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>It was no secret that SBF hated traditional finance. That is quite odd. FTX was the very definition of traditional finance (with or without whatever regulatio

>It was no secret that SBF hated traditional finance. That is quite odd. FTX was the very definition of traditional finance (with or without whatever regulations you may think is required). Maybe he was bullshitting you too? Crypto is now infested with Wall Streeters and VCs trying to convert it into some grotesque form of the old system they are familiar with and failing catastrophically. In a few years decentralized DEXs will all but replace the centralized exchanges.

anonporridge 4y ago
This is the great thing about this whole event. It's a grotesque level of criminal fraud, but unlike when that happens in traditional finance, there will be no bailout. These fraudsters will get wiped out and there is no one to appeal to who can save them.
- AnimalMuppet 4y ago
  These fraudsters and others will get wiped out. That's the bummer about this whole event. You may feel that the others were too greedy and naive, and therefore deserve what they get. Perhaps. But they're still getting wiped out, and they didn't participate in the fraud. (Unless you consider all of crypto to be a fraud...)
  - anonporridge 4y ago
    Sometimes, the best way to train children to avoid putting their hand in the fire is not to be overbearing and make certain they never get burned, but to let them make that mistake and get burned a little so they viscerally understand the consequences of doing such a dangerous thing. If you never let them get a little burned, then they might get terribly burned when you're not around to pull them out. Losing tons of money is not the end of the world, even if it can feel like it. It might just mean you have to swallow your pride and go work at Walmart or McDonalds for a while to build yourself back up. Millions of people live that life every day. Stay humble. Stack sats.
    - selectodude 4y ago
      There are a lot of people who already work at McDonalds or Walmart that watched FTX's super bowl commercial and knew about the "whole crypto thing" that, too, are wiped out. I'm enjoying this shit as much as anybody but unsophisticated people are certainly feeling this right now.
  - Gigachad 4y ago
    >Unless you consider all of crypto to be a fraud This seems to become clearer every day.
- fortran77 4y ago
  Canadian taxpayers will, one way or another, bail out the teacher's pension fund that invested in FTX https://decrypt.co/114235/ontario-teachers-95m-ftx-pension-fund-limited-impact https://decrypt.co/114235/ontario-teachers-95m-ftx-pension-f...
  - IfOnlyYouKnew 4y ago
    It’s a pension fund with a lot of VC deals, and a rather profitable one at that. It can easily eat $95 million in losses.
  - moistly 4y ago
    Oh, don’t be a daft. First, they gambled a fraction of a percent of their portfolio into FTX. Second, the OTPF is one of the best-managed, most-successful funds: they will never be in a position to require bailing out. Your claim is, to be precise, horseshit.

anonporridge 4y ago

This is the great thing about this whole event. It's a grotesque level of criminal fraud, but unlike when that happens in traditional finance, there will be no bailout. These fraudsters will get wiped out and there is no one to appeal to who can save them.

AnimalMuppet 4y ago
These fraudsters and others will get wiped out. That's the bummer about this whole event. You may feel that the others were too greedy and naive, and therefore deserve what they get. Perhaps. But they're still getting wiped out, and they didn't participate in the fraud. (Unless you consider all of crypto to be a fraud...)
- anonporridge 4y ago
  Sometimes, the best way to train children to avoid putting their hand in the fire is not to be overbearing and make certain they never get burned, but to let them make that mistake and get burned a little so they viscerally understand the consequences of doing such a dangerous thing. If you never let them get a little burned, then they might get terribly burned when you're not around to pull them out. Losing tons of money is not the end of the world, even if it can feel like it. It might just mean you have to swallow your pride and go work at Walmart or McDonalds for a while to build yourself back up. Millions of people live that life every day. Stay humble. Stack sats.
  - selectodude 4y ago
    There are a lot of people who already work at McDonalds or Walmart that watched FTX's super bowl commercial and knew about the "whole crypto thing" that, too, are wiped out. I'm enjoying this shit as much as anybody but unsophisticated people are certainly feeling this right now.
- Gigachad 4y ago
  >Unless you consider all of crypto to be a fraud This seems to become clearer every day.
fortran77 4y ago
Canadian taxpayers will, one way or another, bail out the teacher's pension fund that invested in FTX https://decrypt.co/114235/ontario-teachers-95m-ftx-pension-fund-limited-impact https://decrypt.co/114235/ontario-teachers-95m-ftx-pension-f...
- IfOnlyYouKnew 4y ago
  It’s a pension fund with a lot of VC deals, and a rather profitable one at that. It can easily eat $95 million in losses.
- moistly 4y ago
  Oh, don’t be a daft. First, they gambled a fraction of a percent of their portfolio into FTX. Second, the OTPF is one of the best-managed, most-successful funds: they will never be in a position to require bailing out. Your claim is, to be precise, horseshit.