I don't think you understand what I mean when I said "means justify the ends". SBF talked about giving away his fortune to do good ie similar to what the Gates/Buffett are doing with their billions. Using that fortune to help mankind by solving cancer and such. But his "means" to accomplish that end was misguided. He thought it was ok to commingled ie steal clients' money to finance his endeavors when he failed. Propping up Alameda with client money was illegal. It's no different than Madoff ponzi scheme or Holmes deception with Theranos. The Mafia probably felt their way of life/means (robbing/killing) was jsutified because it was "providing for the family"/ends. No it wasn't.
Binance's CZ take on the fiasco
- Thread starter lwlee
- Start date
I don't think you understand what I mean when I said "means justify the ends". SBF talked about giving away his fortune to do good ie similar to what the Gates/Buffett are doing with their billions. Using that fortune to help mankind by solving cancer and such. But his "means" to accomplish that end was misguided. He thought it was ok to commingled ie steal clients' money to finance his endeavors when he failed. Propping up Alameda with client money was illegal. It's no different than Madoff ponzi scheme or Holmes deception with Theranos. The Mafia probably felt their way of life/means (robbing/killing) was jsutified because it was "providing for the family"/ends. No it wasn't.
You can't take it with you when you are dead. So what is so altruistic here?
After the VOX interview, it turns out it was all a crock. Dude grew up with wealthy parent living a privileged life. It turns out "effective altruism" is just a term used by privileged white kids who want to pump up their own self worth by "doing good for humanity". But as long as they get to live their filthy rich lifestyle. Can't give that up!
It was kinda like when I was in Manhattan and there were these huge protest marches filled with young white people yelling "black lives matter". I wonder how many black friends do some of these people really have. The hypocrisy.
No just pretty disgusted with what he did to somebody who's not just his rival but also his peer. I didn't say CZ bankrupted pensions, thank god but he did create a $95 million hole in the fund which he should cough up the money to fill.
Dude seriously, give it up and embrace free market capitalism. There was nothing illegal about what CZ did, it was all on SBF. It is like blaming short sellers of a shitty company.
Most likely CZ will meet the same fate anyway...
This is not free market capitalism. This is market manipulation, unfair dealing and possibly front-running.
Let it go. He had the right to sell his stupid FTT, and he sold it.
By the way he got those from SBF as a "payment" instead of their equity. Next time the fraudster maybe not going to pay with magic beans. So just drop it dude.
Not with market manipulation, unfair dealing and front-running. I highly suspect that he sold his holdings BEFORE he made the announcement in twitter not at the same time and definitely not after. That's front-running. Front-running is in violation of security law and is illegal.
In the cayman islands or in Singapore? Has FTT been defined a security?
Yes. According to definitions given by Merriam-Webster, a security is defined as:
2
a
: something given, deposited, or pledged to make certain the fulfillment of an obligation
b
: SURETY
https://www.merriam-webster.com/dictionary/security
FTT has fulfilled this role two times so it's a security. 1) FTT was used as the collateral for many loan obligations that FTX had undertaken and 2) FTT was used as pledges for payment for buying out Zhao's shares of FTX. in 2019.
So no technicality there for Zhao to take advantage of. And this is the universal definition so it applies regardless of where Binance is incorporated.