BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[nullama]

I think it's not about losing money, it's about feeling very powerful at that time and saw that gambling could be a good test for him to gamble some of his money and see if he can won and pay the debt.

But it's obvious a wrong decision on his end, and now he has to suffer all the consequences as everyone is turning back on him.

Another lesson that if you have money, wealth and power, you should ground yourself and still make the right decision for you and your family.

Absolutely, and of course I think that's actually illegal, to gamble with other people's money.

But we'll have to see what happens in the courts actually...

[1715244889]

1715244889

[blockman]

Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

[Baofeng]

Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Same here, but I will admit that sometimes I'm tempted to gamble to pay my debt but it shouldn't be the case always, we should gamble what we can afford to lose.

Anyhow, I was not aware that SBF is a gambler per se, or this is just moment when he says, I will go gamble and recover the money that I have lost. And it's interesting to see which platform he uses though (or maybe we will not know this, or perhaps this could be mentioned in his trial).

Anyhow, another expensive lessons not to gamble to repay someone, there could be ways to pay your debt to others but gambler will just put your feet in the grave if you do it.

[maydna]

Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Agreed. Gambling is not a good way to make money but a good way to lose money. If someone has experienced despair, he will do anything to solve the problem. But instead of being able to solve his problems, he will instead get new problems later so that his problems will increase without him being able to solve even one problem. That later can trigger a case of compulsive gambling where he will not be able to stop gambling because he only imagines he can win a lot of money from gambling. But the reality is that he will only get a lot of losses from that gamble.

[mvdheuvel1983]

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

There are much better ways to repay your loan than gambling. It is only a naive person that chooses to gamble. SBF needs good people around him that will tell him the truth and not just what he wants to hear. Wishing gambling shops can run some sort of assessment that would prevent those who owe money from gambling, this would save the individuals from doom.

[Hispo]

-snip-

There are much better ways to repay your loan than gambling. It is only a naive person that chooses to gamble. SBF needs good people around him that will tell him the truth and not just what he wants to hear. Wishing gambling shops can run some sort of assessment that would prevent those who owe money from gambling, this would save the individuals from doom.

There are better ways but I suspect he wanted to have money as soon as possible and was not willing to go through traditional processes in order to get money (aka working or leading FTX in a proper manner). Also, I suspect this is not about a bad friend around him telling him reckless stuff, but rather HE being the bad friend dragging all people around down the abyss and the exchange as well.

[madnessteat]

^

Judging by the term of imprisonment he may be sentenced, he was the center of decision-making in all these fraudulent schemes. As I understand it, he took a lot of risks when he took huge loans against unsecured tokens. So lately I quite admit that he took a risk in gambling to try his luck and try to pay back his debts. After all, if he wanted to launder money through casinos, he obviously wouldn't have contacted casinos that require KYC.

What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

[Saisher]

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

I think he has a weak character and is very impulsive to think that he can win in gambling and save his company from bankruptcy, that's the worse decision any CEO can make to save a company, he deserves to be in jail, I thought Luna is the biggest fiasco but this one is the biggest of them all and halted the momentum of the market, just imagine the amount over $10 billion and he scammed over 5 million users of FTX, I feel sorry for all the users many of them put their life savings in this platform.

[Hispo]

^

-snip-
What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

He paid a 250 million bail, if I remember correctly. I am not sure whether he paid it himself or his family.
I agree with you, though, it is surprises me he was offered bail at all and probably still have some private keys worth of millions of dollars from his former clients, whose Christmas were ruined by him and his recklessness.

IRS and FBI better check his accounts as well, since he is likely a criminal.

[darkangel11]

Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

If you try that it's most likely a downward spiral. People who are in debt and still gambling usually can't think straight. They need it so much that they will be too scared or too nervous to make anything out of that money they have left.

Also, having a goal of how much you need to win to leave the table is a bad idea. One day you may happen to win big but that's going to be 70% of the money you need and you won't stop you'll keep going and turn this around into a total loss. People who have no goals and feel no pressure are the best gamblers.

