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re: Can we have a Money Talk Discussion about the FTX Mess?
Posted on 11/15/22 at 10:43 am to LSUFanHouston
Posted on 11/15/22 at 10:43 am to LSUFanHouston
I never understood crypto. I always looked like "the theory of the greater fool" to me. Have a nephew who made millions though, but he got in very early.
If it is a new kind of Ponzi scheme, it is good to be in the early bunch.
If it is a new kind of Ponzi scheme, it is good to be in the early bunch.
1
Posted on 11/15/22 at 10:48 am to NC_Tigah
quote:
A whale investor got word of this, tried to closeout his account, SBF couldn't produce the cash and the house of cards collapsed.
CZ says he's still holding a bag of FTT and didn't short FTT, but, ehh, he's not exactly the most trustworthy guy either, so who knows. It would not surprise me in the least if Binance got most of their cash out, then announced the plan to sell, then shorted FTT, thus making more money and digging a grave for Sam.
Posted on 11/15/22 at 10:51 am to Fat Bastard
quote:
had enough getting your arse handed to you on PB eh?
You are better at discussing rentals / S Corps than you are at discussing politics or making jokes
Posted on 11/15/22 at 10:52 am to LSUFanHouston
quote:
I had one request... violated on the FIRST response...
when it was likely the reason for establishing FTX in the first place, that topic becomes hard to ignore.
Posted on 11/15/22 at 10:58 am to notsince98
quote:
Isn't fraud by its very nature a conspiracy? You have to conspire to defraud someone. That is what makes it fraud.
Not necessarily. Fraud can be committed by a single person. Conspiracy implies more than one.
This post was edited on 11/15/22 at 10:58 am
Posted on 11/15/22 at 11:01 am to OccamsStubble
quote:
when it was likely the reason for establishing FTX in the first place, that topic becomes hard to ignore.
You think the entire point of FTX was to funnel money to Democrats / Ukraine?
Posted on 11/15/22 at 11:02 am to Goldrush25
quote:
Not necessarily. Fraud can be committed by a single person. Conspiracy implies more than one.
Opportunity
Motivitation
Rationalization
Those are the factors present to have a fraud.
It's possible one person could act on all three factors. Ususally this requires negligence by others... but it can happen.
Conspiracy is common because it's hard for one person to act on all three. But it's not impossible.
Posted on 11/15/22 at 11:19 am to LSUFanHouston
Tying of FTX to Ukraine is just bizarre.
Celsius goes under, voyager goes under, nothing. Do Kwon steals millions, nothing.
FTX goes under; muh Ukraine.
If FTX has ties to Ukraine, then so does Tom Brady. Hell, so does Chicken.
Chicken hosts a MESSAGE BOARD with THOUSANDS OF POSTS discussing MILITARY STRATEGY for UKRAINE.
Some of you need to get a fricking grip. SBF is a thieving count that played roulette with depositors funds and lost. Read what Andrew Jackson said about banks and you’ll see what these shitty exchanges have been doing without oversight.
It’s not some grand deep state globalist conspiracy. It’s a count stealing money.
Celsius goes under, voyager goes under, nothing. Do Kwon steals millions, nothing.
FTX goes under; muh Ukraine.
If FTX has ties to Ukraine, then so does Tom Brady. Hell, so does Chicken.
Chicken hosts a MESSAGE BOARD with THOUSANDS OF POSTS discussing MILITARY STRATEGY for UKRAINE.
Some of you need to get a fricking grip. SBF is a thieving count that played roulette with depositors funds and lost. Read what Andrew Jackson said about banks and you’ll see what these shitty exchanges have been doing without oversight.
It’s not some grand deep state globalist conspiracy. It’s a count stealing money.
Posted on 11/15/22 at 11:21 am to LSUFanHouston
My question is what kind of trading Alameda did to be so successful early on. Did they honestly just have the luckiest start ever by forming in late 2019 and riding the "tendies" era to the moon?
How were they so fricking bad at trading?
