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re: Can we have a Money Talk Discussion about the FTX Mess?
Posted on 11/15/22 at 12:06 pm to SlowFlowPro
Posted on 11/15/22 at 12:06 pm to SlowFlowPro
Upper Echelon Gaming has a pretty good <20 minute recap of this entire situation, but you basically covered the pertinent financial part in a few sentences.
0
Posted on 11/15/22 at 12:07 pm to LSUFanHouston
quote:
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?
I never suggested it was established to funnel money to democrats
Posted on 11/15/22 at 12:35 pm to BottomlandBrew
quote:and for everyone else as well, including exchange participants, investors, etc. That is cold.
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 2:48 pm to UltimaParadox
quote:
Hell SBF donated almost as much money to Republicans and he did democrats
No he didn't.
quote:
Bankman-Fried has supported Republicans during this cycle, primarily through his $2 million contribution to the blockchain and cryptocurrency-focused GMI super PAC. But the bulk of his giving, including $27 million to the Protect Our Future super PAC and $6 million to the House Majority super PAC, has gone to support Democrats.
$2MM does not almost equal $33MM.
Posted on 11/15/22 at 3:01 pm to OccamsStubble
quote:
I never suggested it was established to funnel money to democrats
Total coincidence though that
1) We give billions in taxpayer dollars to Ukraine
2) Ukraine gave a bunch of money to partner with FTX to receive "donations" for the war effort in the form of crypto (likely completely anonymous)
3) FTX CEO and other officers funnel 10s of millions in donations to Dems
This post was edited on 11/15/22 at 3:02 pm
Posted on 11/15/22 at 3:04 pm to Chucktown_Badger
quote:
No he didn't
Technically you are correct, it was actually FTX as a whole that gave out 72 million to all politicians. They were mostly giving money to anyone that was pro crypto.
financial times on FTX political contributions
Posted on 11/15/22 at 3:27 pm to Highthoughts
quote:
1. Avoid leaving crypto on exchanges/CeFi with native tokens
I've been about 90%+ defi for the last few years, but I'm seeing some funky shite during my wallet research.
TONS of Asian money went back to Binance when this whole thing started to unravel. Even people who had held stables for a long time were sending it back to Binance wallets.
I don't know what to make of it. Maybe CZ asked some big players to send assets back before he did the proof of reserves thing?
Maybe they were cashing out?
I dont fricking know.
Posted on 11/15/22 at 4:06 pm to TSLG
The most confusing part to me is Caroline Ellison. She’s really unattractive, but I still want to see her in a pron
Posted on 11/15/22 at 5:28 pm to Bdiddy
quote:
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.
As an added bonus, the head of the SEC, Gary Gensler, worked for her father at MIT.
Regarding her having a math degree from Stanford, that doesn't mean as much as you think. I had an employee with a similar background (Ivy League undergrad math, and engineering masters with honors from another Ivy League school). Had absolutely no business sense, and was unable to grasp even basic Excel.
Posted on 11/15/22 at 5:48 pm to Free888
quote:
Had absolutely no business sense, and was unable to grasp even basic Excel.
There's got to be more to this story. Someone with this background isn't dumb.
Posted on 11/15/22 at 7:05 pm to LordSaintly
quote:
here's got to be more to this story. Someone with this background isn't dumb.
She wasn’t dumb, simply couldn’t grasp how the relationships worked in Excel. Would add cells in her head and type them into a cell, rather than using formulas to link. Spent hours trying to train her to no avail. From a business perspective, couldn’t pull appropriate info from an S-1 when performing due diligence, and had shockingly poor judgement on some basic decisions that needed to be made. It wasn’t a language thing, as this person born wasn’t an immigrant.
I think part of the problem was that she looked great on paper, and was able to navigate through her early business career based on the CV, networking and constant job changes. Never gained practical experience.
Posted on 11/15/22 at 7:34 pm to boomtown143
quote:
Exactly this.
Centralized exchanges are NOT crypto.
Not your keys, not your coins.
I totally get this concept, but at the same time is it too much to expect for someone to safely custodian your assets.
We don’t demand brokerages to send us paper stock certificates, right. And just what is the point of any crypto if there aren’t effective means to buy and sell. If everyone held all their coins there would be no liquidity.
The only asset this really make sense for is bitcoin which is supposed to be the store of value. But i guess, there’s bitcoin and then there’s crypto.
When I try to decide if something is a rational action usually put it through the “if everyone did this” test. And if everyone held their crypto then there would be no liquid market. And then crypto is effectively dead.
Posted on 11/15/22 at 7:46 pm to TigerDeBaiter
quote:
We don’t demand brokerages to send us paper stock certificates, right. And just what is the point of any crypto if there aren’t effective means to buy and sell. If everyone held all their coins there would be no liquidity.
Taking custody/ownership of your own crypto != just holding it in your wallet. You can put it into defi protocols to earn yield. Some people provide liquidity in decentralized exchanges like Uniswap to earn a yield.. Literally providing liquidity.
This post was edited on 11/15/22 at 7:48 pm
Posted on 11/15/22 at 7:48 pm to LSUFanHouston
quote:
I'm not a crypto person but this seems to me more of a fraud issue than a cryoto issue.
One in the same when you are pushing a completely made up asset. Its entire value is based upon agreed upon faith. There is nothing else.
And I would think it will eventually be hard for most to keep the faith when the prominent players are scam artists.
Posted on 11/15/22 at 7:50 pm to igoringa
quote:
One in the same when you are pushing a completely made up asset. Its entire value is based upon agreed upon faith. There is nothing else.
So is every fiat currency. USD is a ponzi backed by debts and US military.
Posted on 11/15/22 at 8:02 pm to Hulkklogan
I’ll ride with the USD backed Ponzi scheme backed by the us military everytime over any current or future crypto.
Posted on 11/15/22 at 8:06 pm to HYDRebs
That's fine. Just don't act like USD isn't also a high-grade ponzi.
Posted on 11/15/22 at 9:28 pm to BottomlandBrew
quote:
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.
Well, could be. That would be the icy strategic play. If your money is trapped, short the underlying, throw a grenade and make your money back off the dead body.
He can say that he didn’t do that. But how likely is it that he’d be caught? And even if he was caught in a lie, he’d probably think… so what?
Posted on 11/15/22 at 9:39 pm to LordSaintly
quote:
There's got to be more to this story. Someone with this background isn't dumb
Exactly. Although quant trading is a totally different animal than what happens on a typical trading desk, that she made it as a junior trader on a desk at Jane Street for about a year and a half before joining Alameda, tells me that her part of this story is probably as interesting as SBF’s.
Posted on 11/15/22 at 9:47 pm to HYDRebs
quote:
I’ll ride with the USD backed Ponzi scheme backed by the us military everytime over any current or future crypto.
Why? the US dollar is complete crap with massive printing and inflation.
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