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Hedge funds are quite different than cash accounts. And Madoff at least had a story with fake statements and whatnot. FTX was patently impossible.
by prepend 3y ago
Hedge funds are quite different than cash accounts. And Madoff at least had a story with fake statements and whatnot.
FTX was patently impossible.
- tombert 3y agoGenesis was claiming that the Earn program was effectively using cryptocurrency as collateral on high interest loans. I knew how high the interest was on credit cards and auto-loans and payday loans, so it didn’t seem ponzi-like to me. To be clear, I didn’t ever directly do anything with FTX, at least not knowingly. I was unaware of the cross-mingly that was happening with SBF, Genesis, and Alameda, so no matter how “impossible” FTX seemed, it wouldn’t have saved me if I didn’t know FTX was involved. That said, 7% when banks and bonds are are offering 0.1% should have more directly set off my bullshit alarm.