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I'm kind of weirded out by this. It really feels like super rich VC's and investors are trying to force a narrative of a LOT of outrage with this from everyone

by tekla 4y ago

I'm kind of weirded out by this. It really feels like super rich VC's and investors are trying to force a narrative of a LOT of outrage with this from everyone else. Talking to some acquaintances, most know about the story and think the guy probably committed fraud but otherwise don't care THAT much. Reasons 1: Most of the money lost was from VC's and rich people, so we don't care that much 2: Crypto shit seems pretty separated from the rest of the economy so it doesn't seem like 2008 where the failures of these companies caused massive issues for everyone else. So /shrug, people were told that crypto was unregulated and anything could happen, people considered that a feature because $$$, and lost their money when the unregulated shit failed. The magic beans and monopoly money that rich people were playing with were worthless. Who knew except everyone who wasn't trying to be the last sucker out. Should SBF go to jail for fraud? Probably. Does most normal people care that much? I don't think so

amadeuspagel 4y ago
> Most of the money lost was from VC's and rich people, so we don't care that much A lot of normal people had money on FTX.
- tekla 4y ago
  > A lot of normal people had money on FTX. and > Most of the money lost was from VC's and rich people Are not contradictory statements
- atdrummond 4y ago
  While true, the following context remains important: if you exclude prosumers/day traders and institutional investors (both of whom were taking advantage of FTX's stale quotes), FTX was not even a top 10 exchange in terms of user count or volume traded. That's part of why it is odd they were so highly regarded by VCs.
Georgelemental 4y ago
> people were told that crypto was unregulated and anything could happen, people considered that a feature because $$$ Actually no, FTX promised customers that they would keep their assets 1 to 1 and not invest them in risky schemes. And then FTX did it anyway, completely contrary to the existing laws and regulations that are on the books. So even people not chasing "2000% return guaranteed" lost their stuff.

by tekla 4y ago

amadeuspagel 4y ago

> Most of the money lost was from VC's and rich people, so we don't care that much A lot of normal people had money on FTX.

tekla 4y ago
> A lot of normal people had money on FTX. and > Most of the money lost was from VC's and rich people Are not contradictory statements
atdrummond 4y ago
While true, the following context remains important: if you exclude prosumers/day traders and institutional investors (both of whom were taking advantage of FTX's stale quotes), FTX was not even a top 10 exchange in terms of user count or volume traded. That's part of why it is odd they were so highly regarded by VCs.

Georgelemental 4y ago

> people were told that crypto was unregulated and anything could happen, people considered that a feature because $$$ Actually no, FTX promised customers that they would keep their assets 1 to 1 and not invest them in risky schemes. And then FTX did it anyway, completely contrary to the existing laws and regulations that are on the books. So even people not chasing "2000% return guaranteed" lost their stuff.