5 ms·

SBF is no longer a member of the three-comma club. I can finally rest.

by datalopers 4y ago

AznHisoka 4y ago
Maybe he cashed out a lot before this?
- firekvz 4y ago
  he definetly did, where do you think the insolvency comes from ?
CPLX 4y ago
A lot of people lost a whole lot of money. Where do you think it went?
- datalopers 4y ago
  Same place a number goes when you press backspace in your editor.
- klyrs 4y ago
  From what I read, CZ liquidated his holdings of FTX's primary currency, which crashed its value. If that's the case, the "value" was due to scarcity. This "money" isn't gold-backed; it didn't "go" anywhere. It was a balloon. It deflated.
- WoahNoun 4y ago
  There was no real money to begin with. If I create 1,000 tokens out of thin air and sell one to a friend for $1,000, I don't suddenly have $999,000 in net worth despite what crypto people try to claim.
- paulusthe 4y ago
  It went to the exchanges. They pumped the coins on the way up - Google willybot - which sucked retail money in. The smart exchange fraudsters cashed out on the way up. The uber-greedy exchange fraudsters held on thinking they could get more $$ if the price goes up, only to see that the price didn't go up, causing balance sheet holes which result in their demise a la ftx
pgporada 4y ago
Dos commas, Richard
toomuchtodo 4y ago
Assuming 6% returns on his remaining $900 million invested in index funds, he’d be a billionaire again in two years doing nothing. Not as fun admittedly as gambling, but commas are commas. Wealth is sticky is this comment’s thesis.
- FormerBandmate 4y ago
  It's invested in Robinhood lmao. Check out their 1 year
  - __derek__ 4y ago
    He bought after HOOD crashed, though. AFAICT, his stake is still green.[1] [1]: https://www.cnbc.com/2022/05/13/robinhood-shares-jump-after-crypto-ceo-sam-bankman-fried-acquires-stake.html https://www.cnbc.com/2022/05/13/robinhood-shares-jump-after-...
- adammarples 4y ago
  Nobody I know is assuming 6% returns over the next two years! Hope I'm wrong.
  - rdtwo 4y ago
    6% is easy when treasuries yield 4.5. Nominally that’s 0 with inflation
    - slaw 4y ago
      I am very interested where I can get investment return 6%. The best I can see is CD from Schwab at 4.85% https://www.schwab.com/cd-rates-test https://www.schwab.com/cd-rates-test
      - rdtwo 4y ago
        Probably short term high yield bonds. You’ll need to assume more risk to get that extra 1-2%. CD and treasury is 0 risk so if you want more that you need to assume risk premium.
adrr 4y ago
You don't think he sold his shares in some of the investment rounds? Adam Neumann of WeWork is still billionaire even though WeWork went bust. These scams won't stop till someone is prosecuted. SBF stated that VTX didn't trade customer assets and that VTX was just a custodian, he committed textbook wire fraud.
dang 4y ago
Please don't post like this to HN. You may not owe billionaires or former billionaires better, but you owe this community better if you're participating in it. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

SBF is no longer a member of the three-comma club. I can finally rest.

AznHisoka 4y ago

Maybe he cashed out a lot before this?

firekvz 4y ago
he definetly did, where do you think the insolvency comes from ?

CPLX 4y ago

A lot of people lost a whole lot of money. Where do you think it went?

datalopers 4y ago
Same place a number goes when you press backspace in your editor.
klyrs 4y ago
From what I read, CZ liquidated his holdings of FTX's primary currency, which crashed its value. If that's the case, the "value" was due to scarcity. This "money" isn't gold-backed; it didn't "go" anywhere. It was a balloon. It deflated.
WoahNoun 4y ago
There was no real money to begin with. If I create 1,000 tokens out of thin air and sell one to a friend for $1,000, I don't suddenly have $999,000 in net worth despite what crypto people try to claim.
paulusthe 4y ago
It went to the exchanges. They pumped the coins on the way up - Google willybot - which sucked retail money in. The smart exchange fraudsters cashed out on the way up. The uber-greedy exchange fraudsters held on thinking they could get more $$ if the price goes up, only to see that the price didn't go up, causing balance sheet holes which result in their demise a la ftx

pgporada 4y ago

Dos commas, Richard

toomuchtodo 4y ago

Assuming 6% returns on his remaining $900 million invested in index funds, he’d be a billionaire again in two years doing nothing. Not as fun admittedly as gambling, but commas are commas. Wealth is sticky is this comment’s thesis.

FormerBandmate 4y ago
It's invested in Robinhood lmao. Check out their 1 year
- __derek__ 4y ago
  He bought after HOOD crashed, though. AFAICT, his stake is still green.[1] [1]: https://www.cnbc.com/2022/05/13/robinhood-shares-jump-after-crypto-ceo-sam-bankman-fried-acquires-stake.html https://www.cnbc.com/2022/05/13/robinhood-shares-jump-after-...
adammarples 4y ago
Nobody I know is assuming 6% returns over the next two years! Hope I'm wrong.
- rdtwo 4y ago
  6% is easy when treasuries yield 4.5. Nominally that’s 0 with inflation
  - slaw 4y ago
    I am very interested where I can get investment return 6%. The best I can see is CD from Schwab at 4.85% https://www.schwab.com/cd-rates-test https://www.schwab.com/cd-rates-test
    - rdtwo 4y ago
      Probably short term high yield bonds. You’ll need to assume more risk to get that extra 1-2%. CD and treasury is 0 risk so if you want more that you need to assume risk premium.

adrr 4y ago

You don't think he sold his shares in some of the investment rounds? Adam Neumann of WeWork is still billionaire even though WeWork went bust. These scams won't stop till someone is prosecuted. SBF stated that VTX didn't trade customer assets and that VTX was just a custodian, he committed textbook wire fraud.

dang 4y ago

Please don't post like this to HN. You may not owe billionaires or former billionaires better, but you owe this community better if you're participating in it. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html