South Park
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November 28, 2022, 08:01:42 PM |
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Do you believe that sending someone to jail will cause market movements to switch? It makes no real difference who he is, and he formed so much drama. Already, it has had a massive negative impact on the crypto market; if Sam Bankman-Friedgo is put in jail, the situation will worsen. It will not be good for the overall crypto industry. There is nothing wrong with Bitcoin, but the situation has ended up causing people to panic.
Although I won't place all the blame on FTX, I believe cryptocurrency will continue to experience trust issues with cases like this and bear markets can always have bad reactions to bad news. Bankman has shown such a disregard for the fraud's outcome. 5 senators prevented the probing of his action, after declaring bankrupcy he was still donating and it was observed that the parents acquired some housing properties lately worth hundred of millions of dollars. It seems no one has the courage to probe him. To avoid recurrence, we might need to avoid young developers who are deeply involved in politics. People have memories that are too short, right now there is a big movement to take back the custody of our coins, but as time passes and then a new bull market emerges many of those same people will get too greedy and will leave their coins at exchanges once again, and if a person like SBF creates another exchange no one will care at the time, so we are bound to see events like this happening in a recurring manner in this market for a very long time.
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franky1
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November 28, 2022, 08:36:49 PM |
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one thing i keep hearing...
scam bankman fraud got famous 10+ years ago from arbitraging funds from us exchanges to a japanese exchange.. translation: he had funds in MTGox
i wonder how much of the MTGox bankruptcy has SBF funds because if he was making millions in 2012-14 that means there might be many btc hauled up in MTGox release coming soon(a few XX thousand coins back then= a few X thousand now.. possibly)
also when he acted as the liquidator as oppose to the liquidated. he bought up many defunct businesses where even though defunct businesses had alot of 'paper'(on the books) fiat debt, which it counldnt honour. those businesses still did have assets. which part of liquidation is to shift about and move. so im sure he has assets in those companies shuffled in to some side-pot stash somewhere
i hope that the regulators and investigators dont just look at the actions of "customer funds" of ftx 2022. but look at all the asset shuffles over the many years and link all hidden stashes of SBF
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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bbc.reporter
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November 29, 2022, 02:29:40 AM |
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Bankman-Fraud will get the Epstein treatment. Meaning, they will make him disappear and he is not going to spend a single day in a jail cell. When he has corrupted political friends like the Clintons, he can avoid any punishment. If the media tells you that he is in jail, that means he is in his home playing PS5. If they tell you he is dead, that means he has a new name, a new face (hopefully both his new name and face will be less stupid than his current ones) and he is in somewhere which you won’t ever know about.
This might become a reality only if Sam will tell the truth and expose the whole scheme behind FTX and Alameda. However, it appears that he will never expose the people behind him and those people are helping spin the storylines and covering up for Sam. Read all of the Wall Street Journal articles written about him after the collapse. Much of those articles are making it appear that he was not running a criminal, money laundering enterprise. In any case, it would be in the concern of the cryptospace community to see Sam go to prison. The victims of this will be everyone of us because the government will begin creating stricter laws, require all users to KYC and might also demand exchanges to require that their users must be earning a certain yearly salary to be allowed to invest in the cryptospace.
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gmaxwell
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scam bankman fraud got famous 10+ years ago from arbitraging funds from us exchanges to a japanese exchange.. translation: he had funds in MTGox
Nah, you got your wires crossed. He didn't have an mtgox account. I don't think there is any public evidence of him having any major interest in Bitcoin prior to 2017. When they started promoting him in 2020 they claimed that the source of his claimed >10 billion dollar wealth was arbing Korean bitcoin exchanges in 2018-2020. People quickly pointed out that this would have been obviously impossible so they quickly changed the story to Japanese exchanges-- which also didn't make sense given the amounts but at least some arb was possible there. You can still see evidence of the earlier lie if you google his name and the phrase "kimchi premium". From recent disclosures we now know that indeed they never made money arbing Korean exchanges, and made a couple million "arbing" in Japan-- but mostly from the value of Bitcoin going up rather than the spread-- and they quickly lost it. So the arb story was just a lie to build a fake wealth story to encourage other people to invest in his 'business'. Read all of the Wall Street Journal articles written about him after the collapse. Much of those articles are making it appear
Careful with what you read there-- SBF gave liberally to media outlets and many of the people writing about him took money from him or are connected to parties that did. At a minimum their ego is on the line: They could have easily called out the red flags early on but instead they breathlessly promoted him, so now they really want to spin that it wasn't obvious and that it wasn't necessarily intentional. Plus no one in the media gets sued for sucking up to a scammer, but people do get sued for calling them out. Really when you look at the facts without the spin why you find is that FTX was running a shitcoin casino, promoted on the back of fraudulent claims of wealth, that went massively short bitcoin long shitcoin (including through selling retail customers paper bitcoins that FTX never owned) and then suffered the predictable results. Spinning it as just poor accounting makes zero sense because it provides no explanation for where the 8 billion in customer deposits, plus SBFs >10bn in claimed trading gains, plus several billion in outside investments actually went if it was just due to accounting errors.
