FTX's final hours

What's the 'take of the Bank man" so far?
Who's prosecuting the case? Anybody? lol.

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"There's a sucker born every minute and two to take him." American Entertainment Specialist.

 
Pekelo said:
Long article:

https://www.ft.com/content/6e912f25-f1b7-4b19-b370-007fbc867246

Note to myself: Don't trust anyone under 35 with my money. They are morons...
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Well age is really not a factor when it comes to trustworthiness in terms of managing money. Bernie Madoff was how old when he ran his Ponzi scheme?

FTX was just not good at managing investments and their capital. The majority of their losses were in their losing venture capital investments. That can happen to anybody and they are not the only ones who are bad at managing money.
 
TheDawn said:
Well age is really not a factor when it comes to trustworthiness in terms of managing money. Bernie Madoff was how old when he ran his Ponzi scheme?

FTX was just not good at managing investments and their capital. The majority of their losses were in their losing venture capital investments. That can happen to anybody and they are not the only ones who are bad at managing money.
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There is much less chance that random crypto forum will sustain a bank run since there is no a lender of last resort. This makes situation really fragile, any shock and you quickly get a huge snowball of withdrawals you can't stop.
 
TheDawn said:
Well age is really not a factor when it comes to trustworthiness in terms of managing money. Bernie Madoff was how old when he ran his Ponzi scheme?

FTX was just not good at managing investments and their capital. The majority of their losses were in their losing venture capital investments. That can happen to anybody and they are not the only ones who are bad at managing money.
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You've been reading too much of SBF's bullshit. They weren't just "bad at managing money", SBF and his girlfriend stole billions of dollars in client deposits at FTX to cover margin calls at Alameda.
 
Specterx said:
You've been reading too much of SBF's bullshit. They weren't just "bad at managing money", SBF and his girlfriend stole billions of dollars in client deposits at FTX to cover margin calls at Alameda.
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At the end yes when they were desperate to pay back the loans but the margin calls were triggered because of their bad investment in the first place.
 
Bernie Madoff was how old when he ran his Ponzi scheme?
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I'm not sure that counts? He started at a very young age when he first started managing money. Hit a market crash, and came up with a scheme in order to get people their money's back. He had what seemed good intentions at the time, but it relied on a little bit of a ponzi-trick. The problem, is he realized later he could not possibly get his way out of it, so pretty much was committed to it until his old age.
 
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