3 ms·

Crypto Twitter Found SBF's Fraud

22 points by lxm 3y ago

a_bonobo 3y ago
The author, Balaji, is a huge voice for crypto on Twitter/X. This smells a lot like trying to rewrite history to try and distance crypto from SBF's fraud.
- TheIronYuppie 3y ago
  100%
- rvz 3y ago
  > The author, Balaji, is a huge voice for crypto on Twitter/X. Is what he is saying wrong in the blog post? Was the New York Times, Sequoia, Forture, Bloomberg, etc critical on SBF's fraud until it was unveiled even before the leaked balance sheet? Where was the balance sheet leaked on and who was questioning SBF over that when he denied it? It was all over Twitter (now X), not the media. Rather than attacking the character why not directly attack his points next time? > This smells a lot like trying to rewrite history to try and distance crypto from SBF's fraud. I think you need to read the contents of the article one more time. EDIT: Why was this post flagged? Let's not choose emotion and flagging things over evidence-based rational discourse.
  - aarreedd 3y ago
    Your comment isn't attacking crypto or someone who's supportive of crypto so hacker news doesn't like it.
    - Freedom2 3y ago
      Precisely. Cryptocurrencies, these shimmering digital treasures, are more than just coins or tokens. They are symbols of a revolution, emblems of a world where trust is not dictated, but earned and verified. A world where every transaction, every agreement, stands transparent and irreversible. Enter Y Combinator, a beacon of foresight and innovation. Their belief and investment in crypto companies have not just been a mere gamble but a resounding vote of confidence in the decentralized future we all envision. Their commitment reminds us that this is not a fleeting trend, but a transformative movement.
  - wmf 3y ago
    The parts that are right appear to be cherry-picked and the parts that are wrong are really wrong.
- profsummergig 3y ago
  All you need to know about him: Uber-libertarian Balajis was the loudest voice calling for a government bailout of Silicon Valley Bank.
  - simonebrunozzi 3y ago
    I think this is a bit unfair. Besides his views (some of them extreme), he's a super smart and accomplished individual, and this article is worth reading IMHO, irrespective of Balaji's background.
    - profsummergig 3y ago
      I agree my comment was a one-sided depiction of him. I too am a fan of some facets of his. His talk to YC's StartUp school was influential in my life: (1) his description of different kinds of "exits" opened up my perspective, and (2) the photo of his father's childhood hut (with a mud floor), contraposed with his own success, affected me strongly.
TheIronYuppie 3y ago
Man why do people listen to him? He genuinely sounds like a conspiracy theorist fever dream. Did SOME crypto people post some stuff? Sure. But remember, the only reason that Coindesk found this story was because someone leaked the internal documents to them. It's not like they did a ton of work and figured it out on their own.
- chromatin 3y ago
  The point of the article is more that mainstream media failed, and in fact continued to fawn over him even after revelations of fraud were public
  - catlover76 3y ago
    I haven't seen anything positive about him in the news.
larsiusprime 3y ago
Fees weird to call out Odd Lots. I remember that episode and at the time everyone took it as “wow, SBF just admitted to running a ponzi scheme.”
wmf 3y ago
I guess Balaji "forgot" to mention all the nocoiners who called out FTX years earlier.
- smoldesu 3y ago
  Even then, decrying pants-on-head frauds like Craig Wright or SBF doesn't threaten them. They want to put you on the defensive (eg. "But how can you prove _______") or drag you into court ("I accuse you of ______!"). From the perspective of a sufficiently wealthy swindler, you can win every battle with favorable positioning. The fact that SBF's defense fell apart in less than a day signals to me that the system did do a better job than however "Crypto Twitter" held him accountable.
pianoben 3y ago
I take it that Balaji is a thought-leader for crypto? Once again, it strikes me as sound and fury, signifying nothing. > millions of people around the world were able to independently fact check him by testing their ability to withdraw and then viewing the results on chain. Yet again, another "use case" for crypto that proves extraordinarily hollow. We've been able to stress-test financial institutions forever. It's called a bank run. What does the blockchain have to do with it?
outside1234 3y ago
Oh boomer

22 points by lxm 3y ago

The author, Balaji, is a huge voice for crypto on Twitter/X. This smells a lot like trying to rewrite history to try and distance crypto from SBF's fraud.

