“This is just taking money from customers and using it for your own purpose, not sophisticated at all.” – John Ray caretaker CEO of FTX
I’m going to explain why people should be MORE outraged at SBF losing $8 billion dollars of individuals money as I am. Here is my understanding of what happened, correct me where I’m wrong.
FTX had 5 million international clients who deposited billions of dollars into FTX to buy shit coins. He took their money and bought the naming rights to the Miami Heat Stadium, did Super Bowl commercials with Tom Brady & Larry David, bought a 60 million mansion to house employees in the Bahamas, and donated millions to political parties and “charities” for reasons that will slowly come to light who is criminal.
Here he is with Maxine Waters, the Chairwoman of the House Financial Services Committee.
Here he is with Bill Clinton, Tony Blair, Katy Perry, and the prime minister of the Bahamas at a private function FTX held to give you some idea of who is involved in this fiasco.
He also spent hundreds of millions on terrible investments bailing out more shit coin cronies in the crypto space. Essentially, a terrible business owner practicing “effective altruism” which is what fooled people. Effective altruism is donating all the money you make because you’re completely selfless but in reality it’s code for stealing individuals money and squandering it on bad investments in an amphetamine blaze of glory.
They even have Mr. Wonderful behind them!
Where’s the Money?
To put this in perspective to a normal person and why I’m outraged. If you owe the IRS $1 million, they’ll email you daily and you’ll go to jail. If you owe them $10 million, they’ll knock on your door and take you to jail. If you owe them $100 million, you’re top priority and going to jail. Most people don’t even know what a billion dollars is and this is 8! This guy lose 8 billion dollars and is now playing the dopey I didn’t know anything.
It’s incredible that anyone believes this smart, MIT grad, guy didn’t know what he was doing. Sam (Stortz) made the comment that he heard or thinks that SBF genuinely thought he was doing good but that’s inane because it’s like saying, “I’m running my business, and I think it’s doing good, but these numbers just aren’t adding up”. I get that $8 billion dollars can get away from you in a hurry when everyone is telling you you’re a god, but this guy is a piece of shit who is WAY smarter than he’s letting off. He knew what he was doing, it spiraled away from him, he probably didn’t just double down, but tripled and quadrupled, and up to who knows how many times and he deserves to go to jail for a long, long time. All the people who were on his side deserve to be punished too and that goes up to the very top of this corrupt government. Pfizer is probably laughing their ass off right now and thanking the heavens for SBF. For the love of god let’s make an example of this clown.
Even after he got caught I thought he was a genius until he decided it’d be a good idea to go on a victory tour on live TV implicating himself in numerous crimes. Give him the Sal Magluta punishment and throw him in jail for 100 years for money laundering
Allow myself to explain… myself.
I just listened to the Lex podcast with Coffeezilla (no clue who that was) who exposes scammers like SBF for a living. He said something like “I’ve talked to hundreds of scammers, and none of them think they’re a bad person doing a bad thing. Most of them know they’re doing something ‘wrong’, but they think it’s a means to an end of some good or justifiable thing”.
That’s a convenient stance for the scammers. I think SBF 100% knew he was taking money from his investors when he shouldn’t have been. But I do think there was an element of delusion with him where he probably thought “I know this is wrong, but it’s okay because I’m going to give it all back, and only I am capable of doing all this good with all this money”.
From what I can tell, he should go to jail forever.
Molly: Hey, Sam. Um, all right. I’m going to start with a really simple yes or no question. Oh boy. Are you playing video games right now?
SBF: Oh, geez. I actually can answer that question. Uh, I was so confident I wasn’t going to be able to answer with a simple yes or no, uh, yes I am.
Molly: Okay. Is it League?
SBF: It is not no. It’s Storybook Brawl.