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franky1
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November 29, 2022, 02:55:48 AM Last edit: November 29, 2022, 10:29:31 AM by franky1 |
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scam bankman fraud got famous 10+ years ago from arbitraging funds from us exchanges to a japanese exchange.. translation: he had funds in MTGox
Nah, you got your wires crossed. He didn't have an mtgox account. I don't think there is any public evidence of him having any major interest in Bitcoin prior to 2017. When they started promoting him in 2020 they claimed that the source of his claimed >10 billion dollar wealth was arbing Korean bitcoin exchanges in 2018-2020. People quickly pointed out that this would have been obviously impossible so they quickly changed the story to Japanese exchanges-- which also didn't make sense given the amounts but at least some arb was possible there. You can still see evidence of the earlier lie if you google his name and the phrase "kimchi premium". ok i stand corrected. i was doing quick search and some were saying he was getting famous in bitcoin trading while working for jane street 2014+ but then went solo and got more famous working for himself in 2017+ as for the $32b+ valuation my belief is simply offering out XXX million FTT valueless tokens where some investors bough up initial ~$400m for only less than XX thousand token. to give a market cap of $32b+ instantly even if only $400m changed hands.. much like most "funding rounds" hand over less money than the company valuation becomes (not using exact numbers just random demo numbers for expressing an example) this is not a critique or a poke. just a genuine question about the difference between gmax of 2016 and gmax of 2022 have you severed all ties with the DCG family(daughter: blockstream) or are you still part of their inner santum? i genuinely ask because i might give you a break from seeing you as a threat if your not part of the corporate agenda of the barry silbert roadmap of bitcoin of the last 7 years. and wondering if there is any contagion risk to yourself which you worry about in regards to the effects of FTX on DCG
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Smack That Ace
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Free Free Palestine
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November 29, 2022, 03:11:19 AM |
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Bankman-Fraud will get the Epstein treatment. Meaning, they will make him disappear and he is not going to spend a single day in a jail cell. When he has corrupted political friends like the Clintons, he can avoid any punishment. If the media tells you that he is in jail, that means he is in his home playing PS5. If they tell you he is dead, that means he has a new name, a new face (hopefully both his new name and face will be less stupid than his current ones) and he is in somewhere which you won’t ever know about.
This might become a reality only if Sam will tell the truth and expose the whole scheme behind FTX and Alameda. However, it appears that he will never expose the people behind him and those people are helping spin the storylines and covering up for Sam. Read all of the Wall Street Journal articles written about him after the collapse. Much of those articles are making it appear that he was not running a criminal, money laundering enterprise. Not so easy, if he stood up to expose the real mastermind behind the downfall, his life would be in danger. Once you get involved in politics, your life is no longer in your hands. It is important to note that in this case, the SBF remains the beneficiary, so there is no reason for him to betray those who back him. I wouldn't be surprised if in the future SBF gets involved in politics and becomes a politician of the US.
