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I just heard that a guy I knew committed suicide over the FTX implosion. He was a weath adviser with a bunch of his clients' money tied up there. FTX fucked wi

by muglug 4y ago

I just heard that a guy I knew committed suicide over the FTX implosion. He was a weath adviser with a bunch of his clients' money tied up there. FTX fucked with peoples' livelihoods, and by extension their lives. Edit: just to clarify, it was his decision to park his clients' money there. But FTX spent a lot of money courting retail investors with slick campaigns. A superbowl ad that implied people were stupid not to participate. Big Silicon Valley VC firms imbued SBF with the aura of a wunderkind who could do no wrong.

toomuchtodo 4y ago
Please make sure this information makes it to sentencing when Bankman-Fried’s trial concludes.
- pessimizer 4y ago
  Only if it makes you feel better. There's no degree of punishment that can be done to this person whom you've never met that can bring the dead that you knew back to life. There are no refunds for spending our civilization lionizing the massive accumulation of wealth by financial manipulation. The danger is in the system, not the random narcissist promoted into a position of power within it; there is an endless supply of narcissists.
  - notch656a 4y ago
    Punishment isn't for the benefit of the dead, it's for the living. Kind of like the funeral.
    - s1artibartfast 4y ago
    - pessimizer 4y ago
      It's a trick played on the living by the people in charge of punishment. If it were for the living, the living would have a lot more of a say than they do, and some of the millions that are spent on the process of punishment would go to the bereaved. The bereaved are the pretense.
      - snoot 4y ago
        Sometimes the bereaved want retribution.
      - chitowneats 4y ago
        The average peasant cares not for this cold utilitarianism. They want to see him drawn and quartered. This is not something imposed by the ruling class.
  - HWR_14 4y ago
    You are correct that it's only if the poster feels better. You are wrong about the reasoning. Unfortunately, sentencing takes into account the harm done, but not causing so much harm that the person then takes their life.
  - tim333 4y ago
    Punishing the guilty may put off the next fraudster.
- frozencell 4y ago
  Can't trial the judge.
themihai 4y ago
- cde-v 4y ago
  Agree completely, but it is lose not loose.
- chrisfosterelli 4y ago
  I don't disagree with you, but someone died. So, yes, maybe we should display a bit of empathy and acknowledge the significant impact this loss can have on someone's life, even if it wasn't a good decision, instead of just saying that they deserve it.
  - AlwaysNoticing 4y ago
  - themihai 4y ago
- A4ET8a8uTh0 4y ago
  << Are we supposed to be sorry for the wealth advisers after their wealthy clients loose their money into crypto investments? That is not the point at all. The point is punishment, especially in a public case like this one, because it is important for society at large to see fraud is punished ( and right now looks a lot closer to Madoff scam type than not ). If the society at large does not see it, it may start questioning the validity of the system and simply decide to throw the table over. This is not a good thing ( unless for one reason or another a person wants to topple a given society ). With that mind, public ostracism should be on everyone's mind. Fuck, we don't have a problem with a guy spouting perceived wrongthink ( edit: I do, but thats another story ) being banned from a conference, but the moment guy manages to effectively make people part with millions of dollars, he is a speaker? << What value do you generate pouring money into bitcoin minning or fliping "worthless" coins ? The same question can be asked about HFT, mass purchase of real estate to artificially raise prices or hoarding aluminum for the same reason. I personally think you are asking the wrong question here. << If you are wealthy and you invest into crypto you deserve to loose it all! I have no real skin in this game despite having some exposure to crypto. I find this attitude counter-productive. edit: first sentence; it didnt' make point clear
hdjjhhvvhga 4y ago
I don't want to sound negative, really. It's a great tragedy. But when you are a wealth advisor, one of your jobs is to inform your clients about the inherent risk of all forms of investments you deal with. As for cryptocurrencies, your duty is to tell your clients all their money can evaporate in a second and they won't be able to do anything about it. If they don't like that, they can use other forms of investments. In my country it's even regulated: the client needs to sign a statement they were informed about it and they accept this risk. So no reason to commit a suicide because it's not your problem in the slightest.
- ipython 4y ago
  If he invested his clients money in FTX, it’s certainly possible he put a lot of his own money into it as well, and lost it all.
  - hdjjhhvvhga 4y ago
    Yes, I assume this is what actually happened. But unless it was a borrowed money, again this is not a reason to commit suicide. You can always start from zero and have a more or less normal life. If it was borrowed money, well, that person shouldn't be a wealth advisor.
- spywaregorilla 4y ago
  Unless of course you were basically bandwagoning on it as well and telling your clients it was a great idea with little risk. edit: this came off as implying suicide was reasonable in such circumstances. Not intended to go that far.
  - sethd 4y ago
    > telling your clients it was a great idea with little risk. Or even worse: Telling your clients they are invested in something else with a completely different risk profile when they were actually exposed to this.
- SirSourdough 4y ago
chinathrow 4y ago
Sorry for your loss. While I do not want to dismiss your comment in any way, the same can be said for all of Crypto. Get out while you can.
- deleted 4y ago
  [deleted]
- Fnoord 4y ago
  > Get out while you can. Nice, the opposite of HODL. Only requires an acronym or something. And indeed, to OP: my condolences.
wstuartcl 4y ago
A wealth advisor that is directing clients to crypo has more problems than FTX. Sorry for your loss.
leethaxor 4y ago
Financial advisor without professional insurance? Why would anyone do that? Shouldn't they be the people who know how to use financial products and services to protect themselves?

