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I mean, was he obviously a fraud? You could easily short FTT if you thought that was the case. Additionally, any number of hedge funds could have, and it woul

I mean, was he *obviously* a fraud? You could easily short FTT if you thought that was the case. Additionally, any number of hedge funds could have, and it would have collapsed if they had (the reason this unravelled was a big sale of the token) Maybe you mean in hindsight he was obviously a fraud? But then that criticism doesn't apply to people who took the money before the fraud was revealed.

astrange 4y ago
It’s hard to short something when you can’t trust the exchange. You shouldn’t short USDT either even though Tether is a fraud, because they can fraud harder and blow you up first. Just avoid the business, and don’t grow your nonprofits relying on him paying you.
- habitue 4y ago
  My point is that actually while everyone knows tether is a fraud, it was not actually obvious SBF was a fraud. Unless you're relying on a generic "everything crypto is fraud" heuristic (which, fine, but not clear why SBF would merit special attention before this week)
  - astrange 4y ago
    I didn’t know this until just now (since I was avoiding the industry and didn’t need to research anything), but it seems like “the company is run by a polycule of stimulant abusers in the Bahamas” is a bad sign. https://twitter.com/sbf_ftx/status/1173351344159117312 https://twitter.com/sbf_ftx/status/1173351344159117312 https://twitter.com/carolinecapital/status/1379036346300305408 https://twitter.com/carolinecapital/status/13790363463003054...
    - habitue 4y ago
      yeah, I mean that's the definition of hindsight. Once something happens, you can look back and comb for warning signs. But that doesn't mean it's reasonable to have a rule like "If someone does stimulants and is polyamorous, dont let them give you money, they're definitely running a scam"
      - ChainOfFools 4y ago
        The VCs who goosed FTX and Scam BF with hundreds of millions, resulting in 4 years of feckless tech and finance media fawning over this moron and his supposed "genius" as well as furthering the cancerous spread of crypto into mainstream consciousness, these elite ur-capitalist gatekeepers of gererational wealth - had the 'benefit' of due dilligence before jumping on board. They are now writing down their investments to $0.
        astrange 4y ago
        Their due diligence includes - listening to him claim he’s never read a book in his life - noticing he was playing League of Legends during the pitch meeting while presenting FTX as an everything app like WeChat Which are also things I think I could preemptively say are bad. Though, Sequoia’s also known for firing founders from their startups, so they probably benefit from seeming very generous to new pitches.

I mean, was he *obviously* a fraud? You could easily short FTT if you thought that was the case. Additionally, any number of hedge funds could have, and it woul

astrange 4y ago

It’s hard to short something when you can’t trust the exchange. You shouldn’t short USDT either even though Tether is a fraud, because they can fraud harder and blow you up first. Just avoid the business, and don’t grow your nonprofits relying on him paying you.

habitue 4y ago
My point is that actually while everyone knows tether is a fraud, it was not actually obvious SBF was a fraud. Unless you're relying on a generic "everything crypto is fraud" heuristic (which, fine, but not clear why SBF would merit special attention before this week)
- astrange 4y ago
  I didn’t know this until just now (since I was avoiding the industry and didn’t need to research anything), but it seems like “the company is run by a polycule of stimulant abusers in the Bahamas” is a bad sign. https://twitter.com/sbf_ftx/status/1173351344159117312 https://twitter.com/sbf_ftx/status/1173351344159117312 https://twitter.com/carolinecapital/status/1379036346300305408 https://twitter.com/carolinecapital/status/13790363463003054...
  - habitue 4y ago
    yeah, I mean that's the definition of hindsight. Once something happens, you can look back and comb for warning signs. But that doesn't mean it's reasonable to have a rule like "If someone does stimulants and is polyamorous, dont let them give you money, they're definitely running a scam"
    - ChainOfFools 4y ago
      The VCs who goosed FTX and Scam BF with hundreds of millions, resulting in 4 years of feckless tech and finance media fawning over this moron and his supposed "genius" as well as furthering the cancerous spread of crypto into mainstream consciousness, these elite ur-capitalist gatekeepers of gererational wealth - had the 'benefit' of due dilligence before jumping on board. They are now writing down their investments to $0.
      - astrange 4y ago
        Their due diligence includes - listening to him claim he’s never read a book in his life - noticing he was playing League of Legends during the pitch meeting while presenting FTX as an everything app like WeChat Which are also things I think I could preemptively say are bad. Though, Sequoia’s also known for firing founders from their startups, so they probably benefit from seeming very generous to new pitches.