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There 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 experim
by 0xbadcafebee 4y ago
There 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.
- 0xbadcafebee 4y agoBeing a fucking weirdo is not a false signal, it's a signal. Signals don't determine outcomes, but they signal that maybe you should pay more attention. If you hire a 50 year old male babysitter wearing a t-shirt that says "I Love Little Girls", you could ignore it on the basis that "appearances mean nothing in terms of execution", but it would be extremely bad parenting.
- 1letterunixname 4y ago(Except CEO founders. cough Theranos cough) Ivy pedigree, connections, and media hype but no experience, governance, or ethics required. Get rich quick with life on the easiest setting possible.