How were they so fricking bad at trading?
This post was edited on 11/15/22 at 11:22 am
Posted on 11/15/22 at 11:23 am to SlowFlowPro
Crypto is cyclical. You could have put money into any top 100 crypto in 2019 and made a shite ton.
People will be saying the same about the top 100 in 2023/2024.
Problem is people get greedy and don’t know when to quit pulling the lever on the slot machine. Just when you think the bull market won’t ever end…it ends.
People will be saying the same about the top 100 in 2023/2024.
Problem is people get greedy and don’t know when to quit pulling the lever on the slot machine. Just when you think the bull market won’t ever end…it ends.
This post was edited on 11/15/22 at 11:25 am
Posted on 11/15/22 at 11:25 am to LSUFanHouston
democratic Ponzi scheme
Posted on 11/15/22 at 11:26 am to Highthoughts
quote:
Tying of FTX to Ukraine is just bizarre.
They're connecting dots.
SBF gave a lot of money to Democrats
FTX collapses and money is missing.
FTX has a very small connection to Ukraine by handing some charity stuff (donations likely sub-$100M)
So they craft a Texas Sharpshooter's Fallacy into a CT by "connecting the dots"
Posted on 11/15/22 at 11:27 am to UltimaParadox
quote:
Lol makes sense cryptobros starting to dig into conspiracy theories and believe them.
Can't accept the fact that it was straight fraud.
How many top crypto companies have sunk now?
Posted on 11/15/22 at 11:33 am to Auburn1968
Anther interesting aspect of this is what will become of people such as Caroline Ellison. She knew that FTX customer funds were being used to prop up Alameda, but I think she might be dumb enough to not understand the implications. I believe she pretty much did what SBF directed, and was clueless. That said, I don't know how much sympathy I have as she was probably making a lot of money to be a faux CEO. I think her lack of common sense, and convincing people of that, may be her greatest asset going forward.
Posted on 11/15/22 at 11:36 am to Highthoughts
quote:
You could have put money into any top 100 crypto in 2019 and made a shite ton.
Yeah last night I asked this question and then did some googling and apparently they didn't even do much trading and just held coins, so this whole hedge fund may have just sat on the bubble thinking they were geniuses
Posted on 11/15/22 at 11:42 am to SlowFlowPro
Likely exactly what happened, while borrowing against their funds using leverage plays and lost their arse over the last year until it was all gone.
Posted on 11/15/22 at 11:44 am to Highthoughts
I was kind of getting into this on the OT last night with stout. That Caroline chick isn't an idiot. She has a math degree from Stanford. But it sounds like they thought themselves as clever (a personal term of art) and then got arrogant with the initial success.
Posted on 11/15/22 at 11:55 am to SlowFlowPro
A lot of what y’all are missing is the FTT token asset. This was propped up somehow and added to the value on the balance sheets. Once the FTT token was made worthless by CZ at binance dumping his the whole house of cards came falling down
Posted on 11/15/22 at 11:57 am to CE Tiger
I thought most people understood that. SBF propped up Alameda's losses with FX money and then FX customer money, and used FTT as collateral to make it look like nothing was moved. The ruse was discovered once FTT value decreased b/c that exchange now had drastically differing values.
Posted on 11/15/22 at 12:03 pm to SlowFlowPro
Correct. FTT is what allowed all this to stay under the radar.
As long as they kept winning, no one would care/find out.
What is to be learned this cycle?
1. Avoid leaving crypto on exchanges/CeFi with native tokens
2. Avoid exchanges with aggressive marketing strategies
3. Be extremely skeptical of cefi entities with non-custodial staking rewards
As long as they kept winning, no one would care/find out.
What is to be learned this cycle?
1. Avoid leaving crypto on exchanges/CeFi with native tokens
2. Avoid exchanges with aggressive marketing strategies
3. Be extremely skeptical of cefi entities with non-custodial staking rewards
This post was edited on 11/15/22 at 12:05 pm
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