It's funny that the media called this guy smart, that he was supposed to be an MIT graduate. This guy is a complete idiot and a narcissist on top of it. I bet his parents paid for his diploma.

[dothebeats]

I think it's not about losing money, it's about feeling very powerful at that time and saw that gambling could be a good test for him to gamble some of his money and see if he can won and pay the debt.

But it's obvious a wrong decision on his end, and now he has to suffer all the consequences as everyone is turning back on him.

Another lesson that if you have money, wealth and power, you should ground yourself and still make the right decision for you and your family.

Except that the money isn't his, and he still spent it thinking that it will give him something. Perhaps the lesson here is that you shouldn't gamble money that is basically not yours, and not use money that isn't named unto you legally in order to not cause trouble to other people and get in trouble yourself. SBF made mistakes after mistakes, and it seems that he's allowed to do this because prosecuting him takes too long to gather footing even though the courts have all the evidence in the world to arrest him on the spot. Not all people have the same privileges as him, that's why I view him as a dick trying to push the limits of his fame and fortune.

[blockman]

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Same here, but I will admit that sometimes I'm tempted to gamble to pay my debt but it shouldn't be the case always, we should gamble what we can afford to lose.

Anyhow, I was not aware that SBF is a gambler per se, or this is just moment when he says, I will go gamble and recover the money that I have lost. And it's interesting to see which platform he uses though (or maybe we will not know this, or perhaps this could be mentioned in his trial).

Anyhow, another expensive lessons not to gamble to repay someone, there could be ways to pay your debt to others but gambler will just put your feet in the grave if you do it.

There will be times though when someone can no longer afford to pay the debts and to make a solution to them, gambling is the way. But I don't know how many are there that have been successful on this one. I also have no idea that SBF was a gambler but imagine someone who owns an exchange company, people deposit money in his company and here he goes, gambling with people's money. It's fate that's making him deserve what he is up to right now.

Agreed. Gambling is not a good way to make money but a good way to lose money. If someone has experienced despair, he will do anything to solve the problem. But instead of being able to solve his problems, he will instead get new problems later so that his problems will increase without him being able to solve even one problem. That later can trigger a case of compulsive gambling where he will not be able to stop gambling because he only imagines he can win a lot of money from gambling. But the reality is that he will only get a lot of losses from that gamble.

Yeah, as he tries to find solutions, he has just generated another problem that will sum up to the ones that he's having right now. And we saw how it all happened. It's his ignorance what drives him into this situation and it seems that he has no remorse to it.

If you try that it's most likely a downward spiral. People who are in debt and still gambling usually can't think straight. They need it so much that they will be too scared or too nervous to make anything out of that money they have left.

Also, having a goal of how much you need to win to leave the table is a bad idea. One day you may happen to win big but that's going to be 70% of the money you need and you won't stop you'll keep going and turn this around into a total loss. People who have no goals and feel no pressure are the best gamblers.

It's funny that the media called this guy smart, that he was supposed to be an MIT graduate. This guy is a complete idiot and a narcissist on top of it. I bet his parents paid for his diploma.

It's really funny that I also admired him before but knowing that he's done these things and effin' up right now, I have lost my admiration for him. This only shows that the media can really make someone good without knowing in the public but then, it's also one of the quickest way to have someone fall.

[carlfebz2]

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Source: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/

Gambling is never been a good solution on trying out to break even on what you had lost whether on gambling itself or from investment or something like that.Its never been a good option for someone to take.
You are really just trying out to make things even worst on where you could possibly messed up the entire situation if ever you do lost that money.If you do win then it would lessen out the problem
but we know the real essence of gambling which is risk is higher than chances of winning which it would probably making the situation getting more worst.
If you do have this kind of option or solution in mind then its better to avoid or completely cut-it.If SBF did really done such stuff then im not surprised.

