4 ms·

FTX Investors Warned of Likely Bankruptcy Without New Funds

10 points by 3np 4y ago

3np 4y ago
Context threads in a rapidly evolving development: Binance to acquire FTX (https://news.ycombinator.com/item?id=33520585 https://news.ycombinator.com/item?id=33520585) (Yesterday's main discussion here) Binance acquires FTX (https://news.ycombinator.com/item?id=33520624 https://news.ycombinator.com/item?id=33520624) "We will not pursue the potential acquisition of FTX" / Binance (https://news.ycombinator.com/item?id=33537821 https://news.ycombinator.com/item?id=33537821)
- rogerkirkness 4y ago
  Non binding LOIs get that name for a reason
misiti3780 4y ago
https://archive.ph/HvuOe https://archive.ph/HvuOe
yuppie_scum 4y ago
Feels like it’s been a while since we’ve seen a big bankruptcy.
throwaway23597 4y ago
"'I f---ed up,' Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be 'incredibly, unbelievably grateful' if investors could help." Christ almighty. 8 BILLION dollar shortfall? Weren't they saying just a couple days ago that there were no liquidity problems whatsoever? This is beyond embarrassment, it seems downright illegal.
- clpm4j 4y ago
  Off topic but I personally hope the meme/stereotype of the slovenly eccentric genius falls out of fashion with startup investors after this whole SBF blowup. It sounds like none of these bluechip VCs did any sort of meaningful diligence, but instead fawned over his strange persona and the fact that he would actively play League of Legends during investor meetings [1]. [1]https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://www.sequoiacap.com/article/sam-bankman-fried-spotlig...
  - rogerkirkness 4y ago
    I have been thinking the same thing. All hail Tim Cook, boring industrial engineer and operator of antifragile corporations that don't gamble with customer funds.
    - unmole 4y ago
      > antifragile corporations How is Apple anti-fragile?
      - rogerkirkness 4y ago
        Cash flow positive, strong brand, strong IP/moat.
        unmole 4y ago
        Antifragile has a specific meaning: https://en.wikipedia.org/wiki/Antifragility https://en.wikipedia.org/wiki/Antifragility
        rogerkirkness 4y ago
        Yes, I have read the book too. Because of the systems they have built for the company, they are able to thrive when others struggle.

10 points by 3np 4y ago

3np 4y ago

Context threads in a rapidly evolving development: Binance to acquire FTX (https://news.ycombinator.com/item?id=33520585 https://news.ycombinator.com/item?id=33520585) (Yesterday's main discussion here) Binance acquires FTX (https://news.ycombinator.com/item?id=33520624 https://news.ycombinator.com/item?id=33520624) "We will not pursue the potential acquisition of FTX" / Binance (https://news.ycombinator.com/item?id=33537821 https://news.ycombinator.com/item?id=33537821)

rogerkirkness 4y ago
Non binding LOIs get that name for a reason

misiti3780 4y ago

https://archive.ph/HvuOe https://archive.ph/HvuOe

yuppie_scum 4y ago

Feels like it’s been a while since we’ve seen a big bankruptcy.

throwaway23597 4y ago

"'I f---ed up,' Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be 'incredibly, unbelievably grateful' if investors could help." Christ almighty. 8 BILLION dollar shortfall? Weren't they saying just a couple days ago that there were no liquidity problems whatsoever? This is beyond embarrassment, it seems downright illegal.

clpm4j 4y ago
Off topic but I personally hope the meme/stereotype of the slovenly eccentric genius falls out of fashion with startup investors after this whole SBF blowup. It sounds like none of these bluechip VCs did any sort of meaningful diligence, but instead fawned over his strange persona and the fact that he would actively play League of Legends during investor meetings [1]. [1]https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://www.sequoiacap.com/article/sam-bankman-fried-spotlig...
- rogerkirkness 4y ago
  I have been thinking the same thing. All hail Tim Cook, boring industrial engineer and operator of antifragile corporations that don't gamble with customer funds.
  - unmole 4y ago
    > antifragile corporations How is Apple anti-fragile?
    - rogerkirkness 4y ago
      Cash flow positive, strong brand, strong IP/moat.
      - unmole 4y ago
        Antifragile has a specific meaning: https://en.wikipedia.org/wiki/Antifragility https://en.wikipedia.org/wiki/Antifragility
        rogerkirkness 4y ago
        Yes, I have read the book too. Because of the systems they have built for the company, they are able to thrive when others struggle.