The FTX scam, Sam Bankman-Fried, the Clintons and the Democrats

Except for my multiple posts where I said this was a failure of regulators all around the world and explicitly mentioned the regulations&licenses in Europe and Asia?

But this exact fraud has happened in tradfi several times already on a similar scale. So no, it's not a unique crypto issue.

 

Not really…. Just some folks bought too much into crypto because of the narrative.

Crypto is a very risky asset and has behaved like it is the bottomline.

 

You know that a lot of people didn't even hold crypto on there and it had other assets too, plus fiat?

And again, regulators having given FTX licenses to operate in a vast number of countries, without doing proper due diligence and audits (how did this pass proper gaap audits?), and politics giving FTX a regulatory platform is a 100% fact.

Saying this wasn't a regulatory failure is complete nonsense and I think you are commenting without even knowing all the details of this case.

 

Or because it’s a new asset class that is black box.

We dont have some sort of global central bank or regulatory system. It’s still very much the Wild West and that was the appeal of a crypto.

I said “inherent” not unique. My whole point is that crypto isn’t really that different from other risky assets…. Just different jargon.

 

The irony of blaming governments and regulators for crypto’s problems.

 

Loaning out and leveraging over 60% of customer deposits has nothing to do with the asset class and was due to a lack of oversight.

And yes we don't have a global system, but separate entities worldwide licensed FTX in their respective jurisdictions and gave it priority treatment over other exchanges, that's a fact.

 

You don't even bother to really think about what happened in this case and that it was financial fraud on a licensed exchange, thanks for the talk I guess.

 

I get crypto has a deservedly bad rep, but making a play to capture a $1-3T (peak) industry shouldn't just garner a shrug and eyeroll for anyone seriously paying attention.

I was mainly thinking about how Coinbase slithers in between SEC and CFTC in-fighting while racking up a bunch of hypocritical claims to the public.

I think countries are afraid of Binance cuz China.

 

Like I said… crypto ain’t that special. Whether derivatives or FTX or subprime mortgages …. You can manipulate the system.

 

Because financial fraud never happens on license exchanges….

 

Who said it doesn't?

I'm talking about your "oh the irony" comments, as if everyone who has money on ftx or in crypto is an anarchist that wants zero regulatory oversight and a wild west without rules.

People directly went to FTX because they were the only big licensed and kyc exchange that was allowed to offer derivatives and because the licenses+sec talks made it feel legitimate.

 

Not an anarchist but just naive or too wishful about how the world should work.

And it turns out it was a house of cards… Certainly not the first time.

Clearly the founder tried to Enron through it and it fell apart.

 

Likewise your title still doesn’t add up…. You even managed to bring Hunter Biden into this based off some tweets.

At least you haven’t called someone “evil” or a “groomer” yet.

For such a free speecher, you sure do block a lot of views you don’t like to see….

 

They're too busy writing stuff like this:

 

Yeah, the debate turns into pulling teeth when people knee jerk into a defensive posture the moment "Hillary" or even "Democrats" are mentioned. As if they have to tightly grasp the reins from the high horse they're sitting on.

I get the casual dismissal that financial industry has been captured before. SBF's playbook isn't even new. It's what Goldman or Blackrock does and is a pillar of their success. Larry Fink would've probably run Treasury if Hillary won.

Just replying that much adds zero to the debate and is more or less a shitpost and a desperate attempt to fill in the dead silence in their minds.

 

WTF, his lawyers should be fired for incompetence. Is he broke to the point of hiring the firm that took on the Alex Jones case?

This **** links up to the accounts where they stopped doing "quant stuff" mid last year and went balls deep into magic money ponzi schemes along with other firms to chase higher yields. Did he claim his original bread and butter , the quant stuff, "made no actual sense"?

Alameda was definitely his gambling arm while FTX was the legit casino. Sam thought he was Michael, but the poor b*stard was Hyman Roth.