentions. Let's see.. 125mil right now, or 1mil over the next couple years.

JohnFen 4y ago

Because greed knows no limits.

sam_goody 4y ago

Pigs get slaughtered. Example: Carlos Ghosn was simultaneously CEO of Renault, Nissan, and Mitsubishi. He turned two of those from bankruptcy into the 4th-largest auto group in the world. He met all the world's leaders and spoke in all the high places. And made probably $10M/month. And he stole $8M. Was caught, lost all his positions, and is living the life of a fugitive. Had to be smuggled out of Japan in a box. Don't be a pig. [Note, story is from memory, might have some details fuzzy - but easy to research.]