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you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_is_the_ceo_of_ftxalameda_let_that_sink_in/ https://www.reddit.com/r/wa

you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_is_the_ceo_of_ftxalameda_let_that_sink_in/ https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_... gold

shp0ngle 4y ago
Eh this video doesn’t really say too much
feelandcoffee 4y ago
For a moment I tough was a parody of that meme of kids discussing "Is Fortnite Actually Overrated?"
lm28469 4y ago
Even south park can't keep up with how dumb the system we built evolved to be
gjsman-1000 4y ago
It's funny. Banks are widely perceived as corrupt; and lo and behold, the alternative systems to replace banking have been dragged by their heels through Banking 101. Edit: Also funny, was the unrelated Matt Damon TV ads about how "Fortune Favors the Brave." Obviously it comes from Caesar, but it was also used in Charles Dickens's Little Dorrit by a character encouraging what later turned out a Ponzi scheme...
- zenkat 4y ago
  Projection. It's always projection.
- throwawaysleep 4y ago
  Too often banks are perceived as corrupt due to risk management practices, like not giving mortgages to poor people who go on about how their rent is more than their mortgage.
  - bannedbybros 4y ago
- ansible 4y ago
  I don't think they've even completed the Banking 101 class yet.
- doorman2 4y ago
  FTX being corrupt doesn't automatically mean banks are not corrupt. Just 14 years ago, the actions of banks brought most of the world to the precipice of financial collapse. FTX and Alameda depositors will lose their money. During the GFC, almost everyone lost their money.
  - jjulius 4y ago
    >FTX being corrupt doesn't automatically mean banks are not corrupt. That's not what OP said. OP highlighted the fact that a lot of the crypto space lambasts the traditional banking system as being wholly corrupt, despite a lot of the crypto space itself being equally corrupted in the same ways. Edit: "People who live in glass houses shouldn't throw stones", basically.
- xtian 4y ago
  If they weren’t corrupt then Glass-Steagall would have been no problem.
- MangoCoffee 4y ago
  bank have FDIC to back their customers money and strict regulations. i still can't get over the fact that FTX CEO is taking his customers money to fund his gambling firm.
- woah 4y ago
  FTX WAS a corrupt bank/betting parlor. Cryptocurrency is about self custody and full transparency. This is what blockchains allow. FTX was people depositing money in SBF's personal piggy bank. FTX has nothing to do with crypto, other than the fact that it allowed people to bet on crypto prices.
  - systemicdanna 4y ago
    A crypto exchange had nothing to do with crypto?
deleted 4y ago
[deleted]
queuebert 4y ago
Hollywood is dying because reality is so much more entertaining.
AustinDev 4y ago
Wow... I thought this was satire. (when talking about trading) 'We don't tend to have stop losses, we don't see those as very good risk management tools' No wonder they're bankrupt... SBF loaned her company 10 billion to trade without basic risk management for trading.
- vgatherps 4y ago
  She’s not wrong, stop losses are pretty pointless if you’re running a high volume market maker that is in theory constantly doing tons of volume and reacting to updates. They’re also super dangerous if you have gigantic positions Anyways they wouldn’t save you from collateralizing your loans with shitcoins, taking leveraged bets with money that isn’t yours, having super high exposure to UST and/or Luna, exposed to hackable defi products. Harder things that “having a good sense for risk” usually entails thinking about. The real red flags are claiming she doesn’t use math and that she’s never lost a lot of money on a trade despite doing largely human informed trading for size…
  - MrMan 4y ago
    top comment thanks
  - AustinDev 4y ago
    Fair enough. I'm not familiar with that kind of trading I'm only familiar with basic day trading such as momentum and swing trading which stops have been very helpful for me personally. I imagine when you're making a market and are moving massive volume the rules are different and as you mentioned would require a lot of math like maybe trying to be delta neutral.
    - vgatherps 4y ago
      For a bit more color, as stop makes sense for you since you’re not there 24/7 making decisions. But if you are, there’s no reason to just auto trade a position away. The decision of “what to do when price hits X” is a function of many things instead of price, and you’re better off dynamically deciding. Consider that you could already implement a stop as a 24/7 trading firm anyways
adamsmith143 4y ago
"We don't really use math" Guess their entire trading strategy was hurr durr the coins go up. Completely unsurprising they lost their asses when gasp the coins stopped going up.
- notinfuriated 4y ago
  She was referring to the type of math that she did to earn a math degree, which I suppose could be true. My math degree did not require any of the kind of math I assume they do at these kinds of exchanges, although I also assume that the whole branch of math that starts getting into modeling and analysis would be very useful in these sorts of companies.
  - MrMan 4y ago
    its actuarial science which is basically stats
  - adamsmith143 4y ago
    Didn't she literally say they use elementary school math right after that?
    - JamesianP 4y ago
      I think it was specifically about her CEO job. There might be other people who worked there who did technical stuff. The comfort with risk part seems worse in hindsight. Obviously somewhat less comfort with risk would have been better.