by muglug 4y ago

toomuchtodo 4y ago

Please make sure this information makes it to sentencing when Bankman-Fried’s trial concludes.

pessimizer 4y ago
Only if it makes you feel better. There's no degree of punishment that can be done to this person whom you've never met that can bring the dead that you knew back to life. There are no refunds for spending our civilization lionizing the massive accumulation of wealth by financial manipulation. The danger is in the system, not the random narcissist promoted into a position of power within it; there is an endless supply of narcissists.
- notch656a 4y ago
  Punishment isn't for the benefit of the dead, it's for the living. Kind of like the funeral.
  - s1artibartfast 4y ago
  - pessimizer 4y ago
    It's a trick played on the living by the people in charge of punishment. If it were for the living, the living would have a lot more of a say than they do, and some of the millions that are spent on the process of punishment would go to the bereaved. The bereaved are the pretense.
    - snoot 4y ago
      Sometimes the bereaved want retribution.
    - chitowneats 4y ago
      The average peasant cares not for this cold utilitarianism. They want to see him drawn and quartered. This is not something imposed by the ruling class.
- HWR_14 4y ago
  You are correct that it's only if the poster feels better. You are wrong about the reasoning. Unfortunately, sentencing takes into account the harm done, but not causing so much harm that the person then takes their life.
- tim333 4y ago
  Punishing the guilty may put off the next fraudster.
frozencell 4y ago
Can't trial the judge.

themihai 4y ago

cde-v 4y ago
Agree completely, but it is lose not loose.
chrisfosterelli 4y ago
I don't disagree with you, but someone died. So, yes, maybe we should display a bit of empathy and acknowledge the significant impact this loss can have on someone's life, even if it wasn't a good decision, instead of just saying that they deserve it.
- AlwaysNoticing 4y ago
- themihai 4y ago
A4ET8a8uTh0 4y ago
<< Are we supposed to be sorry for the wealth advisers after their wealthy clients loose their money into crypto investments? That is not the point at all. The point is punishment, especially in a public case like this one, because it is important for society at large to see fraud is punished ( and right now looks a lot closer to Madoff scam type than not ). If the society at large does not see it, it may start questioning the validity of the system and simply decide to throw the table over. This is not a good thing ( unless for one reason or another a person wants to topple a given society ). With that mind, public ostracism should be on everyone's mind. Fuck, we don't have a problem with a guy spouting perceived wrongthink ( edit: I do, but thats another story ) being banned from a conference, but the moment guy manages to effectively make people part with millions of dollars, he is a speaker? << What value do you generate pouring money into bitcoin minning or fliping "worthless" coins ? The same question can be asked about HFT, mass purchase of real estate to artificially raise prices or hoarding aluminum for the same reason. I personally think you are asking the wrong question here. << If you are wealthy and you invest into crypto you deserve to loose it all! I have no real skin in this game despite having some exposure to crypto. I find this attitude counter-productive. edit: first sentence; it didnt' make point clear

hdjjhhvvhga 4y ago

I don't want to sound negative, really. It's a great tragedy. But when you are a wealth advisor, one of your jobs is to inform your clients about the inherent risk of all forms of investments you deal with. As for cryptocurrencies, your duty is to tell your clients all their money can evaporate in a second and they won't be able to do anything about it. If they don't like that, they can use other forms of investments. In my country it's even regulated: the client needs to sign a statement they were informed about it and they accept this risk. So no reason to commit a suicide because it's not your problem in the slightest.

ipython 4y ago
If he invested his clients money in FTX, it’s certainly possible he put a lot of his own money into it as well, and lost it all.
- hdjjhhvvhga 4y ago
  Yes, I assume this is what actually happened. But unless it was a borrowed money, again this is not a reason to commit suicide. You can always start from zero and have a more or less normal life. If it was borrowed money, well, that person shouldn't be a wealth advisor.
spywaregorilla 4y ago
Unless of course you were basically bandwagoning on it as well and telling your clients it was a great idea with little risk. edit: this came off as implying suicide was reasonable in such circumstances. Not intended to go that far.
- sethd 4y ago
  > telling your clients it was a great idea with little risk. Or even worse: Telling your clients they are invested in something else with a completely different risk profile when they were actually exposed to this.
SirSourdough 4y ago

chinathrow 4y ago

Sorry for your loss. While I do not want to dismiss your comment in any way, the same can be said for all of Crypto. Get out while you can.

deleted 4y ago
[deleted]
Fnoord 4y ago
> Get out while you can. Nice, the opposite of HODL. Only requires an acronym or something. And indeed, to OP: my condolences.

wstuartcl 4y ago

A wealth advisor that is directing clients to crypo has more problems than FTX. Sorry for your loss.

leethaxor 4y ago

Financial advisor without professional insurance? Why would anyone do that? Shouldn't they be the people who know how to use financial products and services to protect themselves?