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I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my mon

I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my money market accounts than this crypto forex NFT nonsense.

moab 4y ago
How can you feel sorry for them? They're professors of LAW at Stanford. And this white-collar crime was being committed right under their noses. Pynchon would have had trouble coming up with a plot this wacky.
- tibbydudeza 4y ago
  SBF just played along with the sheer insanity of the concept of crypto (nothing can make nothing) and all the fools who gave him money - it seems that common financial sense is not taught to people anymore or is really in short supply these days. Did people actually listen to him whenever he spoke - whenever did any of his BS make any financial sense ???. https://www.youtube.com/watch?v=C6nAxiym9oc https://www.youtube.com/watch?v=C6nAxiym9oc
  - Sebguer 4y ago
    Right, he openly described what he was doing as a ponzi scheme on stage, and everyone just waved it off.
  - moab 4y ago
    I mean, that's what I'm wondering about his parents. They must have known, or at least had a feeling. And not looking into that and giving your child some advice not to go down this path, or to be careful, and at the very least, not to get involved yourself, that would have been the responsible thing. Maybe it's the blindness we can all fall prey to when it comes to objectively thinking about our blood.
  - mrguyorama 4y ago
    Defrauding willfully ignorant people is still fraud and still a crime. You shouldn't be excused for doing bad things by doing them to people who aren't the brightest or best.
  - randyrand 4y ago
    > nothing can make nothing You can make money just buy buying money. There are billionaires in currency arbitrage.
  - erulabs 4y ago
    > Nothing can make nothing Is the implication that technology (like blockchain and digital currencies) and financial operations (like brokerages and exchanges) can create no legitimate wealth? Because I might humbly suggest this forum, which is run by a venture capital firm specializing in technology, might not rush to agree with you. Less humbly, if you're suggesting labor is what makes things valuable, that's possibly one of the worst ideas in the history of economic thought. SBF might be a fraud, but it doesn't implicate cryptocurrencies, much less capitalism.
pastor_bob 4y ago
They're free to let him take a plea deal and go to prison
- deleted 4y ago
  [deleted]
- tibbydudeza 4y ago
  As a parent it does not work that way unless you have a toxic relationship with yours.
  - mrguyorama 4y ago
    Bullshit. You are perfectly capable of letting your children be punished for their negligence or stupidity, and any action to lessen that punishment will just show them how far you are willing to sacrifice your own life to keep them from learning a hard lesson. They know he knowingly defrauded millions of people out of billions of dollars. If I did that, my mom would let me go to prison for the rest of my life because she knows she taught me morals and that human beings are more important than money and if I decide to ignore that moral framework as an adult then that's on me. Dude is an adult with a fully formed brain. Stopping a twelve year old from burning themselves on a hot stove is one thing, but if your fully adult son still needs to told not to touch the hot stove, it's time to let them fuck around and find out themselves. That all assumes they had no idea what was going on, which I don't know is believable.
    - virgildotcodes 4y ago
      Eh, this is probably their last chance to spend a significant amount of time with their son. By the time he gets out of prison they’ll likely be dead. I can totally understand how parents wouldn’t give two shits about “teaching their child a lesson” in this scenario.
    - yibg 4y ago
      Are you a parent?
  - 4y ago
listenallyall 4y ago
> I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. Losing your money sucks but it's preferable to losing your freedom. It is very likely the parents are guilty of abetting or enabling the fraud in some way. SBF "agreed" to be extradited, that implies some negotiation. The only possible incentive I can think of him agreeing to what is shaping up to be a slam-dunk case of a very long prison term, is immunity for the parents.
- wmf 4y ago
  Or he just wanted out of rat-infested Bahamian prison.
  - listenallyall 4y ago
    I seriously doubt this. The long-term ability to improve one's "experience" in exchange for financial renumeration (i.e. bribes) is certainly much greater in Bahamas than US. It's also far from certain that Bahamas, on its own, could prosecute and convict SBF.
AnimalMuppet 4y ago
If they can afford a $250 million bond, they can probably afford the lawyer fees.
knorker 4y ago
His father worked for FTX for a while. He may be facing charges too.

