Sam Bankman-Fried, the founder of FTX, wants to give away 99% of his money

[Crypto News Updates]

"The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, has plans to give away the vast majority of his wealth thanks to the philosophy of "effective altruism," which he learned in college.

Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.

Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000.

"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."

Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away."


Full article: https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-wealth-donation-crypto-altruism-charity-ukraine-2022-4

[JayTrain]

it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.

[seoincorporation]

it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.

If you read the full article you will realize the funds will go to ukranian users and some other donations like animal welfare.

In February after Russia invaded Ukraine, the FTX founder said his crypto exchange gave cash to all of its Ukrainian users. He also personally donated $250,000 in tether to Ukraine.

The idea about give to earn more is nice, his goal is to keep only 1% of his earnings each year, and it's a great way to help others if you earn a lot.

[South Park]

it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.

Personally I think it would be a better idea if he gave that money away directly to the people that need it, some charity organizations do a good job but even the most efficient charity still needs to spend resources on maintaining the charity itself, so if you can reach your target audience directly then it is way more effective to distribute the money directly than to use a proxy like a charity organization, and that is assuming the charity organization is legit, because as we know there are many charity organizations that are more interested in getting funding than in solving whatever problematic they are supposed to solve.

[Anonylz]

An admirable and noble act on his part for not wanting to accumulate enough wealth and enjoy all the fine things in life which his money can obviously buy.
Is he going to donate to a charity organisation? That's the most logical way to spread the money across to reach the less privilege.
Am a bit surprised to read this, most people nowadays (especially the rich are always looking for ways to maximize their wealth) it is a generous act I must say.

[CaVO32]

An admirable and noble act on his part for not wanting to accumulate enough wealth and enjoy all the fine things in life which his money can obviously buy.
Is he going to donate to a charity organisation? That's the most logical way to spread the money across to reach the less privilege.
Am a bit surprised to read this, most people nowadays (especially the rich are always looking for ways to maximize their wealth) it is a generous act I must say.

I believe, I already read a dedicated thread for him. But anyway, I really do admire his philosophy in life. At his early age, he realized that money or wealth won't really give him the true happiness in life. Even if we say, he is only keeping 1% of his wealth, he can already live decently by that amount. And the self-satisfaction comes from giving up most of his wealth to those who are in need. True that most rich people want to make more money for themselves, but Sam is a rare breed. I hope others will follow so we can lessen this poverty experienced by a lot of people around the globe.

[Ale88]

"The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, has plans to give away the vast majority of his wealth thanks to the philosophy of "effective altruism," which he learned in college.

Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.

Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000.

"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."

Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away."


Full article: https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-wealth-donation-crypto-altruism-charity-ukraine-2022-4

That is very noble of him! I always wondered what people with that much money could do, this is probably the best answer! At this point I also wonder if he is going to leave something to his (future) kids, lately more and more wealthy people don't want to spoil their kids leaving them millions and millions of dollars.

[Vaculin]

"The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, has plans to give away the vast majority of his wealth thanks to the philosophy of "effective altruism," which he learned in college.

Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.

Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000.

"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."

Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away."


Full article: https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-wealth-donation-crypto-altruism-charity-ukraine-2022-4

That's the true vision of a billionaire, you aim to give more to others than just to keep it to yourself and be more wealthy. Sam has a very noble act. He wants to live a simple life despite of the riches he had. And he think more of the needs of others because that will make him more satisfying and fulfilling. I just hope that his donations will be given to those who are badly needing it, and maybe he should be the one handling it to different charities.

[mildmanneredsuffering]

if you believe anything that fat fucking scum criminal kike says, your parents didnt teach you the truth.  Its all bullshit, hes trying to get rich in the bahamas not one fucking drop of charity that isnt for a press release.  Dude is a known criminal ripping off users. FTX leveraged tokens all go to zero even bear tokens in a crash? Yep, same nig shit as bitmex ripping people off yep. There needs to be a white and asian people only crypto, with kyc no nigs no kikes allowed

[mk4]

I usually am quite skeptical of people making such claims, but this is one of those few instances that I'm actually convinced. Dude's a full-on nerd that just plays League of Legends and Dungeons and Dragons for enjoyment; not the typical rich a-hole that spends a lot of money on blackjack and hookers.

[Poker Player]

This is to remember if anyone believes that all rich people are greedy and bad people. In some cases, of course they are, but we have many others who come the moment when what they earn far exceeds what they can consume, they start thinking about how to help others, as this would be the case if he tells the truth, and so it seems:

I usually am quite skeptical of people making such claims, but this is one of those few instances that I'm actually convinced. Dude's a full-on nerd that just plays League of Legends and Dungeons and Dragons for enjoyment; not the typical rich a-hole that spends a lot of money on blackjack and hookers.