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bbc.reporter
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November 29, 2022, 04:17:22 AM |
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Read all of the Wall Street Journal articles written about him after the collapse. Much of those articles are making it appear
Careful with what you read there-- SBF gave liberally to media outlets and many of the people writing about him took money from him or are connected to parties that did. At a minimum their ego is on the line: They could have easily called out the red flags early on but instead they breathlessly promoted him, so now they really want to spin that it wasn't obvious and that it wasn't necessarily intentional. Plus no one in the media gets sued for sucking up to a scammer, but people do get sued for calling them out. Really when you look at the facts without the spin why you find is that FTX was running a shitcoin casino, promoted on the back of fraudulent claims of wealth, that went massively short bitcoin long shitcoin (including through selling retail customers paper bitcoins that FTX never owned) and then suffered the predictable results. Spinning it as just poor accounting makes zero sense because it provides no explanation for where the 8 billion in customer deposits, plus SBFs >10bn in claimed trading gains, plus several billion in outside investments actually went if it was just due to accounting errors. I very much agree. This is being shared on social media. I am not quite certain why there are some people who remain to assume that we are being antagonistic. We only want to spread truth and show everyone what is happening in reality. Just a run on the bank hehehe. The Wall Street Journal, the New York Times, the Deal Book, they are spinning the storyline and covering the real story behind Sam. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2F4sh8NdG%2F1-C3828-AC-69-B7-449-A-93-E1-25190391826-E.jpg&t=665&c=SMYmfebfjnkHxg) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2F9YN5Lc1%2FA9061-FFA-F8-A4-4-A52-9-C03-9-A5474-BF6-E7-B.jpg&t=665&c=lHYuoZMPYc81rg) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2FjfCtvYB%2F4-F17-DA24-10-DA-49-F1-84-F9-AF81-D2-F1718-A.jpg&t=665&c=f_g2RSxtd9xP-A)
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| | . .Duelbits│SPORTS. | | | ▄▄▄███████▄▄▄ ▄▄█████████████████▄▄ ▄███████████████████████▄ ███████████████████████████ █████████████████████████████ ███████████████████████████████ ███████████████████████████████ ███████████████████████████████ █████████████████████████████ ███████████████████████████ ▀████████████████████████ ▀▀███████████████████ ██████████████████████████████ | | | | ██ ██ ██ ██
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target
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November 29, 2022, 04:39:27 AM |
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scam bankman fraud got famous 10+ years ago from arbitraging funds from us exchanges to a japanese exchange.. translation: he had funds in MTGox
Nah, you got your wires crossed. He didn't have an mtgox account. I don't think there is any public evidence of him having any major interest in Bitcoin prior to 2017. When they started promoting him in 2020 they claimed that the source of his claimed >10 billion dollar wealth was arbing Korean bitcoin exchanges in 2018-2020. People quickly pointed out that this would have been obviously impossible so they quickly changed the story to Japanese exchanges-- which also didn't make sense given the amounts but at least some arb was possible there. You can still see evidence of the earlier lie if you google his name and the phrase "kimchi premium". ok i stand corrected. i was doing quick search and some were saying he was getting famous in bitcoin trading while working for jane street 2014+ but then went solo and got more famous working for himself in 2017+ as for the $32b+ valuation my belief is simply offering out XXX million FTT valueless tokens where some investors bough up initial ~$400m for only less than XX thousand token. to give a market cap of $32b+ instantly even if only $400m changed hands.. much like most "funding rounds" hand over less money than the company valuation becomes (not using exact numbers just random demo numbers for expressing an example) this is not a critique or a poke. just a genuine question about the difference between gmax of 2016 and gmax of 2022 have you severed all ties with the DCG family(daughter: blockstream) or are you still part of their inner santum? i genuinely ask becasue i might give you a break from seeing you as a threat if your not part of the corporate agenda of the barry silbert roadmap of bitcoin of the last 7 years. and wondering if there is any contagion risk you worry about in regards to the effects of FTX on DCG You sure are not the only one who sees that there are a number of users who could be part of the DCG family in the forum and they seem to side with the FTX vs Binance competition. They literally apply the "if you can't beat them, join them" strategy which they could then be controlling the industry where we're going back to the old market dominated by big bad wolves.
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gunhell16
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November 29, 2022, 06:26:46 AM |
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My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle. Some say it's doomsday for cryptos, but it isn't. There's nothing wrong with BTC. What's wrong is that one crook has stolen honest people's money to make shady investments.
There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.
Are you referring to Sam Bankman-Fried Sir? Because if this is what you're talking about, I think it's still vague to happen right now, because first, SBF's mother is a lawyer and an influential person and also has a big connection, and then SBF also has a strong connection. In addition to that, it seems that SBF is making his name even better by doing NYT (New York Times) which we are not sure if he paid for it. Even despite everything, his FTX business failed because of the billions he took from the funds of investors who invested in FTX as if nothing had happened. Also the FBI don't have yet strong evidence against this person, though it is actually sad in reality.
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EarnOnVictor
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November 29, 2022, 07:30:46 AM |
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My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle. Some say it's doomsday for cryptos, but it isn't. There's nothing wrong with BTC. What's wrong is that one crook has stolen honest people's money to make shady investments.
There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.
