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> the total amount of stakeholder claims filed is $23.6 quintillion dollars What is that, 52,000 times the total wealth in the global economy? How could anyone
by tivert 3y ago
> the total amount of stakeholder claims filed is $23.6 quintillion dollars
What is that, 52,000 times the total wealth in the global economy? How could anyone quote a number like that in any serious context with a straight face? Did Bankman-Fried promise someone that he'd double their money every day, and they are expecting someone to pay out on that insane promise?
https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html https://www.credit-suisse.com/about-us/en/reports-research/g...
> 454.4 trillion USD – global wealth at end-2022
https://www.google.com/search?q=23.6+quintillion+%2F+454.4+trillion https://www.google.com/search?q=23.6+quintillion+%2F+454.4+t...
> 23.6 quintillion / 454.4 trillion = 51936.6197183
- michael1999 3y agoWelcome to crypto!
- Gibbon1 3y agoI feels like the tech business is become a lot like a dodgy casino with investors that invest the same way an old lady invests in a slot machine. Oh yes sometimes a machine (company) will pay out 10 to 1. Most of the time it pays out nothing before the machine catches fire.
- atombender 3y agoRay is not arguing here that $23.6 quintillion dollars were lost. The first part of the quote clearly says the lost funds are estimated to be only $10B. He's saying the claims total $23.6 quintillion, and while it sounds like a non sequitur, from the context it's clear that he's making a point about the effort to work through the claims. The next part of the quote is: The task of addressing filed claims and reducing them to their proper and 'allowed' amount is monumental. Mr. Bankman-Fried assumes this is a breeze. He is wrong, very wrong. I'm not a lawyer, but the effort required to address filed claims doesn't seem relevant to the question of loss, however.