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But she’s highly regarded! It’s all just a little joke. Check out https://www.reddit.com/r/wallstreetbets https://www.reddit.com/r/wallstreetbets. Also https:/
by sillysaurusx 4y ago
But she’s highly regarded!
It’s all just a little joke. Check out https://www.reddit.com/r/wallstreetbets https://www.reddit.com/r/wallstreetbets. Also https://m.youtube.com/watch?v=jg85H26wyLk https://m.youtube.com/watch?v=jg85H26wyLk
She certainly earned her sentence, and I have no sympathy for her. But isn’t it hard not to be at least a little impressed with the sheer scale of her losses? Getting in the record books for “most money lost by a single individual” is a hard thing to do in general.
- jacquesm 4y ago> It’s all just a little joke. We don't share the same concept of humor then.
- santoshalper 4y agoDon't let the killjoy bring you down. I got it and it was funny.
- jjulius 4y ago>It's all just a little joke. Super funny to every single person who lost money to the person "getting in the record books for 'most money lost by a single individual'".
- Hamuko 4y agoWell, if you're going to roll the dice with an unregulated securities market because you want massive profits, it helps to have a sense of humour about it.
- jjulius 4y agoYeah, because victims of financial fraud always know the risks. /s
- cycomanic 4y agoThe issue is that culture has developed into idolizing people just for getting rich. So naturally everyone aspires to this. Moreover lots of these people talk about it like its easy with just a little "financial knowledge" while in fact many just got lucky on some high risk bets (and often enough were already well off enough so they did not need to worry about the losses). Therefore people fall for Nigerian Prince schemes or FTX or many other schemes, they are essentially greedy and want to be one of the ones who make it rich without any real contribution. I'm not sure if one needs to feel sorry for the people loosing something, however I definitely think the current culture of idolizing money is toxic.
- pretendscholar 4y agoYes it is quite funny when people get surprised that a get rich scheme isn’t real.
- jjulius 4y agoEven those who aren't informed enough to know better than to be taken advantage of?
- TeMPOraL 4y agoThey were going to lose their money either way. The funny bit isn't people who were taken advantage of, but that the one taking the advantage actually sees some negative consequences of it.
- jjulius 4y agoI can agree with that, the unfortunate bit is that a couple of others (even the one I was replying to before you replied) have responded to my post actually laughing at the victims.
- nradov 4y agoWhich victims, the account holders or investors? I think we can all agree that idiot investors like SoftBank and Sequoia Capital deserve a little laughter.
- smegger001 4y agoif you go investing in new unregulated chaotic markets without doing due diligence to at least research what your investing in you are at least somewhat culpable for your own losses. Don't invest in thing you don't understand.
- jjulius 4y agoI don't disagree, but to laugh at ignorance?
- randerson 4y agoI've been trying to find an account of anyone who had a large portion of their wealth in FTX and not just some highly speculative investment they could afford to lose. Was anyone actually trusting these people with their life savings?
- largepeepee 4y agoThere are plenty of people who treated FTX as a high savings yield account and just kept it there. Most don't want to talk about it now since it's embarrassing but look at the trading firms with writes down of 50% or more. For small timers, they are just under reported like with Luna, there are probably a fair amount of suicides, but govts don't reveal details to avoid emotional group contagion
- AlbertCory 4y agoYou should watch the episode of Downton Abbey where Lord Crawley talks about this fellow in America named "Ponzi" who offers these great returns.
- EMM_386 4y agoTheir ‘chief regulatory officer’ Dan Friedberg was previously tied to a massive online poker scandal! Let's get real here, there was no "due diligence" or anything else that should have been done when you are investing hard-earned money.
- actionablefiber 4y agoBill Hwang has that number beat.
- deleted 4y ago[deleted]
- madrox 4y agoIf you can't be a shining example, at least be a terrible warning. I laughed.
- ChuckMcM 4y agoI think Elon threw his hat in the ring for "most wealth lost by and individual in a single year." And I agree, it is a really tough game to play. And now the table stakes are basically unreachable by most.
- darth_avocado 4y agoIf “Money lost” means stock valuation decline or overpaying for another company, that he may be able to salvage. And not yolo on meme stonks and realize all the losses.
- encoderer 4y agoIf you dramatically overpay for an asset you have lost money. It’s not just logically correct, it’s also gaap mark-to-market accounting.
- lazide 4y agoOnly when someone figures out what the fair price actually is. Which depends of course on who is doing the accounting and when/if mark to market actually happens (which doesn’t necessarily need to, for most entities).
- ChuckMcM 4y agoWell to be fair the Alameda fiasco had them over valuing FTT tokens (which is kind of like over paying for a stock right?) I mean she didn't "lose" money, the assets that she collateralized her loans with became worthless so she couldn't repay them. But I think that gets way into accounting arcana which Matt Levine does a much better job of explaining than I ever could!
- TylerE 4y agoAre either in even the same ballpark as the SoftBank guy? Didn’t he light something like $40b on fire one year?
- 4y ago
- VectorLock 4y agoShe hasn't been sentenced yet. Lets hold off and see if its what she earned.
- ilyt 4y ago> Getting in the record books for “most money lost by a single individual” is a hard thing to do in general. Putin would beat that easily if you add lossess to business and business opportunities lost