shp0ngle 4y ago

Eh this video doesn’t really say too much

feelandcoffee 4y ago

For a moment I tough was a parody of that meme of kids discussing "Is Fortnite Actually Overrated?"

lm28469 4y ago

Even south park can't keep up with how dumb the system we built evolved to be

gjsman-1000 4y ago

It's funny. Banks are widely perceived as corrupt; and lo and behold, the alternative systems to replace banking have been dragged by their heels through Banking 101. Edit: Also funny, was the unrelated Matt Damon TV ads about how "Fortune Favors the Brave." Obviously it comes from Caesar, but it was also used in Charles Dickens's Little Dorrit by a character encouraging what later turned out a Ponzi scheme...

zenkat 4y ago
Projection. It's always projection.
throwawaysleep 4y ago
Too often banks are perceived as corrupt due to risk management practices, like not giving mortgages to poor people who go on about how their rent is more than their mortgage.
- bannedbybros 4y ago
ansible 4y ago
I don't think they've even completed the Banking 101 class yet.
doorman2 4y ago
FTX being corrupt doesn't automatically mean banks are not corrupt. Just 14 years ago, the actions of banks brought most of the world to the precipice of financial collapse. FTX and Alameda depositors will lose their money. During the GFC, almost everyone lost their money.
- jjulius 4y ago
  >FTX being corrupt doesn't automatically mean banks are not corrupt. That's not what OP said. OP highlighted the fact that a lot of the crypto space lambasts the traditional banking system as being wholly corrupt, despite a lot of the crypto space itself being equally corrupted in the same ways. Edit: "People who live in glass houses shouldn't throw stones", basically.
xtian 4y ago
If they weren’t corrupt then Glass-Steagall would have been no problem.
MangoCoffee 4y ago
bank have FDIC to back their customers money and strict regulations. i still can't get over the fact that FTX CEO is taking his customers money to fund his gambling firm.
woah 4y ago
FTX WAS a corrupt bank/betting parlor. Cryptocurrency is about self custody and full transparency. This is what blockchains allow. FTX was people depositing money in SBF's personal piggy bank. FTX has nothing to do with crypto, other than the fact that it allowed people to bet on crypto prices.
- systemicdanna 4y ago
  A crypto exchange had nothing to do with crypto?

deleted 4y ago

[deleted]

queuebert 4y ago

Hollywood is dying because reality is so much more entertaining.

AustinDev 4y ago

Wow... I thought this was satire. (when talking about trading) 'We don't tend to have stop losses, we don't see those as very good risk management tools' No wonder they're bankrupt... SBF loaned her company 10 billion to trade without basic risk management for trading.

vgatherps 4y ago
She’s not wrong, stop losses are pretty pointless if you’re running a high volume market maker that is in theory constantly doing tons of volume and reacting to updates. They’re also super dangerous if you have gigantic positions Anyways they wouldn’t save you from collateralizing your loans with shitcoins, taking leveraged bets with money that isn’t yours, having super high exposure to UST and/or Luna, exposed to hackable defi products. Harder things that “having a good sense for risk” usually entails thinking about. The real red flags are claiming she doesn’t use math and that she’s never lost a lot of money on a trade despite doing largely human informed trading for size…
- MrMan 4y ago
  top comment thanks
- AustinDev 4y ago
  Fair enough. I'm not familiar with that kind of trading I'm only familiar with basic day trading such as momentum and swing trading which stops have been very helpful for me personally. I imagine when you're making a market and are moving massive volume the rules are different and as you mentioned would require a lot of math like maybe trying to be delta neutral.
  - vgatherps 4y ago
    For a bit more color, as stop makes sense for you since you’re not there 24/7 making decisions. But if you are, there’s no reason to just auto trade a position away. The decision of “what to do when price hits X” is a function of many things instead of price, and you’re better off dynamically deciding. Consider that you could already implement a stop as a 24/7 trading firm anyways

adamsmith143 4y ago

"We don't really use math" Guess their entire trading strategy was hurr durr the coins go up. Completely unsurprising they lost their asses when gasp the coins stopped going up.

notinfuriated 4y ago
She was referring to the type of math that she did to earn a math degree, which I suppose could be true. My math degree did not require any of the kind of math I assume they do at these kinds of exchanges, although I also assume that the whole branch of math that starts getting into modeling and analysis would be very useful in these sorts of companies.
- MrMan 4y ago
  its actuarial science which is basically stats
- adamsmith143 4y ago
  Didn't she literally say they use elementary school math right after that?
  - JamesianP 4y ago
    I think it was specifically about her CEO job. There might be other people who worked there who did technical stuff. The comfort with risk part seems worse in hindsight. Obviously somewhat less comfort with risk would have been better.