[Fivestar4everMVP]

How in the world did SBF decide that gambling was the best course of action for recovering the funds?

I will not believe this to be true, except there are proofs and evidences attached, this is because the media is awashed with fake news, publisher take advantage of popular incidents as this to get more clicks to their website, and for this, they are ready to do anything, even if it means lying, which is what I clearly see here.

But on the other hand, if I should assume this to be true, then it's still not a new thing, I remember the CEO of FedEx ones gambled with the last money his company had, and luckily for him, what he won from that gambling saved his company and today, FedEx is one of the biggest courier company in the entire world.
Maybe SBF wanted to recreate that history again but unfortunately, luck wasn't on his side.

[crzy]

^

-snip-
What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

He paid a 250 million bail, if I remember correctly. I am not sure whether he paid it himself or his family.
I agree with you, though, it is surprises me he was offered bail at all and probably still have some private keys worth of millions of dollars from his former clients, whose Christmas were ruined by him and his recklessness.

IRS and FBI better check his accounts as well, since he is likely a criminal.

That’s a huge money and losing 100 million to gambling tells a lot, SBF is not bankrupt yet and probably still have the money from every investors they have scammed. I don’t believe that he gamble to repay debt, most probably he’s a real gambler and just wanted to enjoy all his money. SBF should be held liable for what happened, the court should not let him bailed but since money is power, SBF is roaming around freely.

[pixie85]

How in the world did SBF decide that gambling was the best course of action for recovering the funds?

I will not believe this to be true, except there are proofs and evidences attached, this is because the media is awashed with fake news, publisher take advantage of popular incidents as this to get more clicks to their website, and for this, they are ready to do anything, even if it means lying, which is what I clearly see here.

But on the other hand, if I should assume this to be true, then it's still not a new thing, I remember the CEO of FedEx ones gambled with the last money his company had, and luckily for him, what he won from that gambling saved his company and today, FedEx is one of the biggest courier company in the entire world.
Maybe SBF wanted to recreate that history again but unfortunately, luck wasn't on his side.

He's known to be a gambler.

There was an interview with him where the guy asked him if he would play a game of double or nothing (basically a dice with 50% probability) and he said that he would. This is what he was doing, playing with leverage using customer's funds, but Luna bankruptcy liquidated him. Technically it liquidated Alameda but SBF was Alameda, there's no doubt about it.

This guy thought to be one of the smartest people in the world, the youngest billionaire... I'm glad it ended the way it ended for him. One less idiot with power in this world.

[Sithara007]

~~~
I'm glad it ended the way it ended for him.
~~~

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

https://liveandletsfly.com/bankman-fried-american-airlines/

[nullama]

~~~
I'm glad it ended the way it ended for him.
~~~

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

https://liveandletsfly.com/bankman-fried-american-airlines/

That is quite incredible, but actually it seems that the system usually goes like this.

The 2008 financial crisis was a bit similar really, the "normal" people lost everything while the people in power who made those decisions didn't lose anything at all.

And these things keep happening every few years.

[Don Pedro Dinero]

He's known to be a gambler.

I see that some have questioned the source of the OP, I'll post a couple of links that reaffirm what you say:

Sam Bankman-Fried Caught in Losing $100M at Online Casinos

The former co-CEO of Sam Bankman-Fried's Alameda crypto trading firm was a risk-loving, poker-playing gambler

So it does appear that at least some of the depositors' funds were lost by gambling in the casino.

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

[Sithara007]

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

What happened to Mark Karpelès after he stole $650 million in 2014? He didn't spent a single day in jail. The same will happen with Sam Bankman as well. And we are talking about a guy who has deep pockets and strong connections to the ruling establishment. Mark my words, even if he goes to jail (very unlikley), it will be a hogwash and he will be out in a matter of days. Now compare his case with that of Ross Ulbricht. Ross is jailed for life without a possibility of parole, because he tried to challenge the system. Sam Bankman is a part of the system and he will never be harmed.