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Is SBF Going to Prison?
- theandrewbailey 4y agoThis must be getting hugged to death. Cache link: https://webcache.googleusercontent.com/search?q=cache:https%3A//sbfgoestoprison.com/ https://webcache.googleusercontent.com/search?q=cache:https%...
- jollyllama 4y agoHow do these things work? Who presses the button if he "goes to prison"? There's no mention of a timeout or anything on the main page so it all seems rather ambiguous
- theandrewbailey 4y agoOr rather, how long do they wait before they call it that he's not going to prison?
- mberg7 4y ago
- mbreese 4y ago> The cut-off of the no-prison condition will be the last hour of the year 2023 There is also a countdown timer on the site (currently at 403 days). Given the scale of the FTX debacle, it seems to me that this would be a rather quick turnaround to get a potential verdict (and reporting to jail). Would the release happen if he’s arrested? Convicted? Physically in prison? US? Bahamas? Too many details.
- autophagian 4y agoI'm a little worried that if we penalise financial innovation harshly like this (prison!) we will never get the next bitcoin, bitcoin 3.0 if you will.
- mjburgess 4y agoAre you serious?
- deleted 4y ago[deleted]
- jrullman 4y agoFinancial innovation? Hegestratos was conducting fraud in 300 B.C.
- w0m 4y agoI'm honestly not sure that's a bad thing; bitcoin has been pretty horrendous for the planet on a number of fronts and I'm not sure I've actually seen any value yet.
- jobs_throwaway 4y agothe silk road was pretty valuable before the government got in the way
- programmarchy 4y agoSBF : Cryptocurrency :: Bernie Madoff : Stocks
- aliqot 4y agoMadoff did less damage and had the decency to push off shortly after. SBF and his Smegol counterpart will be around as long as they can avoid the people who didn't have the funds to lose.
- otikik 4y agoOhh the horror
- kuratkull 4y agoNobody is talking about penalizing innovation. FTX misappropriated their customers assets. If they hadn't done this SBF wouldn't be risking prison time (probably).
- aliqot 4y agoThis is the stupidest shit I've ever seen. - he goes to prison extraordinarily fast (before EOY 2023) so what? coins are burned then what? burning half the supply doesnt guarantee a liquid cashout, they're essentially becoming late-night TV collector coins. - he doesn't go to prison, half the coins are airdropped back to holders. fucking great, two hands of shit instead of one, oh the possibilities.
- ericpauley 4y agoAgreed; I don't see how this structure ensures a predictable payout in either case, whereas conventional prediction markets do.
- some_random 4y agoI kinda feel like you're taking this too seriously.
- c-linkage 4y agoI truly don't understand this offering, especially since it appears the coins become worthless when he goes to prison, at the statute of limitations, or the death of SBF (whichever comes first). Since all eventualities result in a loss, why would you even buy it except to ponzi your way to riches and glory?
- hotpotamus 4y agoIs parody an option? That was the original idea behind Dogecoin after-all, but I suppose the lesson there is that you probably shouldn't mix parody with crypto because someone will still buy it.
- jrockway 4y agoI think parody is an option. Back when NFTs were a big thing, I was going to make a website where you could "buy" a "non-forestation token". Instead of using energy and GPUs to destroy the environment, I would just go burn down the rainforest directly for you. The web interface had a map where you could choose which forest to burn down, and there were rewards for having the largest contiguous area. I got bored midway through and didn't think my acronym was funny enough (or the game was fun enough), so yeah... Obviously that's dumb but I was going to have a link to donate money to charities that work on protecting forests. It would get is moment of fame on Twitter, people would donate money, the "I hate NFT" folks would have a field day. So if it's parody, I get where the author is coming from. (The site won't load for me, so I can't tell myself!)
- disgruntledphd2 4y agoParody is definitely important. I (at least) would really have appreciated this project, and your description definitely made me laugh out loud. Thanks!
- bedhead 4y agoRant: I have lost so much faith in our institutions’ (especially every federal org) ability to be objective in fulfilling their mission, that they’ve become so brazenly and unconditionally partisan, that I’ve come to the conclusion that SBF’s cozying up to so many of the right people on the favorable political side means that he’ll never see a day in jail, as unfathomable as that is. He’s embarrassed so many people that the pressure to sweep this whole disgusting mess under the rug will be enormous, and the fact that it’s now three weeks later and he’s still just walking around out in the open is strong evidence of this. You can see it every day in the reporting from the media, who describe this giant con as if it was a legitimate enterprise that just sorta - oopsies!! - went awry through poor judgment and silly hijinx. The whole thing was a fraud and STILL no one with a real voice is saying so. I have no words. This has a high likelihood for marking the time when rules just officially stopped mattering, no sin too large, if you can game the system politically.
- gedy 4y agoDon't worry, politicians will "condemn this in the strongest possible terms", that'll show him.