The cases I have known of rich people spending money on that have been by inheritance, that kind of spending is not representative of the self-made entrepreneur.

[avikz]

Such kind of news actually pushes some fresh air within the crypto reputation when the community is under constant attacks from money-whore banking system, environmentalists and hacking threats on business houses. I never knew about Sam but I am going to research more about him because he is holding onto the true vision of what wealth should be, what should a billionaire really do with his wealth. Billionaires are blessed with above average intelligence.

So I will stop by saying - when life gives you a billion, become like Sam and not like Zeff Bezos. 

[Kasabus]

An admirable and noble act on his part for not wanting to accumulate enough wealth and enjoy all the fine things in life which his money can obviously buy.
Is he going to donate to a charity organisation? That's the most logical way to spread the money across to reach the less privilege.
Am a bit surprised to read this, most people nowadays (especially the rich are always looking for ways to maximize their wealth) it is a generous act I must say.

It is a sad truth that most of the rich people nowadays only focus on how to maximize their wealth, but Sam is a true reflection of what supposed to be a real billionaire. To always give assistance to the less fortunate people, and to always be generous on what you can give without wanting returns. Needless to say, he is such a noble person. And it will be all worth it if all his donations will go to all the right charities that deserve to receive the best help.

[hugeblack]

I don't know but I see that Bankman-Fried is a cute version of Justin Sun^[1], both of them are trying to use their money to get media promotions, so as there is a hot topic you will find that both have decided to donate some money to some cause^[2][3].
I remember seeing a similar statement last year, but I couldn't find a source for this news.
In general, we hope that this is the case and not a new attempt to get a free promotion.


[1] https://en.wikipedia.org/wiki/Justin_Sun
[2] Bankman-Fried Family Donates $5 Million to ProPublica
[3] The Mysterious Cryptocurrency Magnate Who Became One of Biden’s Biggest Donors

[so98nn]

Applauds for this guy! He is just legend man and must be futuristic thinker. He is coming so clean without any greed for money and no stress feeling regarding future asset management. He truly understand what world needs and behaving like that. It’s impressive to see that he still drives average car even though he is a billion dollar owner. Moreover he has achieved so much in such short span of time. He is 30, he thinking like 70 yrs old experienced man, wants nothing but peace. I hope world appreciate him with noble prize.

[Little Mouse]

I have read this on an article on cointelegraph where they jave listed the crypto guy on world billionaire list. Also, I have seen one video from Nas Daily with Sam where he shared how he is donating money and why he wants to donate. But cointelegraph has written in their article that, his donation part isn’t transparent, they can't see anything such activities from Sam. I don't know whether they are doing it purposely or not lol.

[barbara44]

This idea is noble but at the same time doesn't provide the real problem. Nobody really needs Elon Musk or Jeff Bezos or in this case bankman-fried to give away his wealth, there is no need to do that after the damage is done. We need taxes to be top heavy, and bottom relaxed. It means if we take USA for example, anyone who makes over a billion dollars in profit, not just person but a company as well, should be taxed 90% after the first billion, which means the second billion dollars they make in profit would be 90% tax, and 10% their profit.

So, let's assume the first billion gets taxed around 50%, so they make 500 million and pay 500 million tax, then second billion is 900 million tax, and 100 million profit. They do not have to pay the tax, they could very well use that to grow as well, even supported to grow, but if they won't it is better to pay that as a tax then hoard it.

[mildmanneredsuffering]

I have read this on an article on cointelegraph where they jave listed the crypto guy on world billionaire list. Also, I have seen one video from Nas Daily with Sam where he shared how he is donating money and why he wants to donate. But cointelegraph has written in their article that, his donation part isn’t transparent, they can't see anything such activities from Sam. I don't know whether they are doing it purposely or not lol.

its totally fake. its a pr stunt. A kike trying to get rich off crypto with scams in the bahamas lies about being a billionaire. Hes a fucking lying kike, at hat point does the earth realize that most kikes are frauds

[Finestream]

it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.

Sam has been helping some charities in the previous years, so definitely his money will go to the deserving charities that needs to be helped. Sam is doing his best to earn as much as he can but not for himself, but for the people around him. He lives not for his own but for the people that needed his help. I just hope that he won't be abused with his very kind act, and continue to give and share his blessings to the less privilege people.

[mildmanneredsuffering]

it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.

Sam has been helping some charities in the previous years, so definitely his money will go to the deserving charities that needs to be helped. Sam is doing his best to earn as much as he can but not for himself, but for the people around him. He lives not for his own but for the people that needed his help. I just hope that he won't be abused with his very kind act, and continue to give and share his blessings to the less privilege people.

bribing politicians doesnt count as charity. I hope he pays you niggers more than 3.50 to suck his dick on the internet