On that point I agree. We all know white collar crimes have a different time frame between committing the crime and being charged.

In my truly professional opinion, this was gross negligence and not criminal. No one in the crypto world believed collateral could drop in value that quickly or in that magnitude. You had a 30 year old running a company worth $32B.

_________________
Hawaii (fuck) You

From investors that should know better? No....this looks criminal. It was a flat-out Ponzi Scheme.

_________________

How old was that shitbag Zuckerberg when he ran Facebook?

_________________

He looks like he has the right friends and associates. He'll either die by illegitimate suicide or fade. I don't think he'll go to jail, they don't want this to be dug into.

As long as he dies soon, I'm good

_________________

There might be an opening for the deputy assistant secretary of Spent Fuel and Waste Disposition. He could do that.

Kraken tuning up to join the “11” club. Feel free to insert a hockey joke here.

https://www.msn.com/en-us/news/technology/kraken-crypto-exchange-lays-off-30-percent-of-workforce/ar-AA14Krn2

_________________
Hawaii (fuck) You

Looks like 19. He is 37, incorporated in 2004. Running Facebook is a lot less complex than a crypto exchange. Facebook is not holding billions of dollars of your money in sometimes illiquid instruments. Elizabeth Holmes is another great example of a person too inexperienced to handle a complex business.

_________________
Hawaii (fuck) You

CZ squeezed this guy and the whole thing came tumbling down.

I understand that it doesn't actually work this way and regulation was/is suspect, especially with this guy, but an exchange is supposed to be like a bank. It's fair for a customer to assume if he wants to remove his crypto from an exchange that the exchange will have it on hand.

I don't know what percentage of deposits a bank must have available. I think if you're part of the Federal Reserve system it's 10-12% or somewhere around there. Apparently SBF didn't have much (any?) Bitcoin at all.

_________________
The Court will accord substantial deference to the government's immigration policies, particularly those that implicate matters of national security.

Agreed Jorr. I believe the reserve rule is 10%, but there is a lender of last resort (the Fed) if a bank comes up short and the FDIC insurance. But like your securities brokerage account, your funds/coins should be custodial and segregated and always available for withdrawal. These idiots lending against crypto, especially with customer funds is the epitome of stupid.

_________________
Hawaii (fuck) You

It's not really a Ponzi scheme. In those, you pay returns to early investors from the funds of new investors, offering outsized returns Madoff style. These were naive crypto enthusiasts who never thought the asset class could fall as sharply and quickly as it did. They lent against crypto assets and they used leverage and derivatives to play in the market. Imagine if you're a bank making loans on real estate with 25% down. But then your entire loan portfolio collateral falls 95% in value over the course of a year. You would be wiped out.

_________________
Hawaii (fuck) You

It really is though. And even if he didn't intend that, it shouldn't matter.

This is a particularly sore subject for me because I almost went to prison during the crash of 2008 after being accused of "fraud" for not being able to deliver on projects where my company had taken deposits. We had a reasonable expectation of how much business we would have, how much we could borrow, etc., all based upon years of experience. When that blew up in 2008 and all those expectations suddenly went out the window, nobody gave us a break. Our intention certainly wasn't to rob anyone, but no one was making apologies for us like the one you made for SBF above.

I had to take the heat and it cost me everything I had- my reputation, my money, my house. And I avoided prison by the skin of my teeth. One of my partners wasn't as lucky. And we're talking about around $100,000, not billions. But I'm a scumbag and this guy gets a hagiography from the "Paper of Record."

_________________
The Court will accord substantial deference to the government's immigration policies, particularly those that implicate matters of national security.

JORR a squealer, informant, snitch?! Say it ain't so

Nope. I guess they thought my partner was a bigger criminal than I was. We both got sued by a third partner which pisses me off more than the government persecution.

_________________
The Court will accord substantial deference to the government's immigration policies, particularly those that implicate matters of national security.

_________________
The Court will accord substantial deference to the government's immigration policies, particularly those that implicate matters of national security.

definitely snitching would have clashed with the little bit of information cobbled together here to form a highly nebulous picture of your personal moral code, which seems more important than government issued legal codes. Glad to hear you didn't take the government rat cheese. Shit never works out the way the government says it will for snitches anyhow.

What's crazier- accidentally losing 8 billion dollars or accidentally eating 3000 shrimp?

_________________
The Court will accord substantial deference to the government's immigration policies, particularly those that implicate matters of national security.

I'll pat him down for a wire the next time I'm in his presence. I'm a lifetime NRA member. #NoRatsAllowed

_________________
Be well

GO BEARS!!!

NRA No Rats Allowed -- I like it, surprised I had not heard this before. Or maybe I did and wasn't in a memory retaining state at the time.


Yeah, JORR's about the last person on this board I'd think would cotton to snitching. He's too smart to fall for the government's bs -- it's not going to be as bad as they say if you don't rat out your friends and if you do eat the government snitch cheese 90 percent of what they're promising you in return for being a bitch-ass snitch will never happen. Soon as you get done fucking over your friend(s), the government's gonna fuck you over. And your dumb ass will have a target on it the entire time you're serving your sentence.

Most likely to snitch: anyone who has ever sent a PM to a moderator or guardian or whomever is in charge to complain about another board member. They should have like their usernames highlighted in yellow or something.

Great news! Worst economist in history Paul Krugman predicts an "endless winter" for crypto. Claims "there's no utility in it".

B Mac is still here under a couple of different names.

_________________

This podcast does a decent job of explaining some of the 2022 happenings. The first episode is basically the set up for how Three Arrows got involved. But it ends with the FTX blowup. I cannot believe how unemotional the Three Arrows guy is about losing billions.

https://podcasts.apple.com/us/podcast/t ... 0588617891

_________________
Hawaii (fuck) You

SBF arrested.

https://www.cnbc.com/amp/2022/12/12/ftx ... arges.html

_________________
Not a mult.

In the Bahamas, what kind of loser lets themself get arrested there.

Hopefully she's next.

_________________

Yeah, she should be locked up too, think she was smart enough to get to a country with no extradition treaty immediately.

_________________

You make it sound like she forgot to carry a 1 and didn't, you know, market a fictitious product.

_________________

I’d bet good money she had sex with Kissinger to keep the grift alive.

_________________

Henry Kissin’ her…..

_________________
Hawaii (fuck) You

Arrested and denied bail. Guess all those donations to the Demo-RATS weren’t enough

_________________