moab 4y ago

How can you feel sorry for them? They're professors of LAW at Stanford. And this white-collar crime was being committed right under their noses. Pynchon would have had trouble coming up with a plot this wacky.

tibbydudeza 4y ago
SBF just played along with the sheer insanity of the concept of crypto (nothing can make nothing) and all the fools who gave him money - it seems that common financial sense is not taught to people anymore or is really in short supply these days. Did people actually listen to him whenever he spoke - whenever did any of his BS make any financial sense ???. https://www.youtube.com/watch?v=C6nAxiym9oc https://www.youtube.com/watch?v=C6nAxiym9oc
- Sebguer 4y ago
  Right, he openly described what he was doing as a ponzi scheme on stage, and everyone just waved it off.
- moab 4y ago
  I mean, that's what I'm wondering about his parents. They must have known, or at least had a feeling. And not looking into that and giving your child some advice not to go down this path, or to be careful, and at the very least, not to get involved yourself, that would have been the responsible thing. Maybe it's the blindness we can all fall prey to when it comes to objectively thinking about our blood.
- mrguyorama 4y ago
  Defrauding willfully ignorant people is still fraud and still a crime. You shouldn't be excused for doing bad things by doing them to people who aren't the brightest or best.
- randyrand 4y ago
  > nothing can make nothing You can make money just buy buying money. There are billionaires in currency arbitrage.
- erulabs 4y ago
  > Nothing can make nothing Is the implication that technology (like blockchain and digital currencies) and financial operations (like brokerages and exchanges) can create no legitimate wealth? Because I might humbly suggest this forum, which is run by a venture capital firm specializing in technology, might not rush to agree with you. Less humbly, if you're suggesting labor is what makes things valuable, that's possibly one of the worst ideas in the history of economic thought. SBF might be a fraud, but it doesn't implicate cryptocurrencies, much less capitalism.

pastor_bob 4y ago

They're free to let him take a plea deal and go to prison

deleted 4y ago
[deleted]
tibbydudeza 4y ago
As a parent it does not work that way unless you have a toxic relationship with yours.
- mrguyorama 4y ago
  Bullshit. You are perfectly capable of letting your children be punished for their negligence or stupidity, and any action to lessen that punishment will just show them how far you are willing to sacrifice your own life to keep them from learning a hard lesson. They know he knowingly defrauded millions of people out of billions of dollars. If I did that, my mom would let me go to prison for the rest of my life because she knows she taught me morals and that human beings are more important than money and if I decide to ignore that moral framework as an adult then that's on me. Dude is an adult with a fully formed brain. Stopping a twelve year old from burning themselves on a hot stove is one thing, but if your fully adult son still needs to told not to touch the hot stove, it's time to let them fuck around and find out themselves. That all assumes they had no idea what was going on, which I don't know is believable.
  - virgildotcodes 4y ago
    Eh, this is probably their last chance to spend a significant amount of time with their son. By the time he gets out of prison they’ll likely be dead. I can totally understand how parents wouldn’t give two shits about “teaching their child a lesson” in this scenario.
  - yibg 4y ago
    Are you a parent?
- 4y ago

listenallyall 4y ago

> I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. Losing your money sucks but it's preferable to losing your freedom. It is very likely the parents are guilty of abetting or enabling the fraud in some way. SBF "agreed" to be extradited, that implies some negotiation. The only possible incentive I can think of him agreeing to what is shaping up to be a slam-dunk case of a very long prison term, is immunity for the parents.

wmf 4y ago
Or he just wanted out of rat-infested Bahamian prison.
- listenallyall 4y ago
  I seriously doubt this. The long-term ability to improve one's "experience" in exchange for financial renumeration (i.e. bribes) is certainly much greater in Bahamas than US. It's also far from certain that Bahamas, on its own, could prosecute and convict SBF.

AnimalMuppet 4y ago

If they can afford a $250 million bond, they can probably afford the lawyer fees.

knorker 4y ago

His father worked for FTX for a while. He may be facing charges too.