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This article is coming in for a great deal of criticism on cryptocurrency Twitter. Among many issues with it that stand out to me, the biggest is probably that
by VagueMag 4y ago
This article is coming in for a great deal of criticism on cryptocurrency Twitter. Among many issues with it that stand out to me, the biggest is probably that they do not mention the balance sheet leak that precipitated the final loss of confidence in FTX. They make it sound as though it was kicked off by CZ dumping Binance's FTT stake in retaliation for SBF's actions on Capitol Hill. It's a very curious omission.
- memish 4y agoIt portrays SBF as a charitable entrepreneur who went under and does not mention the words fraud, criminal, substance abuse, friends & family Bahamas KYC racket, hack, stolen funds or wiped servers anywhere... accounting backdoor, pump & dumps, inside jobs, market manipulation, fraudulent creative accounting, ponzi schemes, spending other people's money, political donations, gary gensler, regulatory shitshow, market crash ... no mention of any of that, zilch, nada. https://twitter.com/krugermacro/status/1592288944766750720 https://twitter.com/krugermacro/status/1592288944766750720
- bhouston 4y agoI understand that narrative that foreign CZ is the big baddy here is also the narrative being pushed by Michael Lewis' forthcoming book as well. Skipping over the likely FTX fraud which is the real cause of the downfall: https://markets.businessinsider.com/news/currencies/big-short-michael-lewis-ftx-sam-bankman-fried-cryptocurrency-collapse-2022-11 https://markets.businessinsider.com/news/currencies/big-shor...
- VagueMag 4y agoI would bet Lewis will substantially revise his book if that was his initial take, but it doesn't bode well that he saw SBF as a Luke Skywalker in the first place.