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If bitcoin is up 260%, the non-cryptocurrency assets must bringing the average return down, right?

• Nursie 2y ago
  From what I’ve read there wasn’t really that much bitcoin left by the time they were shuttered, and their own tokens were worthless. That’s part of the whole issue - SBF was just doing whatever he felt like with customer assets and balances. Plus inventing assets out of thin air. The profit that people will get has largely been driven by FTX’s investments in AI stuff, which turn out to have done great. Think about it this way (exaggerated to make a point) - you give SBF $10k to buy Bitcoin on FTX. You expect him to have that amount of BTC locked away somewhere for you. Instead he blows your $10k on houses for himself, giving money to politicians, sponsoring sports grounds and buying stuff for his parents. He’s throws some of it into AI firms. At the time of bankruptcy all he’s actually holding for you is $200 of BTC. That goes up in value to $460. W00t. But wait, two years later those few million he threw at AI seemingly for shits and giggles are now worth a few billion, so you can be made whole and even get a little profit.
  • Nursie 2y ago
    LOL, got my maths a bit wrong there, 260% growth of $200 would be $720, not $460. Doesn't change the overall picture though :)