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I honestly still believe the hype and feel this way about SBF. Call me naive but I think he is a good person. Sometimes good people do really stupid things. Som

by wand3r 4y ago

I honestly still believe the hype and feel this way about SBF. Call me naive but I think he is a good person. Sometimes good people do really stupid things. Sometimes if you just think about the numbers and financial system you can make yourself believe that you are doing “clever accounting”. It seems this was likely fraudulent although much remains to be disclosed. That’s why I am so disappointed. I really think he would have been a good leader and done great things. Additionally, this space will pay such a price for what he is done. Counterpoint: Maybe he was egocentric and if not an outright grifter, someone who played it fast because they thought they had the midas touch. Believing that “only I” can make these choices and take these risks because I am so talented those things will never happen to me. All around, it has been a pretty bad week for SBF, Crypto and alternative finance.

azlyrics 4y ago
https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-funds-missing-report.html https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ft... Seems like a good person wouldn't build a backdoor to siphon off funds without triggering the checks and balances. This requires planning and clear evidence of intent to commit a serious felonies amongst others.
erulabs 4y ago
I’m sorry, maybe I grew up too poor to understand that, but no - believing you have the Midas touch crosses you off the genius list all by itself. The primary lesson of most of humanities literature is to be aware of hubris. Failing lesson one is far more important than doing well in a high end school. Then again maybe this is why I sucked at raising money.
jasmer 4y ago
Aside from Herculean levels of glib lack of self awareness - which maybe we could forgive if he was 'just taking risk' - he was gambling with deposits, now apparently embezzling money (more than $1B is missing) and maybe criminal enterprise stuff as there was a 'hack' in which FTX lost at least hundreds of millions, likely carried out by insiders, i.e. grab the money and stash it before the Feds get at it. Stalin, his entourage and the part believed they were doing good even as they killed millions. They were believers to the end.

by wand3r 4y ago

azlyrics 4y ago

https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-funds-missing-report.html https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ft... Seems like a good person wouldn't build a backdoor to siphon off funds without triggering the checks and balances. This requires planning and clear evidence of intent to commit a serious felonies amongst others.

erulabs 4y ago

I’m sorry, maybe I grew up too poor to understand that, but no - believing you have the Midas touch crosses you off the genius list all by itself. The primary lesson of most of humanities literature is to be aware of hubris. Failing lesson one is far more important than doing well in a high end school. Then again maybe this is why I sucked at raising money.

jasmer 4y ago

Aside from Herculean levels of glib lack of self awareness - which maybe we could forgive if he was 'just taking risk' - he was gambling with deposits, now apparently embezzling money (more than $1B is missing) and maybe criminal enterprise stuff as there was a 'hack' in which FTX lost at least hundreds of millions, likely carried out by insiders, i.e. grab the money and stash it before the Feds get at it. Stalin, his entourage and the part believed they were doing good even as they killed millions. They were believers to the end.