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I particularly enjoyed some of the code the prosecution shared, including having their insurance fund amount just being the daily trade volume multiplied by some randomness.
Niche but important: anyone been following the SBF trial? on 10:52 - Oct 12 by DanTheMan
Yes, it's been hilarious so far.
I particularly enjoyed some of the code the prosecution shared, including having their insurance fund amount just being the daily trade volume multiplied by some randomness.
Niche but important: anyone been following the SBF trial? on 10:56 - Oct 12 by Steve_M
Even allowing for crypto as a whole being a fraudulent house of cards, then SBF and FTX was a stand out.
Less technical but also this:
The things is, in this case, I don't really think they set out to commit fraud - they thought they were clever enough to manage programatically the huge house of cards risks inherent in crypto - but as a consequence of their total naivity in running such a huge financial entity with effectively zero compliance strategy, then fraudulent behaviour (although they wouldn't have seen it as such I suspect) was an almost inevitable consequence - didn't help that Changpeng Zhao basically shorted FTX to death and then pulled out of saving them (ironically he is also under investigation in Brazil)!
You are the obsolete SRN4 to my Fairey Rotodyne....
Niche but important: anyone been following the SBF trial? on 10:52 - Oct 12 by DanTheMan
Yes, it's been hilarious so far.
I particularly enjoyed some of the code the prosecution shared, including having their insurance fund amount just being the daily trade volume multiplied by some randomness.
Niche but important: anyone been following the SBF trial? on 11:18 - Oct 12 by DanTheMan
I've not, and judging by the reviews I've seen, I think it'd just end up annoying me.
I've not read it yet either but I do listen to the Against The Rules podcast so not really sure what I'll make of it!
Looking at all the code stuff and when the controversial changes were made I still think they didn't initially set out to commit fraud, but as they came up against real-life situations that restricted their activities, they just coded in workarounds to fix them (we've all done that!!) - probably knowing that they shouldn't really be doing that, but not really knowing enough about financial compliance to know what crimes they were committing.
You are the obsolete SRN4 to my Fairey Rotodyne....
Niche but important: anyone been following the SBF trial? on 11:25 - Oct 12 by Ewan_Oozami
I've not read it yet either but I do listen to the Against The Rules podcast so not really sure what I'll make of it!
Looking at all the code stuff and when the controversial changes were made I still think they didn't initially set out to commit fraud, but as they came up against real-life situations that restricted their activities, they just coded in workarounds to fix them (we've all done that!!) - probably knowing that they shouldn't really be doing that, but not really knowing enough about financial compliance to know what crimes they were committing.
Having worked in Fintech, they were either the biggest idiots on the face of the planet or they knew exactly what they were doing.
So weird how people involved in cryptocurrency, a form of money originally used for paying for sex workers and organ transplants in Eastern Europe, turned out to be credulous morons.
In the spirit of reconciliation and happiness at the end of the Banter Era (RIP) and as a result of promotion I have cleared out my ignore list. Look forwards to reading your posts!
Niche but important: anyone been following the SBF trial? on 11:42 - Oct 12 by DanTheMan
Having worked in Fintech, they were either the biggest idiots on the face of the planet or they knew exactly what they were doing.
They were probably the cleverest idiots on the planet - not used to being contradicted, always thought they could tech their way out any problem, and disdained the established way of doing things - they might have thought they could do more good with all their Effective Altrusim stuff, but ultimately they just couldn't cope with the real world - either that, or they're all fantastic actors, which would certainly surprise me!
You are the obsolete SRN4 to my Fairey Rotodyne....
Niche but important: anyone been following the SBF trial? on 11:54 - Oct 12 by Ewan_Oozami
They were probably the cleverest idiots on the planet - not used to being contradicted, always thought they could tech their way out any problem, and disdained the established way of doing things - they might have thought they could do more good with all their Effective Altrusim stuff, but ultimately they just couldn't cope with the real world - either that, or they're all fantastic actors, which would certainly surprise me!
The code doesn't lie to me. The things they've put in there aren't done to code around issues, things like the fake insurance fund numbers are only good for trying to get people's assets that they then used to prop up their own token.
Personally, I don't trust anyone in the Crypto game. SBF seems like a good actor to me, his whole "look at me, I'm a billionaire but I don't have a nice car" thing was all just a show. Works well when you're getting soft ball questions from interviewers but when people put him under a bit of pressure he tends to crack.
Effective altruism seems like just another part of the grift to me.
Niche but important: anyone been following the SBF trial? on 12:02 - Oct 12 by DanTheMan
The code doesn't lie to me. The things they've put in there aren't done to code around issues, things like the fake insurance fund numbers are only good for trying to get people's assets that they then used to prop up their own token.
Personally, I don't trust anyone in the Crypto game. SBF seems like a good actor to me, his whole "look at me, I'm a billionaire but I don't have a nice car" thing was all just a show. Works well when you're getting soft ball questions from interviewers but when people put him under a bit of pressure he tends to crack.
Effective altruism seems like just another part of the grift to me.
But don't take it from me, here's SBF describing his own business as a Ponzi scheme.
