Kevin O'Leary on FTX

TheDawn said:
You should read this employee account of what happened during the last few days of FTX. It will show you that FTX did NOT invest customer funds into any of their failed venture capital projects or their bad loans. Customer funds were never touched until the very last minute where they had to pay the lenders back.



I dunno. Did they? If you think they didn't, how do you know they didn't? Cz Zhao told you himself personally? Or did you see the company's books? Were the books audited?



Yeah so sell your shit and pull your funds out quietly but WHY blab about it on twitter? You saw the risk, WHY couldn't zhao just pull out his funds quietly without anybody knowing? He actually knew the risk of announcing it publicly, the impact that it would have on the FTT's price knowing very well it has no active market but he still blabbed about it openly in twitter, creating the announcement like he's some kind of hot shot making his statement. It was the announcement effect of his selling that did FTX in because FTT was used as collateral in all of its loans. No you and I both know that zhao wasn't just trying to limit his risk; he wanted to flatten his competition and then later on buy it cheaply and then dumped it completely after realizing that it was too expensive for him. He single-handedly destroyed FTX breaking a dozen securities laws in the process and then leaving it and its investors out to dry with no ounce of regards for people's welfare. This is a guy who wanted to donate 99% of his wealth??!! LOL Wow what a piece of glorious PR! He doesn't even give a shit about other companies' investors. He wanted to set up an industry recovery fund? How about using that fund to pay back FTX's investors that he screwed?



So? That's their personal viewpoint. What are you? Personal lifestyle and viewpoint police now?? LOL Is talking about elementary mathematics and amphetamine a crime? LOL How do you know this Cz Zhao doesn't talk about shit? I find his fake PR about wanting to donate 99% of his wealth 100 times more disgusting tbh.
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Regarding personal lifestyle, a client gets to decide where and to who he/she gives money. I might (hypothetically) be a coke addict, but I might not like to invest my savings with a coke addict. It's not about vices, is about one professional positions, image and reliability.
I am not asking anyone to trust me on their money, so it's irrelevant if I behave or not.

You say "customer fund were NEVER touched... Until last minute!" (????)

Seriously? Ahahah were they touched, or not? If not... Where are they?


If they can make customer right, I don't see the big deal here. If they were touched, at any point, why using "NEVER"?

I read the employee account, and it shows how incomptents and reckless those two were.
 
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cesfx said:
Regarding personal lifestyle, a client gets to decide where and to who give his money. I might (hypothetically) be a coke addict, but I might not like to invest my savings with a coke addict. It's not about vices, is about one professional positions, image and reliability.
I am not asking anyone to trust me on their money, so it's irrelevant if I behave or not.
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First of all, talking about amphetamine doesn't mean somebody is a coke addict. Amphetamine is not even coke; it's two totally different things. That's just science. LOL Amphetamine is not bad; it's actually a main ingredient used in many medications to treat a variety of diseases including Parkinson's disease and even Alzheimer's, just so you know. And second, if you don't like to invest your funds with somebody who talks about amphetamine, don't invest your funds with them. But your personal viewpoint has no bearing on how they are viewed by others. People invest their money based on how high of return their money can earn, not what their money managers do in their personal life or what they talk about. If you really want to talk about image and if people really invest their money based purely on images, nobody would ever want to invest their money with somebody who has a shit face on a head of a blowfish like your friend Cz Zhao. LOL

cesfx said:
You say "customer fund were NEVER touched... Until last minute!" (????)

Seriously? Ahahah were they touched, or not? If not... Where are they?


If they can make customer right, I don't see the big deal here. If they were touched, at any point, why using "NEVER"?

I read the employee account, and it shows how incomptents and reckless those two were.
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It's not what I said. It's what employees who worked for FTX said. Read about it here. https://www.elitetrader.com/et/threads/the-last-48-hours-of-ftx-alameda-told-by-an-employee.371111/ They didn't use any customer funds for their venture capital investments or their loans, not until the last minute when they used it to pay back the loans. So technically it's your friend cz zhao who has FTX's customer funds right now. It's because of zhao's action that FTT dropped in value so much that their loans got called in and FTX had to use customer funds to repay the loans. So that's why I feel it's zhao who needs to pay FTX's customers back and make them whole.
 
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TheDawn said:
First of all, talking about amphetamine doesn't mean somebody is a coke addict. Amphetamine is not even coke; it's totally two different things. That's just science. LOL Amphetamine is not bad; it's actually a main ingredient used in many medications to treat a variety of diseases including Parkinson's disease and even Alzheimer's, just so you know. And second, if you don't like to invest your funds with somebody who talks about amphetamine, don't invest your funds with them. But your personal viewpoint has no bearing on how they are viewed by others. People invest their money based on how high of return their money can earn, not what their money managers do in their personal life or what they talk about. If you really want to talk about image and if people really invest based purely on image, nobody would ever want to invest their money with somebody with a shit face on a head of a blowfish like your friend Cz Zhao. LOL



Read about it here. https://www.elitetrader.com/et/threads/the-last-48-hours-of-ftx-alameda-told-by-an-employee.371111/ They didn't use any customer funds for their venture capital investments or their loans, not until the last minute when they used it to pay back the loans. So technically it's your friend cz zhao who has it right now. It's because of zhao's action that FTT dropped in value so much that their loans got called in and FTX had to use customer funds to repay the loans. So that's why I feel it's zhao who needs to pay FTX's customers back and make them whole.
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Of course I would never have invested my funds with them.
I am surprised Tudor Jones had money with them.

People who invested with those two weirdos inexperienced privileged billionaires, are now holding a burned match in their hand.

You also insist with saying that they didn't touch funds, until the last minute...

Who cares about when how and why they misused the funds illegally? They did it. Arrest them and throw the keys away....

But you keep going about CZ and Binance. Talk about CZ is boring, I don't like to hear about him really... Unless he does something illegal.

The other two did it all, although they look like two losers, they had way more fun than I did in the last few years.
 
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This is boring now... You keep excusing those two weirdos for illegaly using customer funds to repay loans, because their mate cz fuck them up.

CZ might be morally deviated... So what?
the other two, for what it appears so far, are thieves with a deplorable image and reputation.
 
cesfx said:
But you keep going about CZ and Binance. Talk about CZ is boring, I don't like to hear about him really... Unless he does something illegal.
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He did. He's getting investigated. There is going to be a congressional hearing about this. Dunno why he's not getting charged. He should be indicted.

And besides you are the one who keeps talking about him. I never excused FTX. I just said despite what FTX did or did not do, what Cz Zhao from Binance did was despicable. He is not innocent in this.
 
(Bloomberg)

Crypto fallout
After helping spark a crypto crisis, former FTX.com CEO Sam Bankman-Fried published a series of tweets that combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran. “We got overconfident and careless,” he said. Meanwhile, the fallout from FTX is sideswiping the Gemini crypto exchange that’s owned by the billionaire Winklevoss twins. It halted redemptions from its Earn product, which lets investors accrue as much as 8% in interest by lending out their crypto, leaving $700 million of customer money tied up.
 
At least SBF is classy about things:

“I shouldn’t throw stones in a glass house, so I’ll hold back a bit here, except to say: probably they never really planned to go through with the deal, but so be it; we’re going to do our jobs here regardless.”
 
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