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None of the big fish are getting money back. No one is going get money back. It's gone. At the same time, I have trouble finding sympathy for anyone involved

by JackFr 4y ago

None of the big fish are getting money back. No one is going get money back. It's gone. At the same time, I have trouble finding sympathy for anyone involved. SBF is a sociopath, thief and liar. Those big-name investors should have known better and I'm sure in many cases they did. They probably should start lawyering up too, because they've got investors of their own who have been harmed either through malfeasance of actionable incompetence. And the 'small time' investors -- mom-and-pop, widows and orphans investing the life savings on the platform -- all crypto is a scam, a Ponzi scheme, at the very best it's a casino or playing the numbers. Always has been. Always will be. All they had to do was open their eyes or maintain critical thinking in the face of promoters trying to bamboozle them. And yet dumb money says I'm wrong. BTC up 4% on the day....

deleted 4y ago
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ethanbond 4y ago
You don't need money going back for it to be the case that the big fish will be fine, have many avenues for recourse, and the small people will be completely and thoroughly burned.
Sporktacular 4y ago
It wasn't a crypto investment for the mums and dads! That's the whole issue. They were treasuries - holdings that shouldn't have been at risk. SBF and his asshole friends dipped into them to close positions and shore up riskier trades made by another company Alameda. People rush to simplify here with 'there are no angels" arguments. It doesn't matter that it was crypto. Those funds were stolen.
LarryMullins 4y ago
It is often the case that the victims of scammers were up to no good themselves, and allowed greed to cloud their judgement. People sign up for schemes that are flagrantly pyramid schemes, knowing it's a pyramid scheme, because they think they'll be able to get in and get out before the pyramid collapses. This kind of behavior is the norm in the crypto currency scene. 8% APR from a crypto company was obviously a pyramid scheme. Anybody who put their money into FTX was either unbelievably stupid, or knew they were playing with fire and hoped they wouldn't be the ones to get burnt. If somehow all the money has been utterly destroyed so nobody involved gets any of it, that would probably be the best outcome. If the cryptobro investors get their money back, they're just going to use it in other scams to hurt more people.

by JackFr 4y ago

deleted 4y ago

[deleted]

ethanbond 4y ago

You don't need money going back for it to be the case that the big fish will be fine, have many avenues for recourse, and the small people will be completely and thoroughly burned.

Sporktacular 4y ago

It wasn't a crypto investment for the mums and dads! That's the whole issue. They were treasuries - holdings that shouldn't have been at risk. SBF and his asshole friends dipped into them to close positions and shore up riskier trades made by another company Alameda. People rush to simplify here with 'there are no angels" arguments. It doesn't matter that it was crypto. Those funds were stolen.

LarryMullins 4y ago

It is often the case that the victims of scammers were up to no good themselves, and allowed greed to cloud their judgement. People sign up for schemes that are flagrantly pyramid schemes, knowing it's a pyramid scheme, because they think they'll be able to get in and get out before the pyramid collapses. This kind of behavior is the norm in the crypto currency scene. 8% APR from a crypto company was obviously a pyramid scheme. Anybody who put their money into FTX was either unbelievably stupid, or knew they were playing with fire and hoped they wouldn't be the ones to get burnt. If somehow all the money has been utterly destroyed so nobody involved gets any of it, that would probably be the best outcome. If the cryptobro investors get their money back, they're just going to use it in other scams to hurt more people.