A big part of the entertainment value they got out of it is watching the graphs go up and down and trying to do some kind of technical analysis on worthless coins during the pandemic and the lockdowns. Since the cryptocurrency market is open 24/7, It’s easy for some to develop addiction and never put it to rest, exciting to just not sleep, develop obsession and just go full blown delusional. It’s a story you desperately want to believe is true - hoarding these coins so when worldwide societal adoption comes ( don’t miss out, this is the new internet, this is future, we are early) you have a lot more and a leg up compared to everyone else in society. And those who ignore it and don’t pay attention or dismiss it will be the servants&low class of society, forced to use these coins to buy things someday anyhow and/or will regret that they didn’t listen to the early crypto enthusiasts. Anything perceived to be a threat to its value and you can say it is spreading “FUD” (fear uncertainty doubt) or “this [bad news that just came in] is actually good for bitcoin,” and “buy the dip.” So they provided great entertainment during the lockdowns.
SBF is your classic privileged child of well-to-parents who believes he can do whatever he wants without repercussions. He’s most certainly been told his entire life how smart he is, believing he’s God’s gift to man. He may not have intentionally embezzled funds between FTX and Alameda, but he most certainly knew he was committing fraud in the process under the guise of being a crypto “lender”. I’m guessing he decided to roll the dice with the risk of getting caught because crypto is still not a regulated security by the SEC. However knowingly swapping investor funds between an unregulated speculative investment and a hedge fund is going to eventually get you in trouble.
rojo wrote:
Instead of sitting in a jail cell, SBF after a recent first class flight to his parents multimillion dollar home is still a free man. Admittedly one with an ankle bracelet. Rather than plead guilty like the other high ups at his company, he's doubling down on his defense claiming he did nothing illegal and if FTX hadn't been forced to decllare bankruptcy, the company would be doing OK now.
Oh what I would have given to be next to him on that plane and "accidentally" vomit on him or something...
schadenfreude wrote:
Oh what I would have given to be next to him on that plane and "accidentally" vomit on him or something...
How much did you lose?
ragingclue wrote:
However knowingly swapping investor funds between an unregulated speculative investment and a hedge fund is going to eventually get you in trouble.
OK but If you’re not putting money into something regulated then how do you know it’s “investor funds” and how can you call it that?
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But his Chinese comrade already cut a deal. Same with his owl furry play girl friend. This guy is toast. He is just wasting money that isn't his to pay for his legal and security bills.
ragingclue wrote:
SBF is your classic privileged child of well-to-parents who believes he can do whatever he wants without repercussions. He’s most certainly been told his entire life how smart he is, believing he’s God’s gift to man. He may not have intentionally embezzled funds between FTX and Alameda, but he most certainly knew he was committing fraud in the process under the guise of being a crypto “lender”. I’m guessing he decided to roll the dice with the risk of getting caught because crypto is still not a regulated security by the SEC. However knowingly swapping investor funds between an unregulated speculative investment and a hedge fund is going to eventually get you in trouble.
The society is partly at fault for putting this guy on a pedestal out of greed. They wanted to believe his lies. A math wizard is a dime a dozen. The problem is many of them are socially dysfunctional. The end result is people who created nothing but went onto gamble with some else's money. It's never their money. That is the fun part. You win you win. You lose you still win.
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