- whatever1 4y agoNah, you can mess with anything else in the US and walk away if you have good connections. But not the financial establishment.
- missedthecue 4y agoBy financial establishment, you mean people playing around with Shiba Inu coin?
- xwolfi 4y agoNo these are trash, but my boys gentlemen investors in Safemoon, those are terrifyingly powerful.
- hotpotamus 4y ago
- HDThoreaun 4y agoWasn't he in the Bahamas the whole time? I doubt he'll face prison time there and I thought you have to be in the US to face american criminal charges.
- anonuser123456 4y ago>I thought you have to be in the US to face american criminal charges. No. The long arm of the US banking system extends globally. I have a friend that's a fed that chases people internationally on stuff like this. They won't forcibly extradite you w/out the host countries cooperation though. So if he pays off the right people he can stay there in perpetuity. But... his assets can be frozen, even at the host countries bank via threat of being cutoff from SWIFT.
- justusthane 4y agoExtradition is a possibility: https://cointelegraph.com/news/us-reportedly-considering-bankman-fried-extradition-for-questioning https://cointelegraph.com/news/us-reportedly-considering-ban...
- jmull 4y agoThere's a straightforward argument to make that he criminally defrauded Americans in the US, so extraditing him to face charges in the US is certainly possible. It slows things down, but doesn't stop them. (If "going to prison" means convicted and sentenced, I very much doubt that could happen before the end of 2023.)
- HDThoreaun 4y ago> There's a straightforward argument to make that he criminally defrauded Americans in the US Is there? I thought the point of FTX was that it was offshore so that it could ignore american laws. I guess with FTX.us also collapsing he can be hit by those customers.
- jmull 4y agoStepping over a border has an effect but doesn't confer absolute immunity. It makes the case more complicated, but I think the scale and audacity of this will motivate prosecutors to take it on. That FTX was targeting Americans seems fairly straightforward to prove... E.g., The Super Bowl commercials that aired in the US.
- pimlottc 4y agoSBF = Sam Bankman-Fried, founder of FTX, the recently failed crypto exchange. For those who haven't been following so closely to know the principals by their TLAs [0] 0: https://en.wikipedia.org/wiki/Three-letter_acronym https://en.wikipedia.org/wiki/Three-letter_acronym
- kayamon 4y agoIf they sent SBF to jail they'd have to send all the other bankers doing it too. Ain't gonna happen.
- jmull 4y agoI believe this is a scam that takes advantage of people's emotions about the FTX collapse. (In the wake of FTX I'm making a conscious effort to point this crap out as explicitly as possible ahead of time.)
- 0xbadcafebee 4y agoThere are so many people who should be blamed for the insolvency of FTX before SBF. Like, first and foremost, all the idiots that gave their money to an experimental wacky business model. But also the government and industry institutions that didn't go "What The Actual Fuck Are You Doing, No No No No No Please God No, Stop It Now" and instead were like "Hmm, The People In Charge Think They Might Make Some Money With This, So It's Fine Please Continue". The fact that anyone gave this dude any money, considering he literally looks homeless half the time, is enough reason to conclude everyone involved got what they deserved. If you get grifted by a homeless looking person, you deserve it, and if you are a good enough grifter to take billions of dollars while looking homeless, you are entitled to all the millions you stole. People who throw all their money at a risky get-rich-quick scheme aren't innocent bystanders (unless they're literally mentally incompetent, but I don't think that explains the sheer size and scope of crypto today; it's mostly people propping up a giant lie with the hopes that they'll profit before it topples on them).
- pjc50 4y agoAs some people have pointed out, "dishevelled guy in tech t-shirt" is not an accident, it's a kind of work uniform as much as the business suit. You've got to look like a tech founder in order to raise money as a tech founder. As well as going to Stanford.
- 0xbadcafebee 4y agoEven if it was a ploy, that... doesn't make things better. If you are giving billions of dollars to a disheveled guy in a t-shirt, regardless of his title ("tech founder" or "homeless utopianist"), bad things are going to happen.
- 1letterunixname 4y agoCounterexample: Phil Knight. Appearances mean nothing in terms of execution. Please don't cargo-cult false signals or promote dumb, discriminatory negative narratives that have nothing to do with a venture.
- hackandtrip 4y agoWe keep seeing the number 8$ billions of losses, but I wonder: does that number already include the enormous depreciation of Crypto which is taking place after SBF's demise? What if users' possession on FTX are actually valued much less now?
- coolca 4y agoA scam on a scam.
- smitty1e 4y ago"Nah," said Jon Corzine. https://en.m.wikipedia.org/wiki/Jon_Corzine https://en.m.wikipedia.org/wiki/Jon_Corzine
- perfecthjrjth 4y agoFirst, what are the possible charges an AUSA can file against SBF? Which of these charges can stick? What kind of evidence is there for these charges to stick.