TheIronYuppie 3y ago
100%
rvz 3y ago
> The author, Balaji, is a huge voice for crypto on Twitter/X. Is what he is saying wrong in the blog post? Was the New York Times, Sequoia, Forture, Bloomberg, etc critical on SBF's fraud until it was unveiled even before the leaked balance sheet? Where was the balance sheet leaked on and who was questioning SBF over that when he denied it? It was all over Twitter (now X), not the media. Rather than attacking the character why not directly attack his points next time? > This smells a lot like trying to rewrite history to try and distance crypto from SBF's fraud. I think you need to read the contents of the article one more time. EDIT: Why was this post flagged? Let's not choose emotion and flagging things over evidence-based rational discourse.
- aarreedd 3y ago
  Your comment isn't attacking crypto or someone who's supportive of crypto so hacker news doesn't like it.
  - Freedom2 3y ago
    Precisely. Cryptocurrencies, these shimmering digital treasures, are more than just coins or tokens. They are symbols of a revolution, emblems of a world where trust is not dictated, but earned and verified. A world where every transaction, every agreement, stands transparent and irreversible. Enter Y Combinator, a beacon of foresight and innovation. Their belief and investment in crypto companies have not just been a mere gamble but a resounding vote of confidence in the decentralized future we all envision. Their commitment reminds us that this is not a fleeting trend, but a transformative movement.
- wmf 3y ago
  The parts that are right appear to be cherry-picked and the parts that are wrong are really wrong.
profsummergig 3y ago
All you need to know about him: Uber-libertarian Balajis was the loudest voice calling for a government bailout of Silicon Valley Bank.
- simonebrunozzi 3y ago
  I think this is a bit unfair. Besides his views (some of them extreme), he's a super smart and accomplished individual, and this article is worth reading IMHO, irrespective of Balaji's background.
  - profsummergig 3y ago
    I agree my comment was a one-sided depiction of him. I too am a fan of some facets of his. His talk to YC's StartUp school was influential in my life: (1) his description of different kinds of "exits" opened up my perspective, and (2) the photo of his father's childhood hut (with a mud floor), contraposed with his own success, affected me strongly.

TheIronYuppie 3y ago

Man why do people listen to him? He genuinely sounds like a conspiracy theorist fever dream. Did SOME crypto people post some stuff? Sure. But remember, the only reason that Coindesk found this story was because someone leaked the internal documents to them. It's not like they did a ton of work and figured it out on their own.

chromatin 3y ago
The point of the article is more that mainstream media failed, and in fact continued to fawn over him even after revelations of fraud were public
- catlover76 3y ago
  I haven't seen anything positive about him in the news.

larsiusprime 3y ago

Fees weird to call out Odd Lots. I remember that episode and at the time everyone took it as “wow, SBF just admitted to running a ponzi scheme.”

wmf 3y ago

I guess Balaji "forgot" to mention all the nocoiners who called out FTX years earlier.

smoldesu 3y ago
Even then, decrying pants-on-head frauds like Craig Wright or SBF doesn't threaten them. They want to put you on the defensive (eg. "But how can you prove _______") or drag you into court ("I accuse you of ______!"). From the perspective of a sufficiently wealthy swindler, you can win every battle with favorable positioning. The fact that SBF's defense fell apart in less than a day signals to me that the system did do a better job than however "Crypto Twitter" held him accountable.

pianoben 3y ago

I take it that Balaji is a thought-leader for crypto? Once again, it strikes me as sound and fury, signifying nothing. > millions of people around the world were able to independently fact check him by testing their ability to withdraw and then viewing the results on chain. Yet again, another "use case" for crypto that proves extraordinarily hollow. We've been able to stress-test financial institutions forever. It's called a bank run. What does the blockchain have to do with it?

outside1234 3y ago

Oh boomer