On the contrary, putting the bad guy in jail will not change anything, people's confidence in businesses is all about the environment of the business, not the already known perpetrator. The question is, are there still people like BSF in the crypto world, such should be fished out and sanity/regulation should be enforced to achieve the people's confidence. Binance has started by showing proof of funds, others should follow suit, which is one of the ways that people's confidence is boosted, not by jailing just a man that would not restore any money to the cryptosystem.
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TommieSang
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November 29, 2022, 08:37:12 AM |
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More compliance funds will flow into the crypto market with the strengthening of regulation. In the long run the FTX event has a positive impact on the development of the industry.
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DooMAD
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Leave no FUD unchallenged
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November 29, 2022, 01:08:04 PM |
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There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.
On the contrary, putting the bad guy in jail will not change anything, people's confidence in businesses is all about the environment of the business, not the already known perpetrator. Even if it doesn't do much to alleviate public confidence, it's still preferable to make an example of the perpetrator. It could potentially reduce the number of copycats if the repercussions give them pause to think twice. Or, at the very least, people won't believe there are zero consequences for ripping people off, which is what they risk occurring if they don't lock that scumsack up.
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gmaxwell
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November 29, 2022, 09:20:35 PM |
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have you severed all ties with the DCG family
I don't have and haven't ever had any. Nor have I had any relationship with Blockstream either since I stopped working there in 2017, I think I've told you that before too. if your not part of the corporate agenda of the barry silbert roadmap of bitcoin of the last 7 years. I think you let yourself get mislead by people driven by Craig's misinformation man, I don't know else you could have missed DCG aggressively attacking Bitcoin developers with "segwit 2x" crap. Best as I can tell, DCG are shitcoiners that wrap themselves in a Bitcoin blanket when they think it'll make them money (unfortunately like a simple majority of the industry). and wondering if there is any contagion risk to yourself which you worry about in regards to the effects of FTX on DCG
I feel sad for the retail fools who got suckered into FTX due to all the hype in the media, but FTX's implosion is shaking out a bunch of anti-bitcoin bad actors and I only wish it had happened sooner, I certainly don't have any exposure to DCG. I do have a nominal amount of my own funds deposited in the LedgerX derivatives exchange, mostly collateral for bitcoin puts I sold there in the last couple months. When FTX.US acquired LedgerX I removed all the Bitcoins I had there and only left a nominal amount of dollars, since I thought SBF was pretty obviously a scammer. ... fortunately appears though that they're completely isolated from the FTX implosion as they weren't integrated and their controls appear have been sufficient to keep SBF from raiding it too. They're operating as normal and I expect they'll get spun off/sold. with the FTX vs Binance competition.
Like FTX, Binance is another shitcoin casino. Only clueless people do business with shitcoin casinos. All Bitcoiners should avoid doing business with places that primarily generate revenue from selling shitcoins to idiots, and especially from places that offer margin for shitcoin trading. The only kind of leverage that is potentially safe is physically settled options, anything else can easily leave the exchange insolvent.
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bbc.reporter
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November 30, 2022, 03:38:59 AM |
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with the FTX vs Binance competition.
Like FTX, Binance is another shitcoin casino. Only clueless people do business with shitcoin casinos. All Bitcoiners should avoid doing business with places that primarily generate revenue from selling shitcoins to idiots, and especially from places that offer margin for shitcoin trading. The only kind of leverage that is potentially safe is physically settled options, anything else can easily leave the exchange insolvent. It is also very much similar to those centralized services like Blockfi which are really just custodied cryptobanks.However, because these centralized, custodied cryptobanks and exchanges will always continue to exist, would it not be time for the bitcoin community to accept and encourage the research on Defi and other noncustodial methods for swapping and yield generating services? This would at the very least make of use the advantage of self custody.
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Bobrox
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November 30, 2022, 03:46:21 AM |
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I don't have ideas about Sam Bankman-Fried go to jail based on many scam exchange, casino gambling and altcoin price drastically dump but the owner still healthy and enjoying with their profit run away from investor. FTX is not first exchange got scam although have good reputation and second standing exchange position based on coinmarket cap standing but still not any reason yet for making Sam Bankman under arrest.
the absence of legal basis could be one of the reasons why it is difficult to bring this case to the realm of law and make the owner of FTX Exchange Sam Bankman-Fried go to jail. Better with independent law playing here, if any one here know with them make warning and threat about how much money do you loss in FTX.