[Post edited 12 Oct 2023 12:04]
There is, however, the aspect of an addictive gambler chasing his losses, diverting more and more money from other sources - not necessarily legitimate - to prop up an edifice which is already too tall to let collapse. Never underestimate the effect which desperation can have upon people's morality.
Add to this the "genius complex", where a certain type of person believes thay can always think their way out of a problem, because they're cleverer than anyone else. Leads to a cavalier attitude towards rules and regulation, because their exceptionality allows them a way round. Unfortunately, cleverness is often trumped by knowlege (not spotting flaws in the business plan, the people who saw ways to exploit FTX, the regulators who spotted wrongdoing), leading to downfall.
Niche but important: anyone been following the SBF trial? on 12:45 - Oct 12 by Guthrum
There is, however, the aspect of an addictive gambler chasing his losses, diverting more and more money from other sources - not necessarily legitimate - to prop up an edifice which is already too tall to let collapse. Never underestimate the effect which desperation can have upon people's morality.
Add to this the "genius complex", where a certain type of person believes thay can always think their way out of a problem, because they're cleverer than anyone else. Leads to a cavalier attitude towards rules and regulation, because their exceptionality allows them a way round. Unfortunately, cleverness is often trumped by knowlege (not spotting flaws in the business plan, the people who saw ways to exploit FTX, the regulators who spotted wrongdoing), leading to downfall.
Of course, he may not have gone into it originally with nefarious intentions but I do think he knew exactly what he was doing for a long while and continued to lie about it so he could gain more money for himself and his friends. And he did so at the expense of average people who believed his lies and lost thousands of dollars because of it.
From what I've seen of the prosecution case so far, I don't think he's got much of a leg to stand on quite frankly.
Niche but important: anyone been following the SBF trial? on 11:53 - Oct 12 by chicoazul
So weird how people involved in cryptocurrency, a form of money originally used for paying for sex workers and organ transplants in Eastern Europe, turned out to be credulous morons.
Word association game: is there anybody in the world who doesn’t see/hear the word crypto and instantly think SCAM?
Niche but important: anyone been following the SBF trial? on 12:56 - Oct 12 by DanTheMan
Of course, he may not have gone into it originally with nefarious intentions but I do think he knew exactly what he was doing for a long while and continued to lie about it so he could gain more money for himself and his friends. And he did so at the expense of average people who believed his lies and lost thousands of dollars because of it.
From what I've seen of the prosecution case so far, I don't think he's got much of a leg to stand on quite frankly.
Thinking: "How clever I am to have got away with this!", they continue and expand the scope of what thry're doing.
I particularly liked the suggestion that the intention was to lift the credit limit to a figure including 65,535. That's just arrogant.
Niche but important: anyone been following the SBF trial? on 12:56 - Oct 12 by DanTheMan
Of course, he may not have gone into it originally with nefarious intentions but I do think he knew exactly what he was doing for a long while and continued to lie about it so he could gain more money for himself and his friends. And he did so at the expense of average people who believed his lies and lost thousands of dollars because of it.
From what I've seen of the prosecution case so far, I don't think he's got much of a leg to stand on quite frankly.
He'll do a substantial amount of jail time I suspect....
You are the obsolete SRN4 to my Fairey Rotodyne....
Niche but important: anyone been following the SBF trial? on 12:02 - Oct 12 by DanTheMan
The code doesn't lie to me. The things they've put in there aren't done to code around issues, things like the fake insurance fund numbers are only good for trying to get people's assets that they then used to prop up their own token.
Personally, I don't trust anyone in the Crypto game. SBF seems like a good actor to me, his whole "look at me, I'm a billionaire but I don't have a nice car" thing was all just a show. Works well when you're getting soft ball questions from interviewers but when people put him under a bit of pressure he tends to crack.
Effective altruism seems like just another part of the grift to me.
But don't take it from me, here's SBF describing his own business as a Ponzi scheme.
[Post edited 12 Oct 2023 12:04]
Wow that and the code appear damning. I trust neither has been falsified or distorted (not my world and won't be listening to the whole interview). Even if the interview excerpts come with mitigating context, though, and he isn't describing the practice he's engaging in, the code testimony clearly amounts to fraud doesn't it? Whether SBF believed in his own genius or infallibility is something I can't weigh in on but I'm sure it's irrelevant when applying the law, and this deception was clearly inputted to influence investor behaviour.
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Niche but important: anyone been following the SBF trial? on 14:06 - Oct 12 with 2591 views
Niche but important: anyone been following the SBF trial? on 13:52 - Oct 12 by Vegtablue
Wow that and the code appear damning. I trust neither has been falsified or distorted (not my world and won't be listening to the whole interview). Even if the interview excerpts come with mitigating context, though, and he isn't describing the practice he's engaging in, the code testimony clearly amounts to fraud doesn't it? Whether SBF believed in his own genius or infallibility is something I can't weigh in on but I'm sure it's irrelevant when applying the law, and this deception was clearly inputted to influence investor behaviour.
...... and now that Sam Bankman-Fried has been convicted, will he have to change his name to Sam Bankman-Jailed ?
Uppa Towen
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Niche but important: anyone been following the SBF trial? on 12:02 - Nov 4 with 1731 views
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