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They all could have just been basic rich people pulling $600k[0] a year at Jane Street, but they just couldn’t get enough. [0]This number is completely made up

by xxr 4y ago

They all could have just been basic rich people pulling $600k[0] a year at Jane Street, but they just couldn’t get enough. [0]This number is completely made up and betrays my total lack of knowledge about what finance people make.

pclmulqdq 4y ago
Early career it's less than that unless you have done something exceptional for them and threatened to leave.
fnands 4y ago
As far as I understand they were making pretty good bank with Alameda doing crypto arbitrage. Could probably have been set for life just doing that. Human psychology is funny. Not content with being stinking rich in their 20's, they embarked on a massive fraud to get even richer. To give them the benefit of the doubt, I'm not sure they set out to commit fraud, just make money off suckers, but when the temptation presented itself they couldn't resist it seems.
- cellis 4y ago
  Their margins got squeezed quickly. Like the trader that makes a million one year and can’t repeat the random walk the next and starts pitching his “trading course” on YouTube instead of continuing to lose money, same for this but replace “trading course” with a much more sophisticated level of how to fleece retail. And they believed in themselves. I still think they don’t consider what they did “fraud”. They’re just now cooperative because the legal needle has pierced their Bahamas and SV bubble.
- michaelcampbell 4y ago
  > doing crypto arbitrage. They were, but arbitrage can only last so long and theirs ran out. They were convinced of their own genius I think which is what got them on the FTX train.
  - fnands 4y ago
    Agreed. I am just fascinated by the fact that they made an few million easily, and instead of rolling that into something productive they went for fraud.
mookerific 4y ago
Reveals, not betrays.
- deleted 4y ago
  [deleted]
- akulk 4y ago
  Betrays is fine here. https://www.macmillandictionary.com/us/collocations/american/betray https://www.macmillandictionary.com/us/collocations/american...
smabie 4y ago
I mean, realistically, making a buck or 2 a year isn't that much. The real issue is that ftx and alameda could have been massively successful without any fraud.
- dinkumthinkum 4y ago
  You mean if they hadn’t gotten involved in cryptocurrency?

by xxr 4y ago

pclmulqdq 4y ago

Early career it's less than that unless you have done something exceptional for them and threatened to leave.

fnands 4y ago

As far as I understand they were making pretty good bank with Alameda doing crypto arbitrage. Could probably have been set for life just doing that. Human psychology is funny. Not content with being stinking rich in their 20's, they embarked on a massive fraud to get even richer. To give them the benefit of the doubt, I'm not sure they set out to commit fraud, just make money off suckers, but when the temptation presented itself they couldn't resist it seems.

cellis 4y ago
Their margins got squeezed quickly. Like the trader that makes a million one year and can’t repeat the random walk the next and starts pitching his “trading course” on YouTube instead of continuing to lose money, same for this but replace “trading course” with a much more sophisticated level of how to fleece retail. And they believed in themselves. I still think they don’t consider what they did “fraud”. They’re just now cooperative because the legal needle has pierced their Bahamas and SV bubble.
michaelcampbell 4y ago
> doing crypto arbitrage. They were, but arbitrage can only last so long and theirs ran out. They were convinced of their own genius I think which is what got them on the FTX train.
- fnands 4y ago
  Agreed. I am just fascinated by the fact that they made an few million easily, and instead of rolling that into something productive they went for fraud.

mookerific 4y ago

Reveals, not betrays.

deleted 4y ago
[deleted]
akulk 4y ago
Betrays is fine here. https://www.macmillandictionary.com/us/collocations/american/betray https://www.macmillandictionary.com/us/collocations/american...

smabie 4y ago

I mean, realistically, making a buck or 2 a year isn't that much. The real issue is that ftx and alameda could have been massively successful without any fraud.

dinkumthinkum 4y ago
You mean if they hadn’t gotten involved in cryptocurrency?