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Ale88
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November 30, 2022, 03:56:03 AM Merited by JayJuanGee (1) |
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Like FTX, Binance is another shitcoin casino. Only clueless people do business with shitcoin casinos. All Bitcoiners should avoid doing business with places that primarily generate revenue from selling shitcoins to idiots, and especially from places that offer margin for shitcoin trading. The only kind of leverage that is potentially safe is physically settled options, anything else can easily leave the exchange insolvent. With all due respect, I would never put Binance and FTX on the same level, we're talking about two completely different exchanges and persons behind them. SBF came out pretty much from nowhere and in 1-2 years he already an exchange that was considered better than Kraken, Bitfinex, and other exchanges that have been online for a long time. I had some FTT but since the beginning everything looked too good to be true, with this young guy claiming to donate everything in charity etc etc. CZ makes a ton of money thanks to the commissions but he really bet everything on crypto and actually believe in them, SBF just used them to make more money, that's it, he never cared about this world.
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bbc.reporter
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November 30, 2022, 04:41:01 AM |
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@Ale88. Agreed and after everything that has transpired, also assuming from all known information that Binance is only a shitcoin exchange very much different from what FTX was which might have been created as a criminal enterprise from the beginning. It is not comparable. Binance is a liquidity providing service for holders and traders to exchange their coins to other coins or fiat currencies very much similar to traditional currency exchanges.
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BitcoinPanther
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 04:50:34 AM |
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My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle. Some say it's doomsday for cryptos, but it isn't. There's nothing wrong with BTC. What's wrong is that one crook has stolen honest people's money to make shady investments.
There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.
On the contrary, putting the bad guy in jail will not change anything, people's confidence in businesses is all about the environment of the business, not the already known perpetrator. Still putting the perpetrator behind the bar will have a good effect in the future. It may not change what happened but it gives warning to people who are thinking of doing the same thing SBF did. If the perpetrator is still on loose, then many scammer will just do the same thing because they will think that authority won't mind them scamming people everywhere. The question is, are there still people like BSF in the crypto world, such should be fished out and sanity/regulation should be enforced to achieve the people's confidence. There are lots of people like SBF waiting for the right moment to prey on their victim. So making an example of SBF will shoo them away which means a cleaner healthier crypto ecosystem. Binance has started by showing proof of funds, others should follow suit, which is one of the ways that people's confidence is boosted, not by jailing just a man that would not restore any money to the cryptosystem.
Proof of reserve has long been due. Centralized exchanges should have done this thing from the start. But yes, better late than never. I hope all of crypto exchanges will follow the example of Binance in term of implementing proof of reserve for the their client's peace of mind sake.
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GigaBit
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 07:14:32 AM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FS3STGG8.jpg&t=665&c=WGnm3JXbqySEnQ) He should be punished for what he has done. So that no one dares to create such a situation. Millions of investors lost everything as a result of his FTX collapse. According to the lower, Sam Bankman-Fried could be jailed for more than a decade if the law found any discrepancy in the FTX collapse. Sam Bankman should refrain from speaking publicly about the recently collapsed about the crypto exchange which is indicated by the lawer as well. If Sam Bankman violating the FTX law could lead to a jail term of up to 15 years. Sam Bankman-Fried, the founder and former CEO of collapsed cryptocurrency exchange FTX may sent to jail that depending on the extent of potential legal violations related to FTX's collapse and if he is convicted. Several U.S. government organization, including the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Department of Justice, are investigating Bankman-Fried and his Bahamas-based company after the sudden fall of FTX this month. If he is guilty then legal action will be taken against him as per the report of organizations.
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m2017
Legendary
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Crypto Casino and Sportsbook
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November 30, 2022, 07:32:43 AM |
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My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle. Some say it's doomsday for cryptos, but it isn't. There's nothing wrong with BTC. What's wrong is that one crook has stolen honest people's money to make shady investments.
There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.
I understand your resentment, but putting a bad guy in jail is unlikely to get your money back. Also, I support the opinion that any wrongdoing should be held accountable and, if necessary, there should be punishment. The question of what it will be and whether it will be at all in the case of the founder of the FTX remains open. Can you imagine that Sam Bankman-Fried will get off very easily? This would infuriate a lot of his former clients. I understand that Bankman stole your money, but you yourself gave it to him. It's as if the world is facing a crypto exchange crash for the first time. This happened repeatedly and all users should have been aware of this and anticipate the possible risks. You have been warned repeatedly about the great risk of holding currencies on centralized exchanges. You neglected caution, for which you paid. This is a painful lesson for both you and new users. Don't let history repeat itself.
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