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SBF had the reputation of being the most honest person in crypto.

by zen21 4y ago

JamesianP 4y ago
so you're saying that still might be true?
rippercushions 4y ago
There's a legendary interview between SBF and Matt "Money Stuff" Levine, where he straight up admits to crypto being a Ponzi scheme. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
PretzelPirate 4y ago
SBF was marketed by his investors who helped him gain people's trust. That's hard to replicate. It was pretty clear to me that SBF wasn't a good actor in this space because he didn't care about decentralization, just about making as much money as he could however he could in the name of effective altruism. I wasn't the only one suggesting that people stay away from anything SBF had touched.
thepasswordis 4y ago
Absolutely ridiculous take. No he was not.
throwup 4y ago
Speaking as someone tangential to the space, I have to disagree. SBF always been kind of loathed by people in the know. I think the reason was because of his political involvement and how he pushed for regulation, while many in crypto are against the government getting involved. "Scam Bankman Fraud," they called him--the memes write themselves.

SBF had the reputation of being the most honest person in crypto.

by zen21 4y ago

SBF had the reputation of being the most honest person in crypto.

JamesianP 4y ago

so you're saying that still might be true?

rippercushions 4y ago

There's a legendary interview between SBF and Matt "Money Stuff" Levine, where he straight up admits to crypto being a Ponzi scheme. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...

PretzelPirate 4y ago

SBF was marketed by his investors who helped him gain people's trust. That's hard to replicate. It was pretty clear to me that SBF wasn't a good actor in this space because he didn't care about decentralization, just about making as much money as he could however he could in the name of effective altruism. I wasn't the only one suggesting that people stay away from anything SBF had touched.

thepasswordis 4y ago

Absolutely ridiculous take. No he was not.

throwup 4y ago

Speaking as someone tangential to the space, I have to disagree. SBF always been kind of loathed by people in the know. I think the reason was because of his political involvement and how he pushed for regulation, while many in crypto are against the government getting involved. "Scam Bankman Fraud," they called him--the memes write themselves.