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This is f** wild. I don't understand level of incompetence it took to trust him with that much money. People who trusted them with this much money are fools. Fo

This is f** wild. I don't understand level of incompetence it took to trust him with that much money. People who trusted them with this much money are fools. Fools with large $$$.

killingtime74 3y ago
A bit of incompetence and a lot of greed. If someone says they can make you a lot of money, you're willing to ignore a lot of things. You just hope you're not the bag holder at the end. As long as there is greed there's always going to be more FTX and Theranos.
hef19898 3y ago
Besides too much money, which they were parted from like fools, they had also too much hopenof finding even greater fools. Doesn't work all the time so, sometimes you actually are the greatest, ot at least unluckiest, fool in that particular game of fools.
- onlyrealcuzzo 3y ago
  When you're trying to start a magic bean farming business, and you end up investing with a crook who blows all your money on coke & hookers before your magic bean business gets off the ground... it's a little bit of expedited justice, isn't it?
  - hef19898 3y ago
    I don't mind investors loosing money, that's part of the game and if you fail to do a proper due diligence and risk evaluation, well, you get what you deserve. All the people loosing money with FTX as users, well, they are a different story.
mschuster91 3y ago
Especially ludicrous given that a large point of the USP of crypto-currencies was that you didn't need to trust anyone because The Blockchain and smart contracts renders "trust" obsolete. In the end, it all was bullshit, and (assuming the US government is correct with the re-classification of "independent contractors") exploitation and fraud.
VoodooJuJu 3y ago
The most enlightening things to come out of the crypto craze: 1. There is an overwhelming abundance of rich idiots in this world. Wealth-merit determinism has been publicly dealt a serious blow that I hope people will take to heart. 2. Finance is a mature and ever-evolving complex technology in itself that has proved why it is the way it is, and no amount of idealist nerds and their "investor" fools can possibly knock it down. It must be humbling to rediscover every regulation and facet of finance, one crypto-blunder at a time. Finance as an industry attracts some of the world's most intelligent and most ruthless individuals, but you think they're somehow leaving money on the table? You think you can do better because you know python and cryptography 101? Really?
- JumpCrisscross 3y ago
  > an overwhelming abundance of rich idiots in this world One of the smartest things I heard said about crypto is it’s an unvarnished metric of the animal spirits in our world. Its optimal price isn’t zero. But somewhere just above it. Enough to inspire productive work, but not enough to gain animation of its own.
- ragnot 3y ago
  Software engineers have been re-inventing concepts again and again since the 1970's. It isn't that much of a stretch to believe that they would do the same thing to finance.
  - phone8675309 3y ago
    Too bad most of them don't bother to learn anything about finance before trying to disrupt it and instead fall back on libertarian wet dreams of feeling the ghastly embrace of the ghost of Ayn Rand.
  - joebob42 3y ago
    Software also kind of has reinvented finance. The crypto thrust specifically not so much, but the modern financial system does not look the way it does without software.
- 3y ago
NSMutableSet 3y ago
I would like to see more celebration of the employees who confronted SBM and were then fired for "performance" or "culture fit". That behavior needs to be rewarded, not forgotten.
- lazide 3y ago
  You’re welcome to get the ball rolling.
samstave 3y ago
There is ZERO 'incompetence' --> it is skilled fraud. Madov level.... this guy needs to not kill himself with a sheet in prison. This is a guy who is an utter piece of shit, and his FN STANFORD parents were certainly in on it and they need to go down as well, but they are a smoke screen.
deleted 3y ago
[deleted]
thesausageking 3y ago
Sequoia, NEA, Lux, Insight, Lightspeed, ... these are brand name funds and they were completely duped. Sequoia wrote a glowing, 15,000 word piece about Sam: https://web.archive.org/web/20220922164619/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://web.archive.org/web/20220922164619/https://www.sequo... How do investors put in >$1B without doing any real diligence or having the company setup a board or even have a CFO.

This is f** wild. I don't understand level of incompetence it took to trust him with that much money. People who trusted them with this much money are fools. Fools with large $$$.

killingtime74 3y ago

A bit of incompetence and a lot of greed. If someone says they can make you a lot of money, you're willing to ignore a lot of things. You just hope you're not the bag holder at the end. As long as there is greed there's always going to be more FTX and Theranos.

hef19898 3y ago

Besides too much money, which they were parted from like fools, they had also too much hopenof finding even greater fools. Doesn't work all the time so, sometimes you actually are the greatest, ot at least unluckiest, fool in that particular game of fools.

onlyrealcuzzo 3y ago
When you're trying to start a magic bean farming business, and you end up investing with a crook who blows all your money on coke & hookers before your magic bean business gets off the ground... it's a little bit of expedited justice, isn't it?
- hef19898 3y ago
  I don't mind investors loosing money, that's part of the game and if you fail to do a proper due diligence and risk evaluation, well, you get what you deserve. All the people loosing money with FTX as users, well, they are a different story.

mschuster91 3y ago

Especially ludicrous given that a large point of the USP of crypto-currencies was that you didn't need to trust anyone because The Blockchain and smart contracts renders "trust" obsolete. In the end, it all was bullshit, and (assuming the US government is correct with the re-classification of "independent contractors") exploitation and fraud.

VoodooJuJu 3y ago

The most enlightening things to come out of the crypto craze: 1. There is an overwhelming abundance of rich idiots in this world. Wealth-merit determinism has been publicly dealt a serious blow that I hope people will take to heart. 2. Finance is a mature and ever-evolving complex technology in itself that has proved why it is the way it is, and no amount of idealist nerds and their "investor" fools can possibly knock it down. It must be humbling to rediscover every regulation and facet of finance, one crypto-blunder at a time. Finance as an industry attracts some of the world's most intelligent and most ruthless individuals, but you think they're somehow leaving money on the table? You think you can do better because you know python and cryptography 101? Really?

JumpCrisscross 3y ago
> an overwhelming abundance of rich idiots in this world One of the smartest things I heard said about crypto is it’s an unvarnished metric of the animal spirits in our world. Its optimal price isn’t zero. But somewhere just above it. Enough to inspire productive work, but not enough to gain animation of its own.
ragnot 3y ago
Software engineers have been re-inventing concepts again and again since the 1970's. It isn't that much of a stretch to believe that they would do the same thing to finance.
- phone8675309 3y ago
  Too bad most of them don't bother to learn anything about finance before trying to disrupt it and instead fall back on libertarian wet dreams of feeling the ghastly embrace of the ghost of Ayn Rand.
- joebob42 3y ago
  Software also kind of has reinvented finance. The crypto thrust specifically not so much, but the modern financial system does not look the way it does without software.
3y ago

NSMutableSet 3y ago

I would like to see more celebration of the employees who confronted SBM and were then fired for "performance" or "culture fit". That behavior needs to be rewarded, not forgotten.

lazide 3y ago
You’re welcome to get the ball rolling.

samstave 3y ago

There is ZERO 'incompetence' --> it is skilled fraud. Madov level.... this guy needs to not kill himself with a sheet in prison. This is a guy who is an utter piece of shit, and his FN STANFORD parents were certainly in on it and they need to go down as well, but they are a smoke screen.

deleted 3y ago

[deleted]

thesausageking 3y ago

Sequoia, NEA, Lux, Insight, Lightspeed, ... these are brand name funds and they were completely duped. Sequoia wrote a glowing, 15,000 word piece about Sam: https://web.archive.org/web/20220922164619/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://web.archive.org/web/20220922164619/https://www.sequo... How do investors put in >$1B without doing any real diligence or having the company setup